- Q2 2026 Partner Update Letter White Falcon sold roughly three-quarters of AMD after its valuation came to reflect an optimistic AI consensus, while retaining conviction in Nu Holdings, Topicus and EPAM. The portfolio is adding precious-metals exposure on weakness and favors fundamentally strong businesses whose valuations remain detached from their long-term economics. Q2 2026 +8.5% AMD $773BEPAM $5.5BNU $71BTOI $6.2B
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