Prosper Stars & Stripes, an extended/brief fairness fund, not too long ago launched its first-quarter 2026 investor letter. A replica of the letter is obtainable to obtain right here. In Q1 2026, the portfolio underperformed with a web return of (-5.6%) in comparison with the Russell 2000 Index’s +0.9% return and the HFRX Fairness Hedge Index’s -1.5% return. Lengthy e book efficiency was adverse, whereas the brief e book contributed positively. Geopolitics considerably influenced the primary quarter, contributing to elevated inflation pressures and elevated vitality costs. Moreover, you’ll be able to evaluation the Portfolio’s high 5 holdings to see its greatest picks for 2026.
In its first-quarter 2026 investor letter, Prosper Stars & Stripes highlighted Through Transportation, Inc. (NYSE:VIA). Through Transportation, Inc. (NYSE:VIA) is a US-based expertise firm that provides a digital public transportation platform that helps to deal with workflows for the end-to-end administration of transit networks. On June 17, 2026, Through Transportation, Inc. (NYSE:VIA) inventory closed at $14.82 per share. One-month return of Through Transportation, Inc. (NYSE:VIA) was 2.21%, and YTD its shares are down 48.91%. Through Transportation, Inc. (NYSE:VIA) has a market capitalization of $1.26 billion.
Prosper Stars & Stripes acknowledged the next concerning Through Transportation, Inc. (NYSE:VIA) in its Q1 2026 investor letter:
“Through Transportation, Inc. (NYSE:VIA) was the biggest contributor in our brief e book within the first quarter. The corporate went public in September 2025, positioning itself because the working system for public transit, providing routing algorithms, scheduling instruments, fleet administration software program, and a passenger-facing software. We initiated our brief place shortly after its IPO primarily based on the view that the market was mischaracterizing a labor-intensive transit contractor as a high-margin software program firm. In FY2025, Through reported gross margins of 40%, properly under the 70%+ typical of pure-play software program firms. Importantly, the corporate’s development stays tied to driver hours and automobile utilization, moderately than scalable, low-marginal-cost software program deployment. We additionally consider there are potential structural dangers within the enterprise mannequin. Roughly 90% of income is derived from authorities purchasers, exposing Through to contracting cycles, funds constraints, and political dynamics. Our due diligence additional indicated restricted pricing energy, highlighted by a current contract renegotiation with LA Metro. We proceed to take care of a brief place in Through.”
Through Transportation, Inc. (NYSE:VIA) isn’t on our checklist of 40 Most Fashionable Shares Amongst Hedge Funds Heading Into 2026. In keeping with our database, 22 hedge fund portfolios held Through Transportation, Inc. (NYSE:VIA) on the finish of the primary quarter, up from 17 within the earlier quarter. Whereas we acknowledge the potential of Through Transportation, Inc. (NYSE:VIA) as an funding, we consider sure AI shares supply higher upside potential and carry much less draw back danger. In case you’re in search of an especially undervalued AI inventory that additionally stands to learn considerably from Trump-era tariffs and the onshoring pattern, see our free report on the greatest short-term AI inventory.
