Summary

• The Ultra Fund Investor Class declined 8.79% in the first quarter, though it outperformed the benchmark Russell 1000 Growth Index loss of 9.78% over the same period.
• Applied Materials benefited as scarcity in compute and memory drove significant capital spending by foundries and memory manufacturers, supporting the semiconductor equipment maker's solid quarterly results.
• Vertiv Holdings posted higher quarterly earnings with robust revenue growth and order momentum tied to accelerating AI demand, supported by an upbeat 2026 guidance and record-level backlog.
• The Ultra Fund eliminated its stake in Salesforce because the transition to capitalize on AI opportunities occurred as the firm's revenues, earnings, and guidance disappointed investors.
• The Ultra Fund has been systematically reducing its position in Copart as more consumers have opted to forgo insurance due to prohibitive costs, leading to declining auction volumes.

Portfolio Review

Equity markets declined during the first quarter. The war in Iran weighed heavily on markets. The Strait of Hormuz closure caused crude oil prices to soar, which ignited fears of slower economic growth, rising unemployment and

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