Q2 2026 : Conviction, exit discipline, and the case for trimming

Written By Ali Chabaane

  1. Conviction paid. The largest positions drove returns in most portfolios, while managers added fastest to the smallest ones.

  2. Managers now hold losers longer than winners. Reversing a long-standing pattern. A quiet sign of erosion in exit discipline.

  3. Trimming, not new buys, was the best-performing decision type. The money was made by managing existing positions, not finding new ones.

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Ali Chabaane