June 2026 Recap

The disclosed holdings of managers in OWL’s Biotech group performed well in June, more than twice the monthly return of the next closest group (Small-Cap) and the strongest month for Biotech so far this year by a large margin.

In contrast, OWL’s Energy and Cyclicals group continued its downtrend after starting off the year strong, notching its first negative month in May and a new low for the year in June.

As a reminder, the table below is based on our “OWL Groups” – curated lists of over 500 managers frequently found in leading allocators’ portfolios. These lists are categorized by geography, sector, and style, enabling our users to easily monitor groups of managers and their underlying disclosed holdings. All returns shown are estimates based on publicly disclosed holdings.

In last week’s newsletter, users received a list of the 20 best and worst-performing managers in June according to OWL data. One of June’s best-performing managers was Tyro Capital, a long/short equity investor focused on supply chain analysis in the consumer, healthcare, industrial, and technology sectors.

Based in Miami, Tyro was founded in 2015 by Dan McMurtrie and Alex Draime. The pair both earned their bachelor’s degrees from the University of Notre Dame’s Mendoza College of Business.

McMurtrie spent just over a year as an analyst at Gryphon Capital while Draime spent the same amount of time as an analyst at Citi before both departing to found Tyro.

Tyro’s regulatory AUM has nearly quadrupled in the 3 years since it first submitted it in a regulatory filing:

It was helped early on by a commitment from Greenlight Capital’s internal fund of funds, according to a podcast interview with McMurtrie recorded in late 2020. He described growing up reading about David Einhorn, Dan Loeb, and Bill Ackman and seeing the trio as the “Batman, Superman, and Green Lantern” of their generation, so a commitment from Einhorn’s firm left him “on cloud nine.”

Tyro’s recent performance can largely be attributed to its disclosed holdings in Sandisk, Intel, and Western Digital, all three of which it first disclosed as of Q1 2026, as well as specialty metals manufacturer Carpenter Technology, in which it has disclosed a position since 2024.

OWL is an intelligence platform built for allocators, by allocators. Leading endowments, foundations, and family offices use the system to find, monitor, and connect with thousands of fund managers globally. OWL's analytics engine has collected over one billion data points from 65 countries. We make it easy for allocators to find and track information about the managers they care about – not just positions but also performance analytics, people data, business information, and details about the manager investments of other allocators.

Returns represent the return on invested capital of publicly disclosed long positions, as calculated by OWL. Actual returns may vary based on a number of factors, including (but not limited to) undisclosed positions, short exposure, non-equity holdings, cash holdings, and lagged disclosure of positions.

This newsletter and the material on the Old Well Labs platform are for informational purposes only and should not be considered investment advice or a recommendation of any particular security, manager, or strategy. Certain investment managers, funds, or limited partners (“LPs”) referenced herein may be current or prospective clients of Old Well Labs, and Old Well Labs may have business relationships with such parties. Accordingly, references to any manager, fund, or LP should not be construed as an endorsement, recommendation, or solicitation. Old Well Labs shall not be liable for any investment gain or loss that may occur from the use of this material. No part of this material may be reproduced in any form or used in any publication without express written permission from Old Well Labs.