O'Keefe Stevens Advisory Q1 2026 Investor Letter
The first quarter of 2026 was the first negative quarter for the S&P 500 since Q1 2025's tariff shock. The S&P 500 and Nasdaq Composite experienced declines, with the S&P falling 4.3% and the Nasdaq Composite falling 7%. The quarter also saw significant developments in the software sector, with the S&P Software Index declining 22.5% as valuations reset sharply across the group.
- ▪O'Keefe Stevens Advisory sold their position in several companies, including Alibaba and BMW, during the first quarter of 2026.
- ▪The firm also trimmed its position in Corning and closed its position in Tri Pointe Homes due to the announced sale of the business.
- ▪The S&P Software Index declined 22.5% in Q1 2026 as valuations reset sharply across the group.
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