Voss Capital’s funds underperformed major indices amid high volatility and shifting sector momentum in the first quarter.
Voss Capital’s Voss Value Fund and Voss Value Offshore Fund posted net returns of -11.4% and -11.5%, respectively, in Q1 2026, lagging the Russell 2000, Russell 2000 Value, and S&P 500 indices. The funds’ total gross exposure stood at 183.2%, with delta-adjusted exposure at 82.1% as of March 31, 2026.
The underperformance occurred against a backdrop of economic uncertainty, low consumer sentiment, and record implied volatility. Capital flows shifted between sectors like semiconductors and AI hardware, contributing to a complex investment environment. The S&P 500 declined 4.3% during the same period.
Among holdings, Xponential Fitness (XPOF) closed at $5.49 per share on May 29, 2026, though its one-month return was not disclosed in the update.