Recurve Capital’s Q2 2026 underperformance stems from Carvana’s 10% June decline, contributing 80% of the fund’s 4.4% net loss.
Recurve Capital Partners posted a net loss of 4.4% in June, underperforming the S&P 500’s 1.1% decline and the Nasdaq’s 2.8% drop. Carvana (CVNA) drove nearly 80% of the fund’s poor performance, falling 10% in June and 22% year-to-date through June 30.
Carvana closed at $68.60 on July 2, 2026, with a market capitalization of $75.24 billion. The stock’s one-month return was 3.14%, though it has lost 1.53% over the past 52 weeks. The rest of Recurve’s portfolio posted positive returns in June, offset by CVNA’s decline.
Recurve’s Q2 2026 investor letter attributed the underperformance to Carvana’s volatility, noting thematic challenges but stopping short of further details on portfolio adjustments.