Conventum – Alluvium Global Fund released its second-quarter 2026 investor letter, which highlighted challenges facing the broader market despite an overall equity rally led by semiconductor companies. The fund itself posted mixed results, declining 1.4% in EUR terms, 2.2% in USD terms, and 3.9% in AUD terms during the period. While certain holdings such as Alphabet benefited from strong cloud growth, and others including Robert Half and H&R Block posted solid gains, cable businesses and several healthcare and consumer positions detracted from performance.
Lockheed Martin Corporation emerged as a point of discussion within the fund’s letter. The aerospace and defense contractor closed at $537.25 per share on September 16, 2026. Over the previous month, the company’s shares had declined 5.99%, though they remained up 13.43% over the trailing 52-week period. The stock maintained a market capitalization of $1123.99 billion with a 52-week trading range between $437.25 and $692.00.
According to the fund’s commentary, Lockheed Martin’s Q2 performance reflected weakness from mildly disappointing first-quarter results coupled with tempering geopolitical tensions. The defense contractor had declined 15.1% during the quarter, reversing some gains from the prior period. The fund noted the stock was trading in line with its valuation estimates and stated an intention to maintain its current position at 2.5% of the fund.
Hedge fund interest in Lockheed Martin showed a slight decline during the period. As of the end of the second quarter, 75 hedge fund portfolios held positions in the company, down from 83 in the previous quarter. The fund suggested that while recognizing Lockheed Martin’s investment potential, certain AI stocks appeared to offer greater upside potential with less downside risk relative to the defense company’s outlook.
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