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AAR Corp (AIR) is Gaining from an Aging Fleet of Airplanes

Night Watch Investment Management, an investment management firm, released its first-quarter 2026 investor letter. A copy of the letter is available to download here. In Q1 2026, Night Watch Investment Management LP appreciated by 2.69% net of fees in a volatile environment. The market experiences volatility influenced by narratives, with initial AI disruptions affecting companies, though the portfolio benefited due to limited exposure. Subsequently, the war in Iran led to increased oil prices and corrections in physical businesses. The portfolio strategy emphasizes discovering individual...