MarineMax (HZO): Ace River Exit Driven by Opportunity Cost, Not Fundamentals

Ace River Capital, an investment management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. Ace River Capital Partners reported a +6.25% return in the first half of 2026, trailing the S&P 500's +9.55% and Russell 2000's +22.57% returns. Despite short‑term underperformance, the fund emphasizes long‑term compounding through concentrated investments in undervalued businesses with durable economics. The strategy remains patient and disciplined, avoiding software, finance, and insurance businesses in favor of asset-backed businesses...