Retail Flows and Industry Consolidation Power KKR & Co.’s (KKR) Growth Runway

1 Main Capital, a boutique investment firm, recently released its third-quarter 2026 investor letter. The Fund returned −9.1%, versus +2.3% for the S&P 500 and −7.2% for the Russell 2000. The letter can be downloaded here. The manager attributes the shortfall to weak share prices across several holdings, despite strong results at some companies, and to limited exposure to the sectors driving the market. The market’s narrow gains have increased the Fund’s struggles, particularly as...