Value Aligned Research Advisors’ flagship VAR AI Fund lost 44% in July 2026, erasing much of its exceptional gains. Despite this monthly setback, the fund still posts a 65% year-to-date return in 2026, following 113% gains in 2025 and 90% returns through April 2026. This decline is part of a broader selloff in AI infrastructure and chip-related equities. The fund, managing roughly $20 billion in total assets including $15 billion in the VAR AI Fund, remains profitable for investors in 2026, though portfolio concentration represents a significant risk factor.
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