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City Different Q2 update flags Tidewater decline after June U.S.-Iran truce
In its Q2 2026 investor letter, the firm said Tidewater shares fell after the June ceasefire, despite stating it still sees a favorable multi-year offshore vessel supply and demand outlook.
City Different Investments, an investment management firm, outlined performance for its global equity strategies in a Q2 2026 investor update, noting that results were strong but trailed the broader market amid AI-driven enthusiasm. During the quarter, Focused Global returned 7.1%, and Global Equity returned 5.4%, compared with a 14.9% gain for the MSCI All Country World Index. On a year-to-date basis, the strategies returned 11.3% and 5.3%, versus 11.3% for the index.
The update also discussed Tidewater Inc. as a key contributor and a major detractor within the quarter. The letter said its biggest detractor was Tidewater, which provides offshore support vessels and marine services to the offshore energy industry. City Different linked the stock’s underperformance to the June U.S.-Iran ceasefire, saying it “let the air out” of energy and shipping stocks.
Tidewater shares closed on July 21, 2026 at $78.09, for a market capitalization of $3.88 billion, according to the update. The firm cited a one-month return of -7.1% for Tidewater and a 52-week gain of 35.8%. Despite the quarter’s setback, City Different said it remains optimistic about Tidewater’s longer-term outlook, pointing to a favorable multi-year supply and demand picture for offshore vessels.
The letter also included hedge-fund ownership context, saying 31 hedge fund portfolios held Tidewater at the end of the first quarter, down from 36 in the prior quarter. City Different did not list Tidewater among its “40 Most Popular Stocks Among Hedge Funds Heading Into 2026.”