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Crossroads Capital boosted its Nebius Group position in Q2 2026
Crossroads Capital said its fund gained 11.5% net of fees and expenses in Q2 and highlighted Nebius after its reported $582.3 million in Q2 revenue and a 50% adjusted EBITDA margin in its core AI cloud business.
Crossroads Capital, an investment management firm, published its second-quarter 2026 investor letter, showing that its fund rose 11.5% net of fees and expenses during the quarter. The letter also cited long term performance, with the fund compounding at a net rate of 17.9% since its founding.
Crossroads Capital highlighted Nebius Group N.V., trading on the Nasdaq as NBIS, pointing to the firm as an AI infrastructure provider focused on full stack infrastructure for the global AI industry. The letter also referenced Nebius closing at $223.90 per share on August 19, 2026, alongside a 1.33% one month return and a 238.32% gain over the past 52 weeks, valuing the company at $60.87 billion.
In its discussion of Nebius, Crossroads Capital described the company as a Russian adjacent carve out of Yandex about 18 months earlier, with no anchor customer at the time. The letter then pointed to Nebius reporting second quarter results on August 12, including $582.3 million in revenue and a 50% adjusted EBITDA margin in its core AI cloud business.
Crossroads Capital’s broader market discussion noted that the S&P 500 rebounded 14.9% in Q2, its best performance since 2020, as uncertainty eased. The investor letter also said small cap benchmarks reached new highs and that Q2 market activity was driven by adjustments that took advantage of high option premiums.
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