- Jeff Wrona’s True Rock Fund has outperformed the market with a 49% return in 2026.
- Wrona’s investing strategy focuses on business momentum, companies’ guidance, and tuning out fear.
- His top holdings included SanDisk and Micron as of February, but his turnover is high.
The manager of the True Rock Fund (TRUEX) has crushed the market in 2026 by returning 49%. As of February, his top holding was SanDisk (SNDK) at a 9.2% weighting. Today, Wrona won’t confirm whether or not he still owns the stock at all.
The caginess is understandable. Wrona has built a strategy that works for him, and he doesn’t want to share the recipe for the secret sauce. He uses a mostly long approach and buys options. His turnover, or the pace at which he is flipping his holdings in a year, is a staggering 685%. That’s in the top 1% of all funds, Morningstar data shows.
This fast-moving approach has allowed Wrona to trounce the market over the last few years. Since launching in March 2020, the True Rock Fund is up 765%, beating the S&P 500’s 167% return in that time, including dividends. According to Morningstar data, it has beaten 99% of similar funds over the last 1-, 3-, and 5-year periods.
Despite being reticent to say too much, Wrona was willing to share some of the general principles that guide his strategy and what has driven his huge returns with Business Insider.
Three main pillars of Wrona’s approach to investing stand out.
The most important is his focus on what he calls “business momentum.” Not stock price momentum, a popular investing factor, but momentum in the growth of the business itself.
While he wouldn’t define exactly what makes him pull the trigger on a stock, or what metrics he looks at specifically, he shared some of the general indicators he watches: sales growth, earnings growth, profit margins, and valuations.
Naturally, the AI buildout and the earnings glut it has led to for chipmakers and other infrastructure firms has led to a number of Wrona’s top holdings being part of that world. It’s the theme that has driven his outperformance, he said. In addition to Sandisk, some of his top holdings as of February included Nvidia, Micron, and Lumentum.
Second, he emphasizes the value of quarterly earnings calls and reports, and the forward guidance executives provide on them.
This has been a particularly helpful principle for Wrona in recent years, it seems. Even as a narrative of skepticism around AI spending has emerged in the market on multiple occasions, which has left some investors skittish on the AI trade, he has been able to ignore it in favor of forward guidance from the companies themselves.
“We read or listen to as many of the earnings call transcripts as we are physically able to,” Wrona said.
“I can listen to folks on the outside who are trying to get as much information as possible from those on the inside, or I can simply listen to those on the inside,” he added.
And third, Wrona says he tries to tune out fear when it comes to his decision-making. Some might argue fear is healthy to a degree, in that it can guide risk management. But it can also hold you back, and Wrona says his way of looking at things has been one element of why he’s outperformed.
“Whatever drives your decision, I know for a fact it should not be driven by any fear: fear of underperforming; fear of looking ridiculous on a quarterly report, which I have,” he said.
Asked whether or not he’s shifting away from the AI hardware trade, he said he’s “very aware” of the concerns around a potential capex pullback, and that he’s also “very aware” of what companies say they are going to do going forward.
“I care about all of it,” he said. “But it’s really easy to get whipsawed by investor sentiment. And I would really prefer for shareholders’ sakes that I not get whipsawed.”
