The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 17, 2026
Advisors Capital Management's Q2 2026 quarterly report presents a constructive outlook for equities supported by strong corporate earnings growth. Profit expansion grew over 25% year-over-year in Q1, with Q2 expectations at 24% growth, driving net profit margins to an estimated 14.2% above the five-year average. This tangible profitability differentiates the current market from speculative bubbles. AI infrastructure continues to drive substantial investment, with hyperscalers expected to spend $600-700 billion this year on specialized data centers. Semiconductor companies have delivered extraordinary returns, and despite recent underperformance, valuations remain attractive for continued earnings growth. The next wave of AI winners is likely among adopters as lower deployment costs accelerate adoption across industries. Market leadership is broadening beyond technology into industrials and financials. Key risks include technology concentration at 37.5% of the market, the Fed's hawkish stance, and elevated valuations. The global economy is becoming more multipolar as U.S. trade policy emphasizing tariffs accelerates shifts in global trade patterns, while other regions expand trade relationships and invest in infrastructure. In fixed income, intermediate duration bonds offer better risk-reward than long-dated bonds given limited additional yield.
Strong corporate earnings growth driven by AI infrastructure investment and broadening adoption is supporting elevated market valuations despite concentration risks and a more hawkish Federal Reserve.
The long-term investing environment remains healthy despite near-term headwinds. AI-related investments continue to drive growth across semiconductors, construction, and industrials, while adoption is creating new opportunities in banking, healthcare, and services. Strong corporate earnings growth should support elevated valuations, though concentration in technology stocks and the Fed's hawkish stance present risks. The global economy is becoming more multipolar, creating opportunities for diversified investors as market leadership broadens beyond the largest technology companies.
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