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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Aug 11, 2026
Armbruster Capital Management's Q2 2026 review highlights a significant shift in market leadership as the Magnificent Seven stocks that dominated the prior three years posted negative returns in the first half, while broader market participation drove strong gains. Small cap stocks led with a 90.7% quarterly return, and AI sentiment propelled semiconductor names like AMD, Micron, and Intel to over 100% gains. The firm's large cap information technology fund returned 42% for the quarter. Emerging markets also delivered exceptional returns, with Taiwan Semiconductor and Samsung benefiting from AI tailwinds while trading at cheaper valuations than U.S. large caps. However, inflation rose throughout the quarter driven by energy price increases, with CPI reaching 3.2% and the Fed shifting from rate cut expectations to potential hikes. The S&P 500's Shiller CAPE ratio stands at 40%, near dot-com bubble peaks, with the top 10 stocks representing 38% of the index. The manager emphasizes that diversification into small caps, value stocks, and international markets is especially crucial given elevated large-cap valuations, even as high valuations don't necessarily signal an imminent downturn.
Market breadth is improving as the Magnificent Seven underperform and smaller, more diversified technology names drive returns, but elevated valuations for large-cap U.S. stocks necessitate increased exposure to small caps, value stocks, and international markets where valuations remain more attractive.
The manager expects that while strong returns have been achieved, longer-term returns may be more difficult to come by given that large-cap stocks are priced at nearly the highest level relative to earnings in history. The emphasis is on maintaining diversified exposure to small caps, value stocks, and international markets as more attractive areas. Inflation volatility from energy prices will likely continue to impact markets in coming months, and the shift in Fed policy from rate cuts to potential hikes represents a meaningful change in the macro backdrop.
Neutral / Balanced
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