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 Oct 20, 2026
During the third quarter of 2026, the Cambiar SMID Fund returned -5.47% net of fees for both its Investor and Institutional share classes, tracking relatively in-line with the Russell 2500 Value Index benchmark return of -4.36%. On a year-to-date basis, the Fund has delivered a net return of 10.52% (Investor Class) and 10.59% (Institutional Class), trailing the benchmark's 18.75% advance. Performance was helped by resilient stock selection across Financials and Energy, but weighed down by relative weakness in Healthcare and transport-heavy Industrials. The macroeconomic environment was marked by a transition back to an 'old normal' regime of elevated interest rates and sticky inflation. The 10-year Treasury yield surged to 5.2% following a Federal Reserve rate hike in September, while West Texas Intermediate crude spiked above $100 per barrel. Narrow market breadth masked broader equity weakness, as the median S&P 500 stock traded 16% below its 52-week peak. Furthermore, unprecedented debt issuance by artificial intelligence hyperscalers began siphoning liquidity from the broader economy. Portfolio activity accelerated with four new initiations and six complete liquidations. The manager eliminated refiner HF Sinclair after shares doubled, redeploying capital into top natural gas producer Expand Energy to benefit from AI datacenter power demand. Technology addition Nutanix rallied on solid earnings, while ACV Auctions was exited following a cash acquisition by Copart, where a new position was subsequently initiated.
Invest selectively in high-quality small- and mid-cap businesses characterized by durable earnings power, persistent profit margins, conservative debt profiles, and company-specific catalysts capable of driving valuation multiple expansion.
The team anticipates that equity markets will face persistent headwinds from higher interest rates and elevated debt levels, with broad market stability heavily reliant on the sustainability of massive artificial intelligence spending. Valuation disparities created by narrow capital flows are expected to offer attractive entry points in high-quality companies with independent catalysts.
Moderate Conviction Bullish
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Language Signal
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