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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 8, 2026
Hood River Capital Management pursues long-term capital appreciation by identifying small-cap companies with durable growth profiles, improving business fundamentals, and attractive valuations through disciplined bottom-up fundamental research. For the third quarter of 2026, the fund's Institutional Share Class posted a decline of -16.70% net of fees, trailing the Russell 2000 Growth Index by 731 basis points, though it maintained strong year-to-date performance up +14.41% net of fees, exceeding the benchmark by 370 basis points. Quarterly performance was primarily impacted by broad-based momentum reversals across previous market leaders, benchmark reconstitution effects that eliminated approximately 30% of the index's weighted average names, and negative stock selection within the industrials sector. The team actively trimmed appreciated holdings by roughly 800 basis points heading into the quarter. Key risks discussed include elevated long-term interest rates, persistent oil price pressures, proposed margin caps on defense contracts, and top-quartile small-cap index valuation multiples. The portfolio remains positioned overweight in information technology and financials while underweighting consumer discretionary and biopharma, underpinned by conviction that enterprise AI infrastructure demand and defense replenishment cycles offer durable multi-year growth runways regardless of short-term rate volatility.
Long-term investment outcomes are driven by company execution, earnings power, and fundamental progress, uncovered through bottom-up research into companies with durable growth profiles and disciplined entry valuations.
Heading into the final quarter of 2026, the team remains focused on identifying mispriced small-cap opportunities with durable growth potential. They anticipate that equity markets will shift focus back to underlying company fundamentals and execution as earnings prove out achievable or conservative expectations.
Neutral / Balanced
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