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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 6, 2026
The Kennedy Capital Mid Cap Value composite declined 5.14% net of fees in the third quarter of 2026, underperforming the Russell Midcap Value Index benchmark by 315 basis points. Relative performance headwind was heavily concentrated in the Industrials and Information Technology sectors. Despite the challenging quarter, the strategy maintains its long-term track record, compounding at 10.56% net annualized since inception on January 1, 2002, outperforming its benchmark's 10.01% annualized return over the same period. The macroeconomic environment was shaped by rising interest rates, elevated geopolitical instability in the Middle East, and index composition shifts following the late June Russell reconstitution. Portfolio underperformance in Industrials was primarily driven by an approximate 900 basis point overweight in Capital Goods, where shares de-rated despite robust underlying demand across electrical grid infrastructure, HVAC, construction equipment, and testing services. Additionally, intentional avoidance of AI-disruption-prone industries like Data Processing and HR Services served as a relative drag as those groups experienced mean-reverting valuation rebounds. Portfolio positioning adjustments over recent quarters mitigated further downside through deliberate reductions in interest rate-sensitive segments, including homebuilding and building products. Capital remains selectively deployed into Aerospace & Defense and companies with direct or indirect exposure to AI infrastructure deployment, where the management team identifies strong end-market fundamentals that diverge favorably from overly pessimistic geopolitical and interest rate sentiment.
Focus on high-quality mid-cap companies with a demonstrated ability to generate above-average returns on invested capital and opportunities to reinvest cash flows at rates exceeding their cost of capital.
Management remains comfortable with current portfolio positioning, expecting capital goods and defense businesses to re-rate as underlying fundamental strength in infrastructure and aerospace becomes evident.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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