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 2, 2026
Markets staged a strong recovery in Q2 2026, with the S&P 500 gaining 15% and finishing near record highs despite significant headwinds. The Middle East conflict that closed the Strait of Hormuz drove oil to $115 in April, pushing inflation to a three-year high of 4.2%. However, oil reversed sharply to $70 by quarter end following a ceasefire, removing the primary inflation driver. Semiconductor stocks led the rally with an 88% quarterly return, their strongest performance in nearly 30 years, fueled by massive AI infrastructure spending projected to reach $724 billion in 2026. Market leadership broadened significantly, with small-caps gaining 22% year-to-date and outperforming large-caps as profit margins improved from Fed rate cuts and valuations became more attractive. The Federal Reserve shifted from expected rate cuts to signaling potential hikes during the quarter, though easing oil prices may reduce this pressure. Technology stocks showed both the promise of AI transformation and the risks of elevated expectations, with late-quarter pullbacks demonstrating valuation sensitivity. Looking ahead, the path of inflation, sustainability of AI spending, and continuation of market breadth will shape the remainder of 2026.
Markets demonstrated resilience in Q2 2026 by recovering strongly despite geopolitical conflict, an oil shock, and elevated inflation, with the S&P 500 gaining 15% and finishing near record highs as oil prices reversed and market breadth expanded beyond mega-cap technology stocks.
The remainder of 2026 will be shaped by three key questions: whether inflation eases as oil prices have fallen, whether the AI investment cycle and associated stock gains can be sustained, and whether market breadth continues beyond mega-cap tech. The next inflation reports will determine Fed policy direction. AI spending must translate into real profits to justify current valuations, especially as more is funded through debt and equity issuance. Market leadership has broadened this year across sectors and company sizes, but it remains to be seen if this continues or narrows again. Despite facing war, energy shock, three-year high inflation, and potential Fed rate hikes, stocks traded to new highs in Q2, demonstrating market resilience.
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