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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 30, 2026
Sandhill Investment Management's Q2 2026 letter describes a market characterized by strong headline performance but unusual underlying dynamics. The S&P 500 rebounded roughly 15% from lows, supported by the fastest expected earnings growth in five years, though valuations remain extended at 20.5 times forward earnings. Beneath the surface, 22 S&P 500 stocks have doubled this year, surpassing the 1999 record, driven primarily by semiconductor companies benefiting from AI data center spending. The sector now represents nearly 20% of the index, up from 2% a decade ago. However, more than half of Information Technology stocks are in bear markets. The manager is finding value in overlooked areas, recently initiating positions in Badger Meter, a water technology company benefiting from aging infrastructure replacement, and Forgent Power Solutions, an electrical equipment manufacturer positioned for AI-driven power demand. On the consumer side, while the top 10% of earners drive nearly half of all spending, broader strain is evident with savings rates near 60-year lows and sentiment at pandemic-era depths. The firm is modestly extending duration in corporate bonds at yields above 5% while remaining selective in equities.
While broad market valuations remain elevated and consumer data shows growing strain beneath the surface, significant dispersion is creating attractive entry points in quality businesses that have been overlooked as investors fixate on AI-driven data center buildouts.
The manager expects to continue taking advantage of short-term volatility to invest in durable businesses with attractive long-term prospects, while remaining mindful of the broader economic backdrop. The firm is tracking unusual movements in both markets and the economy that are shaping views for the second half of the year and beyond, including growing consumer strain despite strong headline spending data.
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