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 15, 2026
Q2 2026 saw equity markets stage a powerful rally despite challenging fundamentals, with the S&P 500 gaining 15.2% and reaching record highs in early June. Following Q1's 5% decline driven by Middle East conflict and Strait of Hormuz closure fears, markets reversed sharply as a ceasefire framework emerged and oil prices collapsed 26% in May. The quarter was notable for broadening market participation, challenging the narrative of narrow mega-cap tech dominance. Small caps surged 22.6% year-to-date, value outperformed growth by nearly 5% in June, and emerging markets led globally with a 24% quarterly gain driven by semiconductor demand in Korea and Taiwan. Fixed income remained range-bound as the Federal Reserve held rates at 3.50% to 3.75% for a fourth consecutive meeting, disappointing doves. Despite the rally, significant uncertainties persist around inflation at three-year highs, unresolved geopolitical tensions, and interest rate direction. The forward-looking market has wagered on continued earnings growth and fading energy shocks, though this bet remains unproven with Strait of Hormuz traffic not fully recovered.
Q2 2026 delivered a round-trip rally for risk assets, with the S&P 500 gaining 15.2% for the quarter despite elevated inflation, hawkish Fed policy, and unresolved Middle East conflict, as markets wagered the worst of the energy shock had passed and corporate earnings would continue growing, while market participation broadened significantly to value, small caps, and emerging markets in a healthier rotation away from mega-cap tech dominance.
Questions regarding the direction of interest rates, inflation, and geopolitical conflicts remain unsettled despite equity markets hitting record highs. While the market has wagered that the worst of the energy shock has passed and corporate earnings will continue growing, this bet may or may not prove correct. The broadening of market participation to value, small caps, and international equities reflects a healthier upward climb, though Strait of Hormuz tanker crossings have not recovered to prewar levels.
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