RVK outlines investment strategies for stagflationary environments where stagnant growth meets persistent inflation. Traditional assets struggle simultaneously, making precious metals, commodities, TIPS, and floating rate debt attractive alternatives. Defensive equities in consumer staples, utilities, and healthcare offer relative outperformance through pricing power. Diversified approaches across multiple asset classes provide better protection than single-regime optimization.

Insufficient data available to assess fund performance, strategy, or outlook.

Steyn Capital delivered 18.26% net returns in 2025, led by precious metals exposure during gold and platinum rallies. The manager sees abundant opportunities in undervalued South African equities amid supportive commodity markets and potential emerging market rotation. With 66% net exposure and disciplined short book protection, the fund is positioned for continued value creation in an attractive valuation environment.

Titan Wealth outperformed peers in 2025 through disciplined global diversification and AI-focused positioning. The firm views artificial intelligence as foundational economic transformation, not just sector exposure. Portfolio balances technology growth themes with defensive positioning in defense, gold, and geographic diversification. Despite acknowledging geopolitical risks and inflation concerns, management remains optimistic about innovation-driven market opportunities in 2026.

Vulcan Value Partners improved portfolio valuations while delivering positive returns in 2025, finding opportunities in overlooked small-cap and mid-cap stocks amid an AI-driven bull market reminiscent of the late 1990s. The firm maintains disciplined value approach, focusing on high-quality businesses with competitive advantages trading at significant discounts, positioning for superior long-term compounding despite near-term relative underperformance challenges.

Vulcan Value Partners improved portfolio valuations while delivering positive returns in an AI-dominated market reminiscent of the late 1990s dot-com era. The firm is finding exceptional value in ignored high-quality companies compounding values at attractive rates, with Small Cap portfolios trading at mid-50s price-to-value ratios. Fully invested with improved margins of safety across all strategies.

Conestoga's Mid Cap strategy underperformed in Q4 and 2025 due to market preference for low-quality, AI-related, and defense stocks over traditional quality names. Technology and Industrial holdings faced headwinds while Health Care and Utilities provided some offset. The manager maintains conviction in quality fundamentals despite near-term market dynamics favoring speculation.

Ariel Fund posted solid Q4 returns driven by entertainment and oil services holdings, finishing 2025 with strong 14.15% annual performance that outpaced small-cap value benchmarks. The managers maintain cautious optimism for 2026, emphasizing their disciplined value approach focused on robust balance sheets and durable fundamentals amid elevated market volatility and large-cap concentration concerns.

Magellan Global Fund positions for strong US earnings growth driven by AI investment boom and fiscal stimulus, expecting 13-14% earnings growth in 2026. Portfolio maximizes risk exposure to quality AI, financial, and consumer names while maintaining defensive allocations. Key risks include AI investment constraints and systemic economic dependence on AI momentum.

Small-cap value manager sees compelling opportunity from extreme valuation disparities with large-cap tech and expects rotation driven by economic tailwinds. Portfolio benefits from strengthening GDP growth, Fed rate cuts supporting cyclical industries, and fiscal policy stimulus. Key risks include persistent inflation and job market weakness, though these could force additional Fed accommodation.

Troy Global Equity Strategy underperformed in 2025 despite strong portfolio company fundamentals, creating opportunity. AI concerns pressured data and software holdings while benefiting unowned semiconductor stocks. The Strategy now trades at historic discount on free cash flow yield with superior financial metrics, well-positioned as other market areas appear stretched.

Elliott opposes Toyota Industries' ¥18,800 tender offer as 40% below intrinsic value of ¥26,134 per share. The activist proposes a standalone plan targeting ¥40,000+ by 2028 through operational improvements and cross-shareholding unwinds. Views this as a critical test of Japanese corporate governance reforms and minority shareholder rights.

Ninepoint sees 2026 as opportunity-rich despite central bank uncertainty, with compelling themes including natural gas demand surge from AI-driven electrification, gold's continued strategic asset momentum above $4,000/oz, crypto's institutional maturation through tokenization, and Canadian energy producers positioned for outperformance. High-quality fixed income provides portfolio anchoring while structural electrification trends support global infrastructure investments.

Magellan Global Opportunities delivered 13.0% in 2025, outperforming benchmarks through selective positioning in quality companies. AI leaders like Alphabet drove performance while defensive positioning in consumer staples like Nestlé provides stability. Despite positive fiscal and monetary catalysts for 2026, elevated valuations and geopolitical risks support continued defensive approach focused on sustainable competitive advantages.

Manager maintains defensive positioning amid historically expensive markets (41x CAPE) while pursuing undervalued international opportunities. Key catalyst-driven holdings include Metro Bank's MREL exit and transformation, PTSB's pending sale, and Warner Brothers Discovery's acquisition battle. DCC offers focused energy distribution exposure post-divestitures. Portfolio concentrated in special situations with multiple rerating catalysts despite challenging macro environment.

Parnassus Mid Cap Growth outperformed in Q4 despite negative returns, driven by AI-exposed semiconductor holdings. The fund diversified away from concentrated AI exposure by adding industrial companies positioned for economic broadening. Managers remain optimistic about 2026, believing mid-caps could lead if growth expands beyond AI-dominated large companies to benefit their innovative, industry-leading portfolio companies.

Minot Light delivered solid 2025 returns while navigating unprecedented small-cap volatility. The managers embrace market inefficiencies created by momentum-driven trading, believing fundamental analysis provides significant alpha opportunities. They strengthened their process around downside protection and position sizing, positioning to capitalize on violent stock dislocations while building larger positions in de-risking growth stories.

U.S. markets ended 2025 with another 20% gain driven by valuation expansion, leaving stocks historically expensive. Distillate's value strategies significantly outperformed on fundamentals despite lagging headline returns. The firm sees compelling opportunities in quality stocks trading at attractive valuations while maintaining defensive positioning amid record market multiples and widespread optimism that historically signals future headwinds.

Parnassus Value Equity outperformed in Q4 and 2025, driven by AI-benefiting holdings across Technology and Industrials. The manager maintains quality-focused positioning with overweights in Financials and Health Care while taking profits in long-term IT winners. Expects continued value outperformance given elevated growth valuations and broadening AI adoption across industries beyond technology.

Distillate Capital warns of rich U.S. market valuations while positioning in quality, attractively valued stocks. Their strategies underperformed in 2025 as unprofitable companies outperformed, but the firm sees this as creating better entry points. With fundamentals as the only sustainable return driver, their systematic value approach and superior cash flow growth position them well for potential valuation normalization.

Conestoga Micro Cap posted 16.24% annual returns despite challenging market dynamics favoring speculative stocks. Portfolio benefited from exceptional performance in Planet Labs (388% return) and consumer staples holdings, while limited biotech exposure hindered Q4 results. Strategy maintained discipline through volatile periods, positioning for potential quality leadership rotation as Small Caps show compelling fundamentals with 32% projected 2026 earnings growth.

BNY Mellon Appreciation Fund underperformed in Q4 2025 amid strong earnings but growing AI bubble concerns and consumer bifurcation. Technology partnerships exceeded $1 trillion while trade tensions eased between U.S. and China. The fund maintains focus on industry-leading businesses capable of consistent earnings growth through cycles despite unprecedented policy uncertainty.

Dodge & Cox Stock Fund returned 13.66% in 2025, underperforming the S&P 500 as growth stocks dominated. The fund maintains its value discipline, trading at 14.6x forward earnings versus 22.9x for the S&P 500. Key moves included trimming cyclical banks while adding to insurance brokers and contrarian positions in Fiserv and Charter Communications at compressed valuations.

Parnassus Core Equity underperformed in Q4 but maintains bullish 2026 outlook, expecting market broadening to favor active management. The fund balances defensive positioning with offensive AI investments in semiconductors, hyperscalers, and software. Strong conviction in quality companies like Eli Lilly and Applied Materials drives long-term outperformance strategy despite near-term volatility.

Ariel Global Fund posted 23.30% annual returns through disciplined international value investing, capitalizing on semiconductor AI demand, European banking consolidation, and energy transition opportunities. The fund initiated sixteen new positions while maintaining focus on undervalued franchises with improving fundamentals. Strong positioning in SK Hynix, European banks, and renewable infrastructure reflects conviction in structural growth themes outside U.S. mega-caps.

Conestoga's SMid Cap strategy underperformed in Q4 as biotech stocks surged while the firm maintained underweight positioning. Despite challenging 2025 performance, the outlook appears bright with Small Caps projected for 32% earnings growth in 2026 versus 13% for Large Caps, trading at attractive valuations, and benefiting from supportive policy tailwinds that could drive sustained outperformance.

Distillate's international strategy delivered 41.53% returns in 2025, significantly outperforming benchmarks as international stocks rebounded. The strategy's systematic focus on quality and value provides compelling opportunities outside expensive U.S. markets. Strong fundamental metrics and disciplined rebalancing position the portfolio well for sustainable returns driven by cash flow growth rather than valuation expansion.

Vulcan improved price-to-value ratios across all strategies while delivering positive returns in 2025. Drawing parallels to late 1990s, manager sees current AI-driven market as overvalued but maintains discipline focusing on quality companies at deep discounts. Small Cap portfolio trades at mid-50s price-to-value ratio, positioning for long-term outperformance as unloved segment recovers.

Conestoga's Small Cap strategy underperformed in 2025 due to market dominance by low-quality, unprofitable stocks and minimal biotech exposure. However, quality stocks began outperforming from mid-October, and the manager expects Small Caps to outperform Large Caps given superior earnings growth prospects, valuation discounts, and pro-growth policy tailwinds.

T. Bailey UK Responsibly Invested Equity Fund delivered 3.8% in Q4 through selective financial sector exposure, led by Man Group and NatWest. The fund's focus on financially sound businesses at attractive valuations proved effective despite weak UK economic data. UK equities remain compelling versus elevated US valuations.

Value manager navigates late-1990s-like market dominated by AI and mega-cap stocks by improving portfolio discounts while delivering positive returns. Small Cap portfolio trades at mid-50s price-to-value ratio despite healthy economy and falling rates. Successful Medpace investment exemplifies patient capital approach. Fully invested with enhanced margins of safety across all strategies.

Distillate Capital maintains valuation discipline in historically expensive markets, with their U.S. strategy trading at double the S&P 500's free cash flow yield. While lagging 2025's valuation-driven rally, their systematic approach of rotating from expensive to cheap stocks has generated superior fundamental growth, positioning them well for potential valuation normalization ahead.

Magellan delivered 1.4% in Q4 amid market rotation from AI mega-caps. Portfolio remains defensively positioned despite supportive US macro tailwinds from fiscal and monetary policy. Quality focus on companies like Alphabet, Amazon, and Nestlé provides resilience against elevated valuations and multiple macro risks heading into 2026.

Ariel Small Cap Value posted modest Q4 gains led by Sphere Entertainment and Affiliated Managers Group, while adding positions in RLI Corp and FactSet Research. The managers enter 2026 with measured caution given market volatility and large-cap concentration, maintaining their disciplined long-term approach focused on robust fundamentals and strong management teams.

Ariel International Fund posted +31.48% annual returns through disciplined value investing in undervalued international franchises. Strong banking sector positioning and semiconductor equipment exposure drove performance while the manager initiated eleven new positions. With improving fundamentals, policy alignment and attractive valuations overseas, the fund is positioned to capitalize on structural growth opportunities beyond U.S. markets.

Vulcan Value Partners improved portfolio valuations while delivering positive returns, with Small Cap trading at mid-50s price to value ratio. Manager sees parallels to late 1990s AI bubble but finds exceptional opportunities in overlooked segments. Portfolio emphasizes quality insurance and healthcare businesses like Medpace and Everest Group trading at substantial discounts to intrinsic value.

Ariel Appreciation Fund outperformed mid-cap benchmarks in Q4 2025 with strong contributions from entertainment and biotech holdings. The fund maintains a cautious 2026 outlook amid market concentration and volatility concerns, emphasizing disciplined value investing in quality companies with durable competitive advantages and strong balance sheets positioned for long-term growth.

Seven Corners Capital's concentrated value strategy delivered 35% returns in 2025, outperforming the S&P 500 by 17%. The six-holding portfolio targets companies trading at significant discounts to intrinsic value, with key positions in Pershing Square Holdings, Turning Point Brands, and Genworth Financial offering clear catalysts for value realization through NAV convergence and business transformation.

T. Bailey Global Thematic delivered 3.81% in Q4 through diversified exposure to AI, commodities, and healthcare themes. Gold hit new highs while copper surged on electrification demand. The fund added emerging markets and Japan income exposure while maintaining geographic diversification. Manager emphasizes valuation discipline and broad opportunity access amid policy uncertainty and AI monetization questions.

Ithaka's concentrated growth strategy lagged in Q4 2025 as investors rotated from high-growth tech despite strong fundamentals. The firm expects 2026 to be the Show Me year for AI, where productivity gains translate to revenue growth. Management maintains conviction in concentrated positions in high-quality growth companies with durable secular tailwinds and superior economics.

Q4 2025 concluded a volatile year dominated by AI investment surge and Trump's political influence. Emerging markets led by South Korea significantly outperformed U.S. equities. Looking ahead, strategists expect continued but moderate returns driven by AI integration and monetary stimulus, with particular upside for Europe and emerging markets.

Citco's December 2025 hedge fund data shows strong industry performance with 1.9% weighted average returns led by Global Macro funds at 4.7%. Despite positive performance, the industry saw typical year-end outflows of $16.1bn, concentrated in Multi-Strategy and Equity strategies. Market volatility hit yearly lows, reflecting calm conditions.

2025's extreme volatility from tariff policy uncertainty ultimately rewarded patient investors, with the S&P 500 recovering from a 21% drawdown to finish up 18%. While speculation returned through record SPAC activity and margin debt, mixed signals including historically low sentiment amid new market highs suggest success will come from valuation discipline rather than narrative timing.

Bison targets undervalued oil and gas equities at a cyclical bottom. Structural underinvestment since 2014 combined with growing demand from AI data centers and developing countries creates supply-demand imbalance. Portfolio trades at deep discounts with 20%+ FCF yields expected, offering significant upside as the cycle turns while providing downside protection through reserve value discounts.

Japan Opportunities Fund outperformed in Q4 as new PM Takaichi's pro-growth policies and robust corporate results drove Japanese equities to all-time highs. Construction and e-commerce holdings led gains while industrial gas faced macro headwinds. Fund added pharmaceutical exposure and remains focused on quality businesses to navigate volatility while capitalizing on inflation pass-through and AI opportunities.

UK small-cap fund underperformed in Q4 as defence stocks fell on peace speculation while construction names rallied on budget relief. Managers see attractive valuations despite macro uncertainty, adding facilities management and veterinary services exposure while trimming outperformers. Portfolio positioned defensively for current challenges but ready to participate in recovery.

Ennismore delivered disappointing Q4 performance as AI disruption fears hammered digital holdings, particularly classifieds down 30-50%. The manager argues disruption risks are overstated given structural moats and provides extensive bear case rebuttal. Multiple recovery catalysts emerge for 2026 including biopharma normalization and Chinese recovery. Portfolio valuations now compelling at mid-teens multiples versus historical averages, creating opportunity for patient capital.

Peak Asset Management maintains defensive positioning amid market overvaluation concerns, owning quality large-cap technology companies while holding Treasury Notes and cash as safe havens. The firm focuses on intrinsic value investing, citing Buffett's warnings about market froth, and expects AI data center spending and Fed leadership changes to drive markets ahead.