Hardman Johnston's concentrated international equity strategy underperformed in Q1 2026 as value outpaced growth. Strong semiconductor positions in ASML and TSMC drove gains from AI infrastructure demand. New positions in Cameco and TechnipFMC target nuclear renaissance and energy security themes. Portfolio maintains high-conviction exposure to structural growth drivers while navigating geopolitical volatility through quality companies with durable competitive advantages.

Historical analysis shows technological disruptions create more jobs than they destroy by raising productivity and enabling humans to move up the value chain. AI fears are overdone given precedent from Industrial Revolution through Internet era. Manager expects current AI disruption to follow historical pattern of initial displacement followed by new job creation in previously unimaginable categories.

Hardman Johnston outperformed by 4.9% in Q1 2026 by focusing on companies with strong order backlogs over cyclical exposures. Computing infrastructure and aerospace holdings drove performance while consumer-facing names lagged due to geopolitical pressures. Despite near-term energy price and economic headwinds, the firm sees long-term opportunities in AI productivity tools, manufacturing reshoring, and aerospace demand.

FMI navigates Q1 2026 market volatility from Iran war and $100+ oil by maintaining conviction in quality businesses at discounted valuations. Overweight housing repair/remodel exposure targets cyclical recovery from aging housing stock and deferred maintenance. AI concerns around Huron and Booking viewed as overblown opportunities. Balance sheet strength expected to drive outperformance during geopolitical stress.

FMI navigates Q1 2026 market volatility from the Iran war through contrarian value investing in quality businesses at discounted valuations. Despite energy and defense outperformance hurting their housing-focused positioning, they identify compelling opportunities in consulting and travel companies facing overblown AI concerns, maintaining conviction in their time-tested investment process.

FMI maintains conviction in quality-focused investing despite Q1 2026 market decline from Iran war. Energy and defense outperformed while their building materials exposure lagged, but firm sees attractive long-term housing repair opportunities. Key holdings Huron Consulting and Booking face overblown AI concerns while IMCD experiences cyclical pressures expected to normalize.

Maximum confusion defines 2026 with Iran war driving commodity inflation, private credit facing first bear market with 9.2% defaults, and AI disrupting technology valuations. Despite geopolitical tensions, credit stress, and tech repricing eliminating Magnificent 7 premium, historical patterns suggest current volatility creates buying opportunities rather than systemic crisis for patient investors.

2Point2 Capital outperformed in a challenging quarter, delivering insights on AI's transformative yet limited impact on investing. While AI democratizes research and analysis, making markets more competitive, the fund emphasizes that successful value investing still requires human judgment, temperament, and qualitative research capabilities that AI cannot replicate.

FMI maintains contrarian value positioning amid Iran war volatility, avoiding energy/defense outperformers due to quality concerns while staying overweight housing-related names benefiting from demographic tailwinds. They view AI fears around Huron and Booking as overblown opportunities. Quality businesses with strong balance sheets at discounted valuations should outperform as geopolitical uncertainty creates market dislocations.

Latitude Global Fund positions defensively amid Trump-driven geopolitical fragmentation, adding Kroger while selling Unilever for superior risk-adjusted returns. The fund targets inflation-protected businesses trading at attractive valuations, avoiding cyclical enthusiasm in AI and commodities. With global institutions under pressure and a new protectionist cycle emerging, defensive sectors offer better opportunities than elevated cyclical valuations.

Jemekk delivered 3.7% in Q1 2026, outperforming during Iran conflict volatility. The fund targets four Canadian themes: Defense spending reaching 5% GDP, Build Canada infrastructure, Resources especially precious metals, and Healthcare. New positions Telesat and CAE capitalize on satellite growth and pilot training demand. Managers remain bullish on Canadian valuations versus stretched US markets.

GDS Investments navigates Iran conflict fallout with oil up 50% and Treasury yields rising to 4.45%. Portfolio positioned for volatility after Q1 rebalancing, focusing on quality companies that outperform during external shocks. Bullish on Rivian following Uber's $1.25B robotaxi deal. Expects continued geopolitical disruptions until political landscape shifts post-midterms or 2028.

Torre Financial's quality-focused portfolio underperformed in Q1 due to geopolitical oil shocks, declining 8.45% versus 4.37% for the S&P 500. Infrastructure and AI-beneficiary holdings led performance while travel and healthcare names lagged on sentiment shifts. The manager maintains conviction in high-quality businesses with superior economics and plans fewer trades going forward to let companies compound.

Hong Kong is structurally transforming through capital markets centrality, mainland talent influx, and economic integration. Futu exemplifies this new model - a digital financial platform scaling globally with 3.4 million funded accounts and expanding beyond brokerage into wealth management and banking. At 11x forward earnings, the market undervalues this evolution from cyclical broker to sticky financial ecosystem.

Blue Tower repositioned for the Persian Gulf crisis by selling input-cost-sensitive names and adding oil producers Petrobras and SM Energy. The manager sees markets underestimating the duration of commodity disruptions, with infrastructure damage requiring years to repair. The Strait of Hormuz closure affects 20% of global oil and LNG supplies, creating historic supply shock.

TEAM maintained defensive positioning through Q1 geopolitical crisis, keeping multi asset strategies positive year-to-date. Direct oil and soft commodity exposure provided effective hedging against 83% oil price surge from Iran conflict. Healthy cash levels and systematic process navigate ongoing uncertainty while positioning for potential ceasefire upside and continued inflation pressures.

Sequoia Fund's concentrated portfolio underperformed in Q1 2026 with an -11.04% return. Management added to SAP and Universal Music Group while trimming six positions for tax efficiency. The fund maintains high conviction in quality businesses across global markets, with top holdings including Rolls-Royce, Alphabet, and Liberty Media Formula One representing significant portfolio concentration.

Geopolitical shock triggered massive energy surge and stagflation fears, validating anti-fragile positioning in commodities, non-US markets, and real assets over traditional allocations. Fund outperformed peers through disciplined diversification away from US mega-cap concentration. Structural shifts toward energy independence and defense spending create durable investment themes while Fed policy becomes increasingly accommodative to fiscal needs.

Middle Coast Investing navigated Q1 2026's meme-driven market volatility by focusing on quality companies with strong balance sheets and adaptable management. Despite AI disruption fears and geopolitical tensions, the fund added aerospace and travel positions while maintaining conviction in long-term winners. The strategy emphasizes playing for time rather than chasing market themes.

Ennismore's global small-cap long/short fund applies capital cycle analysis to identify mispriced opportunities. Q1 performance was driven by Japanese software and Korean job portal gains, offset by gaming and legal tech concerns around AI disruption. The manager maintains conviction in businesses where markets mistake competitive durability for vulnerability, particularly in digital platforms.

Dynasty Trust fell 4.62% in Q1 2026's volatile markets, with oil gains offsetting software and private credit weakness. The fund concentrated into 22 positions, divesting weaker prospects while stretching weightings in favored names like Virtu Financial and HAL Trust. Manager sees structural tailwinds from market democratization and ETF growth supporting liquidity providers despite cyclical peak concerns.

Third Point outperformed the S&P 500 by 400bps in Q1 2026 despite a -0.6% return, navigating Iran War-driven oil spikes and private credit stress. Strong semiconductor and defense positions offset losses from exited CoStar position. Short book delivered 7% returns targeting housing, GLP-1 disruption, and AI displacement themes. Maintaining defensive positioning while selectively deploying capital.

QV Investors maintained disciplined fundamental investing through Q1 2026 geopolitical volatility that spiked oil prices and pressured technology stocks. The firm recycled capital from overvalued positions into undervalued quality names like Cargojet and Intact Financial while establishing energy exposure through Haliburton. Management emphasizes long-term value creation over geopolitical prediction amid widening outcome ranges.

Third Point delivered -0.6% in Q1 2026, outperforming markets by 400bps amid Iran War volatility. The fund maintained defensive positioning while capitalizing on AI infrastructure opportunities and European defense spending through Indra Sistemas. Strong short book performance offset long portfolio pressure from oil-driven inflation fears and private credit unwinding.

The Insiders Fund targets insider-validated opportunities across five structural themes: semiconductors, AI automation, onshoring, defense, and healthcare demographics. Despite Q1 losses from Iran war volatility, the fund maintains conviction in positions like Alphabet, Energy Transfer, and Rockwell Automation. Successful Intel trade generated 133% returns. Portfolio remains fully invested with defensive positioning through covered calls and selective additions.

Q1 2026 brought geopolitical disruption via Iran conflict pushing oil above $100 and private credit growth concerns. Miller Wealth Management maintains historical perspective, noting markets typically weather such shocks through earnings growth rather than single events. They position with conviction despite volatility, viewing current conditions as normal market adaptation rather than structural threats.

Brighton Jones delivered flat Q1 2026 returns despite oil doubling to $110 amid Middle East conflict. Fed rate cuts paused due to inflation concerns while dollar strengthened as safe haven. Manager emphasizes diversification over macro forecasting, noting oil prices show no historical correlation with stock returns. Maintains moderate growth positioning with significant fixed income allocation.

Cedar Grove launched into a challenging Q1 2026 with -23% returns as geopolitical events overshadowed strong earnings from small-cap holdings. The manager deployed aggressively into SaaS and healthcare dislocations, maintaining conviction in quality companies with strong fundamentals. Portfolio focuses on mispriced opportunities in biotechnology, medical devices, and consumer sectors while avoiding crowded AI trades.

AFC Asia Frontier Fund declined 7.9% in March due to Middle East conflict but outperformed benchmark. Two-week U.S.-Iran ceasefire creates opportunity for market rally, especially in energy-importing countries like Bangladesh, Pakistan, Sri Lanka, and Vietnam. Fund's diversified exposure across energy-importing and exporting countries provides resilience, with Iraq and Uzbekistan funds posting gains despite volatility.

Iran war and Strait of Hormuz closure drove oil from $60s to $110, creating historic supply disruption that shifted global inflation expectations and forced central banks to abandon rate cuts for potential hikes. Saturna maintained conservative duration positioning and focuses on high-quality credits for capital preservation amid volatile geopolitical-driven bond markets that failed traditional safe-haven dynamics.

Compound Everyday Capital turns aggressive for first time in six years as crude oil shock creates opportunities in Indian markets. Manager emphasizes smart diversification across risk exposures rather than just sectors. Portfolio shows strong fundamentals with 20.6% earnings growth despite temporary market volatility from Middle East conflict.

RLH SPAC Fund sees the current market as approaching an inflection point with the most attractive risk-adjusted opportunities since inception. Elevated SPAC issuance outpacing transactions has created yield widening to 5% levels with protected downside and free optionality. The fund is actively deploying capital into this compelling setup.

JB Global Capital's concentrated portfolio declined 2.3% in Q1 2026, outperforming markets amid geopolitical volatility. Alibaba showed mixed signals with strong cloud growth offset by costly e-commerce price wars. New positions in PayPal and Flowers Foods offer compelling value at distressed prices. The manager maintains patience and discipline, focusing on resilient businesses despite ongoing uncertainty.

Infuse Partners dropped 18.9% in Q1 2026, hurt by underweighting AI narrative impact. Two major holdings Duolingo and Ondo face short-term headwinds but offer potential 10x returns through AI-enabled education and insurance leak detection technology respectively. Manager maintains conviction while establishing clear exit criteria and emphasizing position sizing discipline for risk management.

Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased exposure to oil tankers and exploration companies while maintaining concentrated positions in core compounders like Alphabet and Berkshire Hathaway. Strong long-term track record continues with 13.4% annualized returns since inception.

Nixon Capital sees Q1 2026's extreme volatility from geopolitical conflicts and oil shocks as creating opportunities. With consumer sentiment at historically poor levels and quality businesses trading at compressed valuations, the firm is accumulating franchises with durable competitive advantages. They maintain rational optimism for long-term returns despite expecting continued near-term challenges.

Iran conflict drove oil up 84% and markets down 4.4% in Q1, exposing vulnerabilities from high valuations. AI disruption hammers software stocks while private credit faces stress. Inflation re-accelerates to 3.4%. Despite near-term volatility, manager stays bullish on long-term equity returns driven by unprecedented innovation, automation trends, and supply chain reshoring creating structural tailwinds.

Lakehouse Small Companies Fund outperformed during March's geopolitical volatility, returning -6.3% versus benchmark's -11%. The concentrated portfolio benefits from Magellan's merger announcement while SiteMinder faced travel headwinds. Management maintains conviction in quality businesses with strong fundamentals, viewing current market valuations as attractive for disciplined investors despite ongoing Iran-related tensions.

Lakehouse focuses on high-quality, competitively advantaged businesses growing earnings at 20%-plus rates despite market volatility. The concentrated 17-position portfolio outperformed in March amid Iran war concerns. Multiple compression has created compelling valuations with several holdings at all-time lows. Strong fundamental growth continues while market values have declined, creating attractive risk/reward opportunities.

JM Finn maintains diversified global positioning amid Middle East tensions that drove oil above $100. While geopolitical risks create near-term volatility, the firm sees encouraging signs of de-escalation. Focus remains on high-quality businesses across regions, with Europe and Japan offering better value than concentrated US markets. Infrastructure and defensive sectors provide stability while AI infrastructure companies show sustainable potential.

Gymkhana Partners down -11% YTD amid trade tensions and energy disruptions, but maintains conviction in undervalued Indian portfolio trading at 14x forward P/E. Firm actively buying defense, healthcare, and industrial names while remaining fully invested. India's structural growth drivers including demographics and infrastructure development expected to drive long-term outperformance despite near-term macro headwinds.

Robinson Tax-Advantaged Income Fund hedges interest rate risk while investing in discounted municipal bond closed-end funds. Iranian geopolitical tensions shifted Fed expectations from rate cuts to potential hikes, causing energy inflation. Fund maintains underweight in compressed Nuveen/Invesco CEFs, overweight broader universe at -7.7% average discount versus -5.3% historic average.

Baird's international growth funds suffered significant underperformance as AI disruption fears triggered severe software repricing while energy surged on Iran conflict. Managers executed decisive portfolio triage, exiting AI-vulnerable positions while concentrating in Taiwan Semiconductor and mission-critical software. Despite macro uncertainties including Hormuz closure and tariff cliffs, the valuation reset creates compelling entry points for patient capital.

Global Growth Fund fell 9.54% as AI disruption fears triggered historic software repricing while energy surged on Iran conflict. Manager decisively exited positions with opaque AI economics while doubling down on mission-critical software and AI infrastructure. Valuation reset creates compelling entry point for five-year horizon despite macro uncertainty from Hormuz closure and stagflationary pressures.

Robinson's CEF-focused credit fund weathered Q1 volatility through effective hedging, outperforming unhedged peers despite private credit stress and geopolitical inflation. With floating rate CEF discounts approaching -20% and fund discounts 530bp wider than historical averages, significant alpha opportunities exist while maintaining above-market yields and daily liquidity.

Geopolitical energy shock from Iran conflict reversed early 2026 market gains and introduced stagflation risks. AI theme shifted from infrastructure to monetization creating uncertainty. Market rotation favored energy and defensives over mega-cap tech. Complex environment rewards diversified positioning over forecasting. Quality growth at compressed multiples offers long-term opportunities for patient investors.

Ennismore's European small cap fund suffered its fourth worst month ever in March, down -6.6% as structural overweights to small caps and industrials backfired. Despite the pain, management remains convinced the portfolio is mispriced and sees improved opportunities from indiscriminate selling and widening small-large cap valuation gaps.

Itus Capital outperformed by 408 basis points during sharp Q4 correction driven by Iran-Israel conflict and crude oil spike above $100. Portfolio's thematic positioning across mining, healthcare, chemicals, and infrastructure capex themes proved resilient. Correction reset valuations to attractive levels with private sector capex cycle inflecting meaningfully. Manager emphasizes selectivity over direction.

Alpinum turned defensive amid Iran conflict oil shock and AI disruption, reducing market exposure while emphasizing capital preservation. Geopolitical tensions elevated volatility and tail risks beyond negligible levels. Despite resilient macro backdrop, energy-driven stagflation concerns and technology disruption created bifurcated markets. Maintaining flexibility for selective deployment if tensions ease and attractive entry points emerge.

Eagle Point Capital concentrates in cockroach-like businesses with enduring competitive advantages and physical infrastructure, avoiding technology-dependent pandas. Holdings like McKesson, AutoZone, and tobacco companies satisfy timeless human needs through mission-critical services. The firm prioritizes durability over novelty, believing physical infrastructure changes slower than digital alternatives, enabling long-term compounding through unpredictable environments.