Bronte's global long/short fund posted 0.95% quarterly gains driven by large-cap longs like Regeneron and Alphabet, while shorts in Biotech and Materials created headwinds. The team extensively analyzes AI bubble risks, comparing current conditions to 1990s internet mania, while expanding their analyst team to strengthen research capabilities across both long and short positioning.

Smoak Capital's value-focused approach targets undervalued small-caps with growth potential, particularly in international markets. Despite underperforming in 2025 due to defensive positioning and minimal AI exposure, the fund has delivered exceptional long-term returns of 37.4% annualized since 2018. Key holdings like Tobila Systems demonstrate the strategy of finding mispriced growth companies trading at deep discounts.

Eagle Capital delivered strong 2025 performance by increasing international exposure to undervalued multinational leaders like ASML, TSMC, SAP, Shell, and Bayer. With elevated U.S. valuations creating future return headwinds, the firm's flexibility to find global bargains provides competitive advantage. International investments outperformed while improving portfolio diversification and risk-adjusted returns.

Hinde Group delivered 29.49% net returns in 2025 despite Q4 underperformance from Uber and Interactive Brokers. The AI investment boom drives economic strength with Big Tech spending $660 billion on capex in 2026. Interactive Brokers remains the core holding with exceptional customer growth and trading revenue expansion. The concentrated eight-position portfolio targets high-quality compounding businesses.

Broyhill gained 1.7% in 2025 versus MSCI ACWI's 22.9%, deliberately avoiding AI-driven speculation while concentrating in undervalued businesses trading at discounts to fundamentals. The manager views current market concentration as a bubble similar to historical infrastructure buildouts, positioning the portfolio in defensive sectors, small-caps, and European companies for eventual mean reversion when fundamentals reassert themselves over momentum.

Artemis US Select outperformed in Q4 2025 with strong AI semiconductor and healthcare stock selection. The manager increased pharmaceutical and semiconductor exposure while reducing media positions, positioning for greater AI winner/loser dispersion and broader sector participation in 2026. Falling rates and deregulation expected to benefit financials and M&A activity.

Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 due to avoiding speculative AI investments and housing market weakness. Alphabet's 65% return from AI success and strong financial sector performance were offset by UnitedHealth's actuarial disasters and frozen housing demand. The fund maintains its value-focused approach, positioning for eventual housing recovery while finding selective long-term opportunities.

Davis Real Estate Fund's value approach faced headwinds in 2025 as passive flows favored large-cap REITs over fundamentals. Early exit from Welltower and overweight in struggling Alexandria Real Estate drove underperformance. Managers maintain conviction in apartment recovery, premium office properties, and discounted Alexandria while adapting research to account for size-driven market dynamics.

Optimist Fund delivered 32.2% returns in 2025 despite Q4 decline, maintaining strong long-term performance through disciplined focus on misunderstood compounders. Portfolio companies like Wayfair, Carvana, and ThredUp show accelerating fundamentals while trading at attractive valuations. Manager believes next five years will outperform as current prices underappreciate improved business quality and earnings potential.

RS Large Cap Value outperformed in Q4 with 5.77% net returns, benefiting from value's outperformance versus growth and strong healthcare/financial selections. The team sees attractive opportunities in value stocks being ignored amid AI-driven market concentration, focusing on quality companies with improving ROIC trading at discounts to intrinsic value.

MENA underperformed in 2025 due to dollar/oil headwinds and AI under-exposure, but reset valuations create attractive 2026 opportunities. Structural reform themes remain compelling while return dispersion provides selective country-level opportunities. Portfolio favors Qatar and Egypt over Kuwait and UAE, with selective Saudi exposure in financials and industrials.

Baron Fifth Avenue Growth Fund gained 18.2% in 2025, outperforming benchmarks by positioning for the AI transformation. The portfolio includes AI infrastructure leaders NVIDIA and new semiconductor positions Broadcom and Monolithic Power Systems, plus e-commerce platforms leveraging AI for competitive advantage. Despite some competitive pressures, the manager remains excited about companies adapting to this historic disruptive change.

BlackRock's Mid-Cap Value Fund delivered 13.68% returns in 2025 through disciplined value investing in dividend-paying mid-caps. Manager David Zhao maintains constructive but cautious 2026 outlook, citing AI-driven market exuberance and inflation risks. Strategy emphasizes selectivity and risk control while participating in secular themes through undervalued opportunities beyond narrow AI leadership.

BlackRock's Core Bond Fund increased duration positioning in Q4 2025, concentrating exposure in the front and belly of the yield curve based on expectations that Fed rate cuts will exceed market pricing. Agency MBS and structured products drove performance as spreads tightened, while the fund maintains tactical rotation across sectors for attractive income opportunities.

Pershing Square delivered 20.9% net returns in 2025 through concentrated positions in AI-beneficiary megacaps including Alphabet, Amazon, and Meta. Strong performance from GSE privatization theme with Fannie Mae up 227%. Portfolio positioned for continued AI infrastructure growth, autonomous vehicle adoption, and policy catalysts. Opportunistic capital deployment during market volatility demonstrates disciplined approach to high-conviction investing.

Latitude delivered 21% returns in 2025 through disciplined value investing focused on fundamental earnings growth. The portfolio's defensive positioning in healthcare, discount retail, and infrastructure proved resilient while benefiting from selective trading opportunities. With companies generating 7% free cash flow yields and committed to 5% annual shareholder returns through dividends and buybacks, the strategy offers compelling long-term prospects at attractive 14x PE valuation.

Tweedy Browne delivered solid Q4 returns driven by pharmaceutical and technology holdings, though defense positions weakened on valuation concerns. The firm continues adding to undervalued international positions while trimming fairly valued holdings. Despite excessive market valuations creating systemic risks, they remain confident in their disciplined value approach focused on financially sound companies trading below intrinsic value.

Stenham delivered strong multi-strategy returns in Q4 2025 with minimal market correlation, capitalizing on AI capex cycles, precious metals surge, and geopolitical volatility. Discretionary macro drove performance through rates and currency positioning while equity strategies captured risk asset rallies. Despite elevated valuations and geopolitical risks, the firm sees continued opportunities across all strategies.

Tweedy Browne delivered strong absolute returns in 2025 led by pharmaceuticals and select technology holdings, while trimming overvalued defense positions. The firm warns of excessive market valuations driven by AI enthusiasm but remains positioned in undervalued international equities where significant valuation gaps persist versus US markets, emphasizing financially sound enterprises trading below intrinsic value.

Tweedy, Browne Value Fund posted 21.56% returns in 2025, driven by pharmaceutical and select technology holdings while facing headwinds in cyclical industrials. The firm remains cautious on excessive US market valuations but sees compelling opportunities in undervalued international equities. Their disciplined value approach focuses on financially sound companies purchased below intrinsic value, positioning for long-term outperformance when market sentiment shifts.

Tweedy, Browne's dividend-focused fund returned 21.70% in 2025, led by pharmaceutical and technology holdings. While concerned about excessive US market valuations and AI-driven exuberance, the firm remains confident in their international value approach, believing the significant US-international valuation gap favors their non-US positioning in well-capitalized, competitively advantaged companies.

Wasatch's frontier emerging markets strategy underperformed in 2025 as beaten-down, lower-quality stocks surged on dollar weakness while higher-quality portfolio holdings lagged. Manager maintains conviction in companies positioned for domestic transformations, viewing 2025 as potential inflection point for sustained frontier market tailwinds as global capital returns to the asset class.

LVS Advisory's Event-Driven strategy gained 9.1% in 2025 and launched a levered version capitalizing on improved M&A conditions. The Growth Portfolio underperformed due to Netflix's Warner Brothers acquisition impact, but the manager maintains conviction at current 20x forward earnings. Software exposure was liquidated due to AI concerns while power infrastructure investments delivered strong returns.

Easterly Income Opportunities Fund outperformed in Q4 2025 on curve steepening benefiting Corporate Structured Notes. The fund is increasing credit quality while maintaining constructive outlook on structured credit markets. Core thesis remains longer-term curve steepening with Fed rate cuts expected in 2026, creating attractive opportunities across RMBS, select CMBS, and high-multiple structured notes.

Wasatch Global Select significantly underperformed in 2025 as markets favored speculative stocks over quality businesses. Despite solid portfolio fundamentals and earnings growth, the strategy's focus on high ROA/ROE companies was a headwind. Managers remain disciplined, noting attractive relative valuations and positioning for when quality returns to favor.

LVS Growth underperformed in 2025 despite strong individual positions like Netflix and Interactive Brokers. The manager liquidated software exposure due to AI disruption while maintaining conviction in tech platforms with durable advantages. Missing semiconductor exposure hurt relative performance. A new levered Event-Driven strategy launched to capitalize on improved M&A environment and diversify from concentrated S&P 500 exposure.

FPA Queens Road Small Cap Value Fund delivered 13.36% returns in 2025, outperforming its benchmark despite Q4 underperformance in speculative markets. The fund's quality-focused approach targets overlooked small caps trading at significant discounts to large caps. With capital fleeing small value strategies, the managers see expanding opportunities in strong franchises with compressed valuations, maintaining disciplined positioning with 10.1% cash.

FPA New Income delivered strong 7.36% annual returns through duration positioning as rates declined, but manager shifts toward higher quality amid historically compressed credit spreads. Reduced credit exposure and increased cash while extending duration through Treasuries and AAA bonds. Contrarian quality focus aims to preserve capital in expensive market while maintaining upside optionality for when spreads normalize.

Source Capital's value-aware approach delivered 18.38% trailing returns by finding quality at attractive prices. The fund is reducing high yield exposure due to historically low credit spreads while increasing private credit allocation. Focus remains on overlooked global small-caps offering asymmetric risk-reward, with successful holdings like TE Connectivity and Safran demonstrating the strategy's effectiveness in patient, disciplined value investing.

Fairtree Global Equity Fund underperformed in Q4 2025 despite strong technology positioning, with Alphabet and TSMC contributing while Fiserv and Evolution detracted. The manager rotated from Chinese names into Naspers and added to mega-cap tech positions. The fund maintains technology overweight and emerging market bias, outperforming for the full year despite challenging market concentration dynamics.

Fairtree's global credit fund underperformed in Q4 due to fees and a default but delivered solid annual returns. The managers increased risk exposure through leveraged European credit structured notes, betting the global bull market continues. With EU inflation at target and credit spreads attractive, they're positioning for extended risk-on conditions while managing fee drag.

Kopernik delivered 64.79% returns in 2025 versus 22.34% for MSCI ACWI, driven by materials sector outperformance and precious metals appreciation. The fund trimmed gold positions, redeploying into platinum and industrial metals with greater upside potential. Value stocks showed revival signs after decade-long underperformance. Multiple new positions initiated across undervalued global opportunities.

PM Capital Australian Companies Fund delivered exceptional 28.9% annual returns driven by conviction positions in gold and copper amid supply constraints and monetary policy support. Challenger Limited's 57% annual gain reflected regulatory reform benefits. The fund actively managed risk, exiting Woodside while adding to Apollo and Siemens Healthineers. Managers expect continued outperformance from disciplined focus on mispriced commodities and financials opportunities.

PM Capital delivered exceptional returns driven by copper and gold positions, with the Global Companies Fund up 38.3% for 2025. Strong performance from Freeport McMoRan, Newmont, and European banks offset by selective profit-taking. The fund initiated Union Pacific ahead of transformative Norfolk Southern merger while maintaining disciplined valuation approach amid elevated market multiples.

Enhanced Yield Fund posted 0.8% quarterly return amid bond market volatility from inflation concerns. Fund increased fixed rate exposure as rate hike expectations appear overdone given economic pressures. Strong performance from defensive supermarket holdings while maintaining conservative credit positioning. Well-positioned with ample capital to capitalize on volatility while targeting returns above cash rates.

Sigil Stable navigated crypto market turmoil with disciplined risk management, avoiding major protocol failures while delivering positive full-year returns. The October liquidation cascade and DAT compression created headwinds, but selective positioning in quality protocols and private deals positions the fund well for recovery.

Sigil Core de-risked 40% of portfolio in Q4 amid crypto market correction, eliminating BTC/ETH exposure while maintaining readiness for redeployment. Despite regulatory tailwinds, structural headwinds including supply overhang and poor tokenomics created unfavorable risk-reward. Fund expects industry consolidation to favor quality projects with real utility, positioning for next growth phase.

Loomis Sayles Global Growth Fund delivered strong 17.56% annual returns despite Q4 underperformance. The concentrated portfolio benefits from AI acceleration at Alphabet, e-commerce growth at Shopify and MercadoLibre, and automation demand at Fanuc. Manager initiated Ferrari and Nike positions while maintaining conviction in quality businesses trading at significant discounts to intrinsic value.

Troy delivered strong 2025 returns while maintaining defensive positioning amid AI bubble concerns and dollar weakness. Gold outperformed as central banks diversified away from US Treasuries for first time. Reduced dollar exposure significantly following geopolitical tensions. High liquidity and short duration positioning provides flexibility to capitalize on expected volatility from elevated valuations and structural inflation risks.

Shelton's Equity Income Strategy delivered 18.50% net returns in 2025, outperforming its benchmark by over 11% through effective option overwriting that generated 7.97% in premium income. With markets at record highs entering 2026, the strategy is well-positioned to capitalize on expected volatility while providing downside protection amid policy uncertainty and AI investment sustainability concerns.

SGA International Growth underperformed in Q4 as cyclical assets dominated quality growth strategies. Despite challenging year, portfolio maintains strong long-term track record with 6.4% net annualized returns since inception. Quality factor now at historically depressed levels creates attractive setup for 2026. New Southeast Asian positions in Sea Limited and Grab Holdings reflect conviction in regional e-commerce growth opportunities.

SGA's Emerging Markets Growth portfolio returned 22.8% net in 2025 but underperformed cyclical-driven benchmarks. The AI boom favored momentum stocks while quality growth faced headwinds. Portfolio trades at steepest ever discount to MSCI EM as quality factor hits historically depressed levels. SGA sees meaningful upside potential as valuations normalize for businesses with pricing power and recurring revenues.

Signia delivered 35% net returns in 2025 by capitalizing on small-cap inefficiencies through catalyst-driven investing. The team successfully traded METC's rare earth discovery, initiated positions in energy infrastructure plays like AESI, and benefited from GDOT's strategic review. With 7 new buys in the second half and a robust opportunity set, the concentrated approach continues generating significant alpha over benchmarks.

SGA's Global Growth portfolio faced challenging Q4 2025 conditions as momentum and cyclicals dominated quality growth strategies. Despite underperformance, the portfolio's quality companies trade at historically attractive valuations while generating strong fundamental growth. With AI CapEx growth expected to moderate and cyclicals at peak multiples, SGA sees favorable setup for 2026 as market leadership broadens.

SGA's quality growth strategy faced headwinds in 2025's extreme momentum market favoring cyclical and speculative stocks over stable compounders. Despite 3.7% returns versus 18.6% for Russell 1000 Growth, portfolio fundamentals remained strong with 12% earnings growth. Relative valuations at inception lows create attractive asymmetric opportunity as AI CapEx moderates and momentum inevitably reverses toward quality.

Baron Partners Fund returned 19.07% in Q4 2025, driven by concentrated positions in disruptive growth companies including SpaceX and X.AI Holdings which more than doubled. Despite some holdings facing AI disruption concerns and reinvestment headwinds, managers express increasing confidence in depressed investments contributing to future performance as earnings materialize and sentiment improves.

Fidelity Dividend Growth Fund outperformed with 5.09% Q4 returns driven by AI beneficiaries Alphabet and memory chip leader SK Hynix. Manager Zach Turner maintains conviction in generative AI's transformative impact while positioning for commercial aviation recovery through Boeing overweight. Energy transition plays like GE Vernova benefit from electrification trends and AI power demands.

BlackRock's technology trust combines public and private investments to capture AI infrastructure growth and enterprise adoption. The fund increased semiconductor, software, and hardware allocations during Q4 2025, benefiting from strong AI-driven demand. With 32% in private companies, the trust targets companies with AI monetization strategies and competitive moats as the sector transitions from infrastructure build-out to application-layer adoption.

BlackRock's Global Dividend Fund underperformed in Q4 2025 due to stock selection challenges, particularly in technology and materials. The fund focuses on quality dividend-growth companies globally, with current overweights in financials and Europe. Managers remain constructive on 2026 prospects, expecting broader economic activity and favorable conditions for international markets as global fragmentation creates new opportunities.

BlackRock's quantitative global fund delivered 3.75% in Q4 2025, outperforming through successful sentiment and macro-thematic positioning. Trend-following measures and smart money sentiment evaluation drove performance, particularly in U.S. and Taiwanese technology stocks. The fund maintains neutral positioning with slight overweights in technology and financials sectors amid broadening market leadership.