Curreen Capital declined 14% in Q1 despite strong portfolio company fundamentals. Manager stood pat, finding no opportunities superior to current spinoff and turnaround holdings trading at attractive valuations. Portfolio includes Advance Auto Parts, Fortrea, Frontdoor, GetBusy, Siemens Energy, and VF Corp. Strategy remains focused on spinoffs and undervalued quality businesses.

Oldfield Partners outperformed significantly in Q1 2026, benefiting from geopolitical tensions that boosted oil stocks while pressuring airlines. The value-focused portfolio trades at 10x earnings with 40%+ upside, adding quality names like Merck and Ally Financial. Despite extreme market valuations, the manager sees compelling opportunities in unloved, undervalued companies with long histories.

Citco's Q1 2026 report shows trade volumes rebounded 11% amid Middle East conflict volatility, driving 71% increase in margin movements to $77.4bn. The firm advocates selective middle office outsourcing through proprietary Axeo platforms, serving 500 clients with $3T+ AUA while enabling managers to retain strategic control over differentiating capabilities.

Bell Global Equities underperformed in March as Middle East conflict drove oil to $120 and broad risk-off sentiment. AI disruption fears continued pressuring quality strategies despite fund's AI beneficiary holdings. Management actively repositioned portfolio, adding TE Connectivity and MercadoLibre while trimming Nike. Sees improving opportunity set in dislocated quality businesses despite near-term macro uncertainty.

Smith's fund outperformed in Q1 by avoiding AI-pressured software and expanding industrial exposure. The manager sees a multi-decade US industrial rebuild opportunity driven by policy support and structural advantages, while maintaining speed and adaptability as competitive edges in volatile markets dominated by AI uncertainty and geopolitical risks.

Small cap fund declined 7.60% in turbulent Q1 as agentic AI emergence disrupted software models and geopolitical conflict spiked oil prices. Manager sees opportunity in AI enablers and automation beneficiaries like RBC Bearings, Nebius Group, and Cognex, which drove outperformance. Portfolio positioned for infrastructure buildout while navigating traditional software disruption risks.

Alger Spectra declined 10.92% in Q1 2026 amid AI disruption concerns and geopolitical oil shocks. The fund maintains conviction in companies enabling agentic AI and data center infrastructure. GE Vernova, Western Digital, and Nebius contributed positively, while Microsoft, AppLovin, and NVIDIA detracted despite strong results due to broader AI spending sustainability concerns.

Balanced fund outperformed benchmark despite Middle East conflict driving energy prices and inflation concerns. Strong stock selection in Technology and defensive positioning in Utilities offset Healthcare headwinds. Added cybersecurity exposure via Palo Alto Networks while eliminating Salesforce. Fund's quality-focused, valuation-disciplined approach delivered relative outperformance during geopolitically-driven market volatility.

Alpine Capital avoids geopolitical speculation while managing energy exposure through long-term assumptions and reviewing AI-disrupted SaaS opportunities. The firm views current AI valuations as bubble territory with inevitable disappointments ahead, but sees potential value in declined software companies that may benefit from rather than be displaced by AI technology.

Small-cap fund outperformed in Q1 2026 as the asset class showed improved earnings and rotation away from megacaps. Middle East conflict disrupted energy markets and reignited inflation concerns, but small-cap earnings growth remains strong at 16% expected for S&P 600. Fund maintains disciplined approach targeting high-quality businesses at attractive valuations.

Cambiar SMID Fund returned 2.21% in Q1 2026, lagging the value index due to healthcare headwinds and lower energy exposure. The fund capitalized on volatility with seven new buys including ON Semiconductor, viewing the semiconductor cycle as poised to inflect higher. Focus remains on quality companies with pricing power as markets shift toward margin of safety.

American Century's Equity Income Fund gained 3.53% in Q1 2026 as value outperformed during Iran war-driven market volatility. Energy holdings benefited from soaring oil prices while consumer staples detracted. The team continues focusing on higher-quality, resilient businesses with stable cash flows to navigate uncertain macroeconomic conditions and geopolitical risks.

Small-cap aerospace and defense specialist gained 3.1% in Q1, adding Honeywell before aerospace spin-off and building position in undervalued defense tech company FEIM. Butler National delivered strong results with 50% aerospace revenue growth. Portfolio positioned for continued defense spending growth and value realization through spin-offs and potential acquisitions.

LENS delivered 18.62% as Middle East war triggered energy supply shock, validating the Return to Tangibles thesis. Energy leadership emerged while gold consolidated after historic run. Manager views crisis as catalyst for secular commodity super-cycle acceleration. Structural forces of inflation, fiscal risks, and geopolitical tensions support continued tangible asset outperformance versus traditional 60/40 portfolios.

Weitz Multi Cap underperformed in Q1 2026 due to energy sector underweight during Middle East conflict-driven price spikes. Strong performance from SiriusXM and Old Dominion offset by weakness in HEICO and CoStar. Managers added Microsoft, Ingersoll Rand, and Repligen while selling Gartner. Maintaining fundamental value approach despite challenging headline-driven market environment.

ROCKLINC advocates precious metals as essential hedge against America's $108.5 trillion fiscal crisis, where liabilities grew four times faster than GDP since 2010. Gold and silver royalty companies drove Q1 outperformance amid historic metal rallies. Energy surged on Middle East tensions but reversal expected. Technology declined on AI concerns. Portfolio maintains defensive positioning with significant precious metals allocation.

Orbis International Equity pursues bottom-up value investing across global markets, holding Samsung, Genmab, Nintendo, Cemex, and Magnum. Their detailed Magnum analysis exemplifies the approach - the world's largest ice cream company trades at 14x earnings post-demerger despite strong competitive moats and operational improvement potential as a standalone business.

Baron Fifth Avenue Growth Fund matched benchmark performance despite 10% decline in Q1 2026. AI adoption accelerated dramatically with clear revenue evidence emerging. Portfolio concentrated on highest conviction AI winners while reducing software exposure. Current valuations 21% below historical averages create attractive opportunity despite geopolitical tensions and oil price volatility.

Q1 2026 saw dramatic market rotation as Middle East conflict drove oil prices from $57 to $101 while AI disruption fears hammered technology stocks. Value crushed growth with energy leading and software lagging. Fed stayed hawkish amid rising inflation. International markets outperformed US equities. Gold surged as safe haven demand intensified.

Guinness China A Share Fund managers see attractive opportunities as valuations disconnect from improving fundamentals. The fund is overweight Industrials benefiting from AI infrastructure build-out and Consumer Discretionary stocks trading at low valuations. Despite Q1 underperformance, they believe markets are underestimating earnings recovery potential and structural growth themes in their portfolio companies.

Artemis US Select underperformed in Q1 2026 (-6.1% vs -2.5% S&P 500) due to sector allocation despite positive stock selection. AI data center beneficiaries performed well while energy underweight and regulatory concerns hurt. Portfolio rotation from mega-cap tech to industrials and healthcare continues, positioning for market broadening beyond narrow leadership.

Liberty Park declined 5.38% in Q1 as market crowding from AI-powered flows overwhelmed fundamental analysis. The fund maintains bearish AI infrastructure shorts despite underperformance, arguing hyperscaler capex exceeds profits and creates unsustainable dynamics requiring impossible revenue growth. Energy positions benefited from Iran conflict. Manager expects violent unwinding of current market crowding.

Concentrated UK small cap value fund targeting 15% IRR through turnaround investments. Top performing fund over 3-5 years with 105% five-year returns. Focus on distressed situations under £250m market cap where active engagement drives value creation. Key positions in defense technology and broadcast equipment turnarounds. High conviction portfolio with 62% in top ten holdings.

Markel delivered strong insurance underwriting results with a 93% combined ratio and 31% growth in insurance operating income, but investment portfolio volatility created significant headwinds. The company maintained disciplined capital allocation with $134 million in share repurchases while demonstrating operational resilience in its core specialty insurance franchise.

Iran conflict drove oil up 77% and accelerated rotation from growth to value stocks. S&P 500 fell 4.3% while energy surged 37%. Fed held rates steady as inflation hit 3.3%. Biondo views value rotation as healthy correction despite geopolitical uncertainty. Growth strategies underperformed while dividend strategies outperformed during the quarter.

Diamond Hill's Small Cap strategy outperformed in Q1 2026 by capitalizing on geopolitical tensions through energy and defense exposure while avoiding AI-disrupted software. The manager is positioning for continued volatility by focusing on resilient businesses tied to national security infrastructure rebuild and stable basic-needs companies offering compelling returns with narrower outcome ranges.

L&G turns defensive across fixed income as oil shock, AI disruption, and private credit stress converge. Credit spreads widened 10-20% in March with limited tightening potential from rich valuations. Reduced duration, increased liquidity, and selective quality positioning while maintaining energy overweights. Multiple overlapping risks create non-linear market behavior with greater probability of spread widening ahead.

Lazard's convertible arbitrage strategy capitalized on Q1 2026's elevated volatility driven by Middle East tensions and software sector pressure. Akamai and IREN convertibles led gains while Bill.com and software names detracted. Strong $53 billion issuance market and continued geopolitical uncertainty position convertibles favorably, with the portfolio well-hedged for broad risks.

Starboard Value sees Dynatrace as misunderstood software platform positioned to benefit from AI adoption rather than face disruption. Despite strong competitive position in observability market, shares have significantly underperformed due to margin concerns. Firm targets 500bps margin expansion through operational improvements while advocating aggressive share buybacks at attractive valuations, expecting doubled free cash flow by FY2029.

Signia operates concentrated small and micro-cap value strategies as liquid private equity alternatives, targeting undervalued companies below $8 billion market cap. With 25-35 holdings each, the strategies focus on quality companies with strong balance sheets and catalysts in an inefficient market segment, delivering 28.66% annualized returns since inception versus 16.54% benchmark returns.

SGA's U.S. Large Cap Growth portfolio declined 11.1% in Q1 2026, underperforming due to AI disruption fears that hammered software stocks. The firm maintains conviction in quality growth businesses trading at historically attractive valuations relative to the market. Portfolio fundamentals remain strong with expected 13% revenue and 19% earnings growth over three years, positioning for attractive risk-adjusted returns ahead.

SGA's EM Growth portfolio underperformed in Q1 2026 due to limited AI Hardware exposure and geopolitical disruption, despite strong fundamental execution by holdings. Portfolio trades at unprecedented discount to market since inception while delivering consistent mid-teens growth. Manager expects rotation toward quality compounders as conditions build for outperformance.

SGA's quality growth strategy underperformed in Q1 2026 as AI disruption and Middle East geopolitical tensions drove market volatility. Despite strong portfolio fundamentals with most holdings exceeding expectations, the strategy suffered from rotation away from proven compounders toward cyclical AI plays. Portfolio now trades at record discount to market, positioning for potential outperformance as conditions normalize.

SGA's international growth strategy underperformed in Q1 2026 due to limited AI hardware exposure and energy conflict dynamics, but portfolio fundamentals remain strong with companies delivering consistent growth. Trading at most attractive valuation versus market since 2017, manager sees compelling setup for quality compounders as momentum conditions moderate and rotation toward predictable growth accelerates.

Alluvial Fund delivered 3.0% returns in Q1 2026 despite Iran War volatility, benefiting from defensive positioning and the Peakstone REIT acquisition. The manager sees recent small-cap euphoria as premature but remains focused on deeply undervalued securities with predictable cash flows, holding cash for opportunities while continuing the successful strategy of investing in unpopular, overlooked businesses.

Pzena's value strategy declined 4.7% in Q1 amid Iran conflict volatility and AI disruption fears. The manager added to beaten-down positions including Humana and Cognizant, viewing concerns as overblown, while initiating new positions in Accenture and CDW at attractive valuations. Despite headwinds, they see exceptional long-term opportunities in the current environment.

GMO sees stark valuation divergence in emerging debt with hard currency credit rich and local currency debt very attractive. Excess credit spreads at 121 bps suggest negative returns ahead while EM rates and FX offer compelling value in top quartiles. Blended portfolios tilted maximum 70% local currency given extreme relative valuations.

Pzena's global small cap value strategy underperformed in Q1 amid geopolitical tensions and small cap weakness. The manager maintained focus on cyclical recovery plays, adding positions in turnaround stories like B&M retail and Evonik chemicals while trimming on valuation. Portfolio remains concentrated in businesses at earnings troughs with durable competitive positions trading at attractive valuations.

AI disruption threatens high-multiple growth stocks with long-duration cash flows, driving rotation toward dividend-paying HALO companies with physical moats. Miller/Howard's dividend strategy provides mathematical protection against growth chasing while delivering high current income at reasonable valuations, positioning the firm advantageously as markets rebalance away from vulnerable mega-cap growth names.

Emerging markets face oil shock differentiation with energy exporters outperforming importers. China well-positioned with strategic reserves and innovation focus. AI valuations due for healthy correction after Taiwan/Korea surge. India vulnerable to energy import dependence. Brazil overweight with policy support. Volatility persists if Middle East conflict extends.

Miller/Howard's North American Energy Fund surged 38.91% in Q1 2026 as geopolitical turmoil in Venezuela and Iran validated their thesis of concentrating on politically stable North American energy assets. The fund benefits from reduced geopolitical risk while capturing upside from higher oil prices, with portfolio positioned for continued outperformance through sector tailwinds and improved fundamentals.

Diamond Hill's International strategy outperformed by 423bp in Q1 2026, driven by AI-related semiconductor holdings and energy positions benefiting from Middle East tensions. The portfolio added five new positions while maintaining focus on companies trading below intrinsic value. Management sees current volatility and geopolitical uncertainty creating favorable conditions for active stock selection.

Diamond Hill underperformed in Q1 due to AI positioning and consumer concerns despite energy sector strength. The team remains cautious but opportunistic, focusing on high-quality businesses and using volatility to initiate positions in durable franchises. Portfolio has become more defensive while maintaining exposure to geopolitical beneficiaries like defense and energy companies.

FPA Crescent rotated from AI winners Alphabet and TE Connectivity into undervalued SMID caps, international names, and healthcare. The fund delivered 16.06% trailing returns while maintaining 63.8% average risk exposure. Management is building positions in sectors with improved valuations, continuing their disciplined value-driven approach to capital allocation.

AI disruption threatens growth stocks with premium valuations as agentic AI erodes competitive advantages. Miller/Howard advocates dividend investing as superior hedge, emphasizing mathematical incompatibility between high yields and high P/E ratios. Firm maintains focus on HALO companies with physical assets while providing disciplined dividend income strategy amid market uncertainty.

AI disruption threatens high-growth software companies dependent on long-term cash flows, driving market rotation toward value and infrastructure stocks. Miller/Howard advocates dividend investing as protection, arguing high yields with strong coverage create lower P/E ratios and front-loaded cash flows that provide margin of safety against technological obsolescence and uncertain growth assumptions.

Pabrai Wagons ETF delivered 44% returns by investing in unloved global markets with zero S&P 500 overlap. Core positions include metallurgical coal miners, offshore drillers trading below replacement cost, and vertical software companies positioned to benefit from AI despite recent selloffs. The concentrated approach targets exceptional businesses with wide moats and superior capital allocation.

Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Judges Scientific position, added Douglas Dynamics snowplow manufacturer. Manager sees temporary headwinds for quality businesses at deep discounts, expects recovery as values get recognized.

CrossingBridge warns against confusing abundant liquidity with durable value as oil markets show extreme backwardation, AI infrastructure demands massive capital, and private credit faces structural repricing. Manager emphasizes that when markets pay premiums for immediate delivery over financial claims, liquidity is becoming scarce and old rules of price and discipline matter more than ever.