Canopy's concentrated small-cap fund declined 0.6% in April, trimming SBAC on acquisition rumors while adding to Badger Meter after earnings disappointment. The portfolio maintains superior quality metrics with 29% EBIT margins and 42% return on capital versus benchmark. Strong AI earnings drove broader market recovery despite geopolitical tensions and elevated oil prices.

Polen Focus Growth managers view Q1's 17% decline as creating attractive buying opportunities in mission-critical software companies unfairly punished by AI disruption fears. They consolidated around highest conviction names like ServiceNow and CoStar Group while adding semiconductor exposure through Lam Research. Portfolio trades at discount to index despite mid-teens expected earnings growth.

Polen Capital executed significant portfolio upgrades in Q1 2026, adding quality names in AI semiconductors, defense, and energy infrastructure while maintaining concentrated international growth approach. Despite -14.4% quarterly underperformance, the manager sees compelling opportunities in undervalued quality companies outside the US, expecting 15%+ earnings growth to drive improved performance as geopolitical uncertainty subsides.

Polen's SMID growth strategy slightly outperformed in a volatile Q1 marked by AI disruption fears and geopolitical risks. Memory and energy infrastructure names drove outperformance while fintech holdings lagged on rate concerns. The manager reduced financial exposure, added technology positions, and maintains conviction in electrification and aerospace themes while emphasizing their dynamic approach to managing accelerating technological disruption.

Amati's innovation fund outperformed during Q1 2026 volatility by focusing beyond Magnificent Seven AI plays into specialized areas like photonics and memory semiconductors. Samsung, Lumentum, and MKS Instruments led gains from AI infrastructure demand. Added positions in Physical AI beneficiaries and undervalued software. Geopolitical risks persist but innovation themes remain compelling.

Montaka's March quarter saw broad portfolio declines driven by valuation compression, not fundamental weakness. The manager added BAE Systems, TSMC, Uber, and Intercontinental Exchange while maintaining conviction in AI infrastructure and defense themes. Despite short-term volatility from geopolitical conflicts and software sector narratives, strong competitive advantages are now available at attractive valuations, creating compelling long-term opportunities.

Third Avenue's small-cap value strategy delivered strong Q1 outperformance driven by energy disruption beneficiaries and successful M&A exits. The fund capitalized on AI-driven market dispersion to initiate new positions in cybersecurity and staffing while maintaining focus on contrarian opportunities. Small-caps remain historically cheap versus large-caps despite recent strength, supporting continued active strategy advantages.

Technology fund pivoted from software to physical AI enablers amid disruption concerns. Reduced software exposure to 11% while adding Japanese automation, defense, and fiber optic companies. Semiconductor holdings performed well with TSMC guiding strong AI growth. Iran conflict caused volatility but created better entry points for quality infrastructure plays.

Asia Fund matched index with -3.8% return as Iran conflict derailed strong start. Technology holdings led by semiconductors delivered exceptional gains on AI demand, with TSMC guiding 50%+ AI revenue growth. Manager trimmed positions to take profits while maintaining exposure to structural demand. Despite energy price volatility, finding compelling opportunities across sectors at attractive valuations.

Consumer brands fund fell 15% as Iran conflict and rate pressures crushed discretionary spending sentiment. Core holdings like Galderma and Games Workshop grew profits 25-45% despite share price weakness. Market pricing brands like 2008 crisis despite healthy fundamentals. Manager sees sentiment-driven mispricing creating opportunities in quality businesses with pricing power now trading at attractive valuations.

White Brook Capital sees a challenging macro environment from geopolitical tensions driving higher inflation and delayed rate cuts, while AI adoption creates uncertainty. The fund focuses on undervalued small-cap healthcare and industrial companies trading at significant discounts, including ICON after a revenue restatement and S&P Global purchased during market volatility, expecting meaningful contributions in 2026.

International real estate fund outperformed despite Iran conflict volatility, adding Hang Lung Group and Savills at deep discounts. Trading at historical valuation lows with 12x P/E and 37% NAV discount, the portfolio emphasizes inflation-protected rental income and conservative financing. Management sees compelling opportunities amid market dislocation while maintaining disciplined, opportunistic approach.

Royal London Global Equity Diversified Fund underperformed in Q1 2026 as geopolitical escalation drove rotation from technology growth stocks to defensive sectors. The fund repositioned toward structural themes including energy security, defense spending, and infrastructure investment while trimming technology exposure. Energy and materials holdings provided positive contributions while mega-cap technology stocks detracted from performance.

NCG's small cap growth strategy outperformed in volatile 1Q26 by focusing on AI infrastructure, defense, and quality growth companies. Strong performance from semiconductors, optical components, and aerospace holdings offset geopolitical headwinds. Small cap fundamentals improving with positive earnings growth and attractive valuations versus large caps. Fed easing and market broadening create favorable environment for selective stock picking.

NCG's Micro Cap strategy outperformed in 1Q26 driven by AI infrastructure, defense, and critical minerals exposure. The firm added 12 new positions while maintaining focus on high-quality growth businesses. Small cap fundamentals are improving with positive earnings growth expected to accelerate in 2026, supported by attractive valuations and Fed easing.

Pzena's international value strategy outperformed in Q1 2026, benefiting from energy sector strength amid Middle East tensions while initiating positions in discounted European recovery stories. AI disruption fears created opportunities in oversold IT services names. The portfolio remains focused on profit recovery businesses, particularly in Europe, while avoiding overvalued technology stocks despite recent selloffs.

NCG's large cap strategy fell 10.16% in Q1 amid geopolitical tensions and mega-cap growth scrutiny. AI infrastructure and defense holdings outperformed while software faced pressure from AI disruption concerns. The manager reduced software exposure and maintains conviction in market broadening favoring high-quality growth businesses with durable competitive advantages over mega-cap concentration.

Baird's SMID-cap growth strategy underperformed in Q1 2026 amid geopolitical volatility, declining 4.8% versus benchmark's 3.5%. Technology outperformed through semiconductor additions while industrials benefited from aerospace and AI infrastructure exposure. Active portfolio management included exiting software, adding semiconductors, and initiating new positions across industrials and healthcare. Portfolio remains well-positioned for opportunistic deployment during volatile periods.

California high-yield municipal fund outperformed despite rate-driven decline, benefiting from sector allocation and security selection. Managers maintain cautious stance given tight valuations, favoring seasoned credits with financial flexibility. Economic outlook modestly tempered by energy shocks but expect 2% growth. Target attractive value in energy prepay, multifamily housing, and development districts.

Geopolitical oil supply shocks drove bond yields higher in Q1, erasing Fed rate cut expectations but improving fixed-income entry points. Unlike 2022's overheating economy, current cooling inflation and positive real yields provide more contained risk. The manager emphasizes quality positioning while expecting dynamic opportunities ahead, particularly in AI-driven technology security selection.

L1 Capital navigated Iran war volatility by rotating from outperforming energy into discounted quality names across gold, copper, and construction materials. The fund views current market dislocations as creating exceptional medium-term opportunities, with the portfolio trading at attractive 9x forward P/E while maintaining exposure to structural electrification and infrastructure themes.

Baron Real Estate Fund underperformed in Q1 2026 but manager sees compelling multi-year opportunity as real estate trades at attractive discounts. Strong conviction in data centers and travel-related companies, cautious on housing near-term but bullish long-term. Believes favorable demand-supply dynamics, potential rate cuts, and market rotation could drive double-digit returns ahead.

Columbia Dividend Opportunity Fund outperformed significantly in Q1 2026, driven by energy sector strength and value stock rotation. Key contributors included Exxon Mobil, Chevron, and Valero Energy amid Iran war-driven oil price spikes. The manager maintains bullish outlook on dividend-paying value stocks, expecting continued broadening beyond mega-cap technology toward quality opportunities.

Technology fund outperformed despite -6% decline as AI infrastructure buildout drove semiconductor equipment strength while traditional software models faced disruption. Oil shock and geopolitical tensions pressured growth stocks. Semiconductor capex hit records with TSM announcing $50B+ budget. Storage and optical components surged on AI demand while SaaS companies repriced on AI-native competition threats.

Fund declined 13.3% as Iran war and AI disruption fears drove indiscriminate selling of quality businesses. Market oversimplified complex risks, creating binary winner-loser classifications while underlying company fundamentals remained strong. Management used volatility to trim overvalued positions and add to undervalued quality businesses, maintaining conviction that current pessimism creates compelling long-term opportunities for patient investors.

Third Avenue Value Fund delivered 7.28% returns in Q1 2026, significantly outperforming markets as energy holdings surged amid Iran conflict disrupting global oil flows. Manager Fine maintains contrarian value approach, buying undervalued, well-capitalized businesses facing headwinds. Fund expects lasting energy security focus to benefit offshore drilling companies while continuing to find opportunities in market dislocations.

RS Large Cap Value underperformed in Q1 2026 as geopolitical tensions shifted market leadership from growth to value. Energy holdings drove outperformance while technology selections detracted. The team maintains focus on quality businesses with improving ROIC, positioned defensively for continued volatility while ready to capitalize on market dislocations.

NCG's SMID Cap strategy outperformed significantly in 1Q26, driven by AI infrastructure, defense, and critical minerals exposure. The firm sees compelling small cap opportunities with positive earnings momentum, attractive valuations versus large caps, and supportive Fed policy. Active portfolio management added 11 new positions while maintaining focus on high-quality growth businesses with durable competitive advantages.

Praetorian returned 16.44% in Q1 2026, positioned for an inflationary multipolar world with elevated volatility. Core holdings in emerging markets, refiners, precious metals, and commodities trading benefit from Dollar weakness and structural disruptions. Manager maintains cautious positioning despite strong performance, awaiting clarity on Hormuz situation before increasing exposures.

Grey Owl's all-season strategy gained 1.7% in Q1 while markets declined, proving its downside protection during the Iran war-driven selloff. The manager reduced risk after oil surged from $60 to $115, increasing cash and bonds while trimming commodities and gold. Portfolio remains balanced but cautiously positioned given unresolved geopolitical tensions and accelerating inflation.

Mondrian's international value strategy outperformed in volatile Q1 2026, gaining 0.5% versus benchmark's -1.2% decline. Middle East tensions drove energy leadership while AI themes supported data center exposure through Panasonic. Italian utility Snam provided defensive stability. Portfolio maintains disciplined value approach with attractive 14.9x P/E and 3.5% yield across 51 developed market holdings.

AI disruption drove extreme market volatility in Q1 2026, creating the widest price dispersion since 2020. Ironvine capitalized on the bifurcation, maintaining conviction in semiconductor enablers while avoiding clear AI threats. Their largest holding Amazon is well-positioned through AWS despite advertising business concerns. Quality franchises now trade at decade-low valuations, creating compelling opportunities.

Fund gained 13.1% in March through macro-first positioning on Iran conflict with oil exposure and equity hedges. AI developments accelerate with supply chain shortages creating opportunities. Tension exists between geopolitical risks and AI growth conviction. Fund maintains balanced approach, prepared for significant adjustments as Iran situation evolves.

Columbia Global Technology Fund outperformed significantly in Q1 2026 by overweighting semiconductor equipment and data center infrastructure companies benefiting from AI demand. While broader technology stocks declined on geopolitical tensions and rate concerns, the fund's focus on AI infrastructure providers like Lam Research and Bloom Energy drove strong relative performance amid the structural AI buildout cycle.

Templeton & Phillips exploited Q1 geopolitical volatility to purchase quality companies at discounted valuations. Key additions include Canadian National Railway benefiting from LNG supply disruptions and e.l.f. Beauty positioned for consumer trade-down trends. Small-cap valuations present exceptional opportunities with Russell 2000 trading at historic discounts to large caps.

Enhanced Yield Fund delivered 0.7% returns despite bond market volatility from Middle East conflict. Manager positioned in fixed rate bonds believing rate hike expectations excessive, initiated new positions in Telstra and SA Power at 5-6.25% yields. Expects continued volatility but views current rate expectations as unsustainable given economic pressures.

PM Capital's Global Companies Fund fell 4.6% in Q1 2026 amid AI disruption, private credit concerns, and Iran war impacts. The fund benefited from copper exposure with Freeport-McMoRan and Grupo México rising 16% and 13% respectively on record copper prices. European banks declined on geopolitical risk but offer attractive valuations below 9x forward P/E.

Claret sees current AI valuations mirroring 1999 dot-com bubble extremes while positioning defensively for normalized interest rate environment. Strategy shifts from momentum-driven equities toward credit and fixed income, where competitive yields no longer require equity multiple expansion. Geopolitical tensions create temporary volatility but historical precedent suggests disciplined value investing will outperform in this new era.

abrdn High Income Opportunities Fund outperformed its benchmark despite negative returns, benefiting from gaming sector recovery and energy strength amid geopolitical tensions. Middle East conflicts drove oil prices higher while building materials and cable companies detracted. The portfolio has selectively de-risked while maintaining focus on operationally flexible issuers with strong balance sheets.

Small cap fund gained 1.13% in volatile Q1 2026, benefiting from data center growth and energy price rises amid Middle East tensions. Added nuclear and industrial positions while facing AI disruption headwinds. Despite macro challenges from Iran war and tariff uncertainty, manager remains optimistic on secular trends including infrastructure investment and supply chain reshoring creating long-term opportunities.

Fund rotated from cyclical industrials to defensive growth themes including defense, infrastructure, mining, and healthcare amid Middle East geopolitical tensions. New positions include defense contractor Avon Technologies and infrastructure provider Ventia. Manager focuses on high-quality businesses with strong balance sheets and structural growth tailwinds while monitoring valuations in higher-for-longer rate environment.

abrdn Emerging Markets Fund navigated volatile Q1 2026 with early AI and electrification gains offset by March geopolitical sell-off. Taiwan tech and materials outperformed while China and India lagged. Manager maintains focus on high-quality companies with structural growth drivers, adding energy exposure for balance while remaining constructive on longer-term EM opportunities despite near-term headwinds.

Upslope delivered +8.6% in Q1 by capitalizing on geopolitical volatility through concentrated long/short positioning. The manager added defensive-plus European businesses and exited fully valued positions, expecting continued macro volatility to create opportunities. Strong performance from defense, consulting, and consumer holdings offset modest detractors, with portfolio positioned for ongoing volatility-driven opportunities.

BNY Mellon Core Plus underperformed in Q1 2026 as Iran war drove oil above $100 and forced Fed to revise inflation forecasts higher. Duration positioning hurt performance while ABS and CLO overweights helped. Manager increased credit exposure on improved valuations and expects Fed to look through energy inflation if contained.

Brandes Small Cap Value Fund outperformed significantly in Q1 2026 with 8.18% returns versus 0.89% for Russell 2000. Industrials and consumer staples drove performance while technology holdings faced AI disruption concerns. Management actively rebalanced the portfolio and remains optimistic about value opportunities in small-cap stocks with strong fundamentals.

Harbor Capital Appreciation Fund declined 10.94% in Q1 2026 as geopolitical tensions and energy inflation drove rotation from growth stocks. AI and tech names faced multiple compression despite adding quality positions in Palantir, Cloudflare, and Airbnb. Corporate fundamentals remain resilient, supporting the fund's focus on high-quality growth companies with enduring competitive advantages.

Halvio delivered 14% returns in Q1 2026 through concentrated microcap value investing, avoiding tech selloffs while benefiting from energy exposure. New position FP Newspapers trades at 2x EBITDA with hidden real estate assets. Manager sees abundant small cap opportunities and is expanding into Singapore markets while maintaining focus on illiquid, undervalued companies with strong balance sheets.