Militia delivered +64.3% net returns in 2025 through its diversified multi-manager platform. The fund is expanding with new managers and launching ETF advisory services in Austin, while exploring starting its own broker to capture the 3.25% annual revenue it generates for existing brokers, potentially saving 1%+ in costs.

Strong 2025 equity performance continues despite AI bubble concerns and elevated valuations. Fed easing, resilient consumer spending, and solid economic growth support optimistic 2026 outlook. Technology leadership persists while high market skepticism historically proves constructive for further gains.

Aptus maintains bullish stance on continued bull market supported by massive liquidity from fiscal, monetary, and private spending. Views AI as productive boom with strong fundamentals, not speculative bubble. Recommends balanced allocation with more equity exposure while hedging concentration risk. Expects Goldilocks period ahead despite near-term volatility from elections and inflation concerns.

Rigden Capital delivered solid Q4 2025 returns as markets rewarded quality over speculation. Key drivers included election uncertainty removal, Fed rate cuts to 3.50-3.75%, and resilient 6.8% e-commerce growth. The firm maintains balanced exposure to Tech/AI growth themes while emphasizing high-quality Blue Chip companies and dividend payers as valuations require strong earnings delivery.

Oak Ridge delivered solid 2025 returns while slightly trailing benchmarks, maintaining concentrated Technology and Healthcare exposure. Healthcare surged in Q4 on weight loss and biotech strength. The firm emphasizes valuations matter as markets become more selective, expecting AI adoption and broadening leadership to create active management opportunities ahead.

Markets ended Q4 near all-time highs despite government shutdown disruptions and Fed policy uncertainty. The S&P 500 gained 18% for the year, but AI themes matured toward selectivity and profitability focus. With expensive valuations and high expectations already priced in, 2026 faces a higher bar with less margin for error despite continued positives.

MPD Partners operates a European SME private equity strategy with LCP, a Swiss insurance broker, generating positive cash flows and rebuilding operations. The firm is developing proprietary lead generation software and targeting underserved SME segments that larger PE funds cannot efficiently address due to cost structure constraints.

Clark Street Value underperformed significantly in 2025 with -5.93% returns versus S&P 500's +17.91%. Portfolio concentrated in small-cap value situations, particularly REITs undergoing sales processes and corporate actions. Manager scaling back due to day job expansion but remains optimistic about 2026, expecting commercial real estate transaction activity to increase.

AFC Asia Frontier Fund achieved 17.5% returns in 2025, its third consecutive year of double-digit gains, driven by broad-based performance across Pakistan, Sri Lanka, and gold mining positions. Despite reaching all-time high NAV, valuations remain attractive at 6.7x P/E. Managers express strong conviction for 2026, believing Asian frontier markets have entered a sustained multi-year upcycle.

Wolf of Harcourt Street delivered 16% returns in 2025, employing a contrarian approach by adding to quality companies during drawdowns. Despite Q4 weakness, the manager remains optimistic about Visa, Uber, and Sea Limited, viewing current valuations as attractive. The focus remains on high-quality businesses with strong fundamentals trading at reasonable multiples.

Fund underperformed in November due to AI bubble concerns affecting technology holdings, despite strong individual stock selection. The 2026 outlook appears constructive with monetary easing, fiscal stimulus, and continued AI investment supporting earnings growth, though elevated valuations and inflation risks create uncertainty. Quality factor underperformance presents opportunity given current relative valuations.

Guinness China A Share Fund outperformed in November through stock selection in Consumer Discretionary. The fund focuses on high-quality companies with structural growth exposure rather than policy-dependent businesses. China's economy shows industrial strength but weak consumer demand, approaching a transition point where new industries should offset real estate drag by late next year.

The Fund delivered strong outperformance despite challenging conditions for small industrials, benefiting from selective stock picking including Cobram Estate's game-changing acquisition. With gold in bubble territory and competing monetary policy forces ahead, the Fund maintains defensive positioning with 11% cash while seeking to capitalize on market volatility through superior valuation discipline.

Sharpbridge delivered +2.44% in December, outperforming by +3.30% amid sector rotation and AI-driven market concentration. Energy weakened while healthcare strengthened, with technology experiencing pullbacks from elevated valuations. The fund's selective approach to identifying favourable risk-reward opportunities across volatile sectors enabled strong cumulative 61.49% annual performance despite challenging market conditions.

Fiera Capital executed strategic transformation under new CEO leadership, growing AUM to C$167 billion while streamlining operations and enhancing infrastructure and private credit capabilities. Despite challenging market conditions with high capital costs and economic uncertainty, the firm delivered revenue growth and margin expansion through disciplined resource allocation and operational focus.

Orbis delivered strong 2025 performance through idiosyncratic bottom-up investments as post-pandemic dislocations normalized. Biotech offers exceptional opportunities following sector bust, with companies like Genmab trading below marketed drug values. Entertainment benefits from theatrical window recognition. Non-US equities remain attractively valued despite macro headwinds from debt levels and potential US asset concentration reversal.

Orbis delivered strong 2025 outperformance through bottom-up stock selection, with winners averaging +45% gains versus -15% losses. The reintroduction of Alphabet exemplifies their contrarian approach, buying back after competitive AI advantages became clear. Trading at reasonable multiples for core businesses, the portfolio benefits from exceptional management teams and asymmetric risk-reward opportunities identified by their global analyst network.

Deep value fund buying assets below 0.3x intrinsic value in unconventional places like Chinese small caps and complex structures. Portfolio concentrated in 6-12 positions including Tianjin Development, China Sanjiang Fine Chemicals, and Halyk Bank. Delivered 14.5% annualized returns since inception despite expected volatility. Manager charges zero management fees with all personal wealth invested alongside clients.

Creek Drive delivered 74% net returns in 2025 through concentrated long positions and liquid arbitrage strategies. Sphere Entertainment drove significant alpha with 138% gains, while biotechnology and space investments capitalize on structural opportunities. The fund successfully scaled to $150 million while maintaining performance, positioning for continued opportunity capture amid persistent market dislocations and idiosyncratic volatility.

Norbury Capital's 30% annual return significantly outperformed European small-caps through concentrated positions in quality companies like Medincell, Renk, and Zegona. The manager acknowledges luck played a role alongside skill and emphasizes continuous process improvement over chasing short-term results. Focus remains on disciplined European small-cap investing for long-term outperformance.

BBH Municipal Bond Fund outperformed in volatile 2025 with 5.4% returns, navigating federal policy shifts that threaten healthcare credits through $900 billion Medicaid cuts. Manager extended duration positioning for attractive yields while maintaining focus on essential infrastructure credits. Anticipates Fed easing under new chair in 2026 creates opportunity for intermediate-term positioning.

Burke Wealth Management remains optimistic on AI infrastructure investments, viewing the current cycle as fundamentally different from the dot.com bubble due to insufficient compute capacity meeting existing demand. Portfolio positioned around semiconductor leaders Nvidia, ASML, and Micron while consolidating enterprise software into platforms ServiceNow and Salesforce. Trump's growth agenda provides favorable equity backdrop despite ongoing AI bubble concerns and tariff uncertainties.

ACATIS delivered mixed 2025 results with strong Asia/Germany performance offset by market concentration challenges. The value-focused manager maintains defensive positioning while benefiting from AI-driven semiconductor demand and undervalued European banks. Geopolitical developments including US Venezuela intervention could reshape global dynamics favorably by 2026, supporting continued focus on small-cap value opportunities over benchmark-driven strategies.

Edgewood delivered 7% net returns in 2025 while portfolio companies generated 27% EPS growth, creating stored alpha opportunity. Strong fundamentals across AI infrastructure, healthcare, and enterprise software holdings position the strategy for outperformance as market leadership broadens. Recent additions Axon and Amphenol capitalize on AI-driven secular growth trends.

EQUAM Global Value Fund focuses on neglected European small-caps trading at deep discounts to intrinsic value. Despite 2025 underperformance versus broader markets, the fund maintains conviction in its value approach with 106% estimated upside potential. Recent takeover activity validates the investment thesis while patient capital deployment awaits market recognition of underlying business quality.

Royal London Global Equity Diversified Fund outperformed in Q4 2025 through strong stock selection in AI leaders like Alphabet and healthcare giant Eli Lilly. The fund added Ferrari, Illinois Tool Work, and defense electronics firm Hensoldt while trimming positions. Management sees opportunity in quality companies trading at low relative valuations as AI concentration dominates markets.

Rubicon delivered 11.3% returns through anti-cyclical value investing, led by United Internet's 100% gain from 5G positioning. Major new investments in chemical distributors Azelis and IMCD at attractive 8x EV/EBITA valuations during industry downturn. Portfolio fully invested in unloved sectors with conviction that cycles will turn and generate strong medium-term returns.

Royal London Cautious Managed Fund delivered strong Q4 performance with overweight global equities, particularly Japan. The Investment Clock signals Recovery phase with easing monetary policy supporting risk assets. Gold remains the most profitable hedge against dollar weakness. While tactically bullish on Fed rate cuts, managers warn of AI bubble risks and potential geopolitical volatility.

Fortress delivered strong 2025 returns led by emerging markets at 49% and international equity at 24%. Despite AI-driven U.S. market strength masking broader economic moderation and tariff headwinds, the manager sees excellent global value opportunities. International and emerging markets remain attractively valued, while U.S. healthcare and consumer staples offer compelling prospects after being left behind by the technology rally.

Fortress Caribbean Growth Fund gained 2.3% in Q4 and 13.3% for 2025, reaching new highs through value-focused global diversification. International and emerging markets drove performance while Caribbean shares lagged. The manager sees attractive opportunities in undervalued U.S. healthcare and consumer staples overshadowed by AI hype, maintaining optimism despite geopolitical and valuation risks.

GA-Courtenay Special Situations Fund combines 1.4x leveraged exposure to monopolistic businesses with positive-carry hedging protection. December's +6.3% return was driven by SpaceX proxies Echostar and Filtronic. The fund targets market inefficiency windows using AI-enhanced research, maintaining aggressive conservative positioning. Manager expresses strong optimism for 2026 performance following infrastructure optimization and toolkit restoration.

The manager addresses AI bubble concerns by advocating diversification over market timing. While big tech spends $400 billion on AI infrastructure, concentration risk exists with Magnificent Seven representing 35% of S&P 500. Rather than predicting bubbles, investors should maintain diversified portfolios across asset classes and geographies to withstand changing market leadership.

AHIA delivered strong 2025 returns but adopts defensive positioning for 2026 given premium valuations and peaking earnings. Gold outperformed with 70% gains amid Dollar weakness. Tariff volatility disrupted markets before partial reversal. Energy transition accelerates from AI demand while sector leadership shifts from infrastructure builders to users. Underweight equities, overweight bonds, maintaining Gold core position.

RDCP grew enterprise value 8% to $650 million in 2025 while transitioning from leverage-dependent growth to permanent capital investing. The firm operates 10 companies across healthcare, industrials, and consumer sectors, prioritizing deleveraging and cash generation. With 73.9% ten-year returns, RDCP focuses on boring, recurring revenue businesses with strong managers and long-term compounding potential.

Stone Ridge discovered significant natural gas reserves in Arkansas, increasing expected revenue by $5 billion. The firm operates $11 billion in energy assets delivering 20% returns and executed a $1.4 billion reinsurance transaction. Strong advocate for bitcoin as financial sovereignty tool, supporting human rights activists globally while applying Bayesian principles across all investments.

Better Capital validates Day 0 conviction across AI-powered outcomes, vertical quick commerce, and Indian ConsumerTech with portfolio breakouts like Eloelo and Stage. Hard lessons on regulatory risk and market creation challenges refined their approach. Doubling down on AI-first transformation and Outcome-as-a-Service for 2026, leveraging systematic founder networks and deep execution insights.

ServeTheHome overcame Q4 2025 scheduling challenges through improved editorial processes and substantial network testing investments. The Axautik Group Substack is generating meaningful revenue with 100K+ monthly views. With 60+ products in review pipeline and major platform refreshes expected in H2 2026, STH is well-positioned for strong content flow and continued growth.

Alpinum navigates a higher nominal world with resilient but slowing growth, emphasizing capital preservation amid rising volatility. Credit investments offering 7-9% yields remain preferred over elevated equity valuations. Key focus on active management to capture alpha from increasing market dispersion driven by trade tensions and policy uncertainty.

Jensen identifies three key 2026 risks: Trump appointing an ultra-dovish Fed Chair causing inflation, an AI bubble burst spreading globally, and irrational climate policies. After delivering 30% returns in 2025, he's positioned defensively with overweight commodities and non-US equities, expecting them to outperform. Markets are in late-stage bubble territory but not yet at extreme levels.

Heartland Mid Cap Value outperformed in Q1 as market volatility created attractive entry points for patient value investors. Federal policy uncertainties drove broad market weakness, but the fund's two-bucket approach captured opportunities in quality names like Teledyne, Middleby, and Perrigo. Stock selection improved as risk aversion returned, positioning the fund well for long-term outperformance.

Eagle Capital sees market structure changes creating opportunities as passive flows and momentum trading make markets less efficient. The firm has positioned in quality companies across healthcare, software, and energy trading at discounts to expected earnings growth. Key holdings include managed care recovering from Medicare pressure, Latin American e-commerce leader Mercado Libre, and defensive software businesses navigating AI disruption.

RD Capital Partners deploys permanent capital into UK businesses with strong fundamentals, focusing on healthcare and industrial distribution. Their portfolio demonstrates successful execution with RDCP Care expanding from 2 to 20 nursing homes and RDCP Electrical growing from 6 to 18 branches through disciplined buy-and-build strategies, creating sustainable value through long-term ownership.

Oujo Wealth Strategies advocates diversification as the primary defense against 2026 market volatility caused by Iran conflict and Fed policy uncertainty. The firm maintains balanced exposure across growth, value, and international markets while welcoming corrections as buying opportunities. S&P 500 valuations appear reasonable despite geopolitical headwinds affecting investor sentiment.