Apollo delivered record Q1 2026 results with fee-related earnings of $728 million and AUM surpassing $1 trillion. Strong performance across asset management and retirement services, with $115 billion quarterly inflows and continued execution on strategic growth pillars. Returned $1.5 billion to stockholders over twelve months while investing in future growth initiatives.

BlackRock's Mid-Cap Value Fund declined 1.84% in Q1 2026, underperforming its benchmark despite benefiting from value outperforming growth. Strong consumer discretionary and utilities selection was offset by weak industrials and energy positioning. The fund increased IT and energy allocations while maintaining focus on dividend-paying companies with strong fundamentals.

TCW's EM debt fund outperformed despite Q1 volatility from Middle East conflict, benefiting from Venezuela overweight and energy exporter positioning. Managers view current stress as temporary shock rather than fundamental breakdown, using weakness to add selective exposure. Medium-term outlook remains constructive given stronger EM balance sheets and attractive valuations.

Fidelity Growth Strategies outperformed in Q1 2026 despite negative returns, driven by heavy industrials overweight focused on AI infrastructure beneficiaries. Sterling Infrastructure, MasTec, and Comfort Systems USA led performance as data center construction demand surged. Manager maintains conviction in picks-and-shovels approach to AI theme while emphasizing selectivity and quality companies with durable competitive advantages.

Icahn Enterprises posted improved Q1 2026 results with narrower losses across key metrics. Energy operations showed recovery with positive refining margins and strong fertilizer pricing. Investment portfolio returned negative 8.2% but positive 4.4% excluding energy hedges. Substantial $4.1 billion liquidity position maintained for opportunistic investments while indicative net asset value grew $201 million to $3.4 billion.

Caribbean Growth Fund's diversified value approach weathered Q1 2026 volatility well, declining only 1.7% despite Middle East energy shocks and AI disruption fears. Management opportunistically added to Caribbean holdings and software positions as valuations became attractive. Portfolio resilience and disciplined value investing position the fund to capitalize on quality opportunities during uncertain times.

Fairtree Global Equity Fund fell 8.35% in Q1 2026 amid tech rotation and geopolitical shock from US-Iran war. Manager used weakness to add to high-conviction holdings at attractive valuations, initiating new positions in Prosus and oil-linked Sasol. Current market dislocation creates compelling opportunity set with valuations derating faster than fundamentals suggest.

BlackRock Managed Income Fund underperformed in Q1 2026 due to equity selection challenges amid AI disruption concerns. Managers actively repositioned toward U.S. dividend, defense, and infrastructure themes while reducing international exposure. Despite Iran conflict uncertainty, they remain constructive on U.S. equities given reasonable valuations and strong fundamentals, preferring defensive income sources over tight credit spreads.

BlackRock's quantitative global equity fund outperformed in Q1 2026 through macro-thematic insights and sentiment analysis. Strong positioning in technology and financials drove returns despite March volatility from Iran tensions. The systematic approach captured AI-led rotations and benefited from overweight US and UK allocations while navigating stagflation concerns.

YCG maintains conviction in quality businesses with enduring competitive moats despite AI stock outperformance. They view current market speculation as creating opportunities for disciplined investors. Portfolio combines physical infrastructure resistant to AI disruption with technology platforms positioned to benefit from AI adoption, using recent volatility to upgrade to higher conviction positions.

BlackRock's Global Dividend Fund outperformed global markets in Q1 2026 despite negative returns, benefiting from quality dividend-focused positioning. Defense and energy infrastructure holdings contributed while tech and healthcare faced headwinds. Management moderated AI exposure, increased defensive positions, and maintains conviction in global diversification strategy amid geopolitical tensions and macroeconomic uncertainty.

Ashva Capital rebounded strongly in April after Q1 volatility, outperforming the S&P 500 YTD. The manager views market weakness from oil disruption as temporary, maintaining secular bull market thesis. Strategy focuses on high-quality businesses with strong cash flow and shareholder-friendly capital allocation, using volatility as opportunity while staying selective on AI investments given disruption risks.

Fund outperformed despite 8.52% Q1 decline as geopolitical tensions drove energy surge while AI concerns pressured tech. Both sub-advisors added value through semiconductor selection and energy positioning. Market volatility centered on Iran conflict disrupting oil shipping and Fed policy uncertainty, creating sector rotation opportunities that the fund's dual-manager structure effectively captured.

International fund declined 1.02% in Q1 2026, underperforming benchmark as geopolitical tensions involving Iran triggered energy shocks in March. Early strength in European valuations and Asian AI stocks was erased by rising oil prices and inflation concerns. Energy sector led performance while technology and consumer discretionary lagged amid margin pressure.

Fixed income fund declined 0.36% in Q1 2026, underperforming benchmark due to rising rates and geopolitical tensions. Oil price surge from Middle East conflicts increased inflation concerns while Fed rate cut expectations diminished. Both management sleeves underperformed with challenges in duration positioning and security selection across high yield corporates and mortgage-backed securities.

Fairtree's income fund demonstrated defensive resilience in Q1 2026's volatile markets, limiting losses to -2.89% while equity indices fell significantly more. Deep diversification across 365 credit obligors provided stability during March's risk-off environment. Recent spread widening created opportunities to enhance yields to 4.45%, positioning the fund for improved income generation going forward.

Source Capital outperformed with 16% annual returns despite a flat quarter, maintaining balanced equity-credit allocation. Managers harvest gains from decade-long holdings, recycling into undervalued SMID caps, international names, and healthcare. Expanding private credit to 26% while AI fears create software opportunities. Building new positions as valuations improve across sectors.

FPA New Income Fund maintained defensive positioning amid Q1 geopolitical volatility, reducing credit exposure while extending Treasury duration. Manager views current credit spreads as historically unattractive and focuses on high-quality bonds offering better risk-adjusted returns. Fund deployed cash into longer-duration Treasuries using systematic duration testing to balance upside participation with downside protection.

Credit fund navigated March 2026's Iran conflict-driven energy shock through tactical short positioning on oil-sensitive issuers and reduced financial AT1 exposure. While broad market stress weighed on long positions, strategic shorts in industrials and financials provided partial offset. Manager opportunistically harvested gains in Sabre following strategic interest, demonstrating active risk management during volatile geopolitical environment.

Aoris International Fund invests in high-quality businesses that thrive in competitive environments, believing competition forces continuous improvement while monopolistic positions breed complacency. Using Cintas as a key example of a 42-year winner in uniform rental, the concentrated portfolio targets businesses that have proven their ability to adapt and improve through competitive pressure.

Sound Shore's value-focused portfolio weathered Q1 2026's volatility with energy holdings surging 20% on Iran war-driven oil spikes while tech names faced AI disruption concerns. The manager views increased market volatility as opportunity, maintaining discipline with attractive 12.8x forward P/E valuation versus S&P 500's 19.4x multiple.

Baron Asset Fund underperformed due to AI disruption fears hitting software holdings, despite no fundamental business impact. SpaceX remains largest position at 25.5% with upcoming IPO catalyst. Data center infrastructure companies performed well. Manager views current software valuations at 10-year lows as attractive entry points for quality businesses with durable competitive advantages.

City Different's concentrated global equity strategies outperformed in Q1 2026 as shipping investments thrived amid Middle East conflicts disrupting commodity transport. Tidewater's strategic acquisition created industry leadership while tech holdings like MercadoLibre faced AI disruption concerns. Despite geopolitical volatility creating extreme sector dispersion, the firm maintains its 25-year value framework focused on quality, valuation, and catalysts for long-term outperformance.

Q1 2026 saw war with Iran overwhelm strong tech earnings, driving the portfolio down 10.6%. Enterprise software trades at decade-low valuations despite accelerating growth, while AI infrastructure plays like ASML and Micron delivered strong gains. Manager expects geopolitical resolution and AI clarity to restore focus on robust corporate fundamentals.

Iran war triggered oil shock causing Australian small caps to sell off sharply, but manager sees this as classic event-driven opportunity similar to 2022. Fund buying quality companies at heavily discounted valuations with strong balance sheets. Historical precedent suggests strong recovery ahead as geopolitical tensions ease and oil prices normalize.

Palm Harbour Capital's concentrated European value strategy delivered -0.56% in Q1 2026 despite strong individual contributors including South Korean battery maker Vitzrocell (+95.5%) and Norwegian oil producer Vår Energi. The portfolio trades at attractive 6.3x P/E with significant upside potential. Management remains extremely optimistic about medium-term prospects while maintaining disciplined long-term value approach.

GROW delivered 4.18% in Q1 2026 through successful hedging during the Iran War and selective long positions in small-cap growth stories like Buda Juice and Tigo Energy. The manager remains skeptical of AI infrastructure valuations while capitalizing on energy sector opportunities from higher oil prices.

Moerus Worldwide Fund delivered strong Q1 performance through value-driven corporate activity and energy exposure during Middle East conflict. The fund's price-conscious approach targets discounted, out-of-favor investments that attract strategic buyers or benefit from market revaluation. Management views current volatility as opportunity, maintaining long-term focus while adding to positions weakened by geopolitical concerns.

April's 10.49% S&P recovery was driven by ceasefire relief and AI earnings validation, with hyperscalers confirming $710B capex cycle. Asia led with Korea up 38%, Taiwan 26%. However, oil rebounded to $105, Fed dissent signals policy uncertainty, and AI spending adds inflation pressure. Recovery was positioning-driven rather than resolving underlying macro risks.

PGIM Core Bond outperformed during Q1 2026's Iran conflict-driven volatility through defensive positioning in securitized credit and duration management. The fund pivots to cautious carry-focused strategy as energy shocks drive inflation expectations higher and force central bank policy reversal from easing to hiking, while maintaining overweights in energy and financial sectors positioned to benefit from the new environment.

Easterly's structured credit fund outperformed by 78bps in volatile Q1 as geopolitical events drove oil from $60 to $100+ and pressured markets. Fund maintains high liquidity while rotating from CMBS to higher-quality RMBS. Constructive outlook on non-agency RMBS with Basel III tailwinds, selective on CMBS given office stress, attractive value in seasoned ABS.

Easterly Global Real Estate Fund outperformed in Q1 2026 as interest rate stability removed a key headwind for REITs. The fund favors higher-quality companies in data centers, healthcare, and industrial properties benefiting from supply constraints and structural demand drivers. Market differentiation is increasing, rewarding operational resilience and balance sheet flexibility over broad sector exposure.

PGIM Global Total Return Fund faced headwinds from Iran conflict-driven energy shocks that shifted markets from rate cut expectations to hiking bias. Despite underperforming on duration positioning, the manager sees opportunities in carry strategies across global credit markets, maintaining that strong nominal growth and stable fundamentals will support fixed income performance despite near-term geopolitical volatility and inflation pressures.

Easterly's hedged equity strategy delivered strong downside protection in Q1 2026, avoiding 60% of market decline through dynamic beta management and shorter-dated hedging. Geopolitical tensions and oil price surges drove volatility spikes that the Fund monetized effectively. With equity valuations now more balanced, the strategy remains well-positioned for uncertain markets ahead.

Mayar Capital used Q1 2026's market turmoil to execute its most active quarter ever, turning over 24% of the portfolio. Despite quality stocks experiencing their worst drawdown since 1990, the manager sees exceptional buying opportunities with holdings now trading at decade-low valuations. New investments focus on enterprise software companies benefiting from AI anxiety creating temporary mispricings.

PGIM High Yield outperformed during Q1 spread widening despite geopolitical tensions and AI disruption fears. Fund maintains constructive 2026 outlook based on solid credit fundamentals and muted issuance. Positioned defensively with short-duration overweight and quality bias while targeting relative value opportunities from market dislocations.

Balanced fund underperformed in Q1 2026 due to geopolitical oil supply disruptions and equity overweight positioning. Technology overweights in Microsoft and Oracle detracted while fixed income suffered from duration and allocation decisions. Fund maintains 63% equity allocation with focus on quality companies, positioned for moderate growth while managing energy volatility and labor market risks.

Municipal bond fund underperformed in Q1 2026 due to rate volatility and curve positioning challenges. Geopolitical tensions and Fed pause expectations drove yields higher across intermediate maturities. Fund maintains barbell structure and selective credit approach. Manager sees improved valuations post-selloff creating better risk/reward opportunities despite ongoing supply pressures and rate uncertainty.

Ares Credit Opportunities outperformed in Q1 2026 through high yield security selection despite CLO equity weakness. Fund maintains neutral risk posture amid Fed policy uncertainty and tight valuations. Cautiously constructive outlook expects performance driven by active management across credit sectors with opportunistic deployment during market dislocations.

Global markets declined as Middle East conflict triggered massive energy shock with oil up 83%, driving inflation and forcing central banks toward tighter policy. US tariff implementation added protectionist headwinds while AI fears hammered tech stocks and private equity. Commodities surged 40% with gold hitting records on safe-haven demand amid fragmented global monetary policy.

TYME Advisors materially outperformed across all portfolio types in Q1 2026. Global Armaments and Japan currency-hedged exposure drove gains while Semiconductors detracted. Systematic risk management enabled Bitcoin exits avoiding double-digit losses. The firm filters Japanese companies for shareholder-friendly governance, maintaining disciplined quantitative approach to position sizing and risk control.

Small-cap specialist delivered flat Q1 returns but maintains 13% CAGR since 2015 through concentrated positions in exceptional management teams. Key holdings MTRX, PDEX, and MAMA offer compelling value with strong operational improvements. Manager views AI disruption as opportunity for adaptive companies rather than existential threat.

MCP repositioned away from AI-disrupted software into semiconductors and industrials, delivering 1.0% in Q1 amid geopolitical tensions. Taiwan holdings drove performance through semiconductor cycle strength. Portfolio offers 25.6% expected earnings growth versus 18.2% for benchmark. India remains attractive long-term despite near-term headwinds. Focus on bottom-up selection in volatile markets.

Aristotle Small Cap Fund outperformed in Q1 2026 driven by semiconductor exposure benefiting from AI infrastructure spending. Small caps showed resilience versus large caps amid market volatility. Manager remains constructive long-term on attractive valuations and improving earnings, though near-term caution persists due to geopolitical risks and election uncertainty.

Antipodes Global Value outperformed in volatile Q1 2026, benefiting from value rotation and energy shock. Strategy added defensive exposures while maintaining selective structural themes including AI infrastructure. Strong performance from energy and industrial holdings offset software sector weakness. New positions in Disney, NVIDIA, and Asian value opportunities reflect focus on meaningful valuation gaps.

Aristotle/Saul Global Equity outperformed in Q1 2026 (-2.35% vs MSCI ACWI -3.20%) driven by energy allocation benefits. TotalEnergies and Otsuka Holdings led contributors while MonotaRO and Qualcomm detracted. Added Chevron as attractively valued integrated energy play. Management emphasizes long-term fundamentals over short-term volatility, viewing current uncertainty as creating opportunities for patient capital.

Bailard Technology Strategy underperformed in Q1 2026 due to software sector pressure and concentrated positioning, but maintains conviction in AI compute infrastructure opportunities. The fund expects sustained demand for semiconductor equipment and optical networking components through 2030, while selectively targeting incumbent software providers positioned to benefit from AI acceleration and preparing for emerging AI-native opportunities.

Baron Growth Fund fell 12.06% in Q1 2026 as AI fears drove indiscriminate selling across software and business services holdings despite strong fundamentals. Management views the portfolio as extremely oversold and attractively valued, expecting multiple expansion as sentiment improves on AI-impacted stocks.

Baron Small Cap Fund fell 7.90% in Q1 as AI disruption fears hammered software holdings while Iran war boosted commodities. Data center infrastructure names Vertiv and Legence surged on AI buildout demand. Manager sees opportunity in quality software companies trading cheaply on AI concerns, expecting small-cap outperformance if geopolitical tensions resolve and markets broaden beyond Magnificent Seven.