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.

Aristotle Value Equity Fund underperformed in Q1 2026 amid broad market volatility from geopolitical tensions and AI disruption concerns. Energy led by TotalEnergies drove outperformance while technology holdings faced headwinds. The manager added quality names Chevron, McCormick, and Motorola Solutions, maintaining disciplined long-term focus and viewing recent sector drawdowns as creating attractive opportunities for patient capital.

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.

Immersion suffered a sharp -20.6% drawdown in Q1 2026, driven by Red Violet's compression on misplaced AI fears despite meeting expectations. The fund maintains concentrated exposure to high-quality small caps with superior fundamentals versus benchmarks. Management sees attractive valuations in energy drinks, QSR, and prepared foods, with specific catalysts around distribution expansion and unit growth positioning the portfolio for recovery.

Small-cap value manager underperformed in volatile Q1 2026 as geopolitical tensions and rate pressures weighed on quality-focused approach. Portfolio suffered in rate-sensitive financials and real estate while benefiting from consumer discretionary strength. Manager maintains conviction in high-quality businesses with strong balance sheets trading at attractive 10.6x forward P/E, expecting fundamentals to drive performance as conditions normalize.

GCQ's concentrated quality portfolio delivered strong Q1 earnings with 14% median revenue growth despite year-to-date underperformance creating attractive entry points. AI disruption fears are moderating as portfolio companies successfully integrate AI tools. Cloud leaders Amazon and Microsoft accelerated growth while management teams signal confidence through aggressive share buybacks across high-quality businesses trading at compelling valuations.

Schafer Cullen outperformed in Q1 2026 as Value stocks rotated higher amid AI disruption fears and geopolitical turmoil from the Iran war. Strong Healthcare stock selection drove performance while Energy underweight hurt. The manager sees compelling value opportunities as Growth stock concentration reaches historic extremes and earnings differentials narrow between mega-caps and broader market.

CDT delivered 4.36% in April by following insider sentiment signals to position aggressively before the market's 10.4% surge driven by exceptional earnings growth and semiconductor strength. With insider sentiment now dimming at higher prices, the manager has normalized reserves while warning about elevated 28x valuations and preparing to harvest gains from recent volatile positioning.

Stenham's multi-strategy hedge fund approach delivered mixed Q1 2026 results amid Middle East conflict and oil price surge above $100. AI investment continued driving markets while creating software obsolescence risk. Macro strategies struggled with geopolitical surprises, but credit and event-driven performed well. Firm maintains balanced positioning with strong long-term outlook despite ongoing uncertainty.

Guinness Global Innovators underperformed in Q1 2026 due to geopolitical tensions and AI-driven software sector weakness. Strong semiconductor equipment performance from Applied Materials, Lam Research, and KLA offset headwinds from zero Energy exposure and software holdings pressure. Fund maintains conviction in quality growth approach despite near-term macro volatility and AI disruption concerns.

Australian mid and small caps are trading at extreme discounts despite superior earnings growth, while AI fears create indiscriminate technology selloffs. Auscap sees exceptional value opportunities in quality businesses with sustainable competitive advantages, actively deploying capital into companies that can leverage AI developments rather than be disrupted by them.

Anchor Capital sees markets pricing a contained Middle East outcome but warns of asymmetric risk if energy inflation persists. Strong earnings from AI and infrastructure investment continue, but rising yields pressure long-duration assets. Portfolio strategy emphasizes equity selectivity, shorter duration, and real asset diversification as policy flexibility narrows and margin for error tightens.

Value dominated Q1 2026 factor performance across all regions while Growth underperformed broadly as geopolitical tensions and rising energy prices shifted market dynamics. Europe's fiscal expansion through defense and infrastructure spending supports Value and High Dividend strategies, while the Magnificent Seven's influence continues to wane as market leadership broadens.

Mondrian's value-focused global equity strategy outperformed during Q1 2026's geopolitical volatility, benefiting from Korean exposure and strong stock selection. Samsung Electronics led gains on AI semiconductor demand while Middle East tensions drove energy sector outperformance. The concentrated 46-stock portfolio maintains attractive valuations and defensive characteristics with strong dividend yield.

Global thematic equity fund delivered -1.52% as strong early gains from AI and Asian exposure were reversed by Iran conflict and energy shock. Brent crude hit record monthly gains above $110. Portfolio rotation favored active management over passive exposure. Despite geopolitical volatility, manager maintains conviction in AI beneficiaries, emerging markets, and Japan while expecting eventual de-escalation.

Australian small cap fund outperformed during March volatility driven by Middle East war impacts. Defense contractor Duratec gained on AUKUS opportunities while financials suffered from sector-wide sell-off. Small caps now trade at 15% discount to historical averages. Fund maintains 12% cash and liquid portfolio to capitalize on emerging opportunities as volatility creates attractive entry points.

UK equity fund declined 2.31% in volatile Q1 2026 dominated by Iran conflict and energy supply disruption. Index-agnostic approach favoring smaller names led to underperformance despite strong gains from Beazley takeover and Clarkson benefiting from shipping disruption. Technology holdings pressured by macro headwinds. Managers emphasize selectivity and prudent risk management in increasingly volatile geopolitical environment.

Multi-asset funds weathered sequential geopolitical shocks through diversified positioning and regional tilts. Strong early-quarter performance from Asia/emerging markets exposure was partially reversed by Iran conflict and energy supply disruption. AI theme rotation and gold volatility highlighted active management benefits. Manager maintains constructive but selective approach, emphasizing companies with pricing power for volatile, multipolar environment.

Sharpbridge outperformed by +2.89% in April through selective positioning in quality businesses. While mega-cap tech drove returns, the manager emphasizes careful sizing given elevated valuations. Focus remains on high-quality companies with durable earnings power positioned for structural trends like energy transition and technological innovation, maintaining constructive medium-term outlook despite near-term volatility.

Smith's Antero Peak outperformed in Q1 by avoiding AI-pressured software and expanding industrial exposure. The manager emphasizes speed over stubbornness, capitalizing on US manufacturing rebuild supported by massive policy incentives. Portfolio benefited from newer positions in Caterpillar and semiconductor equipment while AI chips detracted. Focuses on knowable opportunities amid AI uncertainty and geopolitical volatility.

Wasatch Long/Short Alpha outperformed in Q1 2026 as speculative stocks sold off, benefiting short positions after a challenging 2025. The fund maintains its quality bias, increasing net long exposure to 85% while reducing shorts to 42%. Manager expects continued shift toward quality companies, with attractive valuations positioning the long portfolio well for outperformance.

Voya's small cap fund underperformed in 1Q26 as markets declined on geopolitical risks and policy uncertainty. Machine learning models drove mixed stock selection results, with energy underweight hurting performance. AI sentiment turned selective amid disruption concerns. Management emphasizes selective positioning and active risk management as leadership rotates toward defensive, quality-oriented areas in an increasingly complex macro environment.

Arquitos targets liquidating biotechs trading below cash value and patent-driven pharmaceutical plays. Manager most bullish ever on Liquidia Corporation, expecting $70-140 per share regardless of pending patent decision. Finch Therapeutics strategic sale expected June with healthy premium. Actively buying more biotech liquidation situations while awaiting multiple near-term catalysts.

Mid-cap growth fund underperformed in 1Q26 due to stock selection challenges as markets rotated toward defensive areas amid geopolitical risks and policy uncertainty. AI infrastructure demand supported select holdings while energy outperformed on supply concerns. Fund emphasizes selective positioning and risk management in increasingly complex macro environment with solid underlying fundamentals.

1 Main Capital declined 4.6% in Q1 2026, hurt by IWG's 25% drop on AI fears and geopolitical tensions. The fund reinitiated KKR after a 30% decline, viewing private credit concerns as overblown. Despite near-term uncertainty from Iran conflict, the manager remains confident in the portfolio's high-quality, cash-generative businesses positioned for strong long-term performance.

Emerging market debt positioned for continued outperformance in 2026 as soaring gold and copper prices create powerful tailwinds for commodity-exporting economies. Gold's 68% surge and copper's 40% rally strengthen exports, fiscal revenues, and currencies across key markets including Ghana, Chile, Zambia, and Uzbekistan, supported by structural demand from energy transition and AI infrastructure expansion.

Multi-asset fund navigated volatile Q1 2026 marked by Iran conflict and energy crisis, delivering -0.51% return. Strong early performance from Asia/emerging markets tilt reversed by Strait of Hormuz closure driving oil above $110. Diversified positioning with alternatives provided stability. Portfolio rotation toward active strategies and emerging markets debt reflects selective approach to volatile, multipolar environment.

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.

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.

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 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.

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.

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.

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.

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.

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.

Oldfield Partners' global value fund fell 3.8% in Q1 2026 after strong prior performance. Manager maintains contrarian approach in unpopular sectors, tactically trading ArcelorMittal and holding challenged positions like easyJet despite Gulf War headwinds. Portfolio trades at 10x P/E, focusing on global opportunities outside US amid policy volatility concerns.