Silver Ring delivered 103% net returns over 12 months while maintaining 37% cash due to scarce opportunities. Manager made no Q1 investments, preferring discipline over activity in greed-driven markets. Portfolio trades at 73% of intrinsic value with concentrated holdings. Building AI-enhanced investment process while searching for exceptionally good companies, cheap securities, or event-driven situations.

Kopernik's global value fund delivered 6.9% returns in Q1 2026, significantly outperforming markets through concentrated exposure to energy and materials. Strong performance from oil producers and uranium miners drove results. The fund initiated new timber positions, viewing the sector as significantly undervalued. Management continues disciplined value approach, using volatility to optimize positioning in undervalued companies.

Baron Opportunity Fund's Q1 decline reflected geopolitical tensions and AI-disruption fears, but manager sees compelling evidence of AI ROI inflection with frontier labs showing explosive revenue growth. Used software selloff to upgrade portfolio quality, maintaining conviction in secular growth trends. SpaceX largest holding, positioned across AI infrastructure from semiconductors to data centers for long-term transformation.

ETF industry faces T+1 settlement operational challenges while active ETF growth accelerates. Market participants adapting through credit solutions and process changes. Market-making capacity concerns emerge from portfolio opacity issues. Sentiment index drops to 71% from 82%. Algorithmic execution and tokenization gaining traction as complexity increases across ETF offerings in 2026.

Shelton's covered call strategy outperformed during volatile Q1 2026 despite broad market decline, generating income from options premiums and dividends. Middle East conflict drove energy outperformance while tech and financials lagged. Manager maintains positions in underperformers viewed as attractively valued, believing the strategy benefits from increased volatility ahead.

Matrix remains cautiously optimistic despite Q1 decline, viewing Iran conflict as temporary headwind creating buying opportunities. Firm added quality names like Intuit and Nike at attractive valuations during selloff. Expects Value outperformance after decade of Growth dominance, with dividend stocks providing stability in volatile environment. Portfolio positioned for recovery with 17.1x forward PE versus market's 20.2x.

Matrix opportunistically added positions during Q1 Iran war volatility, expecting quick conflict resolution and market recovery. After decade of Growth outperformance, firm positioned for Value rotation with dividend-focused portfolio yielding 2.83% and trading at attractive 16.0x forward earnings. Maintains cautiously optimistic 2026 outlook targeting high-single-digit returns despite near-term geopolitical uncertainty.

Small-cap growth fund outperformed with 3.20% Q1 return versus benchmark's -2.81%. Core thesis targets U.S. industrial recovery through reshoring and AI spending. Strong technology performance from semiconductor suppliers Ultra Clean and Entegris. Added positions in transportation, energy services, and AI insurance. Transportation data confirms recovery with railroad and trucking volumes hitting multi-year highs.

Yacktman delivered strong Q1 performance through disciplined value investing, with Samsung benefiting from AI memory demand and energy holdings gaining from geopolitical oil shocks. The team maintains high conviction in their patient, risk-focused approach, emphasizing long-term business fundamentals over momentum while capitalizing on market dislocations to add quality companies at attractive valuations.

Yacktman Fund outperformed in Q1 2026 with disciplined value approach. Samsung and energy holdings drove performance while Microsoft detracted from SaaSmaggedon. Fund maintains conviction in long-term strategy focused on business fundamentals over momentum, using market mis-pricings as opportunities while serving as natural hedge against geopolitical risks.

Cooper Investors fell 9.2% in Q1 as AI disruption fears hammered software while Iran War shocked energy markets. TSMC surged 66% as the dominant AI chip manufacturer while software companies faced existential threats from AI workflow disruption. Manager reduced insurance exposure, maintained semiconductor conviction, and increased focus on Real Assets as inflation hedges replacing traditional bond diversification.

Broyhill underperformed in Q1 due to structural tilts away from energy and toward international/defensive names, but used volatility to add high-conviction positions in healthcare, housing, and European equities. Manager views current disconnect between improving fundamentals and declining prices as positioning-driven, creating asymmetric opportunity as portfolio trades at meaningfully cheaper valuations with unchanged business quality.

Optimist Fund fell 27.3% in Q1 as AI fears and Iran war drove growth stock selloff. Manager sees sentiment-driven dislocation creating compelling opportunities, adding to core positions like ThredUp, Wayfair, and Carvana while initiating Toast and Zscaler. Portfolio companies show strong fundamentals despite stock weakness. Fund increased leverage, positioning for rebound in highest-quality businesses since inception.

Impax's sustainable economy strategy underperformed due to zero Energy exposure during geopolitical energy crisis. Strong stock selection in Healthcare and Technology partially offset sector allocation drag. Management sees opportunities in energy security solutions and efficiency technologies while stress-testing portfolios against rising geopolitical risks.

Auxier Focus Fund outperformed significantly in Q1 2026, gaining 1.73% versus S&P 500's -4.33% decline. Strong performance driven by defense spending theme, energy crisis beneficiaries, and value orientation. Defense contractors and energy refiners led gains while software faced AI disruption fears. Manager maintains focus on exceptional operators with enduring advantages purchased during uncertainty.

Horos leveraged Q1 2026 market volatility from AI disruption, private credit stress, and Iran war to rebalance portfolios toward higher return potential. Despite modest quarterly performance, strategic moves included adding Booking Holdings post-AI selloff and increasing energy exposure via TGS. The team views current uncertainties as classic value investing opportunities, maintaining their disciplined long-term approach.

Lord Abbett's floating rate fund outperformed despite AI disruption fears and Middle East tensions driving market volatility. The team upgraded credit quality by reducing CCC exposure while adding to BBs, benefiting from superior credit selection. They remain constructive on loans as a carry source, focusing on higher quality positions while monitoring geopolitical risks and credit stress indicators.

Merchant West's money market fund outperformed benchmarks while maintaining ultra-liquid positioning amid rising inflation risks. Iran conflict and oil shocks prompted central banks to scale back rate cut expectations, with SARB reducing 2026 cuts from two to one. Fund's defensive stance emphasizing liquidity and credit quality positions it well for potential growth slowdown scenarios.

Northern International Equity Fund outperformed in Q1 2026 through value and quality positioning during Iran war-driven market volatility. Energy sector leadership from oil surge above $100 benefited performance while AI headwinds hurt software. Fund's overweight to cheap, high-quality stocks with positive momentum drove outperformance versus benchmark.

Green Alpha's Next Economy strategy outperformed during Q1 2026's Iran war and tariff-driven disruptions by owning energy transition and AI infrastructure leaders rather than fossil fuel-dependent companies. Key holdings TSMC and Brookfield Renewable delivered breakthrough 2nm chip production and record clean energy deals respectively. The crisis validates their thesis that portfolios built around solving systemic risks outperform those perpetuating them.

Impax outperformed during volatile Q1 2026 through defensive industrial gas holdings and semiconductor exposure benefiting from AI demand. Middle East conflict and energy price surge created market stress, but the team sees opportunities for patient investors in environmental solutions. Portfolio maintains AI infrastructure focus while emphasizing defensive waste management and utilities businesses.

Northern Small Cap Value Fund underperformed in Q1 2026 despite Energy sector strength from higher oil prices. Weak stock selection in Health Care and Materials offset gains in Industrials and Utilities. The fund maintains its disciplined value approach, targeting reasonably priced profitable small-cap companies while avoiding lower quality names.

Fund underperformed due to Middle East conflict driving risk-off sentiment that disproportionately hit smaller companies despite strong fundamentals. Energy holdings BP and Shell surged on oil price spike. AI disruption fears weighed on technology names. Portfolio now trades at significant discount to market despite superior quality metrics, creating compelling long-term opportunity.

Lord Abbett's small-cap growth fund outperformed by 237bp despite AI disruption headwinds. Strong security selection in Industrials offset Communication Services weakness. Fund maintains constructive earnings-driven outlook while emphasizing selectivity given geopolitical tensions and credit risks. Portfolio focuses on AI-enabled innovation across semiconductors, defense technology, and industrial automation with quality bias toward cash-generative, well-managed companies.

Lord Abbett High Yield Fund underperformed in Q1 as spreads widened to 340 bps amid geopolitical tensions. Energy and Defense overweights helped while CCC bias and Technology underweight contributed. Manager reduced risk by trimming CCCs, adding BBs, and focusing on commodity exposure. Remains constructive on high yield fundamentals despite market volatility.

Northern Large Cap Value Fund lagged its benchmark despite value stocks outperforming broadly. Geopolitical tensions boosted Energy while mega-cap Tech weakness hurt performance. The fund's quality tilt within value stocks detracted this quarter. Management remains confident in their approach of targeting inexpensive, profitable companies with strong cash flows to outperform over full cycles.

Northern's emerging markets fund outperformed by 479bp in Q1 2026 through superior stock selection across multiple sectors. Geopolitical volatility created regional divergence, with commodity exporters outperforming while energy importers declined. AI-driven semiconductor recovery boosted Taiwan and Korea. China weakness from consumption and real estate headwinds. Strong sub-adviser performance across the board.

McIntyre concentrated over 20% in QDEL at $11, viewing it as a once-in-a-decade opportunity. Five temporary issues mask a stable diagnostics business with 95% contract renewal rates and 6% core growth. Manager projects $4 FCF per share by 2028, implying $80 target versus current $11 price, with put protection limiting downside.

Gator's Q1 financials strategy faced headwinds from AI fears, private credit concerns, and geopolitical tensions, returning -7.22% versus -8.89% for financials. Manager used volatility tactically, trimming winners and adding Ameriprise Financial on AI-driven weakness. Maintains conviction in regional banks and wealth management opportunities through concentrated long/short approach targeting underresearched names.

Thematic growth strategy underperformed in volatile Q1 marked by healthcare earnings disappointments and oil price surge from geopolitical tensions. Manager maintains conviction in biotechnology innovation while tactically adjusting energy exposure. Initiated Intuit position at attractive valuations for AI exposure. Forward outlook cautious given narrow market leadership and uncertainty around central bank policy response to rising oil and inflation.

Tourlite delivered strong Q1 performance through concentrated aerospace and infrastructure longs paired with consumer/tech shorts. Montana Aerospace trades at compelling 7x EBITDA despite operational strength. Geopolitical oil shocks create near-term headwinds but accelerating inflation may trigger speculative reversal favoring short book. SpaceX IPO expected to drain liquidity from meme stocks, creating generational shorting opportunity.

TCW's concentrated growth fund fell 11.75% in Q1 amid AI disruption fears and geopolitical tensions. Despite technology headwinds affecting ServiceNow, semiconductor and datacenter themes performed well through ASML and Eaton. Managers view the portfolio as a coiled spring with 20%+ expected earnings growth, maintaining conviction while reducing software exposure through selective position changes.

Horizon Kinetics positions in permanent, rare assets benefiting from market structure discounts. Their royalty holdings are benefiting from the commodities recovery that began in 2025. The firm emphasizes income strategies including CLO investments and highlights how AI infrastructure demands are driving massive requirements for physical resources like steel, copper, and natural gas.

Baron Durable Advantage Fund declined 9.0% in Q1 2026 due to geopolitical tensions and sector allocation, but the manager sees attractive opportunities with portfolio valuations 12.9% below five-year averages. AI adoption dramatically accelerated with companies like Anthropic adding $21 billion ARR in one quarter. The Fund focuses on companies with durable competitive advantages that remain defensible in the AI era.

City Different's Multi-Cap Core outperformed during Q1 2026's market decline, driven by strong Energy positions (Valaris, Golar LNG) and value-oriented holdings. While established tech names detracted, the strategy's fundamental approach and diversification across business life cycles delivered results. Manager maintains discipline despite market preference for momentum strategies, focusing on long-term value creation.

M&G plc delivered strong Q1 2026 results with £0.6bn net inflows versus prior year outflows, driven by Asset Management momentum and successful launch of With-Profits BPA. Despite market volatility affecting AUMA, management remains confident in growth prospects supported by product innovation and strong institutional pipeline.

Baron Partners declined 5.33% but outperformed benchmarks as SpaceX merger with xAI drove gains while AI disruption fears pressured other holdings. Tesla faced capex concerns despite strong fundamentals. Managers maintain conviction in concentrated portfolio, expecting current depressed valuations from temporary headwinds to drive future outperformance once investment cycles complete and AI sentiment improves.

Cannabis rescheduling creates first-mover advantage in institutionally abandoned space while portfolio companies trade at massive discounts to full earnings power. Consorcio Ara at 5x earnings despite 20% growth, LEEF with 80% cost reduction catalyst, Grown Rogue at 42% capacity utilization. Federal reform beginning institutional entry into fundamentally mispriced cannabis companies with durable advantages.

Bengal Capital maintains focus on cannabis operators with cost discipline despite historic Schedule III rescheduling providing 280E tax relief. The fund sees rescheduling as constructive but not transformative, emphasizing price normalization thesis over regulatory betting. Key holding Grown Rogue shows strong execution with 22% revenue growth and multi-state expansion. Medical interstate commerce potential represents the most interesting structural development to monitor.

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.

BlackRock's Core Bond Fund reduced duration and credit exposure after underperforming in Q1 2026 due to rate sell-off from inflation concerns and oil supply disruptions. The fund maintains defensive positioning while preserving flexibility for redeployment, favoring high-quality structured products and front-end exposure based on expectations for more Fed rate cuts than markets anticipate.

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.

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.