Right Tail Capital blends timeless investment principles with AI-enhanced research tools while maintaining focus on high-quality businesses and patient capital allocation. Current market volatility from AI disruption fears and geopolitical tensions creates opportunities. Portfolio holding NRP offers compelling value as a coal royalty company with 25+ year reserves, improved balance sheet, and potential for significant cash flow generation at attractive multiples.

Q1 2026 saw market leadership shift from AI-driven megacap tech to energy and cyclicals amid geopolitical tensions. Oil prices surged 80% following Middle East conflict, killing Fed cut expectations and reigniting inflation fears. Despite macro uncertainty, earnings remained firm. The market now rewards fundamentals over narratives as rotation continues.

Iran war creates unprecedented 10m b/day oil supply shock requiring demand destruction at $125-150/bl. Energy sector outperformed with 36.9% YTD returns while broader markets declined. Fund earnings could rise 65% under $90/bl scenario, trading at 13x PE versus market's 20x. Energy equities offer 20% upside with $80/bl long-term oil assumptions.

Iran war drove oil prices up 50% and energy stocks up 37.9%, while tech stocks fell 12.1%. Despite geopolitical tensions, markets remain resilient with S&P 500 avoiding correction. Gold was volatile, gaining 22% then falling 11%. Armbruster prefers liquid alternatives over gold and advocates staying invested through volatility rather than market timing.

Sage Advisory weathered Q1 headwinds from Iran war and private credit stress by positioning defensively in quality assets while selectively adding duration and equity exposure on weakness. They view current disruptions as temporary inflation shocks rather than growth derailment, maintaining constructive medium-term outlook while favoring US markets and defensive credit positioning.

Wedgewood's concentrated large-cap growth portfolio declined 6.3% in Q1 2026 as geopolitical tensions from the Iran conflict pressured markets despite strong AI-driven fundamentals at core holdings like Taiwan Semiconductor and Alphabet. The firm maintains conviction in AI infrastructure investments while navigating temporary Middle East disruptions and preparing for major tech IPOs that could provide valuation clarity.

Mar Vista's Quality Premier strategy declined 10.17% in Q1 2026 as Middle East conflict drove oil prices up 50% and repriced rate expectations. Strong performance from healthcare and semiconductors was offset by AI-related pressure on Microsoft and software exits. The team sees markets transitioning to fundamentally-driven environment favoring quality businesses with durable competitive advantages.

Minotaur fell 7.8% in March as memory, defense, and software positions declined simultaneously despite strong fundamentals. The manager added to memory stocks now trading at 3.5x earnings with supply locked through 2026, initiated cybersecurity positions, and exited weak holdings. Core thesis remains intact with better entry points created.

Leaven Partners posted 3.2% Q1 returns despite March volatility from Strait of Hormuz disruption. Oil prices surged above $100, triggering defensive hedging. Manager maintains disciplined value approach, viewing volatility as opportunity rather than threat. Focus remains on long-term compounding with patience as competitive advantage.

Douglass Winthrop sees Q1 2026 market volatility as creating opportunities in quality technology companies. Despite 20-33% declines in holdings like Microsoft, Amazon, and Aon, the manager emphasizes their strong fundamentals and views current weakness as timing reassessment rather than deteriorating prospects. The firm maintains conviction in AI adoption and high-quality businesses with durable competitive advantages.

QuantStreet maintains systematic US/international diversification with bullish US view driven by AI infrastructure buildout, fiscal stimulus, and M&A cycle. Weaker dollar thesis supports international allocation despite recent strength. Iran War energy spike viewed as temporary. Private credit stress creates future opportunities. Neural network models guide risk management with targeted exposures maintained.

Q1 2026 saw oil prices surge 70% due to Middle East tensions, driving S&P 500 down 4.3% while diversified portfolios outperformed. AI disruption fears hammered software stocks down 30%. Fed rate cut expectations evaporated amid inflation concerns. Despite volatility, earnings estimates rose and fundamentals remained healthy, highlighting the value of diversification and long-term perspective.

Sea Limited delivered record Q1 2026 results with 47% revenue growth and first-time $1 billion adjusted EBITDA. All three businesses accelerating: Shopee achieving 30% GMV growth with expanding take rates, Digital Financial Services scaling 71% loan book growth while maintaining asset quality, and Garena returning to 20% bookings growth after multi-year decline.

Reams Asset Management sees the Iran conflict as creating investment opportunity rather than cause for fear. Real rates near 3% are objectively attractive at cycle highs, while asset prices have cheapened meaningfully. The manager emphasizes disciplined positioning based on current valuations rather than unpredictable geopolitical forecasting, expressing optimism about client outcomes.

Diranko Capital posted -7.1% in Q1 2026 due to market volatility around Middle East conflicts and short-term focused quantitative trading, despite strong underlying fundamentals. Manager maintains high conviction in deep value approach targeting obscure small caps, citing Western Investment Company as successful example. Portfolio rebalanced toward deeper value opportunities with confidence in long-term outperformance through patient capital structure.

Brummer Multi-Strategy's diversified approach provided resilience during March's Iran war-driven energy crisis, with systematic trend following capturing gains in oil and gas futures while equity strategies faced deleveraging headwinds in crowded tech sectors. The fund's ability to quickly adapt positioning across multiple strategies helped navigate the volatile environment.

Thornburg Global Opportunities outperformed in Q1 2026 with a 3.16% return versus -3.20% for global markets, extending its 20-year track record of beating benchmarks by over 3% annually. The focused 39-stock portfolio trades at a 12.6x P/E discount to markets while generating superior revenue growth, with strong contributions from semiconductors, telecom, and energy holdings.

Iran conflict and Strait of Hormuz closure drove sharp March selloffs, with oil surging above $118 and global equities declining broadly. Fed held rates steady amid inflation concerns while AI-driven capex supports underlying growth. Private credit shows software sector stress but broader resilience. Late-month rebound on de-escalation hopes, though uncertainty remains elevated.

Markets face binary outcomes from Iran's Hormuz blockade creating the largest energy disruption since WWII. Oil up 68% threatens global supply chains from semiconductors to fertilizers. Electoral pressures and Iran's economic collapse provide resolution incentives, but prolonged crisis risks recession. Recovery possible if shipping resumes, otherwise deepening economic damage likely.

Gulf war creates persistent energy supply disruptions driving stagflationary pressures and central bank policy dilemmas. USD gained 2.6% since conflict start but remains overvalued. QCAM maintains neutral macro positioning amid geopolitical uncertainty while shifting business sentiment 30% long USD. FX volatility expected to continue as markets bounce between escalation fears and de-escalation hopes.

MPD Partners operates a specialized SME private equity strategy with two portfolio companies. LCP, a profitable Swiss insurance brokerage, generated positive cash flow while expanding capabilities and pursuing wealth management authorization. The firm is developing proprietary lead generation software and launching a new Swiss acquisition vehicle in H2 2026.

Human Capital Fund down 13% in Q1 2026 as Middle East conflict pressured small-cap growth stocks. Despite volatility, portfolio companies show strong fundamentals with 19% earnings growth in 2025 and 12% expected in 2026. Added Japanese business acquirer NGTG and German software firm Nemetschek at attractive valuations during market weakness.

Protean capitalized on March's geopolitical volatility through active trading while making a structural bet on European energy transition via heat pump manufacturer Nibe. The Nordic hedge fund delivered positive returns despite broad market declines, validating its risk management approach. Management remains cautious but is gradually increasing exposure as price-value disconnects create opportunities independent of geopolitical outcomes.

Oak Ridge navigated Q1 2026 geopolitical turmoil by positioning around AI infrastructure opportunities while managing energy-driven inflation risks. Strong performance from data center power providers offset broader tech corrections. The firm eliminated weak positions and increased AI-adjacent exposure, viewing current conditions as favorable for disciplined stock selection despite near-term volatility.

Concentrated small-cap healthcare value fund delivered strong long-term returns despite Q1 underperformance. Avanos Medical takeout at 72% premium exemplifies M&A-driven value realization strategy. New Theravance position offers 60% upside potential from COPD royalties. Nine-position portfolio targets undervalued medical device and pharmaceutical companies with M&A catalysts expected to drive future returns.

Small-caps extended their leadership in 1Q26 despite geopolitical volatility, with Russell 2000 up 0.9% while large-caps declined. Royce sees compelling long-term opportunities driven by near 25-year low relative valuations, superior earnings growth forecasts, and structural tailwinds from infrastructure spending and AI adoption. Current environment offers attractive entry point for patient capital.

Nordic fund manager navigates Middle East crisis by actively trading volatility-driven disconnects while positioning for structural energy transition catalyst. Meaningful Nibe investment reflects conviction that European energy independence will drive heat pump demand regardless of conflict outcome. Hedged strategies provided downside protection during market stress, demonstrating value of active management over passive indexing.

Night Watch delivered 2.69% in volatile Q1 2026 by owning counter-cyclical businesses that benefit from uncertainty. Strong performance from Brookdale senior living, AAR aerospace maintenance, and Marex futures clearing. Portfolio positioned to withstand geopolitical risks while benefiting from demographic trends, defense spending, and market volatility rather than trying to time unpredictable events.

Penn Davis McFarland capitalized on AI-driven volatility to add Salesforce while benefiting from energy and defense positions amid Iran's Strait of Hormuz blockade. The 400-million-barrel supply shortfall advantages U.S. energy dominance but threatens global inflation and Fed rate hikes. Strong balance sheets and cash reserves position the portfolio for continued volatility.

Q1 2026 saw oil prices surge 70% due to Middle East tensions, driving S&P 500 down 4.3% while smaller companies outperformed. AI disruption fears hammered software stocks down 30%. Federal Reserve rate cut expectations evaporated amid inflation concerns. Despite volatility, earnings estimates continued rising, suggesting market decline reflects geopolitical uncertainty rather than fundamental weakness.

Palm Valley delivered modest gains while maintaining 77% cash amid AI disruption fears and geopolitical volatility. The fund holds undervalued small-caps including embattled staffing companies and defensive positions like Rayonier timberland. Managers remain skeptical of extreme AI displacement scenarios, viewing current fears as creating opportunities in quality businesses trading at significant discounts to intrinsic value.

Aptus maintains conviction in risk assets despite Q1 volatility from Iran conflict and AI disruption. Strong earnings fundamentals with S&P 500 posting record 5th straight quarter of double-digit growth and attractive valuations below historical averages support the investment case. Markets historically recover from geopolitical shocks, making current weakness a buying opportunity for patient investors.

Thematic investment manager discusses momentum investing's historical 5x outperformance in US markets while taking defensive action against expensive valuations. Reduced US exposure, increased Europe/Japan/China/Canada allocations, lowered beta, added industrial metals and gold. Expects lower US returns ahead but acknowledges booms require unexpected catalysts to end, not just expensive valuations.

Generation acknowledges sustainable investing faces political backlash and performance challenges but argues the energy transition continues gaining strength with clean energy dominating new capacity additions globally. The firm sees current difficulties as a retooling period, maintaining that sustainability remains essential to fiduciary duty and long-term investment success.

Recurve declined 8.0% in March amid Iran war-driven oil supply shocks, bringing YTD performance to -18.2%. Manager made no trades, holding concentrated positions led by 47.7% Carvana allocation. Expects transitory inflation impacts rather than permanent earnings damage. Portfolio targets differentiated companies with operating leverage capable of growth despite macro headwinds.

International small-caps delivered mixed Q1 results as AI hardware gains were offset by Iran-driven energy shock. Fund outperformed benchmark despite macro headwinds, with rare earths and energy beneficiaries leading while European consumer and Japanese manufacturing names lagged. Managers maintain conviction in structural AI, defense, and governance themes, viewing March selloff as creating more attractive valuations.

Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating global tortilla markets and Robertet serving luxury perfume industry. Manager confident tangible assets provide valuable counterweight to intangibles-dominated markets, positioned for long-term demand growth despite near-term geopolitical headwinds.

ClearBridge Large Cap Value outperformed as value leadership broadened with Russell 1000 Value up 2.1% versus growth. Strategy benefited from quality industrial holdings and energy overweight amid U.S.-Iran conflict. Active repositioning included initiating T-Mobile, exiting Disney and Comcast, buying Honeywell. Managers maintain focus on durable competitive moats through complex macro backdrop.

Concentrated value strategy underperformed in Q1 as energy holdings outperformed while software names declined on AI fears. Manager views AI disruption concerns as overstated and used weakness to add Gartner. Portfolio actively rebalanced toward undervalued software and financials. Positioned for valuation dispersion to narrow with attractive portfolio characteristics.

Broadleaf declined 8.3% in Q1 2026 amid Iran war, private credit blowups, and AI fatigue morphing into software sector disruption. Manager adopts waiting strategy given binary risks and lack of conviction despite daily trade considerations. Believes fundamentals remain strong for AI spending beneficiaries and hyperscalers long-term.

Orbis outperformed in volatile Q1 2026 through disciplined contrarian positioning. Semiconductor winners from AI boom offset healthcare losers from regulatory pressures and financial irregularities. Strategic energy additions provide geopolitical protection while software sell-off created selective opportunities. Portfolio turnover reflects active adaptation to changing conditions while maintaining long-term investment discipline and positive skew focus.

Harris Oakmark advocates ignoring market noise and crowd sentiment while maintaining patience in value investing. Q1 2026 saw extreme AI-driven stock dispersion and Iran conflict volatility. The manager believes enterprise software companies like SAP are oversold on AI fears when AI could be additive. They maintain disciplined focus on intrinsic business values over short-term market movements.

Quality-focused fund suffered severe valuation contraction despite strong business fundamentals, with primary metric falling from 37x to 19x. AI and private credit narratives drove selling in software and alternative asset manager holdings. Manager sees compelling opportunity as high-quality businesses trade at lowest valuations since 2018, expecting medium-term recovery as oversold multiples normalize.

AVI Global Trust fell 9.8% in March as Iran war volatility widened portfolio discounts to 42%. Asian exposure hurt performance with Samsung C&T the main detractor despite position additions. Vivendi's prolonged decline continues while News Corp contributed positively. Manager sees attractive long-term returns from current wide discounts and solid fundamentals.

Ruffer navigated March's Iran crisis with energy gains offsetting broader equity losses. Oil allocation and volatility protections delivered while gold disappointed as a geopolitical hedge. Portfolio actively repositioned, reducing Chinese exposure and adding UK gilts at attractive yields. Fund maintains defensive stance against further market stress while selectively exposed to global capex opportunities.

Dodge & Cox outperformed in Q1 2026's volatile market driven by Iran conflict and AI sentiment swings. The fund's value approach capitalized on dislocations, adding to Microsoft and Booking Holdings while initiating Roper Technologies. Trading at 13.8x forward earnings versus 19.1x for S&P 500, the diversified portfolio maintains long-term focus despite short-term sector rotations.

Liquidating fund holds £33.8 million in assets: Nexon (£24.0 million) and cash (£9.4 million). Management seeks fair Nexon sale opportunity in 2026 after no suitable offers in late 2025. Cash distribution deferred due to small payment amounts and administrative costs. Settlement Scheme remains inactive with no payments since March 2024.

Far View Partners is a concentrated global value fund targeting special situations with 10-20 positions and multi-year holding periods. The fund declined 4.01% in Q1 2026 versus benchmark decline of 3.10%, with 83.85% cumulative returns since 2011 inception compared to 306.00% for MSCI ACWI.