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 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.

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.

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.

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.

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.

Aristotle International underperformed in Q1 2026 due to security selection challenges, though TotalEnergies and Otsuka Holdings contributed positively. The manager added Techtronic Industries while exiting Amundi, maintaining focus on quality international businesses with strong fundamentals. Despite geopolitical volatility, the team sees opportunities for patient investors in current market conditions.

Bailard's small cap value strategy outperformed in Q1 as AI spending concerns hurt growth while benefiting value stocks. The team sees a small cap renaissance ahead driven by superior earnings growth, attractive valuations, and structural tailwinds including deregulation and reshoring. Their behavioral finance approach targets mispriced opportunities while managing downside risk.

Small/mid caps demonstrated resilience in Q1 2026, outperforming large caps amid market volatility. Aristotle's fund gained 3.35% versus 2.04% for the Russell 2500, driven by AI-beneficiary Advanced Energy Industries and optical networking leader Ciena. Compelling valuations and improving earnings momentum support the long-term outlook despite near-term geopolitical and election risks.

Aristotle Core Equity Fund declined 4.45% in Q1 2026, adding three new positions in AI infrastructure and biotech companies. Energy was the strongest sector due to Middle East conflicts driving oil prices higher. The fund focuses on companies with secular tailwinds like AI data center buildout and personalized medicine despite macroeconomic headwinds and geopolitical uncertainty.

Bestinver used Q1 geopolitical volatility to buy quality businesses at discounts. Despite Iran tensions, manager sees temporary energy shock against backdrop of improved economic resilience. Strong conviction in semiconductors, European banks, and infrastructure plays. Portfolio companies expected to grow cash flow 90% over four years while trading at 45% discount to indices. Positioned for strong returns when fundamentals reassert over noise.

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.

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.

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.

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.

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.