Columbia Strategic Income outperformed in Q2 2026 as shorter duration positioning benefited from rising yields amid persistent inflation. The team sees limited value in investment-grade corporates at tight spreads but finds compelling opportunities in AAA/AA non-agency mortgage-backed securities offering superior yields. With uncertainty elevated around Fed policy and inflation durability, the portfolio maintains high-quality structured credit exposure with flexibility to deploy capital when valuations improve.

Fairlight Alpha Fund delivered -12.6% in Q2 as cheap stocks became cheaper despite business progress, driven by market regime shifts and Middle East volatility. The fund is positioned in deeply discounted Asian and European small-caps including Korean OLED equipment maker Dong A Eltek and Thai oil producer Valeura Energy, while actively avoiding overvalued AI and technology stocks trading at unsustainable multiples like SpaceX at 158x revenues.

Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value.

REQ Global Compounders fell 5.0% in H1 2026 as AI rotation pressured software holdings despite strong fundamentals—portfolio companies grew EBITA 14% while the fund trades at 17.7x NTM, the lowest valuation since inception. Aerospace holdings HEICO and Diploma surged on booming demand. Management added proven industrial distributors Applied and DiscoverIE while trimming AI-concentrated Amphenol, viewing current prices as creating exceptional long-term entry points for patient capital.

Bison returned -12.8% in Q2 but sees the energy drawdown as a compelling entry point with the sector at all-time low S&P weightings and substantial mispricings. The fund opened a new co-investment in an undervalued oil and gas producer with strong improving operations trading at a significant discount to peers, offering multi-bagger upside through asset sales and buybacks amid historic oil supply disruptions and recovering institutional sentiment.

Bonhoeffer Fund lost 2.3% in 1H 2026 while continuing to rotate from slower-growth firms into durable compounders in distribution, community banks, and homebuilders. The portfolio targets deep value with growth, seeking 30-40% expected returns from firms trading at high single-digit forward earnings multiples. Distribution holdings benefit from copper demand for data centers and EVs. Community banks deliver 15%+ earnings growth through SBA lending despite near-term policy headwinds.

Ashva Capital returned 23.1% net through June 2026 versus 9.6% for the S&P 500, driven by concentrated positioning in Micron Technology and disciplined participation in the market recovery. The manager believes the memory semiconductor cycle is structurally improving due to AI demand and contracted supply agreements, creating an asymmetric opportunity where Micron's improving business quality and earnings power are not yet reflected in valuation. The broader market outlook remains constructive, supported by exceptionally strong earnings growth.

1578 Partners posted 7.89% net returns in Q2 2026 driven by concentrated positions in Interactive Brokers, Northeast Bank, Amazon, and Alphabet. The manager added aggressively to Amazon after a February selloff, capitalizing on misplaced AI infrastructure concerns as AWS delivered 37% revenue growth and 58% operating income growth. The AI boom is driving unprecedented semiconductor earnings with the sector up 87.8% in the quarter.

Greenlight lost 4.3% in Q2 primarily from macro bets on gold and rates despite conservative positioning. The manager views SpaceX's $1.75 trillion IPO as marking a speculative top and is positioned for Fed disinflation without rate hikes. Five new deeply undervalued positions were initiated including Fortune Brands at 8x earnings with turnaround potential and PayPal subsequently receiving a takeover bid, while three exits generated 30-157% IRRs.

The Saturna Global Sustainable Bond Fund outperformed its benchmark by 105 basis points in Q2 2026, driven by overweights to Colombian and Mexican Peso currencies and an underweight to the Euro. The fund opportunistically extended duration during May's Treasury volatility spike but maintains a defensive 4.22-year duration versus the benchmark's 6.17 years, with significant overweight to short-maturity bonds.

Ameliora reduced technology exposure in late June despite market highs, concerned that $3 trillion in AI debt creates unsustainable servicing burdens for an unproven commercial model. Record margin debt signals fragility while semiconductor valuations appear bubble-like. The firm favors gold miners and defense stocks offering strong cash flows but unloved by momentum investors, maintaining a constructive equity stance supported by AI capex flowing through the broader economy.

JB Global Capital runs a concentrated global portfolio anchored by a 55% position in Alibaba, which is emerging as a credible AI infrastructure and technology competitor following Apple's selection of Qwen as a technical partner and the release of frontier-competitive models. PayPal received a 52% premium acquisition offer validating the intrinsic value thesis. The fund emphasizes deep fundamental analysis over market timing across high-conviction positions.

Fairtree Global Equity underperformed by 6.1% in Q2 2026 as extreme momentum concentration in AI and semiconductors drove benchmarks higher. The fund's value-oriented positioning clashed with record momentum factor outperformance fueled by leveraged ETFs and options flows. Management added semiconductor and AI exposure while maintaining conviction that narrow leadership will give way to fundamental-driven broadening, viewing current valuations as compelling despite near-term style headwinds.

Icahn Enterprises posted a Q2 2026 net loss of $355 million with Investment Funds down 10.9% for the quarter and 18.2% year-to-date. Energy segment Adjusted EBITDA surged $110 million on strong refining margins and fertilizer pricing. The company is selling Pep Boys for $700 million while maintaining defensive positioning with 30% net short exposure in Investment Funds amid geopolitical and economic uncertainty.

The fund outperformed by 190 basis points in Q2 2026, driven by concentrated bets on AI infrastructure. Western Digital, Seagate, and SK Hynix delivered exceptional returns on exploding data center storage demand. Taiwan Semiconductor remains the largest active position. The manager trimmed energy profits post-Iran conflict and maintains conviction in commercial aerospace recovery through Boeing. Technology underweights include Apple, Amazon, and Microsoft.

Fortress Caribbean Growth Fund gained 5.8% in Q2 as AI buildout drove semiconductor gains, but the manager questions profit durability at current extreme valuations. While AI winners price in very bright futures, many other global equity areas have become wonderfully undemanding, creating value opportunities. The Fund maintains disciplined positioning in high-quality assets at reasonable prices with a long-term perspective across diversified geographies.

Oak Ridge capitalized on AI-driven market strength with concentrated exposure to semiconductors, memory, and data centers delivering exceptional returns. Information Technology holdings gained over 50% as memory shortages drove soaring prices and earnings estimates rose dramatically. The manager trimmed positions after extraordinary runs but maintains overweight exposure to AI beneficiaries. Despite persistent inflation and geopolitical risks, broadening earnings growth supports the fundamentals-based investment approach.

Barometer navigated a volatile, choppy quarter dominated by Iran geopolitical risk and policy uncertainty. Semiconductors and financials emerged as clear leaders, prompting substantial position additions in AI infrastructure names and banks. Industrials contributed on data center power and aerospace strength. Precious metals corrected sharply after extended gains, leading to reduced exposure. The manager maintains conviction in semiconductor, financial, and industrial themes while staying disciplined and flexible.

TPG reported record first-half 2026 results driven by its diversified $327 billion alternative asset platform spanning private equity, impact, credit, real estate, and market solutions. The firm declared a $0.59 quarterly dividend. Management highlighted the business model's ability to perform across cycles and sees significant expansion opportunities as clients seek differentiated offerings across strategies.

Apollo Global Management delivered record Q2 2026 earnings with Fee Related Earnings up 25% year-over-year to $785 million and Spread Related Earnings reaching $877 million. Total AUM hit $1.05 trillion on $298 billion of trailing twelve-month inflows. The firm's integrated platform across Asset Management and Retirement Services, combined with $74 billion of quarterly origination activity, positions Apollo to capitalize on increasing demand for capital in evolving private markets.

Eagle Capital has recycled capital away from the AI capex boom, which now represents over 30% of the S&P 500 and is pricing optimistic cases without sufficient downside consideration. The manager sees deteriorating industry structures and mounting risks with parallels to historical capex busts. They've built a portfolio of high-quality businesses trading at a 20% discount to the market with faster growth, including MercadoLibre, managed care, and resilient software, positioned for multiple futures.

Maran Partners returned +5.4% net in Q2 2026 despite market headwinds, executing two high-conviction special situation trades: a bridge loan in the underserved small credit market and a SpaceX IPO arbitrage at a 30% discount. Core small and microcap holdings are actively unlocking value through sales processes and buybacks. The concentrated portfolio has generated mid-teens annualized returns since inception with 9% alpha versus Russell 2000.

Risk assets rebounded strongly in Q2 2026 as oil prices collapsed from $100 to $70, easing inflation concerns despite Fed hawkishness. Market breadth improved dramatically with small caps and value outperforming. Emerging markets surged 24% on AI-driven semiconductor demand. The manager rebalanced to long-term targets and maintains gold exposure as a diversifier, advocating disciplined diversification over chasing winners despite cautious optimism on growth and earnings.

Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty.

Smoak Capital lost 4.35% in 1H 2026, lagging the S&P 500's 10.2% as AI stocks dominated. The manager deliberately avoids AI, focusing instead on severely undervalued Korean and Japanese small caps improving capital allocation. InBody, a GLP-1 beneficiary trading at 7.6x earnings despite 86% profit growth, led gains. Since inception, the fund has compounded at 34% annually versus 15.3% for the index.

Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders.

First Eagle Global Fund underperformed in Q2 2026 as growth stocks surged, but the manager used volatility to reposition into value opportunities. The fund maintains strategic gold exposure despite a 14% quarterly decline and sees compelling valuations in equal-weighted stocks and international markets. While concerned about extreme risk appetite and unsustainable AI spending, the manager believes scarce, durable assets at sensible prices will deliver long-term value.

Hennessy Equity and Income Fund owns high-quality businesses with strong returns on capital at reasonable valuations. The first half of 2026 saw AI-driven market gains concentrated in speculative names, creating opportunities to add quality companies at discounts. Inflation resurged from Middle East conflict, shifting Fed expectations from cuts to potential hikes. The managers extended fixed income duration opportunistically while maintaining quality focus across both equity and bond portfolios.

Azvalor Internacional returned 15% in first-half 2026, continuing strong momentum from 2025. The manager sees a golden age for value investing with extreme valuation gaps favoring undervalued stocks over speculative growth names. They actively rotate winners into new deeply discounted ideas, adding ten positions during the period including Yellow Cake and Borr Drilling. Portfolio upside estimated at 82% despite strong cumulative gains.

Azvalor sees a golden age for value investing with extreme valuation disparities favoring their style. The firm delivered strong first-half gains while rotating capital into deeply undervalued opportunities, estimating 60-84% upside across portfolios. Despite broad market strength, the S&P 500 trades expensively with dividend yields below government bills. The manager warns against speculation in leveraged products while maintaining concentrated positions in sound businesses at attractive prices.

SaltLight applies Christensen's disruption framework to AI, arguing NVIDIA's CUDA moat is eroding as customers fund alternatives to escape margin harvesting. Open-weight models are good enough for many workflows. Value shifts toward application layer, hyperscalers, and vertical software in niche markets. Recently invested in Constellation Software. Maintains high-engagement consumer platforms. Positioning increasingly cautious with paranoid stance toward market conditions echoing late 1990s.

McIntyre Partnerships rebounded 23% in Q2 after a difficult Q1, driven by QDEL's announced $1.5B asset sale that will deleverage the company and unlock value. The manager maintains extreme concentration with five positions representing 88% of assets, viewing QDEL as a once-in-a-decade opportunity. Strong catalysts across SHC, STHO, and the broader life science tools sector support the multibagger thesis for this concentrated small-cap value portfolio.

Baron Discovery underperformed in Q2 2026 as momentum-driven AI winners dominated small-cap performance in what managers view as a bubble comparable to the dot-com era. They explicitly avoided chasing momentum, instead using software sector weakness to initiate Samsara and Rubrik at attractive valuations while taking profits in AI-exposed names approaching targets. The portfolio is positioned with concentrated holdings in differentiated businesses trading at compelling valuations despite market ignoring non-AI growth stories.

BNY Mellon Global Equity Income Fund underperformed in Q2 2026 due to its zero exposure to AI-driven technology stocks, a deliberate result of its strict yield discipline. The manager views elevated market concentration and AI valuations as creating risks comparable to 2000, while income stocks trade at historically wide discounts. With rates staying higher for longer, the fund is positioned to capitalize on compelling income stock valuations for long-term outperformance.

Bailard's quantitative small cap value strategy outperformed in Q2 2026 by navigating volatile sentiment shifts through proprietary behavioral finance models. The Path-Dependent Anchoring Bias factor proved most effective. A small cap value renaissance is underway driven by accelerating earnings, attractive valuations, reshoring tailwinds, deregulation, and improving M&A activity. Strategy capacity confirmed at $1.5 billion with low trading impact.

Bilbel Capital runs concentrated deep value portfolio of five positions bought under 3.5x earnings with strong balance sheets. Lead position Water Oasis trades at fraction of cash holdings while dominating Hong Kong beauty services with consolidation runway. Manager sold CareCloud to fund more undervalued opportunities. Proprietary screening identifies top 1% ideas monthly from 15,000 stocks. 1H 2026 returned -16.1% net following +58.0% in 2025.

Rivemont is positioned for a major sector rotation away from technology toward healthcare and Canadian financials. The fund has aggressively overweighted healthcare real estate, pharmaceuticals, and biotechnology for resilience and lower volatility. Canadian financials benefit from near-monopoly positions with exceptional margins. Bank of Montreal is up 40% year-to-date. The manager sees parallels to the post-2000 rotation and expects continued outperformance.

Voya MI Dynamic Small Cap Fund outperformed the Russell 2000 in 2Q26 through machine learning-driven stock selection, capitalizing on AI infrastructure demand via data center power, networking, and semiconductor positions. Small caps outperformed as market leadership broadened beyond mega-cap tech. The managers expect increasing selectivity ahead, with performance driven by earnings sustainability and fundamentals rather than momentum, creating opportunities in defensives and rate-sensitive sectors.

Rowan Street fell 21% in the first half of 2026 despite strong underlying business performance across all holdings. The manager views the disconnect as temporary, driven by market enthusiasm for AI infrastructure suppliers rather than AI deployers. Meta, Tesla, Shopify, Topicus, and Constellation Software all executed well operationally. The manager maintains high conviction that business performance will ultimately drive investment returns over time.

Generated 17.8% net by trading sector rotation between AI winners and losers in a flat market. Semiconductors peaked climactically in June after a 30% rally driven by memory bottlenecks. Shorted upside volatility in overleveraged memory products while rotating into cheap IT services and quality names. Built defensive energy positions around Iran crisis. Positioned long yen against extreme carry trade positioning. Expect elevated volatility into elections despite low VIX.

L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations.

Easterly's Global Real Estate Fund outperformed by 247 bps in Q2 2026, driven by concentrated positions in data centers and senior housing. The fund capitalizes on supply constraints and rate stability to own high-quality REITs with embedded growth. Core holdings include NextDC, Goodman Group, and Welltower. The fund actively avoids self-storage and office, maintaining a benchmark-agnostic portfolio of 50 best-in-class global real estate companies.

The Fund delivered 6.32% in Q2 2026 by capturing a 100+ basis point rally in credit spreads while its floating-rate structure benefited from rising base rates. With 363 diversified obligors, minimal duration, and a 6.06% pro-forma yield, the strategy is engineered to harvest credit risk premiums at half the volatility of equities. Managers view current spread compression as setting up future deployment opportunities.

Bronte returned 5.12% in Q2 2026 but lagged the AI-driven bull market. The manager sees the $700 billion to $1 trillion annual AI CapEx boom as unprecedented, requiring massive labor displacement to justify returns, with profound uncertainty about outcomes. Google faces existential disruption despite brilliant management. Memory chip profits have exploded. The fund is trimming winners and finding better shorting opportunities as market leadership narrows to AI infrastructure.

Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices. Manager expects gold to become the primary liquid haven as Treasury confidence deteriorates, with fiscal dynamics, record equity valuations, and China risks creating a severe global downturn catalyst.

Long Cast delivered 20% quarterly returns through concentrated micro-cap investing, avoiding AI hype. Top position PDEX offers exceptional upside from Zimmer's robotic surgery launch. PESI benefits from expanding nuclear waste processing. Manager added to NRC amid strong backlog growth and professional management transition. Portfolio remains concentrated at 62% in top five names, positioned defensively without leverage amid rising rates and geopolitical risk.