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.

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.

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.

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.

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.

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.

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.

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.

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.

Tactical fixed income fund rotating across five asset classes with active duration management. Focuses on value investing in income securities while maintaining conservative risk profile. Demonstrated flexibility during recent rate volatility by shifting to floating rate structures. Managed by experienced team with strict risk controls and benchmark-agnostic approach.

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.

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.

Convertibles outperformed equities in Q1's volatile environment, advancing 3.72% versus S&P 500's 4.33% decline. Fund benefited from AI rotation dynamics and strong tech sector selection while maintaining defensive positioning. Solid credit fundamentals and robust new issuance support the asset class despite geopolitical headwinds and election uncertainty ahead.

International fund underperformed amid AI disruption fears and Middle East volatility. Manager navigated by selling AI-vulnerable Recruit Holdings while adding to defensive positions like Airbus and utilities. Value rotation favors international markets given cyclical exposure. With international stocks at 14x P/E discount to U.S., focus remains on quality companies with pricing power.

Emerging markets fund outperformed on AI-driven technology holdings including Unimicron, Samsung, and Chroma ATE benefiting from semiconductor demand. Middle East conflict shifted leadership to energy while creating headwinds for energy-importing Asian markets. Added lithium and semiconductor packaging exposure while exiting Chinese internet names facing regulatory pressure.

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 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.

Small-cap value fund benefited from energy overweight as Iran war drove oil prices higher, while maintaining conviction in undervalued regional banks despite market credit concerns. Professional services holdings suffered from AI disruption fears viewed as unwarranted. Portfolio seeks quality small-caps trading below intrinsic value with overweights in financials and energy.

AWO outperformed in volatile Q1 2026 with reduced market beta from infrastructure focus. Baker Steel led gains on metal price strength while Bluefield Solar rose 20% in takeover process. Manager added to Chrysalis during weakness and exited Sherborne on delayed catalysts. Portfolio positioned for anti-AI disruption theme with renewable energy exposure offsetting geopolitical risks.

Jensen Quality Mid Cap Fund's disciplined focus on companies with 15%+ ROE for ten consecutive years faced headwinds from AI disruption fears affecting software holdings and energy sector strength the fund avoids. Despite Q1 underperformance, the team maintains conviction in high-quality businesses with sustainable competitive advantages, adding AON, Sherwin-Williams, and Cadence Design Systems while exiting FactSet due to AI threats.

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.

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.

Troy reduced gold exposure after strong gains while maintaining AI positions in Alphabet and Microsoft despite elevated valuations. New yen position hedges dollar weakness expectations. Iran war creates fourth supply shock this decade, raising stagflation risks. Upcoming mega-IPOs and AI disruption increase volatility. Strategy emphasizes real assets and quality growth while managing inflation and geopolitical risks through selective positioning.

Spheria Global Opportunities outperformed in March despite Middle East tensions, benefiting from timely CF Industries addition as fertilizer supply disruptions boosted prices. Used Intertek weakness as buying opportunity at attractive 12x EBIT valuation. Portfolio repositioned toward quality businesses with strong cash generation and conservative balance sheets at sensible valuations.

Fund declined 7.95% as AI disruption fears triggered software sell-off affecting Microsoft and Roper, while Middle East conflict added volatility. Managers harvested losses in Roper, added Salesforce and Accenture, plus initiated Vulcan Materials and Pool Corp positions. Despite headline-driven volatility overshadowing fundamentals, they see improved long-term return prospects from current business value disconnects.

Baron Fifth Avenue Growth Fund matched benchmark performance despite 10% decline in Q1 2026. AI adoption accelerated dramatically with clear revenue evidence emerging. Portfolio concentrated on highest conviction AI winners while reducing software exposure. Current valuations 21% below historical averages create attractive opportunity despite geopolitical tensions and oil price volatility.

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.