Marram holds 47% cash amid elevated valuations and macro uncertainty, maintaining core positions in energy infrastructure MLPs, regional banks, payment technology, and biopharma. Energy infrastructure and banks have performed well, while payment names declined 23% YTD on valuation compression. Manager exited PayPal and ICON plc, added Berkshire Hathaway, and continues patient opportunism approach with substantial dry powder awaiting attractive entry points on expanded Wishlist.

RLH SPAC Fund returned 6.1% in Q2 2026 by combining trust-supported yields with transaction-driven optionality. The strategy delivered as SPAC discounts converged and select transactions like CCXI and BRUN captured investor interest. With 55 new SPAC IPOs and 28 transaction announcements, the opportunity set remains compelling: base-case yields exceeding 5%, trust-protected downside, and meaningful upside when quality transactions emerge.

Hosking Partners delivered 15.3% year-to-date through capital cycle discipline, taking profits in memory semiconductors after historic AI-driven gains while maintaining energy positions despite geopolitical volatility. The strategy is positioned away from momentum-driven AI sectors experiencing record equity issuance and toward disciplined capital allocators in Japan, energy, and New York office real estate, capitalizing on the return to traditional supply-demand dynamics after a decade of capital-light business dominance.

The fund delivered 29.64% in Q2 2026, outperforming through concentrated AI semiconductor exposure and selective China technology positioning. SK Hynix, Samsung, MediaTek and Chinese hardware names drove returns while model makers lagged. The manager trimmed winners to maintain diversification but continues adding selectively. Outlook is constructive on AI and China tech but cautious on valuations and narrow market leadership. Indonesia regulatory concerns created headwinds.

Olesen pursues global value investing, exploiting AI-driven market distortions by buying overlooked physical economy businesses at deep discounts. UK homebuilders are core holdings trading at 66% of book value and half of intrinsic value with strong balance sheets and stable demand. European micro caps in specialty finance and distribution offer 60-80% upside as fundamentals improve. Portfolio concentrated in non-US opportunities where investor psychology creates better value.

Confluence Investment Management's CEO uses World Cup visitor reactions to illustrate the critical importance of perspective in investing. The firm's collaborative approach across Value Equity, Asset Allocation, International Equity, and Alternative Investment teams aims to reduce individual bias and improve decision-making. No performance data, positions, or market views are discussed in this purely process-focused commentary letter.

Aoris underperformed in Q2 as markets favored AI infrastructure and cyclicals over quality compounders. The manager sold Accenture after a costly 58% decline, acknowledging excessive patience with deteriorating fundamentals. New positions in Moody's and Bentley Systems reflect conviction that the market overestimates AI disruption risk to mission-critical software and data businesses. The concentrated portfolio of 15 high-quality businesses remains positioned for AI to strengthen incumbent advantages.

Next Century Growth Investors' small cap strategy surged 45.4% in Q2 2026, crushing benchmarks by 2,000 basis points through concentrated AI infrastructure, semiconductor, and industrial exposure. Technology holdings returned 90-120% as AI capex conviction returned. The manager trimmed winners after sharp gains, redeploying into health care and software. Small caps delivered their strongest first half since 1991, and accelerating earnings with attractive valuations create a compelling multi-year setup.

SouthernSun underperformed in Q2 as AI speculation drove small-cap indices, but the manager deliberately avoided chasing concentration risk. The portfolio delivered solid absolute returns of 10.58% net with strong performance from Extreme Networks and Dorman Products. The team maintains conviction in renewable energy and aftermarket auto parts despite near-term headwinds, conducting deep field research to identify mispriced multi-year compounders while avoiding speculative growth.

Brown Advisory's Mid-Cap Growth Strategy outperformed by 300 basis points in Q2 2026, driven by AI infrastructure suppliers including Marvell Technology which returned 166% before being sold on valuation. The manager executed high portfolio turnover, adding eighteen new positions across data center hardware, software, and consumer services while maintaining discipline around price targets. Market leadership continued broadening beyond mega-cap tech as anticipated in recent letters.

Next Century Growth delivered exceptional Q2 returns led by AI infrastructure, semiconductors, and data centers, with small caps posting their best first half since 1991. The manager trimmed technology winners after sharp valuation expansion and redeployed into health care, industrials, and software. High conviction remains on small cap opportunities where accelerating earnings and reasonable valuations create a multi-year setup despite recent outperformance.

Invesco Small Cap Value Fund surged 22.75% in Q2 2026, crushing its benchmark by 548 basis points on the strength of AI infrastructure and semiconductor holdings. Penguin Solutions, Coherent, and MKS delivered outsized gains as AI spending accelerated. Energy holdings detracted as oil prices fell. Managers see compelling long-term value in small caps given historical valuation discounts to large caps and attractive gaps between current prices and intrinsic value estimates.

Blue Tower gained 18.91% net in Q2 2026 on Enova strength, bringing YTD to 20.84%. The manager holds Petrobras and SM Energy as the Iran War disrupts Hormuz oil flows. Initial market buffers including China's strategic reserve drawdowns are exhausting. With fighting resumed and China returning to markets, oil prices should rise significantly. Energy E&P trades cheap with improved capital discipline while AI data centers drive incremental energy demand.

Renaissance's international small cap strategy outperformed in Q2 2026, led by semiconductor holdings benefiting from NAND supply chain dynamics and traditional auto components gaining from slower EV adoption. The manager added energy services exposure while trimming commodity-dependent producers. International equities trade at a 32% discount to U.S. peers despite superior expected earnings growth through 2027, creating compelling value for diversification-seeking investors.

The fund outperformed in Q2 2026 as Hungary and Mexico rate positioning drove gains while Turkey, Brazil, and India detracted. Emerging markets navigated a complex quarter marked by the Iran conflict and less accommodative Fed policy, with central banks delivering increasingly divergent responses. The managers favor fundamentally stronger markets with credible central banks and attractive real yields, viewing recent dislocations as creating improved entry points for selective opportunities.

VELA International underperformed by 700 basis points in Q2 2026 as AI mania drove semiconductors higher while the fund's value-oriented technology holdings suffered. The manager sold half of Infineon after it doubled to 64x P/E and refuses to chase AI stocks at current valuations. Three new positions were initiated in undervalued Philippine banking, European ticketing, and airline catering. Healthcare delivered strong results across all holdings as post-pandemic headwinds fade.

Arquitos delivered 64.8% net returns in Q2 2026, driven by Liquidia's fivefold gain as its drug launch succeeded spectacularly. The concentrated portfolio approach continues to work: largest positions consistently outperform. Liquidia awaits a favorable patent decision that could drive shares to $140. New position Abivax rebounded sharply after dispelling safety concerns and is positioned for a buyout above $200. The fund's extreme concentration and patient value discipline have generated 17.4% annualized returns since inception.

Manager views AI enthusiasm as disconnected from fundamentals despite technology's long-term potential, maintaining diversified exposure away from mega-cap hyperscalers. Portfolio emphasizes high-quality businesses with strong cash flow and attractive valuations that have lagged during the narrow rally. Market concentration at multi-year extremes creates opportunity as leadership eventually broadens and fundamentals reassert importance. Geopolitical risks eased but inflation and monetary policy uncertainty persist.

Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital.

Fairtree Wild Fig Multi Strategy Hedge Fund returned -4.4% in Q2 2026 as equity positioning detracted amid sharp precious metals reversals and materials sector weakness. Fixed income strategies provided resilience, adding +1.2% through uncorrelated positioning. The quarter saw one of the sharpest market reversals in recent history following US-Iran peace agreement and sustained AI infrastructure spending. The Fund remains diversified across uncorrelated alpha streams to compound capital long-term.

Grey Owl All-Season Strategy posted +4.2% in Q2 and +6.0% year-to-date, outperforming cash by 500 basis points. AI infrastructure surged then corrected while small caps rallied 22.6%. Inflation remains stubbornly high with flat GDP growth ahead. The portfolio maintains balanced all-season positioning with US equity overweight, no commodity exposure, and risk spread across growth and inflation factors rather than concentrated in equities.

Small caps delivered exceptional Q2 outperformance with the Russell 2000 up 21.49%, the strongest relative performance versus large caps since 2001. The strategy gained 22.14% driven by AI-fueled strength in semiconductors and industrials. Small cap earnings hit new highs while trading at discounts to large caps. Manager reduced AI capex exposure after strong gains but remains constructive on continued economic growth and earnings strength for the second half.

American Century Small Cap Value underperformed in Q2 2026, returning 15.58% versus the benchmark's 17.19%, primarily due to missing AI-driven technology rallies and energy sector weakness from lower oil prices. Semiconductor equipment providers and AI-enabled advertising technology were bright spots. The portfolio maintains conviction in financials and industrials trading below historical valuations with strong cash flow generation, while avoiding health care due to unattractive risk/reward profiles.

City Different's global equity strategies trailed a hot AI-driven market in Q2 but delivered solid gains. New purchase ICON plc led performance as valuation became compelling post-correction. Manager trimmed energy exposure into strength and added to MercadoLibre on weakness. Electrification trends continue benefiting Talen Energy. Remarkable energy inventory depletions contrast with prior oversupply consensus. Portfolios remain optimistic on long-term fundamentals despite near-term volatility.

BBH Intermediate Municipal Bond Fund outperformed its benchmark by 9 bps in Q2 2026, driven by niche sector exposure and non-standard structures including prepaid energy bonds backed by Alphabet and Citigroup. Despite strong municipal market technicals from record fund inflows, the manager views credit past its peak given healthcare and higher education headwinds from federal policy changes. Opportunity remains in less-crowded market segments offering attractive risk-adjusted yields.

American Century Emerging Markets Fund surged 29.46% in Q2 2026, crushing the benchmark by 540 basis points through concentrated AI semiconductor exposure in South Korea and Taiwan. Samsung Electro-Mechanics, SK Hynix, and Unimicron drove outperformance on high bandwidth memory demand. Avoiding Chinese consumer names added value. Lithium and energy holdings detracted on supply normalization. Managers see attractive stock selection opportunities amid improving earnings and easing geopolitical tensions.

Smead International Value Fund is concentrated in two compelling opportunities: European banks posting record post-crisis returns on equity with 5%+ dividend yields trading at discounts to US peers, and Canadian oil sands producers with SAGD assets generating high-teen returns at $70 oil. The manager sees structural oil price shift to $80 driven by geopolitical premiums and supply constraints, with holdings breaking even at $40 offering significant margin of safety.

Bristol Gate's dividend-growth strategy lagged in Q2 2026 as mega-cap tech dominated, but the machine learning model continues identifying high dividend-growth opportunities across styles. The manager added five positions in AI infrastructure, aerospace, and insurance while exiting five names facing AI disruption or moderating dividend growth. The equal-weighted 22-stock portfolio with 15.4% TTM dividend growth remains positioned for infrastructure bottlenecks and technology cycle shifts.

Peak Asset Management maintains disciplined value investing amid Q2 2026 turbulence, stockpiling cash and building Treasury positions while portfolio holdings face pullbacks from AI spending and high valuations. Macro risks include geopolitical tensions and 4.2% inflation, but economic expansion continues. The firm rejects speculation, emphasizing bottom-up analysis and rational pricing for long-term holdings, positioning defensively for an anticipated market downturn.

Ironvine rotated capital from semiconductors into Meta and SAP during Q2 2026 as AI infrastructure valuations stretched. Meta's advertising platform offers compelling AI use cases with powerful data advantages. SAP's cloud migration and embedded enterprise position create opportunity despite market skepticism. Hyperscaler spending creates wide outcome ranges. The firm maintains conviction that Microsoft and Meta will successfully navigate this technological transition despite near-term market punishment.

Artisan Small Cap Fund returned 26.11% in Q2 2026, modestly outperforming despite market leadership favoring low-quality companies. Health care and AI infrastructure holdings drove performance, with biotechnology and semiconductor positions delivering strong results. Software was reduced to underweight as AI reshapes competitive dynamics. New positions in Virtu Financial, Murphy USA, and USA Rare Earth reflect conviction in company-specific profit cycles. Managers maintain discipline on quality and valuation while seeing attractive long-term opportunities in AI infrastructure and biotechnology.

Hood River's Small Cap Growth Fund significantly outperformed in Q2 2026, driven by selective AI infrastructure and defense holdings. The managers maintain a disciplined, bottom-up approach focused on durable growth businesses with improving fundamentals, avoiding macro-driven repositioning despite hawkish Fed signals. With meaningful sector weight deviations post-reconstitution and continued identification of mispriced opportunities, the team views elevated market dispersion as favorable for active stock selection.

The fund returned 29.56% in Q2 2026, outperforming its benchmark by focusing on small and mid cap companies enabling AI infrastructure as the technology enters its agentic phase. Record capital spending is flowing into data center ecosystem companies building, servicing, and powering compute capacity. Top contributors included infrastructure services, semiconductor storage solutions, and cloud providers purpose-built for AI workloads. The fund maintains concentrated exposure to this accelerating demand cycle.

Bristol Gate's Canadian equity strategy trailed by 123 basis points net in Q2 as commodity trades reversed and Canadian banks surged +25.6%, driving nearly all benchmark gains. The portfolio's Materials and Energy underweights added +258 basis points, but underweight bank exposure cost -340 basis points. New positions in Cenovus and Cameco target dividend growth in energy and uranium. The concentrated, quality-focused approach remains unchanged.

Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains.

Emerging markets delivered the strongest quarterly return since 2009, led by Taiwan and South Korea's AI supply chain dominance. Beyond semiconductor manufacturing, EM companies are innovating with affordable AI models to strengthen competitive advantages across diverse industries. Harding Loevner adjusted risk guidelines to capture long-term IT opportunities while maintaining portfolio diversification, adding positions in power semiconductors, social media, and Vietnamese steel manufacturing.

Fiera Capital expects sustained inflation over 12-18 months driven by energy shocks, AI supply stress, and trade uncertainty, keeping central banks on hold and growth at trend. The firm maintains defensive positioning with underweights to equities and bonds, overweights to private credit, real assets, and private equity, and 17.5% cash. Private markets strategies provide superior risk-reward versus traditional 60/40 portfolios in this challenging environment.

Hood River's New Opportunities Fund delivered +28.88% in Q2 2026, outperforming by +486 bps through disciplined stock selection in technology, financials, and energy. The fund maintains selective AI infrastructure exposure grounded in hyperscaler capex and holds defense businesses benefiting from next-generation procurement. Despite modestly firmer valuations and hawkish Fed communication, the managers continue bottom-up research to identify mispriced growth opportunities in small and mid-cap stocks.

Shelton Equity Income delivered 9.32% net in Q2 2026, outperforming its benchmark by 2.27% as markets rebounded on AI enthusiasm and strong earnings. The strategy generated 4.48% year-to-date income from options and dividends. Semiconductor and technology holdings led gains while Energy lagged. The manager maintains conviction in top performers and actively uses volatility to generate premium income, positioning the portfolio to benefit from expected continued market turbulence.

Upslope suffered in Q2 2026's momentum-driven mania as investors abandoned quality, cash-flowing businesses for AI speculation. The manager views this as similar to 2021 and is finding unusual opportunities to buy good companies cheaply. Portfolio remains concentrated in defensive, well-executing businesses with rising earnings and falling valuations. New position in Magnum Ice Cream reflects spin-off opportunity in out-of-favor consumer staples. Expects eventual normalization toward fundamentals-based investing.

Colebrooke deliberately upgraded portfolio quality in H1 2026, selling Eurocell and Macfarlane to fund Howden Joinery at £7.30 during rate-driven volatility. Howdens possesses an exceptional moat through uncopiable depot density and national infrastructure, earns 23% ROIC, and gains share through downturns. The concentrated eight-position portfolio now offers the highest quality and defensibility in the fund's history, with valuations requiring minimal future assumptions.

EMA GARP Fund's 20% Q2 decline reflects temporary AI euphoria overshadowing their core monetary debasement thesis. With US debt at 123% of GDP and inevitable massive inflation ahead, gold and silver miners offer extreme asymmetry at current prices. Portfolio concentration in names like Aris and Avino provides multi-bagger potential with substantial operating leverage. Sentiment at 30-year lows signals major rally ahead as financial war drives gold's replacement of Treasuries as global reserve asset.