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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Cambiar International Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Cambiar International Equity returned 5.17% in 2Q 2026, lagging the MSCI EAFE's 10.82% gain driven by AI and semiconductor euphoria. The fund's underweight to Technology hurt relative performance despite positive selection elsewhere."
The Cambiar International Equity Fund returned 5.17% in 2Q 2026, underperforming the MSCI EAFE Index which gained 10.82% driven by technology and AI beneficiary stocks. The semiconductor rally was particularly explosive, with companies like ASML and Taiwan Semiconductor posting strong gains. The fund's underweight to Technology was the primary drag on relative performance, though positive stock selection in Industrials, Materials, and Energy provided partial offsets. The team increased exposure to Industrials to approximately 25% of the portfolio, adding Canadian National Railway and MTU Aero Engines to capture tailwinds from capital investment cycles, grid upgrades, onshoring, and defense spending. Banks rebounded strongly with gains in Barclays, ING, and DBS Group. The manager acknowledges execution challenges with positions like Nintendo, Coloplast, and MonotaRO but maintains conviction in their recovery potential. Looking ahead, the team remains cautious on U.S. valuations with 50% of the S&P 500 trading above 10x price-to-sales, while viewing international equities at 14.6x forward P/E as more reasonable. The fund maintains its disciplined approach focused on quality companies with strong fundamentals.
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