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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, Advisory Research - Global Select Dividend. This analysis is provided for institutional research purposes only and is not investment advice.
"Advisory Research delivered strong Q2 2026 returns through concentrated dividend positions while maintaining that AI will drive transformative productivity gains despite near-term inflationary pressures from infrastructure buildout. The managers view inflation as underpriced by markets, with potential Fed tightening extending into 2027."
Advisory Research's Global Select Dividend strategy returned 11.4% net in Q2 2026, underperforming the benchmark by 2.8% but delivering strong absolute returns through concentrated, high-conviction positioning. The managers argue that market narratives have ping-ponged between AI bubble fears, inflation concerns, and geopolitical crises, yet they maintain that speculation remains a feature of free market growth rather than evidence of systemic bubble. They are bullish on AI as a defining general-purpose technology that will drive productivity gains across the economy, with chipmakers like NVIDIA capturing early value as picks and shovels providers. However, they identify inflation as a more durable risk than markets currently price, with U.S. CPI reaccelerating toward 4% and the potential for Federal Reserve tightening extending into 2027. The managers believe AI's near-term buildout phase looks inflationary rather than deflationary, as capex-driven demand dominates before efficiency gains materialize. They are watching the transition from training to inference infrastructure and divergences between consumer and enterprise AI monetization. Their disciplined process combines quantitative factor modeling with bottom-up fundamental analysis to identify opportunities where the market misprices long-term value creation.
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