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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Bell Global Equities underperformed in Q2 2026 as extreme momentum concentration overwhelmed its quality-focused approach. The fund added semiconductor equipment and AI infrastructure plays while maintaining valuation discipline."
The Bell Global Equities Fund returned 6.5% in Q2 2026 but underperformed its benchmark by 6.1% as momentum-driven markets favored cyclical value and speculative areas over quality. The fund's QARP approach faced headwinds from extreme market concentration, with the top 20 stocks driving 83% of index returns and AI-related names accounting for 90% despite representing only 30% of the index. Geopolitical developments dominated the quarter, with a fragile US-Iran agreement in June reopening the Strait of Hormuz and triggering commodity price declines, while central banks turned hawkish on energy-driven inflation. The portfolio added semiconductor equipment exposure through Screen Holdings, which surged 50%, and established positions in Legrand and Lowe's. Despite recent underperformance, portfolio fundamentals remain resilient, with holdings trading at approximately 25% discounts to year-ago and 10-year average valuations. The manager believes the current dislocation has created one of the most attractive forward-looking risk-reward profiles in years, with early July showing initial signs of momentum leadership unwinding.
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