Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| +4.5% | - | Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. Full Quick Take Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. | |||||||
| +21.6% | +16.5% | Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. Full Quick Take Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. | - | ||||||
| +22.3% | +27.9% | - | The fund returned 22.28% but lagged the benchmark's 24.05% as AI-driven semiconductor demand propelled Taiwan and South Korea to massive gains. The underweight to a Taiwanese semiconductor bellwether and broader technology underexposure hurt performance, as did overweights to lagging Latin American and other emerging markets. China holdings added value despite market weakness. Multi-manager structure delivered mixed results across technology and value strategies. Full Quick Take The fund returned 22.28% but lagged the benchmark's 24.05% as AI-driven semiconductor demand propelled Taiwan and South Korea to massive gains. The underweight to a Taiwanese semiconductor bellwether and broader technology underexposure hurt performance, as did overweights to lagging Latin American and other emerging markets. China holdings added value despite market weakness. Multi-manager structure delivered mixed results across technology and value strategies. | - | |||||
| - | - | - | Newport Capital advocates diversified positioning across styles, caps, and regions amid Iran-driven volatility. Q2 saw strong market rebound with S&P 500 up 15.2% on easing tensions and robust earnings. The Fed shifted to tightening bias under new Chairman Warsh. Firm expects 2.0% economic growth, range-bound rates, and continued earnings strength at 24.0% growth. Value and international equities appear relatively attractive versus growth and Large-Cap. Full Quick Take Newport Capital advocates diversified positioning across styles, caps, and regions amid Iran-driven volatility. Q2 saw strong market rebound with S&P 500 up 15.2% on easing tensions and robust earnings. The Fed shifted to tightening bias under new Chairman Warsh. Firm expects 2.0% economic growth, range-bound rates, and continued earnings strength at 24.0% growth. Value and international equities appear relatively attractive versus growth and Large-Cap. | - | |||||
| +5.8% | - | - | PGIM High Yield Fund maintains a constructive but cautious stance as spreads compressed to 270 bps in Q2 2026. The manager favors high-quality, short-duration bonds and overweights homebuilders and telecom while underweighting media and restaurants. With risks skewed to the downside at tight spreads, the focus is on carry generation and credit selection, particularly favoring BB and high-B leveraged loans over lower-quality credits. Full Quick Take PGIM High Yield Fund maintains a constructive but cautious stance as spreads compressed to 270 bps in Q2 2026. The manager favors high-quality, short-duration bonds and overweights homebuilders and telecom while underweighting media and restaurants. With risks skewed to the downside at tight spreads, the focus is on carry generation and credit selection, particularly favoring BB and high-B leveraged loans over lower-quality credits. | - | |||||
| +5.3% | - | The Gabelli Dividend Growth Fund returned 5.35% in Q2 2026, underperforming the Russell 1000 Value Index due to limited semiconductor exposure. The Fund missed massive gains in Micron and SanDisk but benefited from holdings in Hewlett Packard Enterprise, Alphabet, and Citigroup. The manager added Microsoft and Genuine Parts while maintaining focus on high-quality companies with sustainable cash flows and pricing power. Full Quick Take The Gabelli Dividend Growth Fund returned 5.35% in Q2 2026, underperforming the Russell 1000 Value Index due to limited semiconductor exposure. The Fund missed massive gains in Micron and SanDisk but benefited from holdings in Hewlett Packard Enterprise, Alphabet, and Citigroup. The manager added Microsoft and Genuine Parts while maintaining focus on high-quality companies with sustainable cash flows and pricing power. | |||||||
| +6.8% | - | The Gabelli Equity Income Fund returned 6.76% in Q2 2026, lagging its benchmark as persistent inflation and a hawkish Fed shift weighed on markets. Strong performance from financials like Bank of New York Mellon, driven by AI-enabled efficiency gains, offset weakness in energy holdings including Chevron. The manager maintains focus on value opportunities trading below Private Market Value that can thrive regardless of interest rate movements. Full Quick Take The Gabelli Equity Income Fund returned 6.76% in Q2 2026, lagging its benchmark as persistent inflation and a hawkish Fed shift weighed on markets. Strong performance from financials like Bank of New York Mellon, driven by AI-enabled efficiency gains, offset weakness in energy holdings including Chevron. The manager maintains focus on value opportunities trading below Private Market Value that can thrive regardless of interest rate movements. | |||||||
| -12.6% | -4.3% | Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. Full Quick Take Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. | |||||||
| +10.8% | +22.1% | Yacktman generates risk-adjusted returns by owning quality companies at attractive valuations. Samsung Electronics at 3-4x cash flow provides AI infrastructure exposure with downside protection. Energy holdings hedge geopolitical risk. South Korean positions benefit from governance reforms. The fund added software positions after AI-driven selloffs created bargains. Portfolio positioned to protect capital while capturing opportunities as markets reach all-time highs with concentrated risks. Full Quick Take Yacktman generates risk-adjusted returns by owning quality companies at attractive valuations. Samsung Electronics at 3-4x cash flow provides AI infrastructure exposure with downside protection. Energy holdings hedge geopolitical risk. South Korean positions benefit from governance reforms. The fund added software positions after AI-driven selloffs created bargains. Portfolio positioned to protect capital while capturing opportunities as markets reach all-time highs with concentrated risks. | |||||||
| - | - | AI's capital expenditure boom faces a reckoning as soaring memory chip and token costs force enterprise migration from expensive US cloud platforms, threatening hyperscaler returns on $800 billion projected 2027 spending. Micron's historic beat validates semiconductor thesis, propelling Asian markets higher. Manager pairs US mega cap tech with Asian memory makers, overweights Japan, and holds elevated cash anticipating volatility will create better summer entry points. Full Quick Take AI's capital expenditure boom faces a reckoning as soaring memory chip and token costs force enterprise migration from expensive US cloud platforms, threatening hyperscaler returns on $800 billion projected 2027 spending. Micron's historic beat validates semiconductor thesis, propelling Asian markets higher. Manager pairs US mega cap tech with Asian memory makers, overweights Japan, and holds elevated cash anticipating volatility will create better summer entry points. | - | ||||||
| +26.9% | +12.1% | The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. Full Quick Take The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. | - | ||||||
| - | - | Elliott argues Northern Star Resources owns world-class gold assets in Australia and Alaska that are deeply undervalued due to operational failures and leadership issues. The company has underperformed peers by 203% over three years despite possessing what could become the second largest Tier-1 gold mine globally. Elliott demands immediate strategic review including potential sale, citing strong M&A environment and significant buyer interest, or alternatively a comprehensive operational turnaround with new leadership. Full Quick Take Elliott argues Northern Star Resources owns world-class gold assets in Australia and Alaska that are deeply undervalued due to operational failures and leadership issues. The company has underperformed peers by 203% over three years despite possessing what could become the second largest Tier-1 gold mine globally. Elliott demands immediate strategic review including potential sale, citing strong M&A environment and significant buyer interest, or alternatively a comprehensive operational turnaround with new leadership. | |||||||
| +14.7% | +9.6% | Aristotle Core Equity returned 14.69% in Q2 2026, slightly trailing the S&P 500 on allocation effects. AI infrastructure drove market leadership, with the Fund adding semiconductor exposure through AMD and Micron positions. The manager sees memory entering a four- to five-year super-cycle driven by AI demand and HBM constraints. Valuations appear reasonable given earnings growth, with focus on secular growth companies despite geopolitical and inflation headwinds. Full Quick Take Aristotle Core Equity returned 14.69% in Q2 2026, slightly trailing the S&P 500 on allocation effects. AI infrastructure drove market leadership, with the Fund adding semiconductor exposure through AMD and Micron positions. The manager sees memory entering a four- to five-year super-cycle driven by AI demand and HBM constraints. Valuations appear reasonable given earnings growth, with focus on secular growth companies despite geopolitical and inflation headwinds. | |||||||
| +17.1% | +16.9% | The fund outperformed by 190 basis points in Q2 2026, driven by concentrated bets on AI infrastructure. Western Digital, Seagate, and SK Hynix delivered exceptional returns on exploding data center storage demand. Taiwan Semiconductor remains the largest active position. The manager trimmed energy profits post-Iran conflict and maintains conviction in commercial aerospace recovery through Boeing. Technology underweights include Apple, Amazon, and Microsoft. Full Quick Take The fund outperformed by 190 basis points in Q2 2026, driven by concentrated bets on AI infrastructure. Western Digital, Seagate, and SK Hynix delivered exceptional returns on exploding data center storage demand. Taiwan Semiconductor remains the largest active position. The manager trimmed energy profits post-Iran conflict and maintains conviction in commercial aerospace recovery through Boeing. Technology underweights include Apple, Amazon, and Microsoft. | |||||||
| -12.1% | - | JB Global Capital runs a concentrated global portfolio anchored by a 55% position in Alibaba, which is emerging as a credible AI infrastructure and technology competitor following Apple's selection of Qwen as a technical partner and the release of frontier-competitive models. PayPal received a 52% premium acquisition offer validating the intrinsic value thesis. The fund emphasizes deep fundamental analysis over market timing across high-conviction positions. Full Quick Take JB Global Capital runs a concentrated global portfolio anchored by a 55% position in Alibaba, which is emerging as a credible AI infrastructure and technology competitor following Apple's selection of Qwen as a technical partner and the release of frontier-competitive models. PayPal received a 52% premium acquisition offer validating the intrinsic value thesis. The fund emphasizes deep fundamental analysis over market timing across high-conviction positions. | |||||||
| - | - | - | Hennessy Equity and Income Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Hennessy Equity and Income Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| - | - | - | Q2 2026 delivered exceptional market performance with S&P 500 up 15.2% following Iran ceasefire resolution. Corporate earnings grew 27% in Q1 marking six consecutive quarters of double-digit expansion with notable breadth beyond technology. New Fed leadership under Warsh brings policy changes but core mandate unchanged. AI infrastructure spending drives growth while market participation broadens. Bull market intact as long as earnings momentum continues. Full Quick Take Q2 2026 delivered exceptional market performance with S&P 500 up 15.2% following Iran ceasefire resolution. Corporate earnings grew 27% in Q1 marking six consecutive quarters of double-digit expansion with notable breadth beyond technology. New Fed leadership under Warsh brings policy changes but core mandate unchanged. AI infrastructure spending drives growth while market participation broadens. Bull market intact as long as earnings momentum continues. | - | |||||
| +9.1% | +11.7% | BNY Mellon Global Equity Income Fund underperformed in Q2 2026 due to its zero exposure to AI-driven technology stocks, a deliberate result of its strict yield discipline. The manager views elevated market concentration and AI valuations as creating risks comparable to 2000, while income stocks trade at historically wide discounts. With rates staying higher for longer, the fund is positioned to capitalize on compelling income stock valuations for long-term outperformance. Full Quick Take BNY Mellon Global Equity Income Fund underperformed in Q2 2026 due to its zero exposure to AI-driven technology stocks, a deliberate result of its strict yield discipline. The manager views elevated market concentration and AI valuations as creating risks comparable to 2000, while income stocks trade at historically wide discounts. With rates staying higher for longer, the fund is positioned to capitalize on compelling income stock valuations for long-term outperformance. | |||||||
| +7.7% | - | Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. Full Quick Take Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. | |||||||
| - | - | Apollo Global Management delivered record Q2 2026 earnings with Fee Related Earnings up 25% year-over-year to $785 million and Spread Related Earnings reaching $877 million. Total AUM hit $1.05 trillion on $298 billion of trailing twelve-month inflows. The firm's integrated platform across Asset Management and Retirement Services, combined with $74 billion of quarterly origination activity, positions Apollo to capitalize on increasing demand for capital in evolving private markets. Full Quick Take Apollo Global Management delivered record Q2 2026 earnings with Fee Related Earnings up 25% year-over-year to $785 million and Spread Related Earnings reaching $877 million. Total AUM hit $1.05 trillion on $298 billion of trailing twelve-month inflows. The firm's integrated platform across Asset Management and Retirement Services, combined with $74 billion of quarterly origination activity, positions Apollo to capitalize on increasing demand for capital in evolving private markets. | |||||||
| +37.5% | +33.1% | - | Kennedy Capital's Small Cap Growth composite surged 37.53% net in Q2 2026, outperforming its benchmark by 1,182 bps through concentrated exposure to AI infrastructure and onshoring themes. A memory and AI infrastructure provider quadrupled after raising guidance on AI-driven demand. Small caps posted their best first half since 1991, finally outpacing large caps. The manager expects earnings growth to drive future returns as valuations are relatively full. Full Quick Take Kennedy Capital's Small Cap Growth composite surged 37.53% net in Q2 2026, outperforming its benchmark by 1,182 bps through concentrated exposure to AI infrastructure and onshoring themes. A memory and AI infrastructure provider quadrupled after raising guidance on AI-driven demand. Small caps posted their best first half since 1991, finally outpacing large caps. The manager expects earnings growth to drive future returns as valuations are relatively full. | - | |||||
| +7.1% | +14.8% | FPA Crescent is executing a contrarian pivot away from AI-driven market leaders despite positive long-term technology views, scaling back semiconductor and data center exposure due to expanded valuations and advanced capital cycle stage. The manager is deploying into 14 new AI-agnostic mid-cap businesses at 10-15x earnings and re-entering biotech at half 2020-2021 valuations, prioritizing high-quality industry leaders with strong balance sheets over momentum-driven themes asking difficult sustainability questions. Full Quick Take FPA Crescent is executing a contrarian pivot away from AI-driven market leaders despite positive long-term technology views, scaling back semiconductor and data center exposure due to expanded valuations and advanced capital cycle stage. The manager is deploying into 14 new AI-agnostic mid-cap businesses at 10-15x earnings and re-entering biotech at half 2020-2021 valuations, prioritizing high-quality industry leaders with strong balance sheets over momentum-driven themes asking difficult sustainability questions. | |||||||
| +22.2% | +4.0% | Sands Capital Global Growth posted 22.2 percent net returns in Q2 2026, driven by AI infrastructure businesses including SK hynix, Bloom Energy, and Taiwan Semiconductor. Memory shortages are structural and multiyear, with supply constraints extending through at least late 2027. Power limitations are creating new data center opportunities. The portfolio added Arm Holdings, Lenskart, and SpaceX while consolidating internet exposure. Despite strong performance, the portfolio trades at historically low valuations relative to the market. Full Quick Take Sands Capital Global Growth posted 22.2 percent net returns in Q2 2026, driven by AI infrastructure businesses including SK hynix, Bloom Energy, and Taiwan Semiconductor. Memory shortages are structural and multiyear, with supply constraints extending through at least late 2027. Power limitations are creating new data center opportunities. The portfolio added Arm Holdings, Lenskart, and SpaceX while consolidating internet exposure. Despite strong performance, the portfolio trades at historically low valuations relative to the market. | |||||||
| - | - | - | Matrix delivered strong Q2 returns as markets rallied 15.2%, but remains cautiously optimistic given elevated valuations at 20x earnings. The manager actively rotated the portfolio, trimming overweighted Financials and Technology winners while adding to lagging Consumer Staples and Healthcare names. Portfolios are positioned to benefit from anticipated market broadening beyond concentrated leadership, owning attractively valued companies poised to lead in upcoming periods despite expected volatility. Full Quick Take Matrix delivered strong Q2 returns as markets rallied 15.2%, but remains cautiously optimistic given elevated valuations at 20x earnings. The manager actively rotated the portfolio, trimming overweighted Financials and Technology winners while adding to lagging Consumer Staples and Healthcare names. Portfolios are positioned to benefit from anticipated market broadening beyond concentrated leadership, owning attractively valued companies poised to lead in upcoming periods despite expected volatility. | ||||||
| +7.6% | -3.7% | SGA's International Growth portfolio delivered 7.6% net in Q2 but underperformed as extreme momentum in AI infrastructure and memory stocks dominated markets. Portfolio fundamentals remained strong with 10% median growth and 60% of holdings beating estimates, yet valuations compressed to near-record discounts versus the benchmark. With 3.4% Enterprise Yield and positioning for 12% revenue and 17% earnings growth over three years, the firm sees compelling opportunity as quality compounders trade at historically attractive levels. Full Quick Take SGA's International Growth portfolio delivered 7.6% net in Q2 but underperformed as extreme momentum in AI infrastructure and memory stocks dominated markets. Portfolio fundamentals remained strong with 10% median growth and 60% of holdings beating estimates, yet valuations compressed to near-record discounts versus the benchmark. With 3.4% Enterprise Yield and positioning for 12% revenue and 17% earnings growth over three years, the firm sees compelling opportunity as quality compounders trade at historically attractive levels. | |||||||
| +7.2% | -7.6% | SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses. Manager sees compelling opportunity as AI hype matures and memory cycle reminds investors cyclicality persists. Full Quick Take SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses. Manager sees compelling opportunity as AI hype matures and memory cycle reminds investors cyclicality persists. | |||||||
| - | - | Markel Group's Q2 2026 results demonstrate operational momentum in specialty insurance with a 40% increase in insurance segment adjusted operating income and improved 93% combined ratio. The diversified holding company generated strong cash flow, enabling $237 million in share repurchases while maintaining consistent revenues. Management expects continued insurance improvement through year-end, building on reorganization progress initiated in 2025. Full Quick Take Markel Group's Q2 2026 results demonstrate operational momentum in specialty insurance with a 40% increase in insurance segment adjusted operating income and improved 93% combined ratio. The diversified holding company generated strong cash flow, enabling $237 million in share repurchases while maintaining consistent revenues. Management expects continued insurance improvement through year-end, building on reorganization progress initiated in 2025. | |||||||
| +22.8% | +27.6% | The fund returned 22.82% in Q2 2026, slightly trailing the benchmark's 24.05% gain. Taiwan and Korea surged on AI semiconductor momentum, with MediaTek and ASE Technology leading gains from ramping AI chipset and packaging businesses. China declined on soft domestic demand. Managers remain constructive on emerging markets given improved fundamentals, 40% earnings upgrades, and AI-driven technology growth, focusing on quality dividend payers with robust shareholder yields. Full Quick Take The fund returned 22.82% in Q2 2026, slightly trailing the benchmark's 24.05% gain. Taiwan and Korea surged on AI semiconductor momentum, with MediaTek and ASE Technology leading gains from ramping AI chipset and packaging businesses. China declined on soft domestic demand. Managers remain constructive on emerging markets given improved fundamentals, 40% earnings upgrades, and AI-driven technology growth, focusing on quality dividend payers with robust shareholder yields. | - | ||||||
| - | - | SoftBank is executing an aggressive strategy to dominate the ASI era, investing $64.6 billion cumulatively in OpenAI while building massive AI infrastructure (15 GW data centers globally) and consolidating semiconductor capabilities through Arm and Ampere. Fiscal 2025 delivered record ¥5.0 trillion net income driven by ¥6.7 trillion OpenAI-related gains. Management targets ¥1 quadrillion NAV by 2042, expressing extreme conviction that the AI revolution has only just begun. Full Quick Take SoftBank is executing an aggressive strategy to dominate the ASI era, investing $64.6 billion cumulatively in OpenAI while building massive AI infrastructure (15 GW data centers globally) and consolidating semiconductor capabilities through Arm and Ampere. Fiscal 2025 delivered record ¥5.0 trillion net income driven by ¥6.7 trillion OpenAI-related gains. Management targets ¥1 quadrillion NAV by 2042, expressing extreme conviction that the AI revolution has only just begun. | |||||||
| -11.0% | -11.0% | SGA's international growth strategy underperformed in Q1 2026 due to limited AI hardware exposure and energy conflict dynamics, but portfolio fundamentals remain strong with companies delivering consistent growth. Trading at most attractive valuation versus market since 2017, manager sees compelling setup for quality compounders as momentum conditions moderate and rotation toward predictable growth accelerates. Full Quick Take SGA's international growth strategy underperformed in Q1 2026 due to limited AI hardware exposure and energy conflict dynamics, but portfolio fundamentals remain strong with companies delivering consistent growth. Trading at most attractive valuation versus market since 2017, manager sees compelling setup for quality compounders as momentum conditions moderate and rotation toward predictable growth accelerates. | - | ||||||
| -14.0% | -14.0% | SGA's quality growth strategy underperformed in Q1 2026 as AI disruption and Middle East geopolitical tensions drove market volatility. Despite strong portfolio fundamentals with most holdings exceeding expectations, the strategy suffered from rotation away from proven compounders toward cyclical AI plays. Portfolio now trades at record discount to market, positioning for potential outperformance as conditions normalize. Full Quick Take SGA's quality growth strategy underperformed in Q1 2026 as AI disruption and Middle East geopolitical tensions drove market volatility. Despite strong portfolio fundamentals with most holdings exceeding expectations, the strategy suffered from rotation away from proven compounders toward cyclical AI plays. Portfolio now trades at record discount to market, positioning for potential outperformance as conditions normalize. | - | ||||||
| +12.7% | +12.5% | L1 Capital delivered 12.7% in Q2 2026 through concentrated positions in quality value stocks trading at 10x P/E with double-digit growth. Strong performance from Qantas, BlueScope, James Hardie, Hudbay and Goodman offset commodity weakness. The manager added to copper, construction materials, travel and gold during market volatility while trimming infrastructure and oil & gas. Portfolio positioned in commodities, construction materials and infrastructure with compelling valuations and medium-term upside. Full Quick Take L1 Capital delivered 12.7% in Q2 2026 through concentrated positions in quality value stocks trading at 10x P/E with double-digit growth. Strong performance from Qantas, BlueScope, James Hardie, Hudbay and Goodman offset commodity weakness. The manager added to copper, construction materials, travel and gold during market volatility while trimming infrastructure and oil & gas. Portfolio positioned in commodities, construction materials and infrastructure with compelling valuations and medium-term upside. | |||||||
| - | - | Antipodes deliberately avoided memory semiconductors despite 95% Q2 gains, viewing valuations as extrapolating peak-cycle pricing with thin margin for error. The fund instead positioned in analog/power/RF semiconductors with structural growth, energy infrastructure supporting AI buildout at undemanding valuations, and quality compounders oversold on AI disruption fears. Portfolio positioned for rotation away from unprecedented market concentration into broader value opportunities. Full Quick Take Antipodes deliberately avoided memory semiconductors despite 95% Q2 gains, viewing valuations as extrapolating peak-cycle pricing with thin margin for error. The fund instead positioned in analog/power/RF semiconductors with structural growth, energy infrastructure supporting AI buildout at undemanding valuations, and quality compounders oversold on AI disruption fears. Portfolio positioned for rotation away from unprecedented market concentration into broader value opportunities. | |||||||
| +8.5% | - | Columbia Dividend Opportunity Fund underperformed in Q2 2026 due to avoiding high-flying AI stocks that don't meet yield requirements, with the entire shortfall attributable to zero weightings in Micron, Intel, Sandisk and AMD. Technology holdings still contributed through Seagate, Cisco and others benefiting from the memory cycle. The manager maintains conviction in dividend-focused positioning, viewing AI concentration as creating opportunities in fundamentally sound businesses elsewhere. Full Quick Take Columbia Dividend Opportunity Fund underperformed in Q2 2026 due to avoiding high-flying AI stocks that don't meet yield requirements, with the entire shortfall attributable to zero weightings in Micron, Intel, Sandisk and AMD. Technology holdings still contributed through Seagate, Cisco and others benefiting from the memory cycle. The manager maintains conviction in dividend-focused positioning, viewing AI concentration as creating opportunities in fundamentally sound businesses elsewhere. | - | ||||||
| - | +6.1% | Mairs & Power Balanced Fund returned 6.14% in H1 2026, slightly trailing its benchmark as markets broadened beyond megacaps on strong earnings. The fund added cybersecurity, waste management, and automation plays while exiting names losing competitive advantage. Managers position as downstream AI beneficiaries rather than chasing cyclical hardware, seeing productivity gains offsetting sticky inflation risks. Disciplined focus on durable franchises at reasonable valuations drives their conviction through volatility. Full Quick Take Mairs & Power Balanced Fund returned 6.14% in H1 2026, slightly trailing its benchmark as markets broadened beyond megacaps on strong earnings. The fund added cybersecurity, waste management, and automation plays while exiting names losing competitive advantage. Managers position as downstream AI beneficiaries rather than chasing cyclical hardware, seeing productivity gains offsetting sticky inflation risks. Disciplined focus on durable franchises at reasonable valuations drives their conviction through volatility. | |||||||
| - | - | Renaissance underperformed in Q2 due to narrow market leadership but sees improving breadth. Semiconductor equipment stocks drove returns on AI demand and CHIPS Act tailwinds. Added Trane Technologies for AI data center exposure while exiting ServiceNow on AI disruption concerns. Iran war resolution collapsed oil prices, benefiting markets despite 4.1% inflation and hawkish Fed positioning. Portfolio emphasizes quality growth at attractive valuations with strong semiconductor and industrial positioning. Full Quick Take Renaissance underperformed in Q2 due to narrow market leadership but sees improving breadth. Semiconductor equipment stocks drove returns on AI demand and CHIPS Act tailwinds. Added Trane Technologies for AI data center exposure while exiting ServiceNow on AI disruption concerns. Iran war resolution collapsed oil prices, benefiting markets despite 4.1% inflation and hawkish Fed positioning. Portfolio emphasizes quality growth at attractive valuations with strong semiconductor and industrial positioning. | |||||||
| - | - | Temasek delivered 10.5% returns with portfolio value reaching S$518 billion, doubling over a decade. The firm restructured into three focused entities to sharpen execution across Singapore companies, global investments, and partnerships. Strategic priorities target scaling AI, infrastructure, and private credit exposure while maintaining disciplined deployment amid geopolitical complexity. Long-term returns of 7.1% over 10 years demonstrate resilience, with active stewardship driving value creation across the portfolio. Full Quick Take Temasek delivered 10.5% returns with portfolio value reaching S$518 billion, doubling over a decade. The firm restructured into three focused entities to sharpen execution across Singapore companies, global investments, and partnerships. Strategic priorities target scaling AI, infrastructure, and private credit exposure while maintaining disciplined deployment amid geopolitical complexity. Long-term returns of 7.1% over 10 years demonstrate resilience, with active stewardship driving value creation across the portfolio. | - | ||||||
| +4.9% | - | American Century Equity Income underperformed in Q2 2026 as AI-driven semiconductor stocks surged while the fund maintained its defensive, quality-focused positioning. Lack of exposure to Micron and Intel drove underperformance as memory markets recovered. The team holds conviction in higher-quality companies across consumer staples and health care, maintaining significant underweights to information technology on valuation concerns despite adding selective exposure including Apple. Full Quick Take American Century Equity Income underperformed in Q2 2026 as AI-driven semiconductor stocks surged while the fund maintained its defensive, quality-focused positioning. Lack of exposure to Micron and Intel drove underperformance as memory markets recovered. The team holds conviction in higher-quality companies across consumer staples and health care, maintaining significant underweights to information technology on valuation concerns despite adding selective exposure including Apple. | - | ||||||
| - | +11.0% | 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. Full Quick Take 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. | |||||||
| +17.6% | +4.6% | Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. Full Quick Take Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. | - | ||||||
| +0.7% | -18.9% | Akre Focus underperformed dramatically in Q2 as markets chased AI semiconductor speculation, but the manager sees the Fund at decade-low valuations with exceptional fundamentals. Portfolio companies are successfully monetizing AI at the application layer with 16% projected growth and 42% ROIC at 17x free cash flow. The manager draws parallels to Berkshire during the Internet bubble and remains fully invested in quality software businesses. Full Quick Take Akre Focus underperformed dramatically in Q2 as markets chased AI semiconductor speculation, but the manager sees the Fund at decade-low valuations with exceptional fundamentals. Portfolio companies are successfully monetizing AI at the application layer with 16% projected growth and 42% ROIC at 17x free cash flow. The manager draws parallels to Berkshire during the Internet bubble and remains fully invested in quality software businesses. | - | ||||||
| +8.4% | +5.5% | Madison Large Cap underperformed in Q2 as AI mania drove extreme market narrowness comparable to the late 1990s bubble. Semiconductor and Cloud holdings delivered strong results, but the managers actively avoid the euphoria, warning that obvious winners today may not be winners tomorrow. They position in quality companies with growth and resiliency, initiating Intercontinental Exchange at decade-low valuations while flagging multiple macro headwinds. Full Quick Take Madison Large Cap underperformed in Q2 as AI mania drove extreme market narrowness comparable to the late 1990s bubble. Semiconductor and Cloud holdings delivered strong results, but the managers actively avoid the euphoria, warning that obvious winners today may not be winners tomorrow. They position in quality companies with growth and resiliency, initiating Intercontinental Exchange at decade-low valuations while flagging multiple macro headwinds. | |||||||
| +19.0% | +4.4% | The fund delivered strong outperformance driven by healthcare stock selection and AI-beneficiary technology holdings. Managers view AI infrastructure spending as a transformative economic driver, with computing power demand exceeding supply and creating pricing power across the supply chain. The portfolio balances direct AI capability builders with capital spending beneficiaries. Despite margin pressure at select holdings, the team maintains conviction in long-term enterprise value creation through disciplined fundamental analysis. Full Quick Take The fund delivered strong outperformance driven by healthcare stock selection and AI-beneficiary technology holdings. Managers view AI infrastructure spending as a transformative economic driver, with computing power demand exceeding supply and creating pricing power across the supply chain. The portfolio balances direct AI capability builders with capital spending beneficiaries. Despite margin pressure at select holdings, the team maintains conviction in long-term enterprise value creation through disciplined fundamental analysis. | |||||||
| +5.2% | -9.7% | Fairlight underperformed in Q2 2026 amid market strength but maintains conviction in quality compounders. The fund highlights academic evidence that rapid asset growers underperform by 8-20% annually, using key holding Halma as a case study in capital discipline. Despite 52% photonics growth driven by AI infrastructure demand, management directs windfall cash to acquisitions in out-of-favor sectors rather than chasing cyclical momentum. Full Quick Take Fairlight underperformed in Q2 2026 amid market strength but maintains conviction in quality compounders. The fund highlights academic evidence that rapid asset growers underperform by 8-20% annually, using key holding Halma as a case study in capital discipline. Despite 52% photonics growth driven by AI infrastructure demand, management directs windfall cash to acquisitions in out-of-favor sectors rather than chasing cyclical momentum. | |||||||
| +6.7% | +10.0% | Thornburg International Equity underperformed in Q2 as markets recovered from the Iran energy shock, but maintains its 28-year track record of 2.7% annual alpha through disciplined stock selection. Semiconductor and European financial holdings drove gains while Chinese positions lagged on weak domestic demand. The concentrated portfolio of 46 quality businesses trading at attractive valuations positions the fund to navigate slowing global growth and deliver through-cycle outperformance. Full Quick Take Thornburg International Equity underperformed in Q2 as markets recovered from the Iran energy shock, but maintains its 28-year track record of 2.7% annual alpha through disciplined stock selection. Semiconductor and European financial holdings drove gains while Chinese positions lagged on weak domestic demand. The concentrated portfolio of 46 quality businesses trading at attractive valuations positions the fund to navigate slowing global growth and deliver through-cycle outperformance. | |||||||
| +16.8% | +9.6% | Parnassus Core Equity outperformed in Q2 2026 with a 16.83% return, driven by semiconductor and AI infrastructure holdings. The fund balances 40% offensive AI positions with 60% defensive quality compounders, adding exposure to electrical infrastructure and food delivery while exiting competitive healthcare and software names. Management remains constructively bullish on U.S. equities despite record market concentration, positioning for foundational infrastructure ownership at sensible valuations. Full Quick Take Parnassus Core Equity outperformed in Q2 2026 with a 16.83% return, driven by semiconductor and AI infrastructure holdings. The fund balances 40% offensive AI positions with 60% defensive quality compounders, adding exposure to electrical infrastructure and food delivery while exiting competitive healthcare and software names. Management remains constructively bullish on U.S. equities despite record market concentration, positioning for foundational infrastructure ownership at sensible valuations. | |||||||
| +24.8% | +13.6% | NZS Capital delivered 24.76% net returns in Q2 2026 driven by concentrated semiconductor exposure capturing AI infrastructure demand. The manager re-entered NVIDIA at attractive valuations while trimming momentum winners back to optionality. Healthcare presents compelling opportunities with improving fundamentals and multiple compression creating entry points. The portfolio maintains disciplined concentration in AI ecosystem, grid infrastructure, and select healthcare innovators with narrowing outcome ranges. Full Quick Take NZS Capital delivered 24.76% net returns in Q2 2026 driven by concentrated semiconductor exposure capturing AI infrastructure demand. The manager re-entered NVIDIA at attractive valuations while trimming momentum winners back to optionality. Healthcare presents compelling opportunities with improving fundamentals and multiple compression creating entry points. The portfolio maintains disciplined concentration in AI ecosystem, grid infrastructure, and select healthcare innovators with narrowing outcome ranges. | |||||||
| +28.2% | +23.6% | Polen 5Perspectives Small-Mid Growth returned 28.2% net in Q2 2026, outperforming during a banner quarter for SMID caps. The portfolio capitalized on AI infrastructure acceleration and power availability constraints, significantly increasing Technology exposure through neocloud providers and Agentic AI while maintaining conviction in Electrification and Aerospace themes. Top contributors included Bloom Energy and DigitalOcean as hyperscaler spending announcements confirmed the AI buildout continues accelerating. Full Quick Take Polen 5Perspectives Small-Mid Growth returned 28.2% net in Q2 2026, outperforming during a banner quarter for SMID caps. The portfolio capitalized on AI infrastructure acceleration and power availability constraints, significantly increasing Technology exposure through neocloud providers and Agentic AI while maintaining conviction in Electrification and Aerospace themes. Top contributors included Bloom Energy and DigitalOcean as hyperscaler spending announcements confirmed the AI buildout continues accelerating. | - | ||||||
| +2.5% | -0.1% | Oakmark Fund underperformed in Q2 2026 as AI-driven market leadership persisted, but the managers remain disciplined value investors. Delta Air Lines led performance on improved airline industry rationality and strong premium travel demand. New positions in Booking Holdings and Equitable Holdings were initiated at significant discounts to intrinsic value. The fund continues avoiding overvalued AI equities, focusing instead on mispriced businesses with clear catalysts. Full Quick Take Oakmark Fund underperformed in Q2 2026 as AI-driven market leadership persisted, but the managers remain disciplined value investors. Delta Air Lines led performance on improved airline industry rationality and strong premium travel demand. New positions in Booking Holdings and Equitable Holdings were initiated at significant discounts to intrinsic value. The fund continues avoiding overvalued AI equities, focusing instead on mispriced businesses with clear catalysts. | |||||||
| +4.5% | - | Magellan Global Opportunities returned 4.5% in Q2 2026, underperforming the 12.5% benchmark as AI speculation reached bubble-like extremes with semiconductors surging 88%. The manager refuses to chase momentum-driven leadership, instead selectively adding to neglected quality franchises at the most attractive valuations since post-Covid. Portfolio holds 20-40 high-quality global companies with durable competitive advantages, maintaining discipline to avoid permanent capital loss. Full Quick Take Magellan Global Opportunities returned 4.5% in Q2 2026, underperforming the 12.5% benchmark as AI speculation reached bubble-like extremes with semiconductors surging 88%. The manager refuses to chase momentum-driven leadership, instead selectively adding to neglected quality franchises at the most attractive valuations since post-Covid. Portfolio holds 20-40 high-quality global companies with durable competitive advantages, maintaining discipline to avoid permanent capital loss. |
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