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 |
|---|---|---|---|---|---|---|---|---|---|
| +0.9% | +1.0% | Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. Full Quick Take Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. | |||||||
| - | - | ACR Alpine raised cash to 25% amid historic market valuations driven by AI speculation. While $800 billion in AI capital expenditures inflate corporate profits, actual productivity gains remain unclear four years into the generative AI era. Manager sees selective opportunities in healthcare, food, and perceived AI casualties like software, but maintains disciplined value approach requiring high confidence before deploying capital in this speculative environment. Full Quick Take ACR Alpine raised cash to 25% amid historic market valuations driven by AI speculation. While $800 billion in AI capital expenditures inflate corporate profits, actual productivity gains remain unclear four years into the generative AI era. Manager sees selective opportunities in healthcare, food, and perceived AI casualties like software, but maintains disciplined value approach requiring high confidence before deploying capital in this speculative environment. | - | ||||||
| - | - | - | Lux Capital's Q2 2026 letter centers on error correction as the West's competitive advantage across AI, defense, and markets. The firm has invested the full AI stack from Hugging Face to EvolutionaryScale to infrastructure plays, plus defense companies positioned for European rearmament. Manager warns AI valuations show bubble characteristics with capex growing three times faster than revenue, but maintains long-term conviction in error-correcting systems over closed architectures. Full Quick Take Lux Capital's Q2 2026 letter centers on error correction as the West's competitive advantage across AI, defense, and markets. The firm has invested the full AI stack from Hugging Face to EvolutionaryScale to infrastructure plays, plus defense companies positioned for European rearmament. Manager warns AI valuations show bubble characteristics with capex growing three times faster than revenue, but maintains long-term conviction in error-correcting systems over closed architectures. | - | |||||
| +7.6% | +13.7% | Yacktman delivered 7.64% in Q2 2026, underperforming benchmarks but maintaining disciplined value approach. Samsung Electronics drove performance trading at three to four times cash flow versus competitors, enabling AI infrastructure participation with downside protection. Energy holdings hedged geopolitical risks from Iran conflict. Added Broadridge and Intuit opportunistically as software sector repriced on AI concerns. Portfolio positioned to protect capital while capturing bargains in elevated market. Full Quick Take Yacktman delivered 7.64% in Q2 2026, underperforming benchmarks but maintaining disciplined value approach. Samsung Electronics drove performance trading at three to four times cash flow versus competitors, enabling AI infrastructure participation with downside protection. Energy holdings hedged geopolitical risks from Iran conflict. Added Broadridge and Intuit opportunistically as software sector repriced on AI concerns. Portfolio positioned to protect capital while capturing bargains in elevated market. | |||||||
| +6.7% | - | The Fund returned 6.7% in Q2 as small and mid-cap UK stocks reversed multi-year underperformance. Holdings like Intertek, Renishaw, and Auction Technology delivered strong gains on positive trading updates and takeover interest. Energy holdings declined on the Iran ceasefire. The Fund now trades at a historic valuation discount to the UK market despite superior Quality characteristics, presenting a compelling opportunity for patient investors. Full Quick Take The Fund returned 6.7% in Q2 as small and mid-cap UK stocks reversed multi-year underperformance. Holdings like Intertek, Renishaw, and Auction Technology delivered strong gains on positive trading updates and takeover interest. Energy holdings declined on the Iran ceasefire. The Fund now trades at a historic valuation discount to the UK market despite superior Quality characteristics, presenting a compelling opportunity for patient investors. | |||||||
| - | - | Market leadership broadened in Q2 2026 as the Magnificent Seven lagged while AI-driven semiconductor stocks and small caps surged, with some names returning over 100%. Despite strong performance, S&P 500 valuations near dot-com peaks and rising inflation prompt the manager to emphasize diversification into small caps, value, and cheaper emerging markets. High concentration and elevated multiples make exposure beyond large-cap U.S. tech especially crucial. Full Quick Take Market leadership broadened in Q2 2026 as the Magnificent Seven lagged while AI-driven semiconductor stocks and small caps surged, with some names returning over 100%. Despite strong performance, S&P 500 valuations near dot-com peaks and rising inflation prompt the manager to emphasize diversification into small caps, value, and cheaper emerging markets. High concentration and elevated multiples make exposure beyond large-cap U.S. tech especially crucial. | - | ||||||
| +9.9% | +13.6% | The fund underperformed in Q2 2026 as it missed the sharp rally in speculative technology names and quantum computing stocks, while overweights to materials and energy detracted. Semiconductor and defense holdings performed well. The manager added regional banks and commercial real estate services, maintaining conviction in small/mid-cap fundamentals despite near-term geopolitical and election risks. Valuations remain attractive at multi-decade lows relative to large caps. Full Quick Take The fund underperformed in Q2 2026 as it missed the sharp rally in speculative technology names and quantum computing stocks, while overweights to materials and energy detracted. Semiconductor and defense holdings performed well. The manager added regional banks and commercial real estate services, maintaining conviction in small/mid-cap fundamentals despite near-term geopolitical and election risks. Valuations remain attractive at multi-decade lows relative to large caps. | - | ||||||
| -10.9% | -18.2% | Icahn Enterprises posted a Q2 2026 net loss of $355 million with Investment Funds down 10.9% for the quarter and 18.2% year-to-date. Energy segment Adjusted EBITDA surged $110 million on strong refining margins and fertilizer pricing. The company is selling Pep Boys for $700 million while maintaining defensive positioning with 30% net short exposure in Investment Funds amid geopolitical and economic uncertainty. Full Quick Take Icahn Enterprises posted a Q2 2026 net loss of $355 million with Investment Funds down 10.9% for the quarter and 18.2% year-to-date. Energy segment Adjusted EBITDA surged $110 million on strong refining margins and fertilizer pricing. The company is selling Pep Boys for $700 million while maintaining defensive positioning with 30% net short exposure in Investment Funds amid geopolitical and economic uncertainty. | |||||||
| +14.8% | +6.5% | Gator delivered 14.82% in Q2 2026, outperforming financials while small and mid-cap banks continued strong performance. The fund's core thesis centers on Navient, trading at 40% of book value despite an 80% expansion in addressable market following elimination of federal Grad PLUS loans. With portfolio growth resuming and a 31%-owning activist CEO, the manager sees potential for 100% upside as perception shifts from runoff to growth. Full Quick Take Gator delivered 14.82% in Q2 2026, outperforming financials while small and mid-cap banks continued strong performance. The fund's core thesis centers on Navient, trading at 40% of book value despite an 80% expansion in addressable market following elimination of federal Grad PLUS loans. With portfolio growth resuming and a 31%-owning activist CEO, the manager sees potential for 100% upside as perception shifts from runoff to growth. | |||||||
| +12.5% | +3.5% | Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. Full Quick Take Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. | |||||||
| - | - | Horizon Kinetics maintains long-term conviction in compounding assets despite near-term volatility. Securities exchanges trade at crisis-era valuations while demonstrating resilient business models. Bitcoin remains on track for $150,000-$270,000 by 2028 halving. Land holdings offer perpetual compounding and inflation protection. Precious metals royalties reduced on valuation concerns. AI hyperscalers face deteriorating economics at extreme multiples. Patient capital and understanding time's role in compounding remain essential to capturing value. Full Quick Take Horizon Kinetics maintains long-term conviction in compounding assets despite near-term volatility. Securities exchanges trade at crisis-era valuations while demonstrating resilient business models. Bitcoin remains on track for $150,000-$270,000 by 2028 halving. Land holdings offer perpetual compounding and inflation protection. Precious metals royalties reduced on valuation concerns. AI hyperscalers face deteriorating economics at extreme multiples. Patient capital and understanding time's role in compounding remain essential to capturing value. | |||||||
| +19.9% | - | Orbis Global Equity outperformed by 7.8% in H1 2026 by hunting mispriced AI casualties in a historically narrow market. The strategy targets businesses like insurance brokers and building-products distributors that use AI to enhance operations rather than face disruption. Leadership transitioned to Ben Preston while philosophy and process remain unchanged. Focus is on companies redesigning workflows around AI rather than simply adopting technology. Full Quick Take Orbis Global Equity outperformed by 7.8% in H1 2026 by hunting mispriced AI casualties in a historically narrow market. The strategy targets businesses like insurance brokers and building-products distributors that use AI to enhance operations rather than face disruption. Leadership transitioned to Ben Preston while philosophy and process remain unchanged. Focus is on companies redesigning workflows around AI rather than simply adopting technology. | |||||||
| +15.5% | +13.4% | - | BlackRock's Mid-Cap Value Fund delivered 15.49% in Q2 2026, driven by strong stock selection in healthcare, materials, and consumer staples. The fund targets mid-cap companies with resilient earnings, strong balance sheets, and attractive valuations. Portfolio manager David Zhao increased exposure to healthcare and technology while trimming energy and industrials. The value-oriented approach aims to navigate elevated rates and macro uncertainty while capturing opportunities in quality dividend-paying companies. Full Quick Take BlackRock's Mid-Cap Value Fund delivered 15.49% in Q2 2026, driven by strong stock selection in healthcare, materials, and consumer staples. The fund targets mid-cap companies with resilient earnings, strong balance sheets, and attractive valuations. Portfolio manager David Zhao increased exposure to healthcare and technology while trimming energy and industrials. The value-oriented approach aims to navigate elevated rates and macro uncertainty while capturing opportunities in quality dividend-paying companies. | - | |||||
| +9.7% | +7.4% | BBH Select Mid Cap returned 9.7% in Q2 2026, underperforming the 13.8% benchmark as AI infrastructure drove extreme outperformance in high-beta technology hardware. Entegris and Arista Networks led gains on semiconductor cycle strength and data center buildout. The 27-position portfolio trades at 90% of intrinsic value with differentiated positioning across valuations, avoiding the highest-valuation momentum stocks despite their dominance this quarter. Full Quick Take BBH Select Mid Cap returned 9.7% in Q2 2026, underperforming the 13.8% benchmark as AI infrastructure drove extreme outperformance in high-beta technology hardware. Entegris and Arista Networks led gains on semiconductor cycle strength and data center buildout. The 27-position portfolio trades at 90% of intrinsic value with differentiated positioning across valuations, avoiding the highest-valuation momentum stocks despite their dominance this quarter. | |||||||
| - | +0.9% | - | Bramshill Income Performance Fund is a tactical fixed income strategy delivering 0.89% in Q3 2026 through dynamic rotation across investment grade corporates, high yield, preferreds, municipals, and Treasuries. The fund actively manages duration and credit exposure to optimize risk-adjusted returns, recently shifting to shorter-duration and floating-rate structures during the 2024-2025 rate rise. Strict risk limits and stop losses aim to prevent principal drawdowns while maintaining investment grade quality. Full Quick Take Bramshill Income Performance Fund is a tactical fixed income strategy delivering 0.89% in Q3 2026 through dynamic rotation across investment grade corporates, high yield, preferreds, municipals, and Treasuries. The fund actively manages duration and credit exposure to optimize risk-adjusted returns, recently shifting to shorter-duration and floating-rate structures during the 2024-2025 rate rise. Strict risk limits and stop losses aim to prevent principal drawdowns while maintaining investment grade quality. | - | |||||
| +10.5% | - | Sound Shore gained 10.48% in Q2 2026 as AI-driven infrastructure spending propelled semiconductors and technology holdings including Qualcomm and Marvell Technology. The fund benefited from broader portfolio strength in Elevance Health and Southwest Air while energy retreated with oil prices. Maintaining disciplined value approach at 13x forward P/E versus market at 20x, the fund focuses on durable earnings power not reflected in current valuations while questioning AI cycle sustainability. Full Quick Take Sound Shore gained 10.48% in Q2 2026 as AI-driven infrastructure spending propelled semiconductors and technology holdings including Qualcomm and Marvell Technology. The fund benefited from broader portfolio strength in Elevance Health and Southwest Air while energy retreated with oil prices. Maintaining disciplined value approach at 13x forward P/E versus market at 20x, the fund focuses on durable earnings power not reflected in current valuations while questioning AI cycle sustainability. | |||||||
| +0.9% | -11.5% | SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. Full Quick Take SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. | |||||||
| - | +7.8% | Global Alpha's portfolio trades at an unprecedented discount to the market despite delivering strong fundamental growth and higher expected earnings. The strategy maintains concentrated exposure to AI leaders NVIDIA and TSMC while building breadth across emerging market champions, industry consolidators, and mispriced software businesses. The valuation disconnect creates substantial upside potential as the market's mono-thematic focus on AI hardware eventually broadens to recognize quality growth across multiple drivers. Full Quick Take Global Alpha's portfolio trades at an unprecedented discount to the market despite delivering strong fundamental growth and higher expected earnings. The strategy maintains concentrated exposure to AI leaders NVIDIA and TSMC while building breadth across emerging market champions, industry consolidators, and mispriced software businesses. The valuation disconnect creates substantial upside potential as the market's mono-thematic focus on AI hardware eventually broadens to recognize quality growth across multiple drivers. | |||||||
| - | +8.2% | International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead. Full Quick Take International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead. | |||||||
| +15.6% | - | Kennedy Capital outperformed by 217 basis points in Q2 2026 despite avoiding three AI-beneficiary stocks that created a 350 basis point headwind. The manager trimmed AI winners as valuations reached limiting levels and rotated into excessively pessimistic stocks. The portfolio maintains its focus on companies with above-average returns on capital while avoiding cyclical businesses experiencing temporary pricing power. Full Quick Take Kennedy Capital outperformed by 217 basis points in Q2 2026 despite avoiding three AI-beneficiary stocks that created a 350 basis point headwind. The manager trimmed AI winners as valuations reached limiting levels and rotated into excessively pessimistic stocks. The portfolio maintains its focus on companies with above-average returns on capital while avoiding cyclical businesses experiencing temporary pricing power. | - | ||||||
| -12.0% | -12.0% | SGA's EM Growth portfolio underperformed in Q1 2026 due to limited AI Hardware exposure and geopolitical disruption, despite strong fundamental execution by holdings. Portfolio trades at unprecedented discount to market since inception while delivering consistent mid-teens growth. Manager expects rotation toward quality compounders as conditions build for outperformance. Full Quick Take SGA's EM Growth portfolio underperformed in Q1 2026 due to limited AI Hardware exposure and geopolitical disruption, despite strong fundamental execution by holdings. Portfolio trades at unprecedented discount to market since inception while delivering consistent mid-teens growth. Manager expects rotation toward quality compounders as conditions build for outperformance. | - | ||||||
| - | - | Miller/Howard sees high-yielding dividend stocks offering superior risk-adjusted returns as broad market valuations reach extreme levels. The S&P 500's dividend yield hit a 55-year low while its P/FE ratio of 20x suggests future 10-year returns of only 4%. High-yielders trade at 16.4x with historically associated returns of 7.4%, providing structural downside protection through compressed valuations and consistent cash returns. Full Quick Take Miller/Howard sees high-yielding dividend stocks offering superior risk-adjusted returns as broad market valuations reach extreme levels. The S&P 500's dividend yield hit a 55-year low while its P/FE ratio of 20x suggests future 10-year returns of only 4%. High-yielders trade at 16.4x with historically associated returns of 7.4%, providing structural downside protection through compressed valuations and consistent cash returns. | - | ||||||
| +23.9% | +15.6% | TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. Full Quick Take TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. | - | ||||||
| +1.3% | +1.0% | - | BNY Mellon Core Plus Fund outperformed in Q2 2026 on high yield, convertibles, and energy/utility sector positioning despite Fed hawkish pivot under new Chair Warsh. Manager trimmed corporate credit as valuations compressed but added utility hybrids and MBS/ABS. Expects Fed holds rates despite market pricing hikes, creating fixed income value. Sees selective AI infrastructure credit opportunities. Maintains longer duration and overweight credit positioning targeting 2% GDP growth. Full Quick Take BNY Mellon Core Plus Fund outperformed in Q2 2026 on high yield, convertibles, and energy/utility sector positioning despite Fed hawkish pivot under new Chair Warsh. Manager trimmed corporate credit as valuations compressed but added utility hybrids and MBS/ABS. Expects Fed holds rates despite market pricing hikes, creating fixed income value. Sees selective AI infrastructure credit opportunities. Maintains longer duration and overweight credit positioning targeting 2% GDP growth. | - | |||||
| +39.2% | - | Columbia Global Technology Growth Fund surged 39.25% in Q2 2026, outperforming on concentrated AI infrastructure positioning. The quarter delivered decisive validation of the AI supercycle thesis as semiconductor and memory companies reported superlative earnings with tangible revenue and margin expansion. Micron tripled revenue year-over-year while Lam Research raised industry forecasts. The widening divergence between AI infrastructure winners and disrupted software businesses became impossible to ignore as traditional SaaS models face structural repricing. Full Quick Take Columbia Global Technology Growth Fund surged 39.25% in Q2 2026, outperforming on concentrated AI infrastructure positioning. The quarter delivered decisive validation of the AI supercycle thesis as semiconductor and memory companies reported superlative earnings with tangible revenue and margin expansion. Micron tripled revenue year-over-year while Lam Research raised industry forecasts. The widening divergence between AI infrastructure winners and disrupted software businesses became impossible to ignore as traditional SaaS models face structural repricing. | |||||||
| +14.3% | +8.6% | Conestoga's Small Cap strategy lagged in 2Q26 as AI-driven speculation created historic market concentration, with semiconductors up 98% and high-beta stocks dominating. Portfolio companies delivered superior fundamentals—14.3% sales growth versus 8.4% for the benchmark—but quality factors underperformed. The manager believes this narrow leadership will not persist as AI supply constraints ease and expects quality characteristics to reassert themselves as market leadership broadens and monetary policy potentially tightens. Full Quick Take Conestoga's Small Cap strategy lagged in 2Q26 as AI-driven speculation created historic market concentration, with semiconductors up 98% and high-beta stocks dominating. Portfolio companies delivered superior fundamentals—14.3% sales growth versus 8.4% for the benchmark—but quality factors underperformed. The manager believes this narrow leadership will not persist as AI supply constraints ease and expects quality characteristics to reassert themselves as market leadership broadens and monetary policy potentially tightens. | |||||||
| +1.6% | +2.5% | - | Angel Oak Multi-Strategy Income Fund outperformed its benchmark by 95 bps in Q2 2026, returning 1.62% through core overweight allocations to non-agency RMBS, agency MBS, and ABS. The Fund opportunistically added CLO and corporate credit exposure during market dislocations, with CLOs delivering the strongest sector returns. Management expects increased credit dispersion ahead and maintains limited exposure to vulnerable segments while favoring high-quality securitized credit. Full Quick Take Angel Oak Multi-Strategy Income Fund outperformed its benchmark by 95 bps in Q2 2026, returning 1.62% through core overweight allocations to non-agency RMBS, agency MBS, and ABS. The Fund opportunistically added CLO and corporate credit exposure during market dislocations, with CLOs delivering the strongest sector returns. Management expects increased credit dispersion ahead and maintains limited exposure to vulnerable segments while favoring high-quality securitized credit. | - | |||||
| +22.1% | +23.4% | 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. Full Quick Take 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. | - | ||||||
| - | - | Claret advocates patient, long-term equity ownership in high-ROE compounders like Couche-Tard, CGI, and Microsoft, leveraging tax-deferred capital gains. The AI infrastructure boom shows bubble characteristics despite being funded by profitable hyperscalers: $725B capex commitments risk exceeding cash flow, token prices collapsed 90%, and circular financing echoes telecom bubble dynamics. The manager recommends moderate, selective AI exposure with sober judgment, not enthusiasm-driven positioning. Full Quick Take Claret advocates patient, long-term equity ownership in high-ROE compounders like Couche-Tard, CGI, and Microsoft, leveraging tax-deferred capital gains. The AI infrastructure boom shows bubble characteristics despite being funded by profitable hyperscalers: $725B capex commitments risk exceeding cash flow, token prices collapsed 90%, and circular financing echoes telecom bubble dynamics. The manager recommends moderate, selective AI exposure with sober judgment, not enthusiasm-driven positioning. | |||||||
| +1.8% | +1.9% | 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. Full Quick Take 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. | - | ||||||
| +7.4% | +16.5% | Smead Value Fund runs a concentrated 25-30 stock portfolio with 96% active share, deliberately avoiding expensive technology stocks. Q2 winners were mall REITs benefiting from record occupancy and pricing power. Oil holdings detracted short-term but offer compelling value with $40 breakevens versus structural $80 mid-cycle prices driven by permanent geopolitical premiums. The fund targets out-of-favor companies with repeat customers and strong free cash flow generation. Full Quick Take Smead Value Fund runs a concentrated 25-30 stock portfolio with 96% active share, deliberately avoiding expensive technology stocks. Q2 winners were mall REITs benefiting from record occupancy and pricing power. Oil holdings detracted short-term but offer compelling value with $40 breakevens versus structural $80 mid-cycle prices driven by permanent geopolitical premiums. The fund targets out-of-favor companies with repeat customers and strong free cash flow generation. | - | ||||||
| - | - | The fund delivered strong performance driven by AI infrastructure holdings in semiconductors, test equipment, and optical networking, while energy and consumer positions lagged. The managers maintain AI exposure but acknowledge more balanced valuations and are monitoring for capital expenditure cracks and buildout constraints. They see opportunities in shifting AI bottlenecks, aerospace, and infrastructure while balancing exposure with undervalued non-consensus stocks punished by market dynamics. Full Quick Take The fund delivered strong performance driven by AI infrastructure holdings in semiconductors, test equipment, and optical networking, while energy and consumer positions lagged. The managers maintain AI exposure but acknowledge more balanced valuations and are monitoring for capital expenditure cracks and buildout constraints. They see opportunities in shifting AI bottlenecks, aerospace, and infrastructure while balancing exposure with undervalued non-consensus stocks punished by market dynamics. | |||||||
| - | - | - | Q2 2026 delivered a sharp equity rebound led by AI-driven technology strength, with the S&P 500 up 15.2% and emerging markets surging 24.1%. Inflation reaccelerated to 4.2% on energy shocks from Middle East conflict, prompting the Fed to hold rates restrictive. Corporate credit remained resilient despite rising Treasury yields. Market outlook hinges on inflation trajectory, geopolitical stability, and AI earnings durability. Full Quick Take Q2 2026 delivered a sharp equity rebound led by AI-driven technology strength, with the S&P 500 up 15.2% and emerging markets surging 24.1%. Inflation reaccelerated to 4.2% on energy shocks from Middle East conflict, prompting the Fed to hold rates restrictive. Corporate credit remained resilient despite rising Treasury yields. Market outlook hinges on inflation trajectory, geopolitical stability, and AI earnings durability. | - | |||||
| - | - | Douglass Winthrop sees AI speculation creating a dotcom-style bubble with extreme valuations disconnected from fundamentals. Rather than chasing speculative infrastructure plays, they own proven cash generators—Alphabet, Microsoft, Amazon—gaining AI exposure as an accelerating tailwind to existing franchises. Quality businesses like S&P Global have become 27% cheaper while markets inflated 20%, creating compelling opportunities. Portfolio discipline protects capital when enthusiasm outruns reality. Full Quick Take Douglass Winthrop sees AI speculation creating a dotcom-style bubble with extreme valuations disconnected from fundamentals. Rather than chasing speculative infrastructure plays, they own proven cash generators—Alphabet, Microsoft, Amazon—gaining AI exposure as an accelerating tailwind to existing franchises. Quality businesses like S&P Global have become 27% cheaper while markets inflated 20%, creating compelling opportunities. Portfolio discipline protects capital when enthusiasm outruns reality. | |||||||
| +17.9% | +16.0% | Parnassus Value Equity Fund delivered 17.86% in Q2 2026, outperforming on AI-driven semiconductor strength and zero Energy exposure. Managers trimmed winners and rotated into hyperscaler cloud platforms, seeing underappreciated AI infrastructure demand. Portfolio remains quality-anchored with balanced cyclical-defensive positioning. Added Coca-Cola for resilience. Cautiously optimistic on lower inflation and AI investment tailwinds while maintaining disciplined margin-of-safety approach to navigate elevated uncertainty. Full Quick Take Parnassus Value Equity Fund delivered 17.86% in Q2 2026, outperforming on AI-driven semiconductor strength and zero Energy exposure. Managers trimmed winners and rotated into hyperscaler cloud platforms, seeing underappreciated AI infrastructure demand. Portfolio remains quality-anchored with balanced cyclical-defensive positioning. Added Coca-Cola for resilience. Cautiously optimistic on lower inflation and AI investment tailwinds while maintaining disciplined margin-of-safety approach to navigate elevated uncertainty. | - | ||||||
| - | - | ClearBridge Mid Cap Growth outperformed in Q2 2026 by identifying durable value in AI infrastructure bottlenecks like memory and data connectivity while capturing industrial recovery in equipment rental and modular space. The Strategy added AI beneficiaries Lumentum and Sterling Infrastructure alongside nuclear and biotech opportunities, balancing exposure across the generational AI investment cycle and emerging cyclical recovery rather than chasing benchmark shifts. Full Quick Take ClearBridge Mid Cap Growth outperformed in Q2 2026 by identifying durable value in AI infrastructure bottlenecks like memory and data connectivity while capturing industrial recovery in equipment rental and modular space. The Strategy added AI beneficiaries Lumentum and Sterling Infrastructure alongside nuclear and biotech opportunities, balancing exposure across the generational AI investment cycle and emerging cyclical recovery rather than chasing benchmark shifts. | - | ||||||
| - | - | ClearBridge International Growth ADR Strategy capitalized on AI infrastructure supply chain bottlenecks in Q2 2026, with semiconductor equipment makers and optical networking suppliers driving outperformance. The portfolio aggressively repositioned toward Japan, now the highest-conviction opportunity given governance reforms and AI exposure. Fifteen new positions were initiated focused on areas where scarcity is creating pricing power across memory, analog chips, data storage, and data center connectivity. Full Quick Take ClearBridge International Growth ADR Strategy capitalized on AI infrastructure supply chain bottlenecks in Q2 2026, with semiconductor equipment makers and optical networking suppliers driving outperformance. The portfolio aggressively repositioned toward Japan, now the highest-conviction opportunity given governance reforms and AI exposure. Fifteen new positions were initiated focused on areas where scarcity is creating pricing power across memory, analog chips, data storage, and data center connectivity. | - | ||||||
| +16.2% | +10.9% | The fund delivered 16.17% in Q2 2026, outperforming on concentrated AI infrastructure exposure as hyperscaler capex surged past 60% growth. Seagate, Micron, and TSMC drove returns while perceived AI disruption victims lagged. Managers trimmed AI winners after exceptional performance and rotated into undervalued quality names with durable moats. The portfolio balances genuine AI beneficiaries with resilient businesses, maintaining focus on sustainability, energy security, and companies positioned for multi-year secular trends. Full Quick Take The fund delivered 16.17% in Q2 2026, outperforming on concentrated AI infrastructure exposure as hyperscaler capex surged past 60% growth. Seagate, Micron, and TSMC drove returns while perceived AI disruption victims lagged. Managers trimmed AI winners after exceptional performance and rotated into undervalued quality names with durable moats. The portfolio balances genuine AI beneficiaries with resilient businesses, maintaining focus on sustainability, energy security, and companies positioned for multi-year secular trends. | |||||||
| - | - | QV Investors is avoiding AI-related stocks trading at extreme valuations with uncertain long-term value creation, instead deploying capital into quality businesses with durable moats that have been sold down to rare discounts. The firm built positions in Constellation Software and Microsoft where AI disruption concerns are overblown, and added to existing quality holdings as capital chasing the AI narrative creates compelling opportunities in overlooked areas. Full Quick Take QV Investors is avoiding AI-related stocks trading at extreme valuations with uncertain long-term value creation, instead deploying capital into quality businesses with durable moats that have been sold down to rare discounts. The firm built positions in Constellation Software and Microsoft where AI disruption concerns are overblown, and added to existing quality holdings as capital chasing the AI narrative creates compelling opportunities in overlooked areas. | - | ||||||
| - | - | - | Markets are dangerously concentrated with AI representing 45% of the S&P despite unproven returns, while energy infrastructure sits at only 4%. Hyperscalers are spending over $800 billion annually with investment returns uncertain. The second half of 2026 faces liquidity stress from $1 trillion in share unlocks. Opportunities lie in rotating to undervalued Europe, Japan, and Emerging Markets, plus commodities powering the AI buildout. Full Quick Take Markets are dangerously concentrated with AI representing 45% of the S&P despite unproven returns, while energy infrastructure sits at only 4%. Hyperscalers are spending over $800 billion annually with investment returns uncertain. The second half of 2026 faces liquidity stress from $1 trillion in share unlocks. Opportunities lie in rotating to undervalued Europe, Japan, and Emerging Markets, plus commodities powering the AI buildout. | - | |||||
| - | - | - | Global equities surged 14.9% in Q2 2026 as Middle East tensions eased and oil prices fell. AI investment broadened beyond technology, driving strong performance in semiconductor-heavy markets like Taiwan and South Korea. Emerging markets led with 24.1% gains while growth stocks outperformed on strong tech earnings. Despite persistent inflation and higher-for-longer rates, economic resilience and corporate earnings strength supported the rally across diversified exposures. Full Quick Take Global equities surged 14.9% in Q2 2026 as Middle East tensions eased and oil prices fell. AI investment broadened beyond technology, driving strong performance in semiconductor-heavy markets like Taiwan and South Korea. Emerging markets led with 24.1% gains while growth stocks outperformed on strong tech earnings. Despite persistent inflation and higher-for-longer rates, economic resilience and corporate earnings strength supported the rally across diversified exposures. | - | |||||
| +28.8% | - | Hood River's International Opportunity Fund outperformed by +19.14% in Q2 2026, driven by stock selection in international small-caps where market inefficiencies reward fundamental research. Japan's corporate governance reforms, AI ecosystem opportunities beyond U.S. mega-caps, and favorable semiconductor cycle dynamics drove performance. Top contributors included Kioxia Holdings, MDA Space, Super Group, and eDreams ODIGEO. The portfolio shifted toward consumer exposure while trimming technology. International equities offer compelling active management opportunities. Full Quick Take Hood River's International Opportunity Fund outperformed by +19.14% in Q2 2026, driven by stock selection in international small-caps where market inefficiencies reward fundamental research. Japan's corporate governance reforms, AI ecosystem opportunities beyond U.S. mega-caps, and favorable semiconductor cycle dynamics drove performance. Top contributors included Kioxia Holdings, MDA Space, Super Group, and eDreams ODIGEO. The portfolio shifted toward consumer exposure while trimming technology. International equities offer compelling active management opportunities. | |||||||
| - | - | - | Market breadth improved as equal weight indices outperformed cap-weighted benchmarks by 43 basis points. Reports of Meta potentially selling surplus compute suggest AI infrastructure overbuilding, benefiting software stocks. Employment data showed payroll growth slowing to 57k with downward revisions, but overall stability signals the Fed will prioritize inflation over employment concerns. Markets trade sideways awaiting FOMC Minutes. Full Quick Take Market breadth improved as equal weight indices outperformed cap-weighted benchmarks by 43 basis points. Reports of Meta potentially selling surplus compute suggest AI infrastructure overbuilding, benefiting software stocks. Employment data showed payroll growth slowing to 57k with downward revisions, but overall stability signals the Fed will prioritize inflation over employment concerns. Markets trade sideways awaiting FOMC Minutes. | - | |||||
| - | - | - | Pittenger & Anderson maintains a positive long-term equity outlook despite elevated inflation and concentrated AI-driven market leadership. The first half of 2026 delivered over 10% S&P 500 returns amid the historic SpaceX IPO and U.S.-Iran peace agreement. Small caps outperformed in June, suggesting potential rotation from mega-cap technology. The firm advises clients to remain fully invested and diversified, emphasizing that patient investors have historically been rewarded. Full Quick Take Pittenger & Anderson maintains a positive long-term equity outlook despite elevated inflation and concentrated AI-driven market leadership. The first half of 2026 delivered over 10% S&P 500 returns amid the historic SpaceX IPO and U.S.-Iran peace agreement. Small caps outperformed in June, suggesting potential rotation from mega-cap technology. The firm advises clients to remain fully invested and diversified, emphasizing that patient investors have historically been rewarded. | - | |||||
| - | - | - | Glenmede expects 2.7% U.S. GDP growth in 2026 as fiscal stimulus and AI productivity gains offset tariff and energy headwinds. Geopolitical tensions drove inflation to 4.2% before easing late quarter. Equity markets rebounded sharply with broadening leadership—emerging markets up 24%, small caps up 21%. The second half will be defined by mega IPOs, AI capital spending at 2.5% of GDP, hawkish Fed policy, and midterm elections. Full Quick Take Glenmede expects 2.7% U.S. GDP growth in 2026 as fiscal stimulus and AI productivity gains offset tariff and energy headwinds. Geopolitical tensions drove inflation to 4.2% before easing late quarter. Equity markets rebounded sharply with broadening leadership—emerging markets up 24%, small caps up 21%. The second half will be defined by mega IPOs, AI capital spending at 2.5% of GDP, hawkish Fed policy, and midterm elections. | - | |||||
| - | - | - | Portfolio pivoted from technology to biotechnology with Eli Lilly as largest position on GLP-1 growth, while maintaining AI exposure across infrastructure and chips. Inflation at 4.2% driving Fed toward rate hikes. Liquidated gold, repositioned bonds for rising rates. Sees 10% S&P 500 upside but concerned about AI investment speed, IPO supply, and excessive optimism. Added undervalued software names after indiscriminate selling. Full Quick Take Portfolio pivoted from technology to biotechnology with Eli Lilly as largest position on GLP-1 growth, while maintaining AI exposure across infrastructure and chips. Inflation at 4.2% driving Fed toward rate hikes. Liquidated gold, repositioned bonds for rising rates. Sees 10% S&P 500 upside but concerned about AI investment speed, IPO supply, and excessive optimism. Added undervalued software names after indiscriminate selling. | ||||||
| - | - | - | Q2 2026 delivered the S&P 500's strongest quarter since 2020, up 15.2%, driven by semiconductors' record 88% surge and renewed AI enthusiasm. Small-caps led with Russell 2000 up 21.6%. Despite the rally reaching new all-time highs, inflation accelerated to 4.2%, consumer sentiment hit record lows, and the Fed signaled additional tightening ahead under new Chair Warsh. Full Quick Take Q2 2026 delivered the S&P 500's strongest quarter since 2020, up 15.2%, driven by semiconductors' record 88% surge and renewed AI enthusiasm. Small-caps led with Russell 2000 up 21.6%. Despite the rally reaching new all-time highs, inflation accelerated to 4.2%, consumer sentiment hit record lows, and the Fed signaled additional tightening ahead under new Chair Warsh. | - | |||||
| - | - | - | Chasing further US Dollar upside presents an unfavorable risk-reward profile because speculative long positioning is acutely stretched and near historical peaks. Although solid US economic momentum and falling crude oil prices supported the recent greenback rally, heightened technology volatility and potential Federal Reserve patience under Kevin Warsh leave the overbought dollar vulnerable to abrupt reversal. Full Quick Take Chasing further US Dollar upside presents an unfavorable risk-reward profile because speculative long positioning is acutely stretched and near historical peaks. Although solid US economic momentum and falling crude oil prices supported the recent greenback rally, heightened technology volatility and potential Federal Reserve patience under Kevin Warsh leave the overbought dollar vulnerable to abrupt reversal. | - | |||||
| - | - | Portfolio pivoted from technology to biotechnology with Eli Lilly as largest position on GLP-1 growth, while maintaining AI exposure across infrastructure and chips. Inflation at 4.2% driving Fed toward rate hikes. Liquidated gold, repositioned bonds for rising rates. Sees 10% S&P 500 upside but concerned about AI investment speed, IPO supply, and excessive optimism. Added undervalued software names after indiscriminate selling. Full Quick Take Portfolio pivoted from technology to biotechnology with Eli Lilly as largest position on GLP-1 growth, while maintaining AI exposure across infrastructure and chips. Inflation at 4.2% driving Fed toward rate hikes. Liquidated gold, repositioned bonds for rising rates. Sees 10% S&P 500 upside but concerned about AI investment speed, IPO supply, and excessive optimism. Added undervalued software names after indiscriminate selling. | |||||||
| - | - | Turtle Creek sees extreme valuation dislocations creating their best-ever opportunity set despite recent underperformance. The manager has tripled positions in quality names like Colliers trading at historical-low multiples due to overblown AI disruption fears. Portfolio companies are aggressively buying back stock at depressed prices. With founder-led businesses growing earnings while trading at decade lows, the manager expects substantial returns as multiples normalize. Full Quick Take Turtle Creek sees extreme valuation dislocations creating their best-ever opportunity set despite recent underperformance. The manager has tripled positions in quality names like Colliers trading at historical-low multiples due to overblown AI disruption fears. Portfolio companies are aggressively buying back stock at depressed prices. With founder-led businesses growing earnings while trading at decade lows, the manager expects substantial returns as multiples normalize. |
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