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 |
|---|---|---|---|---|---|---|---|---|---|
| +22.4% | +8.5% | Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. Full Quick Take Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. | |||||||
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| - | - | The S&P 500 rallied +15% in Q2 2026 as oil reversed from $115 to $70 following a Middle East ceasefire, while semiconductor stocks surged +88% on record AI infrastructure spending by major tech companies. Inflation peaked at +4.2% in May but is expected to ease. The Fed shifted toward potential rate hikes. Market breadth strengthened with small caps gaining +21.5%. Key risks include inflation persistence and AI spending sustainability. Full Quick Take The S&P 500 rallied +15% in Q2 2026 as oil reversed from $115 to $70 following a Middle East ceasefire, while semiconductor stocks surged +88% on record AI infrastructure spending by major tech companies. Inflation peaked at +4.2% in May but is expected to ease. The Fed shifted toward potential rate hikes. Market breadth strengthened with small caps gaining +21.5%. Key risks include inflation persistence and AI spending sustainability. | |||||||
| - | - | - | The Federal Reserve under new Chairman Kevin Warsh faces a credibility crisis as inflation persists at 3-4% despite five years above target. The July FOMC meeting's decision to hold rates steady pushed Treasury yields to multi-year highs and left markets pricing in multiple rate hikes ahead. The Iran conflict complicates policy by driving oil-driven inflation that rate hikes cannot directly address. Restoring confidence will require threading a difficult needle. Full Quick Take The Federal Reserve under new Chairman Kevin Warsh faces a credibility crisis as inflation persists at 3-4% despite five years above target. The July FOMC meeting's decision to hold rates steady pushed Treasury yields to multi-year highs and left markets pricing in multiple rate hikes ahead. The Iran conflict complicates policy by driving oil-driven inflation that rate hikes cannot directly address. Restoring confidence will require threading a difficult needle. | - | |||||
| +44.2% | - | BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. Full Quick Take BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. | - | ||||||
| - | +11.2% | Aegis Value Fund returned 11.19% in H1 2026, driven by a 38.3% energy allocation capitalizing on structural oil supply constraints and geopolitical risk. The manager warns nearly 40% of S&P 500 exposure to AI buildout risks historical overinvestment patterns. Despite gold's correction, precious metals positions maintained given strengthened long-term fundamentals. New positions in Radian, hotel REITs, and turnaround situations purchased at steep discounts to book value. Full Quick Take Aegis Value Fund returned 11.19% in H1 2026, driven by a 38.3% energy allocation capitalizing on structural oil supply constraints and geopolitical risk. The manager warns nearly 40% of S&P 500 exposure to AI buildout risks historical overinvestment patterns. Despite gold's correction, precious metals positions maintained given strengthened long-term fundamentals. New positions in Radian, hotel REITs, and turnaround situations purchased at steep discounts to book value. | |||||||
| +0.1% | +5.4% | Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. Full Quick Take Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. | |||||||
| - | - | Robotti sees AI's physical appetite creating opportunity in overlooked infrastructure. While AI platforms trade at extreme valuations, the power, materials, and energy required to support them remain undervalued after years of underinvestment. The manager owns real assets through public companies at discounts: offshore energy consolidating with pricing power, North American industrials benefiting from cheap gas, and building products serving demographic housing demand. Recognition lags fundamentals but arrives quickly. Full Quick Take Robotti sees AI's physical appetite creating opportunity in overlooked infrastructure. While AI platforms trade at extreme valuations, the power, materials, and energy required to support them remain undervalued after years of underinvestment. The manager owns real assets through public companies at discounts: offshore energy consolidating with pricing power, North American industrials benefiting from cheap gas, and building products serving demographic housing demand. Recognition lags fundamentals but arrives quickly. | - | ||||||
| - | - | Ameliora reduced technology exposure in late June despite market highs, concerned that $3 trillion in AI debt creates unsustainable servicing burdens for an unproven commercial model. Record margin debt signals fragility while semiconductor valuations appear bubble-like. The firm favors gold miners and defense stocks offering strong cash flows but unloved by momentum investors, maintaining a constructive equity stance supported by AI capex flowing through the broader economy. Full Quick Take Ameliora reduced technology exposure in late June despite market highs, concerned that $3 trillion in AI debt creates unsustainable servicing burdens for an unproven commercial model. Record margin debt signals fragility while semiconductor valuations appear bubble-like. The firm favors gold miners and defense stocks offering strong cash flows but unloved by momentum investors, maintaining a constructive equity stance supported by AI capex flowing through the broader economy. | - | ||||||
| +21.9% | +20.9% | Impax Global Environmental Markets Fund surged 21.98% in Q2 2026, outperforming on AI infrastructure tailwinds driving semiconductor and data center holdings. The team maintains high conviction in picks and shovels AI exposure while balancing with defensive waste, industrial gas, and utility positions. Water infrastructure faced headwinds from rates and macro uncertainty. Portfolio remains concentrated in 42 high-quality names with pricing power and secular environmental growth drivers. Full Quick Take Impax Global Environmental Markets Fund surged 21.98% in Q2 2026, outperforming on AI infrastructure tailwinds driving semiconductor and data center holdings. The team maintains high conviction in picks and shovels AI exposure while balancing with defensive waste, industrial gas, and utility positions. Water infrastructure faced headwinds from rates and macro uncertainty. Portfolio remains concentrated in 42 high-quality names with pricing power and secular environmental growth drivers. | - | ||||||
| +5.1% | - | - | Bronte Capital Amalthea Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Bronte Capital Amalthea Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +2.5% | +2.0% | BlackRock Managed Income Fund delivered 2.57% in Q2 2026, outperforming through overweight U.S. growth equities and selective rotations into European banks, German infrastructure, and Asian AI beneficiaries. The manager favors the United States given stronger earnings visibility while pursuing targeted opportunities where improving earnings breadth and AI investment provide support. Core inflation is expected to decline, allowing the Fed to remain on hold longer than markets anticipate. Full Quick Take BlackRock Managed Income Fund delivered 2.57% in Q2 2026, outperforming through overweight U.S. growth equities and selective rotations into European banks, German infrastructure, and Asian AI beneficiaries. The manager favors the United States given stronger earnings visibility while pursuing targeted opportunities where improving earnings breadth and AI investment provide support. Core inflation is expected to decline, allowing the Fed to remain on hold longer than markets anticipate. | - | ||||||
| - | - | - | Fort Washington's Balanced Fund delivered 7.26% in Q2 2026, underperforming due to IT sector underweights in semiconductors. The Fund increased equity exposure to 64% amid AI-driven economic resilience and strong equity markets, while maintaining overweights to investment grade and high yield credit. Despite elevated valuations following a 15%+ S&P 500 rally, the manager remains constructive on moderate growth while emphasizing quality and maintaining flexibility for opportunistic deployment. Full Quick Take Fort Washington's Balanced Fund delivered 7.26% in Q2 2026, underperforming due to IT sector underweights in semiconductors. The Fund increased equity exposure to 64% amid AI-driven economic resilience and strong equity markets, while maintaining overweights to investment grade and high yield credit. Despite elevated valuations following a 15%+ S&P 500 rally, the manager remains constructive on moderate growth while emphasizing quality and maintaining flexibility for opportunistic deployment. | ||||||
| +14.1% | +16.1% | - | BlackRock Advantage Global Fund returned 14.19% in Q2 2026, slightly trailing its benchmark. Thematic insights identifying semiconductor and computer equipment opportunities drove outperformance, while sentiment measures analyzing momentum and trend-following indicators detracted as market leadership shifted. AI remained the primary return driver until late-quarter volatility triggered a technology correction and defensive rotation as monetary policy expectations turned hawkish. Full Quick Take BlackRock Advantage Global Fund returned 14.19% in Q2 2026, slightly trailing its benchmark. Thematic insights identifying semiconductor and computer equipment opportunities drove outperformance, while sentiment measures analyzing momentum and trend-following indicators detracted as market leadership shifted. AI remained the primary return driver until late-quarter volatility triggered a technology correction and defensive rotation as monetary policy expectations turned hawkish. | - | |||||
| +11.2% | -4.8% | Polen International Growth lagged in Q2 2026 as narrow, momentum-driven rally favored semiconductors and AI infrastructure while penalizing Software, Healthcare, and Consumer holdings despite intact fundamentals. Manager redeployed capital toward businesses with stronger current momentum and visible demand tailwinds, exiting InPost and Medtronic. Adapting to market structure dominated by thematic flows and passive concentration while maintaining discipline on owning competitively advantaged compounders. Full Quick Take Polen International Growth lagged in Q2 2026 as narrow, momentum-driven rally favored semiconductors and AI infrastructure while penalizing Software, Healthcare, and Consumer holdings despite intact fundamentals. Manager redeployed capital toward businesses with stronger current momentum and visible demand tailwinds, exiting InPost and Medtronic. Adapting to market structure dominated by thematic flows and passive concentration while maintaining discipline on owning competitively advantaged compounders. | - | ||||||
| - | - | - | Small-cap stocks led a powerful Q2 rally, posting their best first half since 1991 and signaling healthier market breadth after years of narrow leadership. Oil volatility from the Strait of Hormuz crisis is fading, but AI infrastructure spending is driving sticky core inflation. The manager maintained discipline through the spring selloff, adding to quality names and trimming winners, positioning for full market cycles rather than chasing concentrated index momentum. Full Quick Take Small-cap stocks led a powerful Q2 rally, posting their best first half since 1991 and signaling healthier market breadth after years of narrow leadership. Oil volatility from the Strait of Hormuz crisis is fading, but AI infrastructure spending is driving sticky core inflation. The manager maintained discipline through the spring selloff, adding to quality names and trimming winners, positioning for full market cycles rather than chasing concentrated index momentum. | - | |||||
| +7.0% | -5.9% | The fund returned 7.03% in Q2 2026 but lagged the 15.49% benchmark as AI-related momentum drove extreme factor performance favoring growth over value. The managers maintain 30 concentrated positions in quality companies trading at discounts to intrinsic value, with an estimated price-to-value in the upper-70s. Despite near-term underperformance, they believe their disciplined value approach will deliver adequate multi-year returns as extremes normalize. Full Quick Take The fund returned 7.03% in Q2 2026 but lagged the 15.49% benchmark as AI-related momentum drove extreme factor performance favoring growth over value. The managers maintain 30 concentrated positions in quality companies trading at discounts to intrinsic value, with an estimated price-to-value in the upper-70s. Despite near-term underperformance, they believe their disciplined value approach will deliver adequate multi-year returns as extremes normalize. | - | ||||||
| +15.2% | +1.7% | TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates. Full Quick Take TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates. | |||||||
| +20.0% | +11.6% | Parnassus Mid Cap Growth delivered 20.04% in Q2 2026, crushing the benchmark by 549 basis points on AI-driven semiconductor strength. The managers repositioned toward idiosyncratic growth stories, adding AI infrastructure plays while exiting disruption-vulnerable software names. With 31% in Technology and 28% in Industrials, the portfolio balances AI momentum against broadening growth opportunities as manufacturing recovers and economic expansion potentially extends beyond AI in H2 2026. Full Quick Take Parnassus Mid Cap Growth delivered 20.04% in Q2 2026, crushing the benchmark by 549 basis points on AI-driven semiconductor strength. The managers repositioned toward idiosyncratic growth stories, adding AI infrastructure plays while exiting disruption-vulnerable software names. With 31% in Technology and 28% in Industrials, the portfolio balances AI momentum against broadening growth opportunities as manufacturing recovers and economic expansion potentially extends beyond AI in H2 2026. | - | ||||||
| - | +4.2% | GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. Full Quick Take GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. | |||||||
| +24.6% | - | Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. Full Quick Take Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. | |||||||
| +15.0% | - | Platinum Asia delivered 15% quarterly returns on AI winners SK hynix and Samsung but is trimming these positions due to unsustainable profitability and growing speculation. The manager is redeploying capital into neglected quality businesses across Philippines, Indonesia, and China trading at crisis-era valuations. The fund remains fully invested, positioned for AI's continued strength while exploiting opportunities created by record foreign capital outflows from the region. Full Quick Take Platinum Asia delivered 15% quarterly returns on AI winners SK hynix and Samsung but is trimming these positions due to unsustainable profitability and growing speculation. The manager is redeploying capital into neglected quality businesses across Philippines, Indonesia, and China trading at crisis-era valuations. The fund remains fully invested, positioned for AI's continued strength while exploiting opportunities created by record foreign capital outflows from the region. | |||||||
| +9.4% | - | Langdon Global Smaller Companies returned 9.4% in Q2 but lagged the benchmark's 17.0% due to underweight information technology hardware exposure. The manager used volatility to add to YETI and DO & CO where prices fell faster than business value, initiated Miami International Holdings for its exchange platform potential, and reassessed Royal Unibrew after its Pepsi agreement expiration. The core thesis: price signals investigation, not automatic action. Full Quick Take Langdon Global Smaller Companies returned 9.4% in Q2 but lagged the benchmark's 17.0% due to underweight information technology hardware exposure. The manager used volatility to add to YETI and DO & CO where prices fell faster than business value, initiated Miami International Holdings for its exchange platform potential, and reassessed Royal Unibrew after its Pepsi agreement expiration. The core thesis: price signals investigation, not automatic action. | |||||||
| +13.3% | +5.6% | Vulcan Small Cap returned 13.3% net in Q2 2026 despite price to value ratios remaining flat. The strategy added Badger Meter and TPG at significant discounts driven by market overreactions. MillerKnoll, Fortune Brands, and Littelfuse contributed materially. The portfolio owns exceptional small cap businesses at roughly 50 cents on the dollar with values compounding steadily, creating compelling long-term opportunities for patient capital. Full Quick Take Vulcan Small Cap returned 13.3% net in Q2 2026 despite price to value ratios remaining flat. The strategy added Badger Meter and TPG at significant discounts driven by market overreactions. MillerKnoll, Fortune Brands, and Littelfuse contributed materially. The portfolio owns exceptional small cap businesses at roughly 50 cents on the dollar with values compounding steadily, creating compelling long-term opportunities for patient capital. | |||||||
| +44.8% | +45.1% | - | Next Century's SMID Cap strategy surged 44.83% in Q2 2026, crushing benchmarks by over 2,000 basis points on exceptional semiconductor and AI infrastructure performance. Small caps delivered their strongest first half since 1991 as earnings accelerated and markets broadened. The manager trimmed tech winners after valuations expanded, rotating into health care, industrials, and software. Multi-year tailwinds in AI, data centers, defense, and onshoring remain intact despite inflation concerns. Full Quick Take Next Century's SMID Cap strategy surged 44.83% in Q2 2026, crushing benchmarks by over 2,000 basis points on exceptional semiconductor and AI infrastructure performance. Small caps delivered their strongest first half since 1991 as earnings accelerated and markets broadened. The manager trimmed tech winners after valuations expanded, rotating into health care, industrials, and software. Multi-year tailwinds in AI, data centers, defense, and onshoring remain intact despite inflation concerns. | - | |||||
| - | - | - | Oujo Wealth Strategies maintains a selective, valuation-conscious stance as the S&P 500 has priced in 2027 earnings with limited spread over treasuries. Strong earnings have driven markets but opportunities are scarce at current levels. The manager favors international equities, mid caps, and small caps over expensive large cap US stocks, while viewing fixed income favorably. Strategy emphasizes patience and waiting for corrections to deploy capital at attractive valuations. Full Quick Take Oujo Wealth Strategies maintains a selective, valuation-conscious stance as the S&P 500 has priced in 2027 earnings with limited spread over treasuries. Strong earnings have driven markets but opportunities are scarce at current levels. The manager favors international equities, mid caps, and small caps over expensive large cap US stocks, while viewing fixed income favorably. Strategy emphasizes patience and waiting for corrections to deploy capital at attractive valuations. | - | |||||
| +10.6% | +5.5% | Airlie delivered 10.6% in Q2 2026, outperforming by 6.5% as materials and USD earners reversed prior headwinds. The fund maintains a large underweight in expensive Australian banks facing deteriorating fundamentals from slowing credit growth and negative gearing bans, expecting earnings downgrades and de-rating. Best opportunities lie in quality industrials that have de-rated sharply. Changing market structure creates enhanced volatility the manager exploits through active trading around core positions. Full Quick Take Airlie delivered 10.6% in Q2 2026, outperforming by 6.5% as materials and USD earners reversed prior headwinds. The fund maintains a large underweight in expensive Australian banks facing deteriorating fundamentals from slowing credit growth and negative gearing bans, expecting earnings downgrades and de-rating. Best opportunities lie in quality industrials that have de-rated sharply. Changing market structure creates enhanced volatility the manager exploits through active trading around core positions. | |||||||
| +21.9% | - | Ithaka outperformed by 500bps in Q2 2026 as concentrated AI infrastructure bets delivered exceptional returns. AMD surged 182% on agentic AI tailwinds while cybersecurity holdings benefited from recognition that AI expands attack surfaces. Market concentration remains extreme with 60% of S&P earnings growth from AI. Physical infrastructure bottlenecks and AI monetization scrutiny present key risks ahead. Full Quick Take Ithaka outperformed by 500bps in Q2 2026 as concentrated AI infrastructure bets delivered exceptional returns. AMD surged 182% on agentic AI tailwinds while cybersecurity holdings benefited from recognition that AI expands attack surfaces. Market concentration remains extreme with 60% of S&P earnings growth from AI. Physical infrastructure bottlenecks and AI monetization scrutiny present key risks ahead. | |||||||
| +6.0% | - | Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance. Full Quick Take Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance. | |||||||
| +1.3% | +8.6% | Third Avenue Value Fund underperformed in Q2 2026 as markets chased semiconductors and AI while the Fund stayed disciplined in out-of-favor tangible asset plays. Core holdings in offshore energy services, copper mining, and Japanese industrials offer deep value with catalysts including energy security trends, supply shortages, and corporate restructurings. Two takeover bids validated the asset-backed approach. Manager sees multiple paths to wealth creation from current discounted positioning. Full Quick Take Third Avenue Value Fund underperformed in Q2 2026 as markets chased semiconductors and AI while the Fund stayed disciplined in out-of-favor tangible asset plays. Core holdings in offshore energy services, copper mining, and Japanese industrials offer deep value with catalysts including energy security trends, supply shortages, and corporate restructurings. Two takeover bids validated the asset-backed approach. Manager sees multiple paths to wealth creation from current discounted positioning. | |||||||
| +11.4% | +15.8% | Advisory Research delivered strong Q2 2026 returns through concentrated dividend positions while maintaining that AI will drive transformative productivity gains despite near-term inflationary pressures from infrastructure buildout. The managers view inflation as underpriced by markets, with potential Fed tightening extending into 2027. They are bullish on AI chipmakers like NVIDIA but watching closely for value creation shifts from training to inference infrastructure. Full Quick Take Advisory Research delivered strong Q2 2026 returns through concentrated dividend positions while maintaining that AI will drive transformative productivity gains despite near-term inflationary pressures from infrastructure buildout. The managers view inflation as underpriced by markets, with potential Fed tightening extending into 2027. They are bullish on AI chipmakers like NVIDIA but watching closely for value creation shifts from training to inference infrastructure. | - | ||||||
| +9.4% | +2.5% | Wedgewood underperformed in Q2 as momentum stocks dominated, but the manager is doubling down on hyperscalers, viewing their massive AI capex as rational given 30%+ returns and investment gains hedging component inflation. Taiwan Semiconductor and Alphabet drove performance. The manager warns semiconductors are at cyclical peaks despite historic growth. New position Hermès offers rare luxury pricing power from artisanal scarcity. Quality stocks at 1999-level discounts present opportunity. Full Quick Take Wedgewood underperformed in Q2 as momentum stocks dominated, but the manager is doubling down on hyperscalers, viewing their massive AI capex as rational given 30%+ returns and investment gains hedging component inflation. Taiwan Semiconductor and Alphabet drove performance. The manager warns semiconductors are at cyclical peaks despite historic growth. New position Hermès offers rare luxury pricing power from artisanal scarcity. Quality stocks at 1999-level discounts present opportunity. | |||||||
| - | - | Markets delivered a 15% Q2 rally to record highs as Middle East ceasefire hopes collapsed oil prices and broadened participation beyond mega-cap tech. Small caps surged 22.6% year-to-date, value trounced growth, and emerging markets led globally on semiconductor strength. The Fed held hawkish at 3.50-3.75% despite three-year high inflation. Markets are betting the energy shock has peaked and earnings growth continues, though geopolitical and rate uncertainties remain unresolved. Full Quick Take Markets delivered a 15% Q2 rally to record highs as Middle East ceasefire hopes collapsed oil prices and broadened participation beyond mega-cap tech. Small caps surged 22.6% year-to-date, value trounced growth, and emerging markets led globally on semiconductor strength. The Fed held hawkish at 3.50-3.75% despite three-year high inflation. Markets are betting the energy shock has peaked and earnings growth continues, though geopolitical and rate uncertainties remain unresolved. | - | ||||||
| - | - | Penn Davis McFarland advises avoiding speculative, highly valued capital market favorites like SpaceX in favor of profitable businesses trading at attractive valuations. While acknowledging the transformative power of AI, they emphasize that real value lies in long-term enterprise adoption and implementation. Consequently, they established a position in Accenture at multi-year valuation lows to benefit from this secular transition. Full Quick Take Penn Davis McFarland advises avoiding speculative, highly valued capital market favorites like SpaceX in favor of profitable businesses trading at attractive valuations. While acknowledging the transformative power of AI, they emphasize that real value lies in long-term enterprise adoption and implementation. Consequently, they established a position in Accenture at multi-year valuation lows to benefit from this secular transition. | |||||||
| - | +3.5% | Latitude Global Fund deliberately avoids semiconductor euphoria despite 2026 outperformance, drawing parallels to 2003-2008 mining supercycle that produced zero returns for late entrants. Manager aggressively deployed into healthcare at dot-com-era valuations, doubling UnitedHealth after operational improvements and adding substantially to Cencora and Royalty Pharma. Portfolio up 3.5% year-to-date with conviction that current positioning will deliver superior long-term returns as semiconductor supply investments accelerate cycle reversal. Full Quick Take Latitude Global Fund deliberately avoids semiconductor euphoria despite 2026 outperformance, drawing parallels to 2003-2008 mining supercycle that produced zero returns for late entrants. Manager aggressively deployed into healthcare at dot-com-era valuations, doubling UnitedHealth after operational improvements and adding substantially to Cencora and Royalty Pharma. Portfolio up 3.5% year-to-date with conviction that current positioning will deliver superior long-term returns as semiconductor supply investments accelerate cycle reversal. | |||||||
| - | - | Ophir's +31.8% Global Opportunities Fund return came from pure stock picking across twenty-one winners, not AI exposure. Market breadth finally arrived with small caps outperforming mega caps. Semiconductors and energy infrastructure soared while software applications crashed on AI disruption fears. Ophir holds index weight in AI, betting neither for nor against a bubble. Breadth should continue on falling inflation, Fed easing, and tax cuts. Full Quick Take Ophir's +31.8% Global Opportunities Fund return came from pure stock picking across twenty-one winners, not AI exposure. Market breadth finally arrived with small caps outperforming mega caps. Semiconductors and energy infrastructure soared while software applications crashed on AI disruption fears. Ophir holds index weight in AI, betting neither for nor against a bubble. Breadth should continue on falling inflation, Fed easing, and tax cuts. | - | ||||||
| - | - | Sustainable wealth creation demands disciplined capital allocation into competitively advantaged businesses trading at reasonable valuations rather than chasing speculative, cycle-dependent tech surges. By pairing mission-critical artificial intelligence infrastructure beneficiaries with ignored compounders in traditional industries like housing and industrial supply, the portfolio achieves robust earnings growth and superior downside protection across secular market cycles. Full Quick Take Sustainable wealth creation demands disciplined capital allocation into competitively advantaged businesses trading at reasonable valuations rather than chasing speculative, cycle-dependent tech surges. By pairing mission-critical artificial intelligence infrastructure beneficiaries with ignored compounders in traditional industries like housing and industrial supply, the portfolio achieves robust earnings growth and superior downside protection across secular market cycles. | |||||||
| -1.8% | +12.1% | Pabrai Wagons ETF delivered +12.12% YTD through Q2 2026, maintaining zero S&P 500 overlap through concentrated positions in unloved global markets. The fund circles the wagons around six core buckets: offshore drilling, met coal, Indian financials, vertical software compounders, and Turkish infrastructure. Manager Mohnish Pabrai believes these exceptional businesses with wide moats trade at significant discounts and will compound for decades. Full Quick Take Pabrai Wagons ETF delivered +12.12% YTD through Q2 2026, maintaining zero S&P 500 overlap through concentrated positions in unloved global markets. The fund circles the wagons around six core buckets: offshore drilling, met coal, Indian financials, vertical software compounders, and Turkish infrastructure. Manager Mohnish Pabrai believes these exceptional businesses with wide moats trade at significant discounts and will compound for decades. | |||||||
| - | - | North Sky Capital is capitalizing on the convergence of energy transition, AI infrastructure buildout, and secondary market maturation. Multiple portfolio companies went public in Q2 2026 signaling improved liquidity. The firm is deploying capital into EV charging, energy storage, and battery technology positioned to benefit from a $2.3 trillion infrastructure supercycle. Battery advancements from Tesla and CATL could dramatically accelerate EV adoption and expand addressable markets. Full Quick Take North Sky Capital is capitalizing on the convergence of energy transition, AI infrastructure buildout, and secondary market maturation. Multiple portfolio companies went public in Q2 2026 signaling improved liquidity. The firm is deploying capital into EV charging, energy storage, and battery technology positioned to benefit from a $2.3 trillion infrastructure supercycle. Battery advancements from Tesla and CATL could dramatically accelerate EV adoption and expand addressable markets. | - | ||||||
| - | - | 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. | - | ||||||
| +38.1% | +39.1% | Focus Capital gained 38.1% in Q2 2026 versus 15.2% for the S&P 500, driven by Silicon Motion tripling in value. The company captured market share in memory controllers as AI boom competitors shifted focus, with benefits expected to endure for years. Direct AI exposure through Nvidia partnership and data center chips should ramp second half 2026. Manager actively seeking additional deeply undervalued opportunities. Full Quick Take Focus Capital gained 38.1% in Q2 2026 versus 15.2% for the S&P 500, driven by Silicon Motion tripling in value. The company captured market share in memory controllers as AI boom competitors shifted focus, with benefits expected to endure for years. Direct AI exposure through Nvidia partnership and data center chips should ramp second half 2026. Manager actively seeking additional deeply undervalued opportunities. | - | ||||||
| +7.8% | -1.1% | Weitz underperformed in Q2 2026 as their valuation discipline kept them from chasing expensive AI momentum. They selectively own Texas Instruments and Alphabet within AI while trimming winners and raising cash modestly. New positions in Netflix (ad-tier growth strategy) and Mettler-Toledo (price dislocation) demonstrate opportunistic deployment. The managers remain constructive on quality businesses trading at reasonable valuations despite near-term market preference for growth at any price. Full Quick Take Weitz underperformed in Q2 2026 as their valuation discipline kept them from chasing expensive AI momentum. They selectively own Texas Instruments and Alphabet within AI while trimming winners and raising cash modestly. New positions in Netflix (ad-tier growth strategy) and Mettler-Toledo (price dislocation) demonstrate opportunistic deployment. The managers remain constructive on quality businesses trading at reasonable valuations despite near-term market preference for growth at any price. | |||||||
| - | - | The firm emphasizes a shift from the post-2008 era of easy liquidity and growth-focused investing toward a new landscape characterized by physical scarcity, geopolitical conflict, and persistent inflationary pressures. The investment philosophy prioritizes antifragility, advocating for a portfolio of tangible assets and productive capacity rather than capital-light or purely financialized business models. Returns are viewed through a long-term lens, with the manager cautioning against the fragility inherent in portfolios that rely on low-interest-rate tailwinds. Risk is identified not just in market volatility, but in the structural misallocation of capital and the fragility of systems that ignore the constraints of the physical world. Positioning reflects a conviction in commodities, energy, and the infrastructure required to support AI and national security. The firm maintains a cautious view of speculative technology valuations, favoring businesses that provide the foundational elements of the real economy while steering away from leverage-dependent assets that benefit from current monetary distortions. Full Quick Take The firm emphasizes a shift from the post-2008 era of easy liquidity and growth-focused investing toward a new landscape characterized by physical scarcity, geopolitical conflict, and persistent inflationary pressures. The investment philosophy prioritizes antifragility, advocating for a portfolio of tangible assets and productive capacity rather than capital-light or purely financialized business models. Returns are viewed through a long-term lens, with the manager cautioning against the fragility inherent in portfolios that rely on low-interest-rate tailwinds. Risk is identified not just in market volatility, but in the structural misallocation of capital and the fragility of systems that ignore the constraints of the physical world. Positioning reflects a conviction in commodities, energy, and the infrastructure required to support AI and national security. The firm maintains a cautious view of speculative technology valuations, favoring businesses that provide the foundational elements of the real economy while steering away from leverage-dependent assets that benefit from current monetary distortions. | - | ||||||
| -76.0% | -76.0% | Impax outperformed during volatile Q1 2026 through defensive industrial gas holdings and semiconductor exposure benefiting from AI demand. Middle East conflict and energy price surge created market stress, but the team sees opportunities for patient investors in environmental solutions. Portfolio maintains AI infrastructure focus while emphasizing defensive waste management and utilities businesses. Full Quick Take Impax outperformed during volatile Q1 2026 through defensive industrial gas holdings and semiconductor exposure benefiting from AI demand. Middle East conflict and energy price surge created market stress, but the team sees opportunities for patient investors in environmental solutions. Portfolio maintains AI infrastructure focus while emphasizing defensive waste management and utilities businesses. | - | ||||||
| +77.0% | - | - | Iran conflict drove oil up 77% and accelerated rotation from growth to value stocks. S&P 500 fell 4.3% while energy surged 37%. Fed held rates steady as inflation hit 3.3%. Biondo views value rotation as healthy correction despite geopolitical uncertainty. Growth strategies underperformed while dividend strategies outperformed during the quarter. Full Quick Take Iran conflict drove oil up 77% and accelerated rotation from growth to value stocks. S&P 500 fell 4.3% while energy surged 37%. Fed held rates steady as inflation hit 3.3%. Biondo views value rotation as healthy correction despite geopolitical uncertainty. Growth strategies underperformed while dividend strategies outperformed during the quarter. | - | |||||
| +14.2% | +14.2% | Pabrai Wagons ETF delivered 44% returns by investing in unloved global markets with zero S&P 500 overlap. Core positions include metallurgical coal miners, offshore drillers trading below replacement cost, and vertical software companies positioned to benefit from AI despite recent selloffs. The concentrated approach targets exceptional businesses with wide moats and superior capital allocation. Full Quick Take Pabrai Wagons ETF delivered 44% returns by investing in unloved global markets with zero S&P 500 overlap. Core positions include metallurgical coal miners, offshore drillers trading below replacement cost, and vertical software companies positioned to benefit from AI despite recent selloffs. The concentrated approach targets exceptional businesses with wide moats and superior capital allocation. | |||||||
| -15.6% | -15.6% | Ithaka's concentrated growth strategy lagged in Q1 2026 amid geopolitical shocks and AI infrastructure uncertainty. Strong aerospace performance from Howmet offset technology weakness driven by AI disruption fears. The firm maintains conviction in high-quality growth companies with durable advantages, including surgical robotics leader Intuitive Surgical addressing vast addressable markets. Full Quick Take Ithaka's concentrated growth strategy lagged in Q1 2026 amid geopolitical shocks and AI infrastructure uncertainty. Strong aerospace performance from Howmet offset technology weakness driven by AI disruption fears. The firm maintains conviction in high-quality growth companies with durable advantages, including surgical robotics leader Intuitive Surgical addressing vast addressable markets. | - | ||||||
| - | - | Brasada Capital sees a major rotation from Magnificent 7 dominance to broader market participation, with small caps and international stocks already outperforming in 2026. They've exited AI-threatened software positions while adding niche plays like Postal Realty Trust and Mexican airport operator OMAB positioned for nearshoring trends. Full Quick Take Brasada Capital sees a major rotation from Magnificent 7 dominance to broader market participation, with small caps and international stocks already outperforming in 2026. They've exited AI-threatened software positions while adding niche plays like Postal Realty Trust and Mexican airport operator OMAB positioned for nearshoring trends. | |||||||
| - | - | Ameliora navigated Q1 2026 geopolitical crisis with defensive positioning as Middle East conflict drove oil prices up 60% and equity markets negative. Their energy infrastructure, European financials, gold miners, and defense themes showed resilience. Despite acknowledging recession risks from potential $200 oil, they expect diplomatic resolution and maintain neutral equity stance given strong corporate profit outlook. Full Quick Take Ameliora navigated Q1 2026 geopolitical crisis with defensive positioning as Middle East conflict drove oil prices up 60% and equity markets negative. Their energy infrastructure, European financials, gold miners, and defense themes showed resilience. Despite acknowledging recession risks from potential $200 oil, they expect diplomatic resolution and maintain neutral equity stance given strong corporate profit outlook. | - | ||||||
| -15.7% | -15.7% | Concentrated global small-cap portfolio suffered 15.7% Q1 decline primarily from AI disruption fears affecting three core holdings despite continued business growth. Manager increased conviction positions during drawdown, viewing current prices as disconnected from fundamentals. Portfolio companies expected to grow earnings 23% annually versus 12% market average, creating compelling value opportunity. Full Quick Take Concentrated global small-cap portfolio suffered 15.7% Q1 decline primarily from AI disruption fears affecting three core holdings despite continued business growth. Manager increased conviction positions during drawdown, viewing current prices as disconnected from fundamentals. Portfolio companies expected to grow earnings 23% annually versus 12% market average, creating compelling value opportunity. |
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