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 |
|---|---|---|---|---|---|---|---|---|---|
| - | -8.0% | Seven Corners Capital combines deep value investing with a low-turnover sloth strategy, concentrating eighty percent of portfolio assets in six core holdings. Despite temporary performance headwinds from widening holding company discounts and subsidiary litigation timelines, aggressive corporate buybacks and strategic M&A across core positions provide clear upside potential. Full Quick Take Seven Corners Capital combines deep value investing with a low-turnover sloth strategy, concentrating eighty percent of portfolio assets in six core holdings. Despite temporary performance headwinds from widening holding company discounts and subsidiary litigation timelines, aggressive corporate buybacks and strategic M&A across core positions provide clear upside potential. | |||||||
| - | +10.2% | Silver Beech posted a 10.2% YTD net return through July 2026, staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. Gallagher at attractive valuations, maintaining focus on durable, asset-light, cash-generative franchises. Full Quick Take Silver Beech posted a 10.2% YTD net return through July 2026, staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. Gallagher at attractive valuations, maintaining focus on durable, asset-light, cash-generative franchises. | |||||||
| - | - | - | The managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. Full Quick Take The managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. | - | |||||
| +17.8% | - | Meridian Contrarian returned 17.75% in Q2 2026, lagging the momentum-driven Russell 2500's 20.26% as technology concentration dominated returns. Top contributors BlackBerry, CEVA, and PDF Solutions all benefited from accelerating AI and semiconductor cycles, validating the fund's contrarian thesis on operational recovery in out-of-favor names. The manager actively trimmed winners and reduced oil/defense exposure while maintaining conviction in bottom-up research identifying mispriced small-cap recovery opportunities. Full Quick Take Meridian Contrarian returned 17.75% in Q2 2026, lagging the momentum-driven Russell 2500's 20.26% as technology concentration dominated returns. Top contributors BlackBerry, CEVA, and PDF Solutions all benefited from accelerating AI and semiconductor cycles, validating the fund's contrarian thesis on operational recovery in out-of-favor names. The manager actively trimmed winners and reduced oil/defense exposure while maintaining conviction in bottom-up research identifying mispriced small-cap recovery opportunities. | |||||||
| +8.8% | +2.3% | Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. Full Quick Take Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. | |||||||
| - | +25.3% | Arauca Capital delivered a 25.26% gross return in H1 2026 by monetizing extraordinary gains in semiconductor and technology positions like Kioxia and Alphabet. Capital is now positioned defensively in short-term Treasuries, private power, and specialized digital lender VersaBank, while avoiding AI hyper-scalers facing heavy capex burdens and cyclical memory peaks. Full Quick Take Arauca Capital delivered a 25.26% gross return in H1 2026 by monetizing extraordinary gains in semiconductor and technology positions like Kioxia and Alphabet. Capital is now positioned defensively in short-term Treasuries, private power, and specialized digital lender VersaBank, while avoiding AI hyper-scalers facing heavy capex burdens and cyclical memory peaks. | |||||||
| - | - | River Oaks Capital experienced its most challenging period since inception, underperforming benchmarks due to zero AI exposure as capital rotated away from its microcap holdings. Manager Huguley is taking direct action: separating management quality from industry economics assessment, and actively working with portfolio companies to create catalysts through aggressive buybacks and value-realization strategies. With 12 of 15 holdings growing earnings while trading near 50% of fair value, the manager sees compelling long-term opportunities. Full Quick Take River Oaks Capital experienced its most challenging period since inception, underperforming benchmarks due to zero AI exposure as capital rotated away from its microcap holdings. Manager Huguley is taking direct action: separating management quality from industry economics assessment, and actively working with portfolio companies to create catalysts through aggressive buybacks and value-realization strategies. With 12 of 15 holdings growing earnings while trading near 50% of fair value, the manager sees compelling long-term opportunities. | |||||||
| - | +11.0% | McElvaine Value Fund emphasizes balance sheet resilience over thematic investing, holding concentrated positions in owner-managed businesses with net cash or minimal debt. The portfolio is defensively positioned following 2008 lessons, with 22% cash and strong fundamentals across energy, insurance, and pharmaceuticals holdings. PrairieSky and Knight Therapeutics delivered strong operational results. The manager views the environment as fragile but remains confident in the portfolio's setup despite uncertain timing for value realization. Full Quick Take McElvaine Value Fund emphasizes balance sheet resilience over thematic investing, holding concentrated positions in owner-managed businesses with net cash or minimal debt. The portfolio is defensively positioned following 2008 lessons, with 22% cash and strong fundamentals across energy, insurance, and pharmaceuticals holdings. PrairieSky and Knight Therapeutics delivered strong operational results. The manager views the environment as fragile but remains confident in the portfolio's setup despite uncertain timing for value realization. | |||||||
| - | - | AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. Full Quick Take AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. | |||||||
| - | -10.0% | Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. Full Quick Take Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. | |||||||
| - | - | The Magnificent Seven's trillion-dollar AI buildout reveals stark divergence in value creation. Nvidia and Apple thrive as supplier and capital-light player respectively. Microsoft, Meta, and Alphabet compress from extraordinary to excellent returns while still earning 2.5x their cost of capital. Amazon barely clears its hurdle while Tesla destroys value. The dispersion creates opportunity for investors distinguishing growth buyers from capacity buyers. Full Quick Take The Magnificent Seven's trillion-dollar AI buildout reveals stark divergence in value creation. Nvidia and Apple thrive as supplier and capital-light player respectively. Microsoft, Meta, and Alphabet compress from extraordinary to excellent returns while still earning 2.5x their cost of capital. Amazon barely clears its hurdle while Tesla destroys value. The dispersion creates opportunity for investors distinguishing growth buyers from capacity buyers. | |||||||
| +6.9% | -23.3% | Hayden Capital underperformed in Q2 as markets favored momentum over quality. Manager Liu focuses on reinvestment cycles with calculable ROICs, expressing conviction in e-commerce plays Shopee and Mercado Libre while questioning AI capex sustainability at hyperscalers. Exited Pinduoduo profitably after thesis played out. Portfolio companies growing 40%+ at market multiples sets up for future outperformance as reinvestment programs mature. Full Quick Take Hayden Capital underperformed in Q2 as markets favored momentum over quality. Manager Liu focuses on reinvestment cycles with calculable ROICs, expressing conviction in e-commerce plays Shopee and Mercado Libre while questioning AI capex sustainability at hyperscalers. Exited Pinduoduo profitably after thesis played out. Portfolio companies growing 40%+ at market multiples sets up for future outperformance as reinvestment programs mature. | |||||||
| +2.9% | +4.0% | Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus. Full Quick Take Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus. | - | ||||||
| - | +51.4% | Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. Full Quick Take Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. | - | ||||||
| - | - | - | - | TPG reported record first-half 2026 results driven by its diversified $327 billion alternative asset platform spanning private equity, impact, credit, real estate, and market solutions. The firm declared a $0.59 quarterly dividend. Management highlighted the business model's ability to perform across cycles and sees significant expansion opportunities as clients seek differentiated offerings across strategies. Full Quick Take TPG reported record first-half 2026 results driven by its diversified $327 billion alternative asset platform spanning private equity, impact, credit, real estate, and market solutions. The firm declared a $0.59 quarterly dividend. Management highlighted the business model's ability to perform across cycles and sees significant expansion opportunities as clients seek differentiated offerings across strategies. | - | ||||
| - | - | - | Atherean Asset Management is skeptical of AI infrastructure economics and semiconductor sustainability despite strong market performance. The manager avoids hyperscalers and frontier model developers, instead emphasizing long-term ownership of durable businesses with strong capital allocation. The portfolio is heavily weighted toward insurance, viewed as a timeless industry that will benefit from AI operationally while compounding shareholder value through disciplined underwriting and conservative balance sheets. Full Quick Take Atherean Asset Management is skeptical of AI infrastructure economics and semiconductor sustainability despite strong market performance. The manager avoids hyperscalers and frontier model developers, instead emphasizing long-term ownership of durable businesses with strong capital allocation. The portfolio is heavily weighted toward insurance, viewed as a timeless industry that will benefit from AI operationally while compounding shareholder value through disciplined underwriting and conservative balance sheets. | - | |||||
| - | - | M&G navigates unprecedented market concentration by maintaining disciplined diversification across uncorrelated securities with clear value gaps. While participating selectively in AI through established business models, the firm increasingly targets longer-cycle themes like electrification and overlooked quality names trading at attractive valuations. Multi Asset portfolios favor government bonds over credit with tactical duration management. Opportunities emerging in Japan corporate reform, EM valuations, and broadening leadership as extreme concentration eventually normalizes. Full Quick Take M&G navigates unprecedented market concentration by maintaining disciplined diversification across uncorrelated securities with clear value gaps. While participating selectively in AI through established business models, the firm increasingly targets longer-cycle themes like electrification and overlooked quality names trading at attractive valuations. Multi Asset portfolios favor government bonds over credit with tactical duration management. Opportunities emerging in Japan corporate reform, EM valuations, and broadening leadership as extreme concentration eventually normalizes. | - | ||||||
| +0.4% | +0.4% | - | Deer Park maintains high conviction in legacy non-agency RMBS and distressed CMBS, driven by collateral quality rather than rate movements. Legacy mortgage pools with 20-year seasoning demonstrate extraordinary payment persistence and declining delinquencies. CMBS distressed pricing creates compelling opportunities as rating agency downgrades forced non-economic sellers. Recent resolutions validate conservative loss assumptions. Structured mortgage credit offers superior risk-adjusted returns versus strained corporate and private credit markets. Full Quick Take Deer Park maintains high conviction in legacy non-agency RMBS and distressed CMBS, driven by collateral quality rather than rate movements. Legacy mortgage pools with 20-year seasoning demonstrate extraordinary payment persistence and declining delinquencies. CMBS distressed pricing creates compelling opportunities as rating agency downgrades forced non-economic sellers. Recent resolutions validate conservative loss assumptions. Structured mortgage credit offers superior risk-adjusted returns versus strained corporate and private credit markets. | - | |||||
| +23.2% | +9.1% | Voss Capital returned 23.2% net in Q2 2026, deploying into undervalued small-cap special situations as fundamentals turn. New positions include Rackspace Technology (AI infrastructure turnaround with unutilized data center capacity), Versigent (automotive wire harness oligopolist at 5x EBITDA), Hill & Smith (US grid infrastructure play at UK discount), and De'Longhi (coffee equipment leader with mispriced Professional segment growing 30%+ annually). Full Quick Take Voss Capital returned 23.2% net in Q2 2026, deploying into undervalued small-cap special situations as fundamentals turn. New positions include Rackspace Technology (AI infrastructure turnaround with unutilized data center capacity), Versigent (automotive wire harness oligopolist at 5x EBITDA), Hill & Smith (US grid infrastructure play at UK discount), and De'Longhi (coffee equipment leader with mispriced Professional segment growing 30%+ annually). | |||||||
| - | +8.2% | Norbury Capital delivered +8.2% year-to-date through June 2026, outpacing its European small-cap benchmark by 300 basis points. The fund completed its first activist campaign with OCI Global, exiting with a decent return after successfully challenging corporate governance issues and securing a cash alternative offer. Management sees abundant opportunities to redeploy capital across European small caps. Full Quick Take Norbury Capital delivered +8.2% year-to-date through June 2026, outpacing its European small-cap benchmark by 300 basis points. The fund completed its first activist campaign with OCI Global, exiting with a decent return after successfully challenging corporate governance issues and securing a cash alternative offer. Management sees abundant opportunities to redeploy capital across European small caps. | |||||||
| - | - | - | Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. Full Quick Take Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. | - | |||||
| -0.9% | +14.9% | Old West sees AI infrastructure buildout creating a new industrial revolution where power delivery is the critical constraint. The fund is positioned in power semiconductors, natural gas, coal, uranium, and optical networking. Despite Q2 volatility from oil price swings, the manager believes energy and materials are mispriced relative to surging data center electricity demand. Natural gas reserves represent crude electricity with massive spread potential as infrastructure catches up. Full Quick Take Old West sees AI infrastructure buildout creating a new industrial revolution where power delivery is the critical constraint. The fund is positioned in power semiconductors, natural gas, coal, uranium, and optical networking. Despite Q2 volatility from oil price swings, the manager believes energy and materials are mispriced relative to surging data center electricity demand. Natural gas reserves represent crude electricity with massive spread potential as infrastructure catches up. | |||||||
| +1.8% | -14.8% | Baron Financials ETF gained 1.82% in Q2 but trailed the index as AI infrastructure dominated market returns. Financial software and exchange operators faced disruption concerns and slower trading activity. The manager views holdings as oversold at 18x forward earnings despite stable growth. New positions in JPMorgan, Bank of America, and AerCap were initiated at attractive valuations. Favorable economic conditions support the outlook for continued earnings growth. Full Quick Take Baron Financials ETF gained 1.82% in Q2 but trailed the index as AI infrastructure dominated market returns. Financial software and exchange operators faced disruption concerns and slower trading activity. The manager views holdings as oversold at 18x forward earnings despite stable growth. New positions in JPMorgan, Bank of America, and AerCap were initiated at attractive valuations. Favorable economic conditions support the outlook for continued earnings growth. | |||||||
| +17.7% | +12.1% | Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. Full Quick Take Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. | - | ||||||
| +5.0% | +25.5% | - | - | Militia Capital returned 5.02% net in Q2 2026, trailing all benchmarks as SPY and IWM surged over 15% and 21% respectively. The leveraged long-short strategy maintained near-zero correlation with major indices while experiencing an 8.59% maximum drawdown. Since inception in 2021, the fund has delivered 48.8% annualized returns with a 2.04 Sharpe ratio, significantly outperforming benchmarks on a risk-adjusted basis. Full Quick Take Militia Capital returned 5.02% net in Q2 2026, trailing all benchmarks as SPY and IWM surged over 15% and 21% respectively. The leveraged long-short strategy maintained near-zero correlation with major indices while experiencing an 8.59% maximum drawdown. Since inception in 2021, the fund has delivered 48.8% annualized returns with a 2.04 Sharpe ratio, significantly outperforming benchmarks on a risk-adjusted basis. | - | ||||
| +22.2% | +30.2% | Atai Capital delivered 22.2% net returns in Q2 2026, driven by AstroNova's acquisition and continued strength in Trifast. The concentrated microcap portfolio focuses on turnaround situations trading at rock-bottom valuations. Trifast exemplifies the strategy: a UK industrial fastener distributor at 9x free cash flow executing a margin expansion turnaround under new management, with 100% upside potential as it reaches peer-level profitability and resumes growth. Full Quick Take Atai Capital delivered 22.2% net returns in Q2 2026, driven by AstroNova's acquisition and continued strength in Trifast. The concentrated microcap portfolio focuses on turnaround situations trading at rock-bottom valuations. Trifast exemplifies the strategy: a UK industrial fastener distributor at 9x free cash flow executing a margin expansion turnaround under new management, with 100% upside potential as it reaches peer-level profitability and resumes growth. | |||||||
| +26.6% | +20.4% | Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. Full Quick Take Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. | |||||||
| +16.0% | +15.9% | Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. Full Quick Take Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. | |||||||
| - | - | - | Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. Full Quick Take Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. | - | |||||
| - | - | - | L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. Full Quick Take L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. | - | |||||
| - | - | Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. Full Quick Take Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. | - | ||||||
| - | - | Q2 2026 delivered a decisive equity rebound as geopolitical tensions eased and AI capex reasserted itself. Momentum dominated with one of its strongest quarters since the dot-com era, while Value's outperformance masked a semiconductor concentration bet. Quality's three-year lag now presents a mean-reversion opportunity, with history showing 82% recovery probability. Stretched valuations and momentum dispersion warrant greater factor diversification ahead. Full Quick Take Q2 2026 delivered a decisive equity rebound as geopolitical tensions eased and AI capex reasserted itself. Momentum dominated with one of its strongest quarters since the dot-com era, while Value's outperformance masked a semiconductor concentration bet. Quality's three-year lag now presents a mean-reversion opportunity, with history showing 82% recovery probability. Stretched valuations and momentum dispersion warrant greater factor diversification ahead. | - | ||||||
| +7.6% | -3.7% | LongRun Equity underperformed in Q2 as narrow market breadth favored AI stocks while quality businesses saw multiple compression despite earnings delivery. The fund added Amphenol and Nvidia, viewing AI disruption fears as creating opportunities in fundamentally strong businesses with intact moats. Portfolio metrics remain robust with 31% margins and 63% ROIC. Management expects market rotation to drive low double-digit forward returns from current attractive valuations. Full Quick Take LongRun Equity underperformed in Q2 as narrow market breadth favored AI stocks while quality businesses saw multiple compression despite earnings delivery. The fund added Amphenol and Nvidia, viewing AI disruption fears as creating opportunities in fundamentally strong businesses with intact moats. Portfolio metrics remain robust with 31% margins and 63% ROIC. Management expects market rotation to drive low double-digit forward returns from current attractive valuations. | |||||||
| - | - | Saga Partners presents a knowledge-based investment framework emphasizing businesses with hard-to-replicate advantages and adaptability. The manager views AI as transformative but highly uncertain for investors, preferring to wait until business models and competitive advantages become clearer. Amazon exemplifies adaptability through continual improvement, while NVIDIA's existing ecosystem provides testable advantages. The approach prioritizes explanation over prediction, attractive prices, and willingness to correct mistakes. Full Quick Take Saga Partners presents a knowledge-based investment framework emphasizing businesses with hard-to-replicate advantages and adaptability. The manager views AI as transformative but highly uncertain for investors, preferring to wait until business models and competitive advantages become clearer. Amazon exemplifies adaptability through continual improvement, while NVIDIA's existing ecosystem provides testable advantages. The approach prioritizes explanation over prediction, attractive prices, and willingness to correct mistakes. | |||||||
| - | - | Baumann Capital initiated WIIT, Europe's only pure-play sovereign cloud provider operating Tier IV data centers across Germany, Italy, and Switzerland. The business serves mission-critical ERP workloads for regulated industries requiring EU data sovereignty, generating 40% EBITDA margins through long-term contracts. Structural cloud migration, EU regulatory tailwinds against US hyperscalers, and accretive M&A consolidation drive the multi-year thesis. Founder-CEO owns 58% and acts like a true owner. Full Quick Take Baumann Capital initiated WIIT, Europe's only pure-play sovereign cloud provider operating Tier IV data centers across Germany, Italy, and Switzerland. The business serves mission-critical ERP workloads for regulated industries requiring EU data sovereignty, generating 40% EBITDA margins through long-term contracts. Structural cloud migration, EU regulatory tailwinds against US hyperscalers, and accretive M&A consolidation drive the multi-year thesis. Founder-CEO owns 58% and acts like a true owner. | |||||||
| +14.9% | - | The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. Full Quick Take The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. | |||||||
| - | - | Tall Oak warns that current market valuations exceed 1999 dot-com levels, with the S&P 500 at a P/E of 31.9 and profit margins near 35-year highs. Historical analysis suggests this starting point could produce roughly -1.4% annual returns over the next decade if valuations mean-revert. The firm is building portfolio resilience through tail-risk hedging and diversification across alternatives rather than timing a market decline. Full Quick Take Tall Oak warns that current market valuations exceed 1999 dot-com levels, with the S&P 500 at a P/E of 31.9 and profit margins near 35-year highs. Historical analysis suggests this starting point could produce roughly -1.4% annual returns over the next decade if valuations mean-revert. The firm is building portfolio resilience through tail-risk hedging and diversification across alternatives rather than timing a market decline. | - | ||||||
| - | - | - | U.S. equities gained 10% year-to-date through mid-2026 with the S&P 500 posting a 9-week winning streak, driven by profit growth exceeding 20% across all sectors. Persistent inflation above the Fed's 2% target for 65 months and cooling employment create headwinds, while AI investment drives GDP growth but faces mounting pressure to justify over $1 trillion in debt-financed spending. Diversification into international equities and small-caps has rewarded investors. Full Quick Take U.S. equities gained 10% year-to-date through mid-2026 with the S&P 500 posting a 9-week winning streak, driven by profit growth exceeding 20% across all sectors. Persistent inflation above the Fed's 2% target for 65 months and cooling employment create headwinds, while AI investment drives GDP growth but faces mounting pressure to justify over $1 trillion in debt-financed spending. Diversification into international equities and small-caps has rewarded investors. | - | |||||
| - | - | Thungela's 1H26 results validated the operational recovery thesis: Ensham rebounded strongly, South African production held steady, rail performance improved and the company retained R6.1bn net cash while paying its tenth consecutive dividend. Statutory profit was flattered by non-cash gains and cash flow benefited from derivatives, but the core mining business recovered as expected. At 525p the market treats all risks as arriving simultaneously when they aren't. Full Quick Take Thungela's 1H26 results validated the operational recovery thesis: Ensham rebounded strongly, South African production held steady, rail performance improved and the company retained R6.1bn net cash while paying its tenth consecutive dividend. Statutory profit was flattered by non-cash gains and cash flow benefited from derivatives, but the core mining business recovered as expected. At 525p the market treats all risks as arriving simultaneously when they aren't. | |||||||
| +0.7% | -3.1% | Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. Full Quick Take Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. | |||||||
| +5.7% | - | Vision Capital underperformed in Q2 by avoiding the memory and AI supply chain rally that drove S&P 500 gains. Manager deployed capital into 10 existing positions during drawdowns while exiting Lululemon and Paycom. Portfolio holds 25 high-quality growth companies with 29% revenue growth and 27% FCF margins. Manager rejects bottleneck investing, preferring durable platform businesses positioned for long-term secular growth across payments, e-commerce, and cloud infrastructure. Full Quick Take Vision Capital underperformed in Q2 by avoiding the memory and AI supply chain rally that drove S&P 500 gains. Manager deployed capital into 10 existing positions during drawdowns while exiting Lululemon and Paycom. Portfolio holds 25 high-quality growth companies with 29% revenue growth and 27% FCF margins. Manager rejects bottleneck investing, preferring durable platform businesses positioned for long-term secular growth across payments, e-commerce, and cloud infrastructure. | - | ||||||
| -12.6% | -8.6% | Fairlight Alpha Fund delivered -12.6% in Q2 as cheap stocks became cheaper despite business progress, driven by market regime shifts and Middle East volatility. The fund is positioned in deeply discounted Asian and European small-caps including Korean OLED equipment maker Dong A Eltek and Thai oil producer Valeura Energy, while actively avoiding overvalued AI and technology stocks trading at unsustainable multiples like SpaceX at 158x revenues. Full Quick Take Fairlight Alpha Fund delivered -12.6% in Q2 as cheap stocks became cheaper despite business progress, driven by market regime shifts and Middle East volatility. The fund is positioned in deeply discounted Asian and European small-caps including Korean OLED equipment maker Dong A Eltek and Thai oil producer Valeura Energy, while actively avoiding overvalued AI and technology stocks trading at unsustainable multiples like SpaceX at 158x revenues. | |||||||
| - | +14.5% | Distillate Capital sees extreme market bifurcation with AI names trading at over 50x free cash flow after $25 trillion in gains against minimal fundamental improvement. The manager actively avoids AI due to unfavorable risk/reward in an increasingly competitive industry. Outside mega-caps, tremendous value exists with stocks at double-digit FCF yields. The Small/Mid Quality Value strategy trades at 8% FCF/EV yield versus 2.9% for the S&P 500, positioned for outperformance when fundamentals reassert. Full Quick Take Distillate Capital sees extreme market bifurcation with AI names trading at over 50x free cash flow after $25 trillion in gains against minimal fundamental improvement. The manager actively avoids AI due to unfavorable risk/reward in an increasingly competitive industry. Outside mega-caps, tremendous value exists with stocks at double-digit FCF yields. The Small/Mid Quality Value strategy trades at 8% FCF/EV yield versus 2.9% for the S&P 500, positioned for outperformance when fundamentals reassert. | |||||||
| - | +3.9% | Distillate's International FSV strategy lagged in Q2 2026 as AI-driven momentum and semiconductor concentration dominated returns, but the manager sees this as opportunity. AI names gained $25 trillion in value on just $300 billion of FCF growth, creating extreme valuation bifurcation. The strategy trades at 8.5% FCF/EV yield versus 4.6% for the benchmark, the widest discount since inception, positioning for outperformance when fundamentals reassert themselves as they did post-2000. Full Quick Take Distillate's International FSV strategy lagged in Q2 2026 as AI-driven momentum and semiconductor concentration dominated returns, but the manager sees this as opportunity. AI names gained $25 trillion in value on just $300 billion of FCF growth, creating extreme valuation bifurcation. The strategy trades at 8.5% FCF/EV yield versus 4.6% for the benchmark, the widest discount since inception, positioning for outperformance when fundamentals reassert themselves as they did post-2000. | |||||||
| - | - | - | KAR underperformed in Q2 2026 as AI speculation drove extreme outperformance of low-quality stocks, semiconductors, and non-earners. The firm deliberately avoids these near-term beneficiaries, maintaining focus on durable earnings and competitive moats. Low-quality outperformed high-quality by three standard deviations, matching extremes only seen in 1999 and 2009. KAR expects eventual normalization favoring profitability but acknowledges uncertainty on timing. Full Quick Take KAR underperformed in Q2 2026 as AI speculation drove extreme outperformance of low-quality stocks, semiconductors, and non-earners. The firm deliberately avoids these near-term beneficiaries, maintaining focus on durable earnings and competitive moats. Low-quality outperformed high-quality by three standard deviations, matching extremes only seen in 1999 and 2009. KAR expects eventual normalization favoring profitability but acknowledges uncertainty on timing. | - | |||||
| - | - | Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. Full Quick Take Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. | |||||||
| - | 0.0% | Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. Full Quick Take Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. | - | ||||||
| +7.8% | +10.4% | - | Northern International Equity Fund returned 7.79% in Q2 2026, underperforming its benchmark as geopolitical tensions eased and AI-driven sectors led global markets. The fund's momentum exposure added value while quality and value factors detracted. The manager remains constructive on high-quality, attractively valued international equities despite ongoing geopolitical uncertainty and potential market volatility, believing the disciplined factor-based approach is well positioned for excess returns. Full Quick Take Northern International Equity Fund returned 7.79% in Q2 2026, underperforming its benchmark as geopolitical tensions eased and AI-driven sectors led global markets. The fund's momentum exposure added value while quality and value factors detracted. The manager remains constructive on high-quality, attractively valued international equities despite ongoing geopolitical uncertainty and potential market volatility, believing the disciplined factor-based approach is well positioned for excess returns. | - | |||||
| +10.5% | +12.5% | Northern Large Cap Value Fund posted 10.52% in Q2 2026 but underperformed its benchmark as high-quality value stocks lagged despite broad value outperformance. Semiconductors like MU and INTC surged over 200% on AI demand and memory shortages. The manager maintains conviction in quality-value investing, targeting inexpensive, profitable companies with strong cash flows to outperform through the cycle while avoiding value traps. Full Quick Take Northern Large Cap Value Fund posted 10.52% in Q2 2026 but underperformed its benchmark as high-quality value stocks lagged despite broad value outperformance. Semiconductors like MU and INTC surged over 200% on AI demand and memory shortages. The manager maintains conviction in quality-value investing, targeting inexpensive, profitable companies with strong cash flows to outperform through the cycle while avoiding value traps. | - | ||||||
| +15.6% | +20.9% | - | Northern Small Cap Value Fund gained 15.60% in Q2 2026 but trailed its Russell 2000 Value benchmark by 159 basis points. Underperformance stemmed from weak stock selection in Health Care and Information Technology despite strength in Financials. The quantitative model's 'BUY'-rated stocks lagged 'SELL'-rated names. Management maintains its disciplined focus on reasonably priced, profitable small-caps while avoiding lower-quality companies. Full Quick Take Northern Small Cap Value Fund gained 15.60% in Q2 2026 but trailed its Russell 2000 Value benchmark by 159 basis points. Underperformance stemmed from weak stock selection in Health Care and Information Technology despite strength in Financials. The quantitative model's 'BUY'-rated stocks lagged 'SELL'-rated names. Management maintains its disciplined focus on reasonably priced, profitable small-caps while avoiding lower-quality companies. | - |
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