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 |
|---|---|---|---|---|---|---|---|---|---|
| - | +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. | |||||||
| +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. | |||||||
| +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. | |||||||
| - | - | 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. | |||||||
| +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. | - | |||||
| - | - | - | The ETF industry is rapidly expanding product boundaries with autocallable structures, tokenisation emerging as a transformative long-term development, and regulatory changes reshaping competitive dynamics. Private credit ETFs face fundamental liquidity mismatches while digital assets gain cautious institutional acceptance as portfolio diversifiers. Consolidation is expected among issuers as regulatory divergence drives regionalized strategies. Industry sentiment remains strongly positive with innovation momentum accelerating. Full Quick Take The ETF industry is rapidly expanding product boundaries with autocallable structures, tokenisation emerging as a transformative long-term development, and regulatory changes reshaping competitive dynamics. Private credit ETFs face fundamental liquidity mismatches while digital assets gain cautious institutional acceptance as portfolio diversifiers. Consolidation is expected among issuers as regulatory divergence drives regionalized strategies. Industry sentiment remains strongly positive with innovation momentum accelerating. | - | |||||
| +3.1% | - | - | - | Harvest Lane's Absolute Return Fund generated 9.91% over twelve months through selective merger arbitrage and corporate events, outperforming cash by 6.06%. The strategy maintains low market correlation (0.445 beta) and 71% positive months since 2013 inception, delivering 9.11% annualized returns. The fund's conservative, high-conviction approach focuses on capital preservation while exploiting special situations with asymmetric return profiles. Full Quick Take Harvest Lane's Absolute Return Fund generated 9.91% over twelve months through selective merger arbitrage and corporate events, outperforming cash by 6.06%. The strategy maintains low market correlation (0.445 beta) and 71% positive months since 2013 inception, delivering 9.11% annualized returns. The fund's conservative, high-conviction approach focuses on capital preservation while exploiting special situations with asymmetric return profiles. | - | ||||
| - | - | Q2 2026 proved that crises do not necessarily mean sell signals. Despite the Strait of Hormuz closure creating a major oil shock, markets delivered positive returns driven by containable energy disruptions and robust US earnings growth of 11.5%. AI is transforming the economy faster than electricity did, with Anthropic and Nvidia showing explosive growth. Expect strong profits, ongoing geopolitical tensions, and elevated volatility ahead. Full Quick Take Q2 2026 proved that crises do not necessarily mean sell signals. Despite the Strait of Hormuz closure creating a major oil shock, markets delivered positive returns driven by containable energy disruptions and robust US earnings growth of 11.5%. AI is transforming the economy faster than electricity did, with Anthropic and Nvidia showing explosive growth. Expect strong profits, ongoing geopolitical tensions, and elevated volatility ahead. | - | ||||||
| - | -6.8% | Australian small-cap fund down 3.4% in July on AI unwind and Middle East tensions, with strong performance from financial software and energy holdings offset by building materials weakness. Domestic economy softening and housing under pressure, but inflation easing strengthens case against further rate hikes. Small-cap valuations at multi-year lows following 20%+ decline since October 2025, creating attractive entry points despite near-term headwinds. Full Quick Take Australian small-cap fund down 3.4% in July on AI unwind and Middle East tensions, with strong performance from financial software and energy holdings offset by building materials weakness. Domestic economy softening and housing under pressure, but inflation easing strengthens case against further rate hikes. Small-cap valuations at multi-year lows following 20%+ decline since October 2025, creating attractive entry points despite near-term headwinds. | - | ||||||
| +18.8% | +19.4% | The fund underperformed its benchmark in Q2 2026, returning 18.79% versus 24.05% for the MSCI Emerging Markets Index. An underweight allocation to the surging technology sector drove the shortfall despite the fund's heavy concentration in Asian semiconductor leaders Taiwan Semiconductor and Samsung Electronics. The manager remains optimistic on emerging markets, believing they trade at attractive discounts to developed markets and offer compelling long-term value. Full Quick Take The fund underperformed its benchmark in Q2 2026, returning 18.79% versus 24.05% for the MSCI Emerging Markets Index. An underweight allocation to the surging technology sector drove the shortfall despite the fund's heavy concentration in Asian semiconductor leaders Taiwan Semiconductor and Samsung Electronics. The manager remains optimistic on emerging markets, believing they trade at attractive discounts to developed markets and offer compelling long-term value. | - | ||||||
| - | +27.7% | Kernow returned 8.3% in July, extending YTD gains to 27.7% through concentrated bets on exceptional UK management teams trading at low expectations. CMC Markets surged 46% as its fintech transformation accelerated. Clarkson demonstrates the strategy of owning information networks that compound through cycles. The portfolio's 184% collective upside reflects the market's failure to price what exceptional people can create rather than what currently exists. Full Quick Take Kernow returned 8.3% in July, extending YTD gains to 27.7% through concentrated bets on exceptional UK management teams trading at low expectations. CMC Markets surged 46% as its fintech transformation accelerated. Clarkson demonstrates the strategy of owning information networks that compound through cycles. The portfolio's 184% collective upside reflects the market's failure to price what exceptional people can create rather than what currently exists. | |||||||
| - | - | - | - | Document is entirely illegible due to OCR failure. No investment content, performance data, holdings, or market commentary could be extracted. Only the firm name TAMIM is identifiable. The text consists of corrupted characters and placeholder fragments with no coherent sentences. Analysis cannot proceed without a readable version of the source document. Full Quick Take Document is entirely illegible due to OCR failure. No investment content, performance data, holdings, or market commentary could be extracted. Only the firm name TAMIM is identifiable. The text consists of corrupted characters and placeholder fragments with no coherent sentences. Analysis cannot proceed without a readable version of the source document. | - | ||||
| - | - | - | Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. Full Quick Take Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. | - | |||||
| +12.1% | - | Orbis navigated an exceptionally narrow AI-driven market by trimming exuberant AI exposure while adding mispriced opportunities with narrower outcome distributions. Credit spreads signal extreme risk appetite comparable to historical bubbles. The manager is rotating toward discount retail like BBB Foods and finding value in healthcare and consumer staples, prioritizing absolute risk management over benchmark tracking despite potential near-term underperformance in this concentrated market environment. Full Quick Take Orbis navigated an exceptionally narrow AI-driven market by trimming exuberant AI exposure while adding mispriced opportunities with narrower outcome distributions. Credit spreads signal extreme risk appetite comparable to historical bubbles. The manager is rotating toward discount retail like BBB Foods and finding value in healthcare and consumer staples, prioritizing absolute risk management over benchmark tracking despite potential near-term underperformance in this concentrated market environment. | |||||||
| - | - | - | Oldfield Partners delivered strong returns from semiconductor holdings purchased at depressed valuations that have since doubled or tripled. The manager warns extensively about bubble dynamics and market excess, particularly around AI enthusiasm and the SpaceX listing, using balloon metaphors to signal caution. Despite these concerns, the firm sees abundant value opportunities with portfolios trading at eleven times earnings and significant upside potential. Value investing is back. Full Quick Take Oldfield Partners delivered strong returns from semiconductor holdings purchased at depressed valuations that have since doubled or tripled. The manager warns extensively about bubble dynamics and market excess, particularly around AI enthusiasm and the SpaceX listing, using balloon metaphors to signal caution. Despite these concerns, the firm sees abundant value opportunities with portfolios trading at eleven times earnings and significant upside potential. Value investing is back. | - | |||||
| - | - | - | Global equities surged 15.3% in Q2 2026 on massive AI infrastructure investment and robust earnings, with semiconductors soaring 49.7% as Taiwan and South Korea posted record export growth. The Fed turned hawkish under new Chair Warsh, signaling potential 2026 rate hikes, while easing US-Iran tensions helped oil retreat 21.2%. China declined 6.8% on weak domestic demand. Emerging markets led at 24.2%, driven by exceptional Asian technology performance. Full Quick Take Global equities surged 15.3% in Q2 2026 on massive AI infrastructure investment and robust earnings, with semiconductors soaring 49.7% as Taiwan and South Korea posted record export growth. The Fed turned hawkish under new Chair Warsh, signaling potential 2026 rate hikes, while easing US-Iran tensions helped oil retreat 21.2%. China declined 6.8% on weak domestic demand. Emerging markets led at 24.2%, driven by exceptional Asian technology performance. | - | |||||
| - | -0.2% | Ruffer's absolute return strategy lost 0.9% in June as Fed hawkishness lifted yields and an Iran deal reversed oil. The fund avoided AI momentum, adding luxury exposure for Asian wealth effects while trimming yen. Gold miners and energy lagged. With concentrated markets and sticky inflation risks, the manager prioritizes capital preservation through diversified protection strategies and contrarian positioning in undervalued areas over chasing current winners. Full Quick Take Ruffer's absolute return strategy lost 0.9% in June as Fed hawkishness lifted yields and an Iran deal reversed oil. The fund avoided AI momentum, adding luxury exposure for Asian wealth effects while trimming yen. Gold miners and energy lagged. With concentrated markets and sticky inflation risks, the manager prioritizes capital preservation through diversified protection strategies and contrarian positioning in undervalued areas over chasing current winners. | - | ||||||
| +7.7% | - | Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. Full Quick Take Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. | |||||||
| +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. | ||||||
| +0.4% | +1.1% | - | Easterly Income Opportunities Fund underperformed in Q2 2026 as rising rates offset carry, but maintains conviction in structured credit opportunities. The fund is reallocating from CMBS to higher-quality RMBS while consumer credit bifurcation creates selective opportunities. AI infrastructure investment drives economic growth while the Fed adopts a hawkish stance. Corporate Structured Notes offer compelling relative value despite yield curve headwinds. Active security selection remains critical as credit differentiation increases. Full Quick Take Easterly Income Opportunities Fund underperformed in Q2 2026 as rising rates offset carry, but maintains conviction in structured credit opportunities. The fund is reallocating from CMBS to higher-quality RMBS while consumer credit bifurcation creates selective opportunities. AI infrastructure investment drives economic growth while the Fed adopts a hawkish stance. Corporate Structured Notes offer compelling relative value despite yield curve headwinds. Active security selection remains critical as credit differentiation increases. | - | |||||
| +14.0% | +8.7% | Pzena Focused Value outperformed in Q2 2026 on health care strength, led by managed care insurers benefiting from favorable medical cost trends. The manager trimmed semiconductors on unsustainable 80%+ margins, avoiding the cyclical peak, and initiated software positions after AI-disruption fears created decade-low valuations. Extreme market concentration has created compelling value opportunities in consumer and health care businesses left behind by the AI rally. Full Quick Take Pzena Focused Value outperformed in Q2 2026 on health care strength, led by managed care insurers benefiting from favorable medical cost trends. The manager trimmed semiconductors on unsustainable 80%+ margins, avoiding the cyclical peak, and initiated software positions after AI-disruption fears created decade-low valuations. Extreme market concentration has created compelling value opportunities in consumer and health care businesses left behind by the AI rally. | - | ||||||
| +6.6% | - | - | Cooper Investors Global Equities Fund (Unhedged) provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Cooper Investors Global Equities Fund (Unhedged) provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +26.9% | +7.8% | Sands Capital Technology Innovators is positioned for the AI infrastructure buildout through concentrated exposure to semiconductor manufacturing, memory, and AI chips. The emergence of agentic AI is driving persistent demand for compute, memory, and storage. The fund added CPU, inference, and circuit board exposure while reducing consumer internet positions. Top contributors included Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, benefiting from structural memory shortages and AI infrastructure demand. Full Quick Take Sands Capital Technology Innovators is positioned for the AI infrastructure buildout through concentrated exposure to semiconductor manufacturing, memory, and AI chips. The emergence of agentic AI is driving persistent demand for compute, memory, and storage. The fund added CPU, inference, and circuit board exposure while reducing consumer internet positions. Top contributors included Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, benefiting from structural memory shortages and AI infrastructure demand. | |||||||
| +18.1% | +16.5% | RTW Biotech Opportunities returned 18.1% in Q2 2026, capitalizing on improved biotech sentiment driven by FDA leadership changes, strong M&A including AbbVie's $10.9 billion acquisition of portfolio company Apogee, and positive late-stage oncology data at ASCO. The fund maintains a concentrated portfolio of 48 positions focused on transformative therapeutics across oncology, immunology, and rare diseases, with new investments in gene therapy and protein degradation platforms. Full Quick Take RTW Biotech Opportunities returned 18.1% in Q2 2026, capitalizing on improved biotech sentiment driven by FDA leadership changes, strong M&A including AbbVie's $10.9 billion acquisition of portfolio company Apogee, and positive late-stage oncology data at ASCO. The fund maintains a concentrated portfolio of 48 positions focused on transformative therapeutics across oncology, immunology, and rare diseases, with new investments in gene therapy and protein degradation platforms. | - | ||||||
| +9.7% | +7.0% | Diamond Hill's Small-Mid Cap Strategy underperformed in Q2 2026 as AI momentum dominated, but the manager used volatility to upgrade portfolio quality. Health care, particularly managed care, was the standout performer with strong positioning in Humana and new addition Centene. The strategy maintains limited exposure to highest-valued AI names while emphasizing higher-quality businesses positioned to protect capital and capitalize on selective opportunities despite elevated market valuations. Full Quick Take Diamond Hill's Small-Mid Cap Strategy underperformed in Q2 2026 as AI momentum dominated, but the manager used volatility to upgrade portfolio quality. Health care, particularly managed care, was the standout performer with strong positioning in Humana and new addition Centene. The strategy maintains limited exposure to highest-valued AI names while emphasizing higher-quality businesses positioned to protect capital and capitalize on selective opportunities despite elevated market valuations. | - | ||||||
| +16.3% | - | Minotaur returned 16.3% in Q2 driven by memory stocks, then executed major de-risking in June before July's sharp selloff. Memory names fell 33-50% on record earnings due to deleveraging, not fundamentals. Manager maintains conviction in multi-year AI memory cycle with supply constrained through 2028. SK hynix at 3x 2027 earnings. Adding back to Micron and Nvidia, treating forced selling as opportunity. Full Quick Take Minotaur returned 16.3% in Q2 driven by memory stocks, then executed major de-risking in June before July's sharp selloff. Memory names fell 33-50% on record earnings due to deleveraging, not fundamentals. Manager maintains conviction in multi-year AI memory cycle with supply constrained through 2028. SK hynix at 3x 2027 earnings. Adding back to Micron and Nvidia, treating forced selling as opportunity. | |||||||
| +6.3% | -12.0% | Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term earnings. Full Quick Take Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term earnings. | |||||||
| +7.2% | -7.6% | SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses. Manager sees compelling opportunity as AI hype matures and memory cycle reminds investors cyclicality persists. Full Quick Take SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses. Manager sees compelling opportunity as AI hype matures and memory cycle reminds investors cyclicality persists. | |||||||
| +29.4% | - | MCP delivered 29.4% in Q2 2026, outperforming by 10.4 percentage points through concentrated exposure to Asian AI supply chain bottlenecks and Indian structural growth. The fund repositioned toward companies with greater earnings visibility in semiconductors, memory, and data center infrastructure while reducing software exposure where AI creates business model uncertainty. Active capital recycling from appreciated positions into new high-conviction ideas drove outperformance. Full Quick Take MCP delivered 29.4% in Q2 2026, outperforming by 10.4 percentage points through concentrated exposure to Asian AI supply chain bottlenecks and Indian structural growth. The fund repositioned toward companies with greater earnings visibility in semiconductors, memory, and data center infrastructure while reducing software exposure where AI creates business model uncertainty. Active capital recycling from appreciated positions into new high-conviction ideas drove outperformance. | |||||||
| +0.9% | -11.5% | SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. Full Quick Take SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. | |||||||
| - | +4.8% | Fairfax Financial reported strong second-quarter 2026 net earnings of $1.39 billion and a 93.1% combined ratio, fueled by robust underwriting profit and an $838.4 million realized gain on Poseidon. The firm aggressively returned capital via $1.09 billion in share repurchases while deploying opportunistically into corporate acquisitions. Full Quick Take Fairfax Financial reported strong second-quarter 2026 net earnings of $1.39 billion and a 93.1% combined ratio, fueled by robust underwriting profit and an $838.4 million realized gain on Poseidon. The firm aggressively returned capital via $1.09 billion in share repurchases while deploying opportunistically into corporate acquisitions. | - | ||||||
| +11.2% | +11.1% | The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings. Full Quick Take The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings. | |||||||
| +5.2% | +1.6% | Cambiar International Equity returned 5.17% in 2Q 2026, lagging the MSCI EAFE's 10.82% gain driven by AI and semiconductor euphoria. The fund's underweight to Technology hurt relative performance despite positive selection elsewhere. The team increased Industrials exposure to 25% of capital, adding CNI and MTU Aero to capture defense, onshoring, and infrastructure tailwinds. International valuations at 14.6x forward P/E appear reasonable versus extreme U.S. multiples. Full Quick Take Cambiar International Equity returned 5.17% in 2Q 2026, lagging the MSCI EAFE's 10.82% gain driven by AI and semiconductor euphoria. The fund's underweight to Technology hurt relative performance despite positive selection elsewhere. The team increased Industrials exposure to 25% of capital, adding CNI and MTU Aero to capture defense, onshoring, and infrastructure tailwinds. International valuations at 14.6x forward P/E appear reasonable versus extreme U.S. multiples. | - | ||||||
| - | +8.2% | International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead. Full Quick Take International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead. | |||||||
| - | - | Emerging markets surged 24.1% in Q2 2026, outpacing developed markets for the sixth straight quarter, but the rally was strikingly narrow. Three AI semiconductor mega-caps—TSMC, Samsung, and SK Hynix—accounted for over 75% of the index return, driving Korea up 88% and Taiwan 49%. Beyond AI infrastructure, the market remained hostage to geopolitical risk and Fed hawkishness, with China, Brazil, energy, and consumer discretionary all declining. Full Quick Take Emerging markets surged 24.1% in Q2 2026, outpacing developed markets for the sixth straight quarter, but the rally was strikingly narrow. Three AI semiconductor mega-caps—TSMC, Samsung, and SK Hynix—accounted for over 75% of the index return, driving Korea up 88% and Taiwan 49%. Beyond AI infrastructure, the market remained hostage to geopolitical risk and Fed hawkishness, with China, Brazil, energy, and consumer discretionary all declining. | - | ||||||
| - | - | - | UBS delivered exceptional Q2 2026 results with USD 2.8bn net profit and 16.4% underlying return on CET1 capital, driven by record Investment Bank revenues and strong wealth management flows. The Credit Suisse integration is 90% complete with USD 12.6bn in cost savings achieved, positioning UBS to outperform its 2026 return target. Strong capital generation enables mid-teens dividend growth, USD 3bn share repurchases, and strategic AI investments while maintaining a fortress balance sheet. Full Quick Take UBS delivered exceptional Q2 2026 results with USD 2.8bn net profit and 16.4% underlying return on CET1 capital, driven by record Investment Bank revenues and strong wealth management flows. The Credit Suisse integration is 90% complete with USD 12.6bn in cost savings achieved, positioning UBS to outperform its 2026 return target. Strong capital generation enables mid-teens dividend growth, USD 3bn share repurchases, and strategic AI investments while maintaining a fortress balance sheet. | - | |||||
| - | +32.4% | AGT Partners delivered +32.4% in 1H26 through a dual strategy of owning quality large-caps with durable moats (TSMC, Microsoft, Alphabet) and under-followed small-caps in unglamorous sectors. The manager initiated Alphabet on AI monetization evidence, holds SK Hynix cautiously amid unsustainable memory pricing, and is evolving toward constructive shareholder engagement by appointing ex-Dyna-Mac CEO as advisor to unlock value in smaller holdings. Full Quick Take AGT Partners delivered +32.4% in 1H26 through a dual strategy of owning quality large-caps with durable moats (TSMC, Microsoft, Alphabet) and under-followed small-caps in unglamorous sectors. The manager initiated Alphabet on AI monetization evidence, holds SK Hynix cautiously amid unsustainable memory pricing, and is evolving toward constructive shareholder engagement by appointing ex-Dyna-Mac CEO as advisor to unlock value in smaller holdings. | |||||||
| +22.8% | +27.6% | The fund returned 22.82% in Q2 2026, slightly trailing the benchmark's 24.05% gain. Taiwan and Korea surged on AI semiconductor momentum, with MediaTek and ASE Technology leading gains from ramping AI chipset and packaging businesses. China declined on soft domestic demand. Managers remain constructive on emerging markets given improved fundamentals, 40% earnings upgrades, and AI-driven technology growth, focusing on quality dividend payers with robust shareholder yields. Full Quick Take The fund returned 22.82% in Q2 2026, slightly trailing the benchmark's 24.05% gain. Taiwan and Korea surged on AI semiconductor momentum, with MediaTek and ASE Technology leading gains from ramping AI chipset and packaging businesses. China declined on soft domestic demand. Managers remain constructive on emerging markets given improved fundamentals, 40% earnings upgrades, and AI-driven technology growth, focusing on quality dividend payers with robust shareholder yields. | - | ||||||
| +12.3% | +18.1% | Polaris outperformed by 125 bps in Q2 2026, driven by AI semiconductor plays SK hynix and Samsung, airlines benefiting from Iran de-escalation, and selective financials. China holdings dragged on U.S. sanctions and capital flow restrictions. The manager sees a multi-year opportunity in under-appreciated international equities trading at attractive valuations despite macro headwinds from fragile geopolitics and sticky inflation. Full Quick Take Polaris outperformed by 125 bps in Q2 2026, driven by AI semiconductor plays SK hynix and Samsung, airlines benefiting from Iran de-escalation, and selective financials. China holdings dragged on U.S. sanctions and capital flow restrictions. The manager sees a multi-year opportunity in under-appreciated international equities trading at attractive valuations despite macro headwinds from fragile geopolitics and sticky inflation. | - | ||||||
| - | - | The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. Full Quick Take The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. | |||||||
| +13.3% | +19.9% | Polaris Global Equity delivered 13.26% in Q2, driven by AI semiconductor infrastructure (SK hynix, Samsung) and healthcare innovation (Lantheus M&A, CVS GLP-1). The manager rotated from richly valued names into Adobe, Fujifilm, UniCredit, and Booking Holdings, viewing market concentration as creating value dislocations. China detracted on Alibaba regulatory headwinds. The manager sees early innings of a multi-year international value opportunity with 2.1% cash. Full Quick Take Polaris Global Equity delivered 13.26% in Q2, driven by AI semiconductor infrastructure (SK hynix, Samsung) and healthcare innovation (Lantheus M&A, CVS GLP-1). The manager rotated from richly valued names into Adobe, Fujifilm, UniCredit, and Booking Holdings, viewing market concentration as creating value dislocations. China detracted on Alibaba regulatory headwinds. The manager sees early innings of a multi-year international value opportunity with 2.1% cash. | - | ||||||
| +5.7% | - | Spheria underperformed in Q2 2026 as AI narrative dominance and extreme market concentration penalized valuation discipline. SharkNinja's innovation-driven consumer strength offset Santos's oil price weakness. The manager views markets as overextended on narrative versus fundamentals, with rates deteriorating and concentration creating fragility. Strict adherence to discounted cash flow discipline continues despite headwinds, targeting mispriced quality businesses with pricing power overlooked by thematic momentum. Full Quick Take Spheria underperformed in Q2 2026 as AI narrative dominance and extreme market concentration penalized valuation discipline. SharkNinja's innovation-driven consumer strength offset Santos's oil price weakness. The manager views markets as overextended on narrative versus fundamentals, with rates deteriorating and concentration creating fragility. Strict adherence to discounted cash flow discipline continues despite headwinds, targeting mispriced quality businesses with pricing power overlooked by thematic momentum. | |||||||
| +4.9% | - | PM Capital Australian Companies Fund delivered 4.9% in Q2 2026, driven by European banks, Irish homebuilders, and a Capstone Copper recovery. The manager actively trimmed copper holdings on valuation concerns despite strong fundamentals, while initiating CSL at attractive multiples. Persistent inflation, AI investment boom parallels to the dot.com era, and government spending remain key risks. The portfolio targets materially undervalued businesses positioned for valuation normalization. Full Quick Take PM Capital Australian Companies Fund delivered 4.9% in Q2 2026, driven by European banks, Irish homebuilders, and a Capstone Copper recovery. The manager actively trimmed copper holdings on valuation concerns despite strong fundamentals, while initiating CSL at attractive multiples. Persistent inflation, AI investment boom parallels to the dot.com era, and government spending remain key risks. The portfolio targets materially undervalued businesses positioned for valuation normalization. | |||||||
| - | -7.9% | - | Crescat targets $20,000 gold within four years driven by M2 money supply growth, central bank accumulation at double historical pace, and fiscal dominance forcing monetary policy into debt management mode. Activist metals exploration strategy across five funds leverages this thesis through PIPE-funded discoveries in gold, silver, and copper. Recent precious metals pullback creates entry opportunity despite trailing twelve-month return of 52.0% in flagship Precious Metals Fund. Full Quick Take Crescat targets $20,000 gold within four years driven by M2 money supply growth, central bank accumulation at double historical pace, and fiscal dominance forcing monetary policy into debt management mode. Activist metals exploration strategy across five funds leverages this thesis through PIPE-funded discoveries in gold, silver, and copper. Recent precious metals pullback creates entry opportunity despite trailing twelve-month return of 52.0% in flagship Precious Metals Fund. | - | |||||
| - | - | SoftBank is executing an aggressive strategy to dominate the ASI era, investing $64.6 billion cumulatively in OpenAI while building massive AI infrastructure (15 GW data centers globally) and consolidating semiconductor capabilities through Arm and Ampere. Fiscal 2025 delivered record ¥5.0 trillion net income driven by ¥6.7 trillion OpenAI-related gains. Management targets ¥1 quadrillion NAV by 2042, expressing extreme conviction that the AI revolution has only just begun. Full Quick Take SoftBank is executing an aggressive strategy to dominate the ASI era, investing $64.6 billion cumulatively in OpenAI while building massive AI infrastructure (15 GW data centers globally) and consolidating semiconductor capabilities through Arm and Ampere. Fiscal 2025 delivered record ¥5.0 trillion net income driven by ¥6.7 trillion OpenAI-related gains. Management targets ¥1 quadrillion NAV by 2042, expressing extreme conviction that the AI revolution has only just begun. |
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