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 ↕ | SI | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | Equity markets remain fundamentally supported by improving corporate earnings despite elevated interest rates and sticky inflation. The strategy maintains an overweight stance on equities, emphasizing large-cap quality, resilient small caps with low debt, and infrastructure assets to protect against persistent inflation. Full Quick Take Equity markets remain fundamentally supported by improving corporate earnings despite elevated interest rates and sticky inflation. The strategy maintains an overweight stance on equities, emphasizing large-cap quality, resilient small caps with low debt, and infrastructure assets to protect against persistent inflation. | - | |||||
| - | - | - | NS Partners maintains a selective posture amidst escalating sovereign debt issuance, elevated bond yields, and Middle East conflict. While AI infrastructure capex undergoes credit scrutiny, robust non-technology corporate earnings support equities. Compelling risk-adjusted upside lies in Emerging Markets, Japan, energy producers, commodity miners, and gold, alongside out-of-favor companies mispriced by algorithmic short-term momentum. Full Quick Take NS Partners maintains a selective posture amidst escalating sovereign debt issuance, elevated bond yields, and Middle East conflict. While AI infrastructure capex undergoes credit scrutiny, robust non-technology corporate earnings support equities. Compelling risk-adjusted upside lies in Emerging Markets, Japan, energy producers, commodity miners, and gold, alongside out-of-favor companies mispriced by algorithmic short-term momentum. | - | ||||||
| +8.6% | +21.7% | +14.8% | Pabrai Wagons ETF delivered 21.70% net of fees year-to-date through September 30, 2026, driven by a concentrated 82% allocation across six unloved global buckets including offshore drillers, Turkish infrastructure, met coal, and vertical market software. Embracing a non-diversified mandate with zero S&P 500 overlap, the fund focuses on durable compounders poised to benefit from supply tightness, corporate spin-offs, and aggressive capital return programs. Full Quick Take Pabrai Wagons ETF delivered 21.70% net of fees year-to-date through September 30, 2026, driven by a concentrated 82% allocation across six unloved global buckets including offshore drillers, Turkish infrastructure, met coal, and vertical market software. Embracing a non-diversified mandate with zero S&P 500 overlap, the fund focuses on durable compounders poised to benefit from supply tightness, corporate spin-offs, and aggressive capital return programs. | |||||||
| - | -4.0% | +11.3% | Gymkhana Partners declined roughly -4% net of fees year-to-date through Q3 2026, substantially outperforming major Indian benchmark indices. The fund remains virtually fully invested in small- and mid-cap Indian compounders and steeply discounted holding companies, capitalizing on strong domestic economic fundamentals, defense localization tailwinds, and domestic institutional liquidity. Full Quick Take Gymkhana Partners declined roughly -4% net of fees year-to-date through Q3 2026, substantially outperforming major Indian benchmark indices. The fund remains virtually fully invested in small- and mid-cap Indian compounders and steeply discounted holding companies, capitalizing on strong domestic economic fundamentals, defense localization tailwinds, and domestic institutional liquidity. | - | ||||||
| - | - | - | - | UOB Asset Management remains pro-risk by overweighting global equities and commodities, funded by underweights in fixed income and cash. Despite late-cycle indicators and geopolitical tensions in the Middle East, robust corporate earnings upgrades and ongoing technology capital spending provide strong insulation against a global downturn. Full Quick Take UOB Asset Management remains pro-risk by overweighting global equities and commodities, funded by underweights in fixed income and cash. Despite late-cycle indicators and geopolitical tensions in the Middle East, robust corporate earnings upgrades and ongoing technology capital spending provide strong insulation against a global downturn. | - | |||||
| - | - | - | - | Marcuard Heritage views the global economy as entering an inflationary boom defined by resilient nominal activity and elevated capital costs. The manager advocates holding short-duration high yield and senior secured credit, avoiding long-term government debt, and rotating equity exposure toward value, cyclicals, and low-correlated liquid alternatives. Full Quick Take Marcuard Heritage views the global economy as entering an inflationary boom defined by resilient nominal activity and elevated capital costs. The manager advocates holding short-duration high yield and senior secured credit, avoiding long-term government debt, and rotating equity exposure toward value, cyclicals, and low-correlated liquid alternatives. | - | |||||
| +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. | |||||||
| - | - | - | - | 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. | - | |||||
| +2.5% | +2.0% | - | BlackRock Managed Income Fund delivered 2.57% in Q2 2026, outperforming through overweight U.S. growth equities and selective rotations into European banks, German infrastructure, and Asian AI beneficiaries. The manager favors the United States given stronger earnings visibility while pursuing targeted opportunities where improving earnings breadth and AI investment provide support. Core inflation is expected to decline, allowing the Fed to remain on hold longer than markets anticipate. Full Quick Take BlackRock Managed Income Fund delivered 2.57% in Q2 2026, outperforming through overweight U.S. growth equities and selective rotations into European banks, German infrastructure, and Asian AI beneficiaries. The manager favors the United States given stronger earnings visibility while pursuing targeted opportunities where improving earnings breadth and AI investment provide support. Core inflation is expected to decline, allowing the Fed to remain on hold longer than markets anticipate. | - | ||||||
| +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. | |||||||
| +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. | - | ||||||
| - | - | - | 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. | - | ||||||
| +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. | - | ||||||
| -1.8% | -0.3% | - | Steyn Capital's long/short South African equity fund declined 1.84% in Q2 2026 as Middle East conflict created volatility. Strong results from Grindrod, Sun International, and AECI drove gains, while gold and PGM positions detracted on commodity price weakness. The manager tactically reduced exposure during peak uncertainty then redeployed into special situations as geopolitical risks receded. South Africa's positive outlook remains intact despite near-term inflation pressures from higher fuel costs. Full Quick Take Steyn Capital's long/short South African equity fund declined 1.84% in Q2 2026 as Middle East conflict created volatility. Strong results from Grindrod, Sun International, and AECI drove gains, while gold and PGM positions detracted on commodity price weakness. The manager tactically reduced exposure during peak uncertainty then redeployed into special situations as geopolitical risks receded. South Africa's positive outlook remains intact despite near-term inflation pressures from higher fuel costs. | - | ||||||
| -12.0% | -12.0% | - | SGA's EM Growth portfolio underperformed in Q1 2026 due to limited AI Hardware exposure and geopolitical disruption, despite strong fundamental execution by holdings. Portfolio trades at unprecedented discount to market since inception while delivering consistent mid-teens growth. Manager expects rotation toward quality compounders as conditions build for outperformance. Full Quick Take SGA's EM Growth portfolio underperformed in Q1 2026 due to limited AI Hardware exposure and geopolitical disruption, despite strong fundamental execution by holdings. Portfolio trades at unprecedented discount to market since inception while delivering consistent mid-teens growth. Manager expects rotation toward quality compounders as conditions build for outperformance. | - | ||||||
| +18.2% | +19.7% | - | - | Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. Full Quick Take Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. | - | |||||
| +10.0% | +5.4% | - | The fund returned 10.3% gross in Q2 2026, outperforming the 9.8% benchmark, driven by semiconductor and industrial holdings benefiting from AI data center demand. The manager is positioning for physical AI applications in robotics and automation, adding Japanese quality-growth companies at improved valuations including Harmonic Drive Systems, Japan Elevator Service, and Rakus. Year-to-date performance of 5.9% trails the index's 9.4% return. Full Quick Take The fund returned 10.3% gross in Q2 2026, outperforming the 9.8% benchmark, driven by semiconductor and industrial holdings benefiting from AI data center demand. The manager is positioning for physical AI applications in robotics and automation, adding Japanese quality-growth companies at improved valuations including Harmonic Drive Systems, Japan Elevator Service, and Rakus. Year-to-date performance of 5.9% trails the index's 9.4% return. | |||||||
| +8.1% | +7.3% | - | - | Harding Loevner's global small-cap strategy returned 8.05% net in Q2 2026, lagging the benchmark's 15.05% return. The concentrated portfolio maintains significant geographic diversification with underweight US exposure and overweights to Europe and Frontier Markets. Top holdings include EnerSys, Clarkson, and Watts. The fund's Industrials overweight and absence from Real Estate distinguish its positioning from the index. Full Quick Take Harding Loevner's global small-cap strategy returned 8.05% net in Q2 2026, lagging the benchmark's 15.05% return. The concentrated portfolio maintains significant geographic diversification with underweight US exposure and overweights to Europe and Frontier Markets. Top holdings include EnerSys, Clarkson, and Watts. The fund's Industrials overweight and absence from Real Estate distinguish its positioning from the index. | - | |||||
| +13.0% | +7.9% | - | - | Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. Full Quick Take Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. | - | |||||
| - | - | - | Stewart Investors' Asia strategies surged in Q2 2026 on semiconductor strength, with Samsung, MediaTek and TSMC driving returns amid AI-fueled memory demand. The manager trimmed these expensive positions while adding Indian banks and Vietnamese companies at attractive valuations. China faces domestic weakness and capital control concerns. Despite Middle East volatility, the manager sees compelling long-term opportunities in quality Asian businesses trading at discounts to developed markets. Full Quick Take Stewart Investors' Asia strategies surged in Q2 2026 on semiconductor strength, with Samsung, MediaTek and TSMC driving returns amid AI-fueled memory demand. The manager trimmed these expensive positions while adding Indian banks and Vietnamese companies at attractive valuations. China faces domestic weakness and capital control concerns. Despite Middle East volatility, the manager sees compelling long-term opportunities in quality Asian businesses trading at discounts to developed markets. | |||||||
| - | - | - | The strategy lagged the benchmark in Q2 2026 primarily due to not owning Vingroup, which surged 63%. Stock selection in the Philippines and Peru contributed positively. The manager is building a new theme around power-generation infrastructure, driven by AI data centers and renewable energy creating structural demand for grid equipment. Supply constraints and aging infrastructure support multiyear growth for component manufacturers. Full Quick Take The strategy lagged the benchmark in Q2 2026 primarily due to not owning Vingroup, which surged 63%. Stock selection in the Philippines and Peru contributed positively. The manager is building a new theme around power-generation infrastructure, driven by AI data centers and renewable energy creating structural demand for grid equipment. Supply constraints and aging infrastructure support multiyear growth for component manufacturers. | |||||||
| +6.0% | +5.0% | - | - | TCW's EM Income Fund outperformed by 137bps in Q2 2026, driven by high yield selection and overweights in Ukraine, Egypt, and Argentina. The managers are constructive on EM debt given superior fundamentals versus Developed Markets, elevated real yields, and expected dollar weakness. They increased high yield exposure to +14.58% and added to Egypt, Indonesia, Mexico, and India while trimming Turkey and Colombia. Full Quick Take TCW's EM Income Fund outperformed by 137bps in Q2 2026, driven by high yield selection and overweights in Ukraine, Egypt, and Argentina. The managers are constructive on EM debt given superior fundamentals versus Developed Markets, elevated real yields, and expected dollar weakness. They increased high yield exposure to +14.58% and added to Egypt, Indonesia, Mexico, and India while trimming Turkey and Colombia. | - | |||||
| - | - | - | Antipodes deliberately avoided memory semiconductors despite 95% Q2 gains, viewing valuations as extrapolating peak-cycle pricing with thin margin for error. The fund instead positioned in analog/power/RF semiconductors with structural growth, energy infrastructure supporting AI buildout at undemanding valuations, and quality compounders oversold on AI disruption fears. Portfolio positioned for rotation away from unprecedented market concentration into broader value opportunities. Full Quick Take Antipodes deliberately avoided memory semiconductors despite 95% Q2 gains, viewing valuations as extrapolating peak-cycle pricing with thin margin for error. The fund instead positioned in analog/power/RF semiconductors with structural growth, energy infrastructure supporting AI buildout at undemanding valuations, and quality compounders oversold on AI disruption fears. Portfolio positioned for rotation away from unprecedented market concentration into broader value opportunities. | |||||||
| - | - | - | Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point. Full Quick Take Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point. | |||||||
| +3.6% | +6.3% | - | Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. New positions in Kerry Group and NetEase reflect disciplined value hunting in overlooked areas. The Fund's differentiated exposures in health care, consumer staples, and select emerging markets offer meaningful diversification from AI-concentrated benchmarks at attractive valuations. Full Quick Take Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. New positions in Kerry Group and NetEase reflect disciplined value hunting in overlooked areas. The Fund's differentiated exposures in health care, consumer staples, and select emerging markets offer meaningful diversification from AI-concentrated benchmarks at attractive valuations. | |||||||
| +26.6% | +29.7% | - | The fund delivered 29.64% in Q2 2026, outperforming through concentrated AI semiconductor exposure and selective China technology positioning. SK Hynix, Samsung, MediaTek and Chinese hardware names drove returns while model makers lagged. The manager trimmed winners to maintain diversification but continues adding selectively. Outlook is constructive on AI and China tech but cautious on valuations and narrow market leadership. Indonesia regulatory concerns created headwinds. Full Quick Take The fund delivered 29.64% in Q2 2026, outperforming through concentrated AI semiconductor exposure and selective China technology positioning. SK Hynix, Samsung, MediaTek and Chinese hardware names drove returns while model makers lagged. The manager trimmed winners to maintain diversification but continues adding selectively. Outlook is constructive on AI and China tech but cautious on valuations and narrow market leadership. Indonesia regulatory concerns created headwinds. | - | ||||||
| - | +52.5% | - | Baillie Gifford's semiconductor concentration delivered exceptional Q2 returns as AI capital expenditure drove TSMC, Samsung, and SK Hynix to represent 40 percent of the portfolio. The team is recycling profits into undervalued China opportunities, where government industrial policy has established global leadership in energy transition technologies and electric vehicles. Despite cyclicality concerns, valuations remain rational and the team views insufficient emerging markets exposure as the primary risk. Full Quick Take Baillie Gifford's semiconductor concentration delivered exceptional Q2 returns as AI capital expenditure drove TSMC, Samsung, and SK Hynix to represent 40 percent of the portfolio. The team is recycling profits into undervalued China opportunities, where government industrial policy has established global leadership in energy transition technologies and electric vehicles. Despite cyclicality concerns, valuations remain rational and the team views insufficient emerging markets exposure as the primary risk. | |||||||
| +11.9% | +4.1% | - | Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. The manager re-entered managed care stocks UnitedHealth and Elevance to capture margin recovery as the insurance cycle turns favorable. Biotechnology funding surged 130% year-over-year while M&A activity accelerated. Medical device valuations compressed on ACA subsidy expiration concerns, creating selective opportunities despite near-term utilization headwinds. Full Quick Take Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. The manager re-entered managed care stocks UnitedHealth and Elevance to capture margin recovery as the insurance cycle turns favorable. Biotechnology funding surged 130% year-over-year while M&A activity accelerated. Medical device valuations compressed on ACA subsidy expiration concerns, creating selective opportunities despite near-term utilization headwinds. | |||||||
| +4.9% | +0.9% | - | - | The fund outperformed in Q2 2026 as Hungary and Mexico rate positioning drove gains while Turkey, Brazil, and India detracted. Emerging markets navigated a complex quarter marked by the Iran conflict and less accommodative Fed policy, with central banks delivering increasingly divergent responses. The managers favor fundamentally stronger markets with credible central banks and attractive real yields, viewing recent dislocations as creating improved entry points for selective opportunities. Full Quick Take The fund outperformed in Q2 2026 as Hungary and Mexico rate positioning drove gains while Turkey, Brazil, and India detracted. Emerging markets navigated a complex quarter marked by the Iran conflict and less accommodative Fed policy, with central banks delivering increasingly divergent responses. The managers favor fundamentally stronger markets with credible central banks and attractive real yields, viewing recent dislocations as creating improved entry points for selective opportunities. | - | |||||
| - | - | - | Markets rewarded diversification in H1 2026, with emerging markets, small caps, and value significantly outperforming AI-driven growth despite strong fundamentals. Euphoric speculation dominates options markets and IPO valuations, with SpaceX listing at 90x revenue exemplifying excess. The manager positions toward sensibly priced small caps and international equities while emphasizing disciplined sizing over forecasting. Behavioral discipline, not foresight, provides the edge in manic markets. Full Quick Take Markets rewarded diversification in H1 2026, with emerging markets, small caps, and value significantly outperforming AI-driven growth despite strong fundamentals. Euphoric speculation dominates options markets and IPO valuations, with SpaceX listing at 90x revenue exemplifying excess. The manager positions toward sensibly priced small caps and international equities while emphasizing disciplined sizing over forecasting. Behavioral discipline, not foresight, provides the edge in manic markets. | - | ||||||
| +18.9% | +18.3% | - | Emerging markets delivered the strongest quarterly return since 2009, led by Taiwan and South Korea's AI supply chain dominance. Beyond semiconductor manufacturing, EM companies are innovating with affordable AI models to strengthen competitive advantages across diverse industries. Harding Loevner adjusted risk guidelines to capture long-term IT opportunities while maintaining portfolio diversification, adding positions in power semiconductors, social media, and Vietnamese steel manufacturing. Full Quick Take Emerging markets delivered the strongest quarterly return since 2009, led by Taiwan and South Korea's AI supply chain dominance. Beyond semiconductor manufacturing, EM companies are innovating with affordable AI models to strengthen competitive advantages across diverse industries. Harding Loevner adjusted risk guidelines to capture long-term IT opportunities while maintaining portfolio diversification, adding positions in power semiconductors, social media, and Vietnamese steel manufacturing. | |||||||
| -4.4% | +11.3% | - | Praetorian declined 4.39% as Mid-East war temporarily broke Feudalism dynamics the fund is positioned for. Core thesis: Economic Feudalism continues with weak-Dollar catalyzing Emerging Markets, refiners benefiting from supply tightness, and technical colleges capturing AI reskilling. AI capex is a historic bubble supporting 10%+ of GDP that will unwind badly. Manager awaits equity decline to deploy at bargain levels. Full Quick Take Praetorian declined 4.39% as Mid-East war temporarily broke Feudalism dynamics the fund is positioned for. Core thesis: Economic Feudalism continues with weak-Dollar catalyzing Emerging Markets, refiners benefiting from supply tightness, and technical colleges capturing AI reskilling. AI capex is a historic bubble supporting 10%+ of GDP that will unwind badly. Manager awaits equity decline to deploy at bargain levels. | |||||||
| +29.5% | - | - | American Century Emerging Markets Fund surged 29.46% in Q2 2026, crushing the benchmark by 540 basis points through concentrated AI semiconductor exposure in South Korea and Taiwan. Samsung Electro-Mechanics, SK Hynix, and Unimicron drove outperformance on high bandwidth memory demand. Avoiding Chinese consumer names added value. Lithium and energy holdings detracted on supply normalization. Managers see attractive stock selection opportunities amid improving earnings and easing geopolitical tensions. Full Quick Take American Century Emerging Markets Fund surged 29.46% in Q2 2026, crushing the benchmark by 540 basis points through concentrated AI semiconductor exposure in South Korea and Taiwan. Samsung Electro-Mechanics, SK Hynix, and Unimicron drove outperformance on high bandwidth memory demand. Avoiding Chinese consumer names added value. Lithium and energy holdings detracted on supply normalization. Managers see attractive stock selection opportunities amid improving earnings and easing geopolitical tensions. | - | ||||||
| - | - | - | Chilton Capital sees the AI-driven market rally as fundamentally sound, backed by spectacular earnings growth rather than bubble-like multiple expansion. They actively exploited volatility, increasing office REIT exposure during panic selling and maintaining data center overweights. Emerging markets surged 24% YTD on semiconductor strength. Despite inflation pressures eliminating rate cut prospects, broad-based earnings revisions support further gains into low double-digits. Full Quick Take Chilton Capital sees the AI-driven market rally as fundamentally sound, backed by spectacular earnings growth rather than bubble-like multiple expansion. They actively exploited volatility, increasing office REIT exposure during panic selling and maintaining data center overweights. Emerging markets surged 24% YTD on semiconductor strength. Despite inflation pressures eliminating rate cut prospects, broad-based earnings revisions support further gains into low double-digits. | |||||||
| - | - | - | - | Q2 2026 delivered a sharp equity rebound led by AI-driven technology strength, with the S&P 500 up 15.2% and emerging markets surging 24.1%. Inflation reaccelerated to 4.2% on energy shocks from Middle East conflict, prompting the Fed to hold rates restrictive. Corporate credit remained resilient despite rising Treasury yields. Market outlook hinges on inflation trajectory, geopolitical stability, and AI earnings durability. Full Quick Take Q2 2026 delivered a sharp equity rebound led by AI-driven technology strength, with the S&P 500 up 15.2% and emerging markets surging 24.1%. Inflation reaccelerated to 4.2% on energy shocks from Middle East conflict, prompting the Fed to hold rates restrictive. Corporate credit remained resilient despite rising Treasury yields. Market outlook hinges on inflation trajectory, geopolitical stability, and AI earnings durability. | - | |||||
| - | - | - | Titan Wealth's multi-manager strategies delivered exceptional first-half returns driven by concentrated AI and semiconductor exposure, with technology up 33% and emerging markets outperforming by 10 percentage points. Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA. Recently added healthcare to diversify concentration risk while expecting markets to grind higher despite elevated valuations and sticky inflation. Full Quick Take Titan Wealth's multi-manager strategies delivered exceptional first-half returns driven by concentrated AI and semiconductor exposure, with technology up 33% and emerging markets outperforming by 10 percentage points. Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA. Recently added healthcare to diversify concentration risk while expecting markets to grind higher despite elevated valuations and sticky inflation. | |||||||
| +6.4% | - | - | - | T. Bailey Multi-Asset Growth Fund returned 6.44% in Q2 2026 despite June volatility. Strong equity performance from insurance, healthcare, and AI holdings offset a 10.6% gold decline following Fed policy shifts. The Fund maintains meaningful positions across specialist insurance, healthcare, Japanese equities, and emerging markets, complemented by fixed income and gold. Positioning targets growth participation while avoiding overreliance on any single theme. Full Quick Take T. Bailey Multi-Asset Growth Fund returned 6.44% in Q2 2026 despite June volatility. Strong equity performance from insurance, healthcare, and AI holdings offset a 10.6% gold decline following Fed policy shifts. The Fund maintains meaningful positions across specialist insurance, healthcare, Japanese equities, and emerging markets, complemented by fixed income and gold. Positioning targets growth participation while avoiding overreliance on any single theme. | - | |||||
| +12.7% | +12.7% | - | 2Point2 Capital delivered 12.7% in Q1 FY27, maintaining its concentrated 15-18 stock portfolio with 93.4% equity exposure. The letter argues that investing's weak feedback loops make learning from past outcomes unreliable and potentially harmful. Two detailed case studies—Tata Elxsi and MCX—demonstrate how cognitive biases distort retrospective analysis, emphasizing disciplined process over outcome-based learning in long-term value investing. Full Quick Take 2Point2 Capital delivered 12.7% in Q1 FY27, maintaining its concentrated 15-18 stock portfolio with 93.4% equity exposure. The letter argues that investing's weak feedback loops make learning from past outcomes unreliable and potentially harmful. Two detailed case studies—Tata Elxsi and MCX—demonstrate how cognitive biases distort retrospective analysis, emphasizing disciplined process over outcome-based learning in long-term value investing. | |||||||
| +18.8% | +15.1% | - | Hardman Johnston's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits. Despite geopolitical uncertainty and hawkish Fed policy, the portfolio remains focused on high-quality companies positioned for long-term secular growth. Full Quick Take Hardman Johnston's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits. Despite geopolitical uncertainty and hawkish Fed policy, the portfolio remains focused on high-quality companies positioned for long-term secular growth. | - | ||||||
| - | - | - | ClearBridge International Growth ADR Strategy capitalized on AI infrastructure supply chain bottlenecks in Q2 2026, with semiconductor equipment makers and optical networking suppliers driving outperformance. The portfolio aggressively repositioned toward Japan, now the highest-conviction opportunity given governance reforms and AI exposure. Fifteen new positions were initiated focused on areas where scarcity is creating pricing power across memory, analog chips, data storage, and data center connectivity. Full Quick Take ClearBridge International Growth ADR Strategy capitalized on AI infrastructure supply chain bottlenecks in Q2 2026, with semiconductor equipment makers and optical networking suppliers driving outperformance. The portfolio aggressively repositioned toward Japan, now the highest-conviction opportunity given governance reforms and AI exposure. Fifteen new positions were initiated focused on areas where scarcity is creating pricing power across memory, analog chips, data storage, and data center connectivity. | - | ||||||
| - | +8.3% | - | - | Desert Lion Capital delivered +8.3% net year-to-date through June 2026, outperforming the JSE All Share Index by 12.1%. Manager Van Niekerk maintains high conviction in SA small- and mid-cap equities, where capital outflows and market inefficiency have created a compelling valuation opportunity with double-digit growth companies trading at single-digit PEs. The fund holds 8-15 concentrated positions with top 6 representing 86% of assets. Full Quick Take Desert Lion Capital delivered +8.3% net year-to-date through June 2026, outperforming the JSE All Share Index by 12.1%. Manager Van Niekerk maintains high conviction in SA small- and mid-cap equities, where capital outflows and market inefficiency have created a compelling valuation opportunity with double-digit growth companies trading at single-digit PEs. The fund holds 8-15 concentrated positions with top 6 representing 86% of assets. | - | |||||
| -9.0% | +1.2% | - | Capicraft lost 9% in Q2 as AI absorbed all capital while energy, uranium, and gold exposures suffered. Manager increased energy to 17% post-Iranian war, citing 1.5 billion barrel supply loss and tight physical markets. Avoids AI due to circular demand and uncertain economics. Maintains 50%+ in commodities and real assets despite underperformance, viewing structural supply deficits and geopolitical risks as mispriced. Full Quick Take Capicraft lost 9% in Q2 as AI absorbed all capital while energy, uranium, and gold exposures suffered. Manager increased energy to 17% post-Iranian war, citing 1.5 billion barrel supply loss and tight physical markets. Avoids AI due to circular demand and uncertain economics. Maintains 50%+ in commodities and real assets despite underperformance, viewing structural supply deficits and geopolitical risks as mispriced. | - | ||||||
| - | - | - | Markets delivered a 15% Q2 rally to record highs as Middle East ceasefire hopes collapsed oil prices and broadened participation beyond mega-cap tech. Small caps surged 22.6% year-to-date, value trounced growth, and emerging markets led globally on semiconductor strength. The Fed held hawkish at 3.50-3.75% despite three-year high inflation. Markets are betting the energy shock has peaked and earnings growth continues, though geopolitical and rate uncertainties remain unresolved. Full Quick Take Markets delivered a 15% Q2 rally to record highs as Middle East ceasefire hopes collapsed oil prices and broadened participation beyond mega-cap tech. Small caps surged 22.6% year-to-date, value trounced growth, and emerging markets led globally on semiconductor strength. The Fed held hawkish at 3.50-3.75% despite three-year high inflation. Markets are betting the energy shock has peaked and earnings growth continues, though geopolitical and rate uncertainties remain unresolved. | - | ||||||
| +7.9% | +0.9% | - | Oakmark International returned 7.89% in Q2 2026, lagging the benchmark on China weakness. Samsung Electronics drove gains on AI-driven memory demand with supply trailing robust customer needs. BMW detracted on Chinese demand softness. The fund bought Bureau Veritas at decade-low multiples, seeing mispriced opportunity in data center commissioning and infrastructure exposure. Managers focus on competitive advantages and intrinsic value over AI theme prediction. Full Quick Take Oakmark International returned 7.89% in Q2 2026, lagging the benchmark on China weakness. Samsung Electronics drove gains on AI-driven memory demand with supply trailing robust customer needs. BMW detracted on Chinese demand softness. The fund bought Bureau Veritas at decade-low multiples, seeing mispriced opportunity in data center commissioning and infrastructure exposure. Managers focus on competitive advantages and intrinsic value over AI theme prediction. | |||||||
| - | - | - | - | Markets rallied 15% in Q2 recovering Iran war losses as peace framework reversed energy shock. New Fed Chair Warsh surprised with hawkish pivot eliminating forward guidance and signaling possible rate hikes. Performance broadened dramatically with small-caps up 22% and emerging markets up 24% year-to-date. Technology surged 31% on AI earnings strength. Portfolio focus shifts to diversification away from Magnificent Seven concentration into small-caps and international markets while capturing elevated bond yields. Full Quick Take Markets rallied 15% in Q2 recovering Iran war losses as peace framework reversed energy shock. New Fed Chair Warsh surprised with hawkish pivot eliminating forward guidance and signaling possible rate hikes. Performance broadened dramatically with small-caps up 22% and emerging markets up 24% year-to-date. Technology surged 31% on AI earnings strength. Portfolio focus shifts to diversification away from Magnificent Seven concentration into small-caps and international markets while capturing elevated bond yields. | - | |||||
| - | - | - | - | Markets are dangerously concentrated with AI representing 45% of the S&P despite unproven returns, while energy infrastructure sits at only 4%. Hyperscalers are spending over $800 billion annually with investment returns uncertain. The second half of 2026 faces liquidity stress from $1 trillion in share unlocks. Opportunities lie in rotating to undervalued Europe, Japan, and Emerging Markets, plus commodities powering the AI buildout. Full Quick Take Markets are dangerously concentrated with AI representing 45% of the S&P despite unproven returns, while energy infrastructure sits at only 4%. Hyperscalers are spending over $800 billion annually with investment returns uncertain. The second half of 2026 faces liquidity stress from $1 trillion in share unlocks. Opportunities lie in rotating to undervalued Europe, Japan, and Emerging Markets, plus commodities powering the AI buildout. | - | |||||
| - | - | - | - | Q2 2026 saw the S&P 500 surge 14.9%, its best quarter in six years, driven by AI and semiconductor strength, with Technology up 31.6% and semiconductors gaining 49.5%. Energy reversed sharply, falling 13.5% on declining oil prices. Market leadership narrowed to record lows despite strong headline returns. Emerging Markets led globally, up 23.4%, while a hawkish Fed pivot on rising inflation introduces uncertainty ahead. Full Quick Take Q2 2026 saw the S&P 500 surge 14.9%, its best quarter in six years, driven by AI and semiconductor strength, with Technology up 31.6% and semiconductors gaining 49.5%. Energy reversed sharply, falling 13.5% on declining oil prices. Market leadership narrowed to record lows despite strong headline returns. Emerging Markets led globally, up 23.4%, while a hawkish Fed pivot on rising inflation introduces uncertainty ahead. | - |
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