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 |
|---|---|---|---|---|---|---|---|---|---|---|
| - | -3.1% | +10.8% | - | Ennismore European Smaller Companies Fund returned -0.8% net of fees in September 2026, bringing year-to-date returns to -3.1% net. Net exposure closed at 59.7% with active portfolio rotation featuring 35 new longs and 12 new shorts. The manager highlighted high-voltage power supplier XP Power as a key turnaround investment with significant operational upside. Full Quick Take Ennismore European Smaller Companies Fund returned -0.8% net of fees in September 2026, bringing year-to-date returns to -3.1% net. Net exposure closed at 59.7% with active portfolio rotation featuring 35 new longs and 12 new shorts. The manager highlighted high-voltage power supplier XP Power as a key turnaround investment with significant operational upside. | ||||||
| - | - | - | ACATIS delivered strong performance in August 2026 driven by biotechnology, small-cap, and software rebounds, while maintaining a cautious macro stance via volatility hedges against geopolitical tension, oil price shocks, and interest rate uncertainty. Full Quick Take ACATIS delivered strong performance in August 2026 driven by biotechnology, small-cap, and software rebounds, while maintaining a cautious macro stance via volatility hedges against geopolitical tension, oil price shocks, and interest rate uncertainty. | |||||||
| - | - | - | 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. | - | ||||||
| - | - | - | Vltava Fund exited Jungfraubahn after substantial outperformance and initiated a position in UK marketplace operator Auto Trader Group. The manager maintains a cautious stance on broader market margins, warning that an artificial intelligence capital expenditure boom creates transient earnings distortions among infrastructure suppliers that should not be mistaken for normalized long-term profits. Full Quick Take Vltava Fund exited Jungfraubahn after substantial outperformance and initiated a position in UK marketplace operator Auto Trader Group. The manager maintains a cautious stance on broader market margins, warning that an artificial intelligence capital expenditure boom creates transient earnings distortions among infrastructure suppliers that should not be mistaken for normalized long-term profits. | |||||||
Thornburg Investment Income Builder FundMatt Burdett, Christian Hoffmann, Brian McMahon | -0.1% | +16.0% | +10.4% | Thornburg Investment Income Builder Fund focuses on well-capitalized global companies with dependable dividend growth, recording a quarterly return of -0.04% net of fees and 16.11% net of fees year-to-date. The portfolio holds 86% in dividend equities and 14% in fixed income and cash. Full Quick Take Thornburg Investment Income Builder Fund focuses on well-capitalized global companies with dependable dividend growth, recording a quarterly return of -0.04% net of fees and 16.11% net of fees year-to-date. The portfolio holds 86% in dividend equities and 14% in fixed income and cash. | - | |||||
| - | +11.1% | - | Protean Small Cap returned -1.7% net of fees in September, bringing year-to-date returns to 11.1% net of fees. The manager initiated positions in Bonava and Scandic Hotels, re-entered Smartoptics on valuation weakness, and divested Rejlers over merger complexity. Full Quick Take Protean Small Cap returned -1.7% net of fees in September, bringing year-to-date returns to 11.1% net of fees. The manager initiated positions in Bonava and Scandic Hotels, re-entered Smartoptics on valuation weakness, and divested Rejlers over merger complexity. | |||||||
| - | +12.7% | - | Northern European Cooling Adoption and Refrigerant Gas Transition, Air Conditioning, Additional Keywords & Themes | The Norbury Capital Fund advanced +1.8% net in September 2026, bringing year-to-date net performance to +12.7% and outperforming European small-cap benchmarks. The managers deployed capital into Beijer Ref, capitalizing on secular warming trends and European refrigerant regulatory phase-outs that position the distributor for multi-year cash compounding. Full Quick Take The Norbury Capital Fund advanced +1.8% net in September 2026, bringing year-to-date net performance to +12.7% and outperforming European small-cap benchmarks. The managers deployed capital into Beijer Ref, capitalizing on secular warming trends and European refrigerant regulatory phase-outs that position the distributor for multi-year cash compounding. | ||||||
| +0.8% | +16.8% | +18.4% | Night Watch Investment Partners posted a 0.84% net return for Q3 2026 and 16.83% net year-to-date. The fund remains cautious amid geopolitical friction, high oil prices, and rising interest rates, maintaining net exposure of 95% to 100% with index shorts while overweighting counter-cyclical businesses like Marex, US refiners, and post-destocking specialty chemical distributors. Full Quick Take Night Watch Investment Partners posted a 0.84% net return for Q3 2026 and 16.83% net year-to-date. The fund remains cautious amid geopolitical friction, high oil prices, and rising interest rates, maintaining net exposure of 95% to 100% with index shorts while overweighting counter-cyclical businesses like Marex, US refiners, and post-destocking specialty chemical distributors. | |||||||
| - | - | - | - | 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. | - | |||||
| - | +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. | |||||||
| - | - | - | The Magnificent Seven's trillion-dollar AI buildout reveals stark divergence in value creation. Nvidia and Apple thrive as supplier and capital-light player respectively. Microsoft, Meta, and Alphabet compress from extraordinary to excellent returns while still earning 2.5x their cost of capital. Amazon barely clears its hurdle while Tesla destroys value. The dispersion creates opportunity for investors distinguishing growth buyers from capacity buyers. Full Quick Take The Magnificent Seven's trillion-dollar AI buildout reveals stark divergence in value creation. Nvidia and Apple thrive as supplier and capital-light player respectively. Microsoft, Meta, and Alphabet compress from extraordinary to excellent returns while still earning 2.5x their cost of capital. Amazon barely clears its hurdle while Tesla destroys value. The dispersion creates opportunity for investors distinguishing growth buyers from capacity buyers. | |||||||
| - | - | - | M&G navigates unprecedented market concentration by maintaining disciplined diversification across uncorrelated securities with clear value gaps. While participating selectively in AI through established business models, the firm increasingly targets longer-cycle themes like electrification and overlooked quality names trading at attractive valuations. Multi Asset portfolios favor government bonds over credit with tactical duration management. Opportunities emerging in Japan corporate reform, EM valuations, and broadening leadership as extreme concentration eventually normalizes. Full Quick Take M&G navigates unprecedented market concentration by maintaining disciplined diversification across uncorrelated securities with clear value gaps. While participating selectively in AI through established business models, the firm increasingly targets longer-cycle themes like electrification and overlooked quality names trading at attractive valuations. Multi Asset portfolios favor government bonds over credit with tactical duration management. Opportunities emerging in Japan corporate reform, EM valuations, and broadening leadership as extreme concentration eventually normalizes. | - | ||||||
| - | +8.2% | - | Norbury Capital delivered +8.2% year-to-date through June 2026, outpacing its European small-cap benchmark by 300 basis points. The fund completed its first activist campaign with OCI Global, exiting with a decent return after successfully challenging corporate governance issues and securing a cash alternative offer. Management sees abundant opportunities to redeploy capital across European small caps. Full Quick Take Norbury Capital delivered +8.2% year-to-date through June 2026, outpacing its European small-cap benchmark by 300 basis points. The fund completed its first activist campaign with OCI Global, exiting with a decent return after successfully challenging corporate governance issues and securing a cash alternative offer. Management sees abundant opportunities to redeploy capital across European small caps. | |||||||
| - | - | - | - | L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. Full Quick Take L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. | - | |||||
| - | - | - | Q2 2026 delivered a decisive equity rebound as geopolitical tensions eased and AI capex reasserted itself. Momentum dominated with one of its strongest quarters since the dot-com era, while Value's outperformance masked a semiconductor concentration bet. Quality's three-year lag now presents a mean-reversion opportunity, with history showing 82% recovery probability. Stretched valuations and momentum dispersion warrant greater factor diversification ahead. Full Quick Take Q2 2026 delivered a decisive equity rebound as geopolitical tensions eased and AI capex reasserted itself. Momentum dominated with one of its strongest quarters since the dot-com era, while Value's outperformance masked a semiconductor concentration bet. Quality's three-year lag now presents a mean-reversion opportunity, with history showing 82% recovery probability. Stretched valuations and momentum dispersion warrant greater factor diversification ahead. | - | ||||||
| - | - | - | Tall Oak warns that current market valuations exceed 1999 dot-com levels, with the S&P 500 at a P/E of 31.9 and profit margins near 35-year highs. Historical analysis suggests this starting point could produce roughly -1.4% annual returns over the next decade if valuations mean-revert. The firm is building portfolio resilience through tail-risk hedging and diversification across alternatives rather than timing a market decline. Full Quick Take Tall Oak warns that current market valuations exceed 1999 dot-com levels, with the S&P 500 at a P/E of 31.9 and profit margins near 35-year highs. Historical analysis suggests this starting point could produce roughly -1.4% annual returns over the next decade if valuations mean-revert. The firm is building portfolio resilience through tail-risk hedging and diversification across alternatives rather than timing a market decline. | - | ||||||
| - | - | - | 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. | |||||||
| - | - | - | Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. Full Quick Take Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. | |||||||
| - | 0.0% | - | Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. Full Quick Take Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. | - | ||||||
| +2.9% | - | - | - | Lord Abbett High Yield Fund outperformed in Q2 2026 by focusing on higher-quality carry and AI-beneficiary credits while reducing Energy and CCC exposure. Despite Fed hawkishness and geopolitical tensions elevating inflation concerns, the manager remains constructive on high yield fundamentals given solid earnings and elevated credit quality. The Fund shifted toward shorter duration, higher-quality exposure while maintaining selective down-in-quality positions based on longer-term U.S. economic resilience. Full Quick Take Lord Abbett High Yield Fund outperformed in Q2 2026 by focusing on higher-quality carry and AI-beneficiary credits while reducing Energy and CCC exposure. Despite Fed hawkishness and geopolitical tensions elevating inflation concerns, the manager remains constructive on high yield fundamentals given solid earnings and elevated credit quality. The Fund shifted toward shorter duration, higher-quality exposure while maintaining selective down-in-quality positions based on longer-term U.S. economic resilience. | - | |||||
| - | - | - | - | Newport Capital advocates diversified positioning across styles, caps, and regions amid Iran-driven volatility. Q2 saw strong market rebound with S&P 500 up 15.2% on easing tensions and robust earnings. The Fed shifted to tightening bias under new Chairman Warsh. Firm expects 2.0% economic growth, range-bound rates, and continued earnings strength at 24.0% growth. Value and international equities appear relatively attractive versus growth and Large-Cap. Full Quick Take Newport Capital advocates diversified positioning across styles, caps, and regions amid Iran-driven volatility. Q2 saw strong market rebound with S&P 500 up 15.2% on easing tensions and robust earnings. The Fed shifted to tightening bias under new Chairman Warsh. Firm expects 2.0% economic growth, range-bound rates, and continued earnings strength at 24.0% growth. Value and international equities appear relatively attractive versus growth and Large-Cap. | - | |||||
| +30.1% | +23.7% | - | Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. Full Quick Take Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. | |||||||
| - | +4.6% | - | The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies. Full Quick Take The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies. | |||||||
| +5.8% | - | - | - | PGIM High Yield Fund maintains a constructive but cautious stance as spreads compressed to 270 bps in Q2 2026. The manager favors high-quality, short-duration bonds and overweights homebuilders and telecom while underweighting media and restaurants. With risks skewed to the downside at tight spreads, the focus is on carry generation and credit selection, particularly favoring BB and high-B leveraged loans over lower-quality credits. Full Quick Take PGIM High Yield Fund maintains a constructive but cautious stance as spreads compressed to 270 bps in Q2 2026. The manager favors high-quality, short-duration bonds and overweights homebuilders and telecom while underweighting media and restaurants. With risks skewed to the downside at tight spreads, the focus is on carry generation and credit selection, particularly favoring BB and high-B leveraged loans over lower-quality credits. | - | |||||
| - | +7.2% | - | Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value. Full Quick Take Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value. | |||||||
| - | - | - | Rivemont is positioned for a major sector rotation away from technology toward healthcare and Canadian financials. The fund has aggressively overweighted healthcare real estate, pharmaceuticals, and biotechnology for resilience and lower volatility. Canadian financials benefit from near-monopoly positions with exceptional margins. Bank of Montreal is up 40% year-to-date. The manager sees parallels to the post-2000 rotation and expects continued outperformance. Full Quick Take Rivemont is positioned for a major sector rotation away from technology toward healthcare and Canadian financials. The fund has aggressively overweighted healthcare real estate, pharmaceuticals, and biotechnology for resilience and lower volatility. Canadian financials benefit from near-monopoly positions with exceptional margins. Bank of Montreal is up 40% year-to-date. The manager sees parallels to the post-2000 rotation and expects continued outperformance. | - | ||||||
| +8.8% | - | - | Fairtree Global Equity underperformed by 6.1% in Q2 2026 as extreme momentum concentration in AI and semiconductors drove benchmarks higher. The fund's value-oriented positioning clashed with record momentum factor outperformance fueled by leveraged ETFs and options flows. Management added semiconductor and AI exposure while maintaining conviction that narrow leadership will give way to fundamental-driven broadening, viewing current valuations as compelling despite near-term style headwinds. Full Quick Take Fairtree Global Equity underperformed by 6.1% in Q2 2026 as extreme momentum concentration in AI and semiconductors drove benchmarks higher. The fund's value-oriented positioning clashed with record momentum factor outperformance fueled by leveraged ETFs and options flows. Management added semiconductor and AI exposure while maintaining conviction that narrow leadership will give way to fundamental-driven broadening, viewing current valuations as compelling despite near-term style headwinds. | - | ||||||
| +4.9% | +8.3% | - | Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. Full Quick Take Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. | |||||||
| - | +14.9% | - | Sohra Peak delivered +14.9% net in H1 2026, driven by D-BOX Technologies and Auto Partner, both validating the manager's high-conviction value theses. The concentrated portfolio of 11 small-cap holdings, 92% non-US, reflects a disciplined approach to finding undervalued companies with limited analyst coverage. The manager is now actively pursuing South Korean small-caps, viewing them as exceptionally cheap with corporate governance reform catalysts ahead. Full Quick Take Sohra Peak delivered +14.9% net in H1 2026, driven by D-BOX Technologies and Auto Partner, both validating the manager's high-conviction value theses. The concentrated portfolio of 11 small-cap holdings, 92% non-US, reflects a disciplined approach to finding undervalued companies with limited analyst coverage. The manager is now actively pursuing South Korean small-caps, viewing them as exceptionally cheap with corporate governance reform catalysts ahead. | |||||||
| - | - | - | - | Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. Full Quick Take Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. | - | |||||
| - | - | - | - | 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. | - | |||||
| - | +30.0% | - | The fund returned 30% year-to-date as the Strait of Hormuz closure disrupted 14 million barrels per day for four months. Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Inventories approach critical minimums by September if disruption continues, forcing sharp price increases. Full Quick Take The fund returned 30% year-to-date as the Strait of Hormuz closure disrupted 14 million barrels per day for four months. Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Inventories approach critical minimums by September if disruption continues, forcing sharp price increases. | - | ||||||
| - | - | - | - | MPD SME Capital One is a European small-cap PE vehicle with limited deployment capacity. Primary holding La Centrale de Prévoyance, a Swiss insurance broker, completed financial reconciliation and positions for potential service provider role to future fund portfolios. One investment written off, R&D program cancelled. Management operates lean while evaluating strategic options including wealth management expansion and preparing new vehicle launch. Funding constraints limit near-term portfolio development. Full Quick Take MPD SME Capital One is a European small-cap PE vehicle with limited deployment capacity. Primary holding La Centrale de Prévoyance, a Swiss insurance broker, completed financial reconciliation and positions for potential service provider role to future fund portfolios. One investment written off, R&D program cancelled. Management operates lean while evaluating strategic options including wealth management expansion and preparing new vehicle launch. Funding constraints limit near-term portfolio development. | - | |||||
| - | - | - | AI's capital expenditure boom faces a reckoning as soaring memory chip and token costs force enterprise migration from expensive US cloud platforms, threatening hyperscaler returns on $800 billion projected 2027 spending. Micron's historic beat validates semiconductor thesis, propelling Asian markets higher. Manager pairs US mega cap tech with Asian memory makers, overweights Japan, and holds elevated cash anticipating volatility will create better summer entry points. Full Quick Take AI's capital expenditure boom faces a reckoning as soaring memory chip and token costs force enterprise migration from expensive US cloud platforms, threatening hyperscaler returns on $800 billion projected 2027 spending. Micron's historic beat validates semiconductor thesis, propelling Asian markets higher. Manager pairs US mega cap tech with Asian memory makers, overweights Japan, and holds elevated cash anticipating volatility will create better summer entry points. | - | ||||||
| +26.9% | +12.1% | - | The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. Full Quick Take The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. | - | ||||||
| - | - | - | - | PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. The fund positions for U.S. overheating with 2.3% GDP growth driven by AI capex and fiscal stimulus, but expects Fed hikes under Warsh as inflation stays elevated from energy shocks and tariffs. Credit spreads are historically tight, prompting a quality-focused, carry-oriented stance with 7.2-year duration and overweights to emerging markets and financials. Full Quick Take PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. The fund positions for U.S. overheating with 2.3% GDP growth driven by AI capex and fiscal stimulus, but expects Fed hikes under Warsh as inflation stays elevated from energy shocks and tariffs. Credit spreads are historically tight, prompting a quality-focused, carry-oriented stance with 7.2-year duration and overweights to emerging markets and financials. | - | |||||
| +6.7% | - | - | The Fund returned 6.7% in Q2 as small and mid-cap UK stocks reversed multi-year underperformance. Holdings like Intertek, Renishaw, and Auction Technology delivered strong gains on positive trading updates and takeover interest. Energy holdings declined on the Iran ceasefire. The Fund now trades at a historic valuation discount to the UK market despite superior Quality characteristics, presenting a compelling opportunity for patient investors. Full Quick Take The Fund returned 6.7% in Q2 as small and mid-cap UK stocks reversed multi-year underperformance. Holdings like Intertek, Renishaw, and Auction Technology delivered strong gains on positive trading updates and takeover interest. Energy holdings declined on the Iran ceasefire. The Fund now trades at a historic valuation discount to the UK market despite superior Quality characteristics, presenting a compelling opportunity for patient investors. | |||||||
| +13.2% | +7.5% | - | Baron Focused Growth gained 13.26% in Q2 2026, lagging the benchmark due to AI-driven valuation compression in software holdings despite unchanged fundamentals. SpaceX's record $85 billion IPO drove 987 bps of returns. Consumer investments rebounded strongly as macro fears eased. Portfolio companies accelerated buybacks at depressed valuations while maintaining strong balance sheets and recurring revenue growth. The concentrated 28-stock portfolio trades at historically low valuations with multiple paths to value realization as rates decline. Full Quick Take Baron Focused Growth gained 13.26% in Q2 2026, lagging the benchmark due to AI-driven valuation compression in software holdings despite unchanged fundamentals. SpaceX's record $85 billion IPO drove 987 bps of returns. Consumer investments rebounded strongly as macro fears eased. Portfolio companies accelerated buybacks at depressed valuations while maintaining strong balance sheets and recurring revenue growth. The concentrated 28-stock portfolio trades at historically low valuations with multiple paths to value realization as rates decline. | |||||||
| - | -5.0% | - | REQ Global Compounders fell 5.0% in H1 2026 as AI rotation pressured software holdings despite strong fundamentals—portfolio companies grew EBITA 14% while the fund trades at 17.7x NTM, the lowest valuation since inception. Aerospace holdings HEICO and Diploma surged on booming demand. Management added proven industrial distributors Applied and DiscoverIE while trimming AI-concentrated Amphenol, viewing current prices as creating exceptional long-term entry points for patient capital. Full Quick Take REQ Global Compounders fell 5.0% in H1 2026 as AI rotation pressured software holdings despite strong fundamentals—portfolio companies grew EBITA 14% while the fund trades at 17.7x NTM, the lowest valuation since inception. Aerospace holdings HEICO and Diploma surged on booming demand. Management added proven industrial distributors Applied and DiscoverIE while trimming AI-concentrated Amphenol, viewing current prices as creating exceptional long-term entry points for patient capital. | |||||||
| - | +6.0% | - | - | Azvalor sees a golden age for value investing with extreme valuation disparities favoring their style. The firm delivered strong first-half gains while rotating capital into deeply undervalued opportunities, estimating 60-84% upside across portfolios. Despite broad market strength, the S&P 500 trades expensively with dividend yields below government bills. The manager warns against speculation in leveraged products while maintaining concentrated positions in sound businesses at attractive prices. Full Quick Take Azvalor sees a golden age for value investing with extreme valuation disparities favoring their style. The firm delivered strong first-half gains while rotating capital into deeply undervalued opportunities, estimating 60-84% upside across portfolios. Despite broad market strength, the S&P 500 trades expensively with dividend yields below government bills. The manager warns against speculation in leveraged products while maintaining concentrated positions in sound businesses at attractive prices. | - | |||||
| - | - | - | Ameliora reduced technology exposure in late June despite market highs, concerned that $3 trillion in AI debt creates unsustainable servicing burdens for an unproven commercial model. Record margin debt signals fragility while semiconductor valuations appear bubble-like. The firm favors gold miners and defense stocks offering strong cash flows but unloved by momentum investors, maintaining a constructive equity stance supported by AI capex flowing through the broader economy. Full Quick Take Ameliora reduced technology exposure in late June despite market highs, concerned that $3 trillion in AI debt creates unsustainable servicing burdens for an unproven commercial model. Record margin debt signals fragility while semiconductor valuations appear bubble-like. The firm favors gold miners and defense stocks offering strong cash flows but unloved by momentum investors, maintaining a constructive equity stance supported by AI capex flowing through the broader economy. | - | ||||||
| - | - | - | Generation sees Q2 2026 as a compelling entry point for quality investors. Extreme AI-driven market concentration has pushed the ten largest US stocks to 42% of the S&P 500 while their high-quality sustainable holdings trade at historically low valuations despite strong fundamentals. They are highly skeptical of the semiconductor rally and retail exuberance, positioning instead for downstream AI value creation and eventual market rotation toward durable compounders. Full Quick Take Generation sees Q2 2026 as a compelling entry point for quality investors. Extreme AI-driven market concentration has pushed the ten largest US stocks to 42% of the S&P 500 while their high-quality sustainable holdings trade at historically low valuations despite strong fundamentals. They are highly skeptical of the semiconductor rally and retail exuberance, positioning instead for downstream AI value creation and eventual market rotation toward durable compounders. | |||||||
| -5.2% | +10.7% | - | Massif Capital argues geopolitics has shifted from exogenous shock to endogenous pricing variable, with geography now mattering more than geology in commodity markets. Q2's doubled volatility reflects this regime change, with Iranian diplomacy moving Norwegian energy stocks more than fundamentals and trade policy driving copper names more than drill results. Portfolio positioned for dispersion through critical minerals in allied jurisdictions and un-weaponizable real assets, deliberately taking single-node risks while avoiding financial overlays. Full Quick Take Massif Capital argues geopolitics has shifted from exogenous shock to endogenous pricing variable, with geography now mattering more than geology in commodity markets. Q2's doubled volatility reflects this regime change, with Iranian diplomacy moving Norwegian energy stocks more than fundamentals and trade policy driving copper names more than drill results. Portfolio positioned for dispersion through critical minerals in allied jurisdictions and un-weaponizable real assets, deliberately taking single-node risks while avoiding financial overlays. | |||||||
| +14.8% | +6.5% | - | Gator delivered 14.82% in Q2 2026, outperforming financials while small and mid-cap banks continued strong performance. The fund's core thesis centers on Navient, trading at 40% of book value despite an 80% expansion in addressable market following elimination of federal Grad PLUS loans. With portfolio growth resuming and a 31%-owning activist CEO, the manager sees potential for 100% upside as perception shifts from runoff to growth. Full Quick Take Gator delivered 14.82% in Q2 2026, outperforming financials while small and mid-cap banks continued strong performance. The fund's core thesis centers on Navient, trading at 40% of book value despite an 80% expansion in addressable market following elimination of federal Grad PLUS loans. With portfolio growth resuming and a 31%-owning activist CEO, the manager sees potential for 100% upside as perception shifts from runoff to growth. | |||||||
| - | - | - | - | Hennessy Equity and Income Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Hennessy Equity and Income Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| - | - | - | - | Saltlight Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Saltlight Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +5.4% | +3.0% | - | Maran Partners returned +5.4% net in Q2 2026 despite market headwinds, executing two high-conviction special situation trades: a bridge loan in the underserved small credit market and a SpaceX IPO arbitrage at a 30% discount. Core small and microcap holdings are actively unlocking value through sales processes and buybacks. The concentrated portfolio has generated mid-teens annualized returns since inception with 9% alpha versus Russell 2000. Full Quick Take Maran Partners returned +5.4% net in Q2 2026 despite market headwinds, executing two high-conviction special situation trades: a bridge loan in the underserved small credit market and a SpaceX IPO arbitrage at a 30% discount. Core small and microcap holdings are actively unlocking value through sales processes and buybacks. The concentrated portfolio has generated mid-teens annualized returns since inception with 9% alpha versus Russell 2000. | - | ||||||
| +21.9% | +20.9% | - | Impax Global Environmental Markets Fund surged 21.98% in Q2 2026, outperforming on AI infrastructure tailwinds driving semiconductor and data center holdings. The team maintains high conviction in picks and shovels AI exposure while balancing with defensive waste, industrial gas, and utility positions. Water infrastructure faced headwinds from rates and macro uncertainty. Portfolio remains concentrated in 42 high-quality names with pricing power and secular environmental growth drivers. Full Quick Take Impax Global Environmental Markets Fund surged 21.98% in Q2 2026, outperforming on AI infrastructure tailwinds driving semiconductor and data center holdings. The team maintains high conviction in picks and shovels AI exposure while balancing with defensive waste, industrial gas, and utility positions. Water infrastructure faced headwinds from rates and macro uncertainty. Portfolio remains concentrated in 42 high-quality names with pricing power and secular environmental growth drivers. | - | ||||||
| +9.1% | +11.7% | - | BNY Mellon Global Equity Income Fund underperformed in Q2 2026 due to its zero exposure to AI-driven technology stocks, a deliberate result of its strict yield discipline. The manager views elevated market concentration and AI valuations as creating risks comparable to 2000, while income stocks trade at historically wide discounts. With rates staying higher for longer, the fund is positioned to capitalize on compelling income stock valuations for long-term outperformance. Full Quick Take BNY Mellon Global Equity Income Fund underperformed in Q2 2026 due to its zero exposure to AI-driven technology stocks, a deliberate result of its strict yield discipline. The manager views elevated market concentration and AI valuations as creating risks comparable to 2000, while income stocks trade at historically wide discounts. With rates staying higher for longer, the fund is positioned to capitalize on compelling income stock valuations for long-term outperformance. |
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