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 |
|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | Sparrow Wealth Management emphasizes disciplined long-term asset allocation over tactical forecasting during a quarter marked by rising bond yields and divergent equity returns. While United States large-cap value equities posted modest positive results, fixed income and emerging markets retreated, demonstrating that broad diversification remains essential to navigate unforeseen macro volatility. Full Quick Take Sparrow Wealth Management emphasizes disciplined long-term asset allocation over tactical forecasting during a quarter marked by rising bond yields and divergent equity returns. While United States large-cap value equities posted modest positive results, fixed income and emerging markets retreated, demonstrating that broad diversification remains essential to navigate unforeseen macro volatility. | - | |||||
| - | - | - | 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. | |||||||
| - | - | - | - | Chevy Chase Trust maintains a cautious stance on elevated equity valuations and lofty AI earnings expectations, advocating for rebalancing into higher-yielding fixed income while rotating equity allocations into commodity infrastructure and Asian consumer demand. Full Quick Take Chevy Chase Trust maintains a cautious stance on elevated equity valuations and lofty AI earnings expectations, advocating for rebalancing into higher-yielding fixed income while rotating equity allocations into commodity infrastructure and Asian consumer demand. | - | |||||
| - | - | - | 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. | - | ||||||
| - | - | - | Orbis Global Equity warns that stretched market valuations and tight credit spreads offer muted compensation for taking risk. The strategy is leaning defensively into high-visibility, mission-critical compounders like Motorola Solutions that trade at wide intrinsic discounts. Full Quick Take Orbis Global Equity warns that stretched market valuations and tight credit spreads offer muted compensation for taking risk. The strategy is leaning defensively into high-visibility, mission-critical compounders like Motorola Solutions that trade at wide intrinsic discounts. | |||||||
| +2.5% | +11.7% | +11.0% | Thornburg Global Opportunities Fund outperformed in Q3 2026, generating a 2.55% net return against 1.60% for the MSCI ACWI. The managers emphasize disciplined capital allocation toward value-priced growth businesses across technology, resources, and financials while actively monitoring inflation resilience, trade tensions, and margin durability. Full Quick Take Thornburg Global Opportunities Fund outperformed in Q3 2026, generating a 2.55% net return against 1.60% for the MSCI ACWI. The managers emphasize disciplined capital allocation toward value-priced growth businesses across technology, resources, and financials while actively monitoring inflation resilience, trade tensions, and margin durability. | - | ||||||
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. | - | |||||
| - | +45.0% | - | Macro Ops remains selectively long high-momentum secular themes like tech, crypto, and Japanese equities despite deteriorating market breadth and late-cycle fragility. With net performance at +45.01% net of fees year-to-date, positioning remains tactical as narrow leadership and banking sector weakness signal heightened cyclical risk. Full Quick Take Macro Ops remains selectively long high-momentum secular themes like tech, crypto, and Japanese equities despite deteriorating market breadth and late-cycle fragility. With net performance at +45.01% net of fees year-to-date, positioning remains tactical as narrow leadership and banking sector weakness signal heightened cyclical risk. | - | ||||||
| - | -23.4% | +20.0% | Infuse Partners targets durable compounders capable of sustaining high earnings growth over multi-year horizons. Following a year-to-date net return of -23.42%, the manager is actively lengthening duration and focusing on seven to ten high-quality businesses poised to double in value, while strictly avoiding leverage and cyclical momentum speculations. Full Quick Take Infuse Partners targets durable compounders capable of sustaining high earnings growth over multi-year horizons. Following a year-to-date net return of -23.42%, the manager is actively lengthening duration and focusing on seven to ten high-quality businesses poised to double in value, while strictly avoiding leverage and cyclical momentum speculations. | |||||||
| - | - | - | Advisory Research remains constructive on equities as the premier inflation hedge while warning against passive index traps and stagnant dividend yield traps. The managers favor high-conviction active stock selection focused on robust international dividend compounders over pure yield. Full Quick Take Advisory Research remains constructive on equities as the premier inflation hedge while warning against passive index traps and stagnant dividend yield traps. The managers favor high-conviction active stock selection focused on robust international dividend compounders over pure yield. | - | ||||||
| +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. | |||||||
| -1.4% | - | +18.5% | The fund delivered -0.1% net in September 2026 as global rate hikes weighed on financial and long-duration holdings, bringing 3-month performance to -1.4% net. Management aggressively rotated capital out of realized gains in memory semiconductors into emerging consumer AI applications, establishing Meta Platforms as the portfolio's top holding. Full Quick Take The fund delivered -0.1% net in September 2026 as global rate hikes weighed on financial and long-duration holdings, bringing 3-month performance to -1.4% net. Management aggressively rotated capital out of realized gains in memory semiconductors into emerging consumer AI applications, establishing Meta Platforms as the portfolio's top holding. | |||||||
| - | - | - | - | 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. | - | |||||
| - | - | - | - | The managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. Full Quick Take The managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. | - | |||||
| +8.8% | +2.3% | - | Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. Full Quick Take Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. | |||||||
| - | +51.4% | - | Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. Full Quick Take Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. | - | ||||||
| - | - | - | - | - | TPG reported record first-half 2026 results driven by its diversified $327 billion alternative asset platform spanning private equity, impact, credit, real estate, and market solutions. The firm declared a $0.59 quarterly dividend. Management highlighted the business model's ability to perform across cycles and sees significant expansion opportunities as clients seek differentiated offerings across strategies. Full Quick Take TPG reported record first-half 2026 results driven by its diversified $327 billion alternative asset platform spanning private equity, impact, credit, real estate, and market solutions. The firm declared a $0.59 quarterly dividend. Management highlighted the business model's ability to perform across cycles and sees significant expansion opportunities as clients seek differentiated offerings across strategies. | - | ||||
| +17.7% | +12.1% | - | Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. Full Quick Take Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. | - | ||||||
| +26.6% | +20.4% | - | Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. Full Quick Take Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. | |||||||
| - | - | - | ACR Alpine raised cash to 25% amid historic market valuations driven by AI speculation. While $800 billion in AI capital expenditures inflate corporate profits, actual productivity gains remain unclear four years into the generative AI era. Manager sees selective opportunities in healthcare, food, and perceived AI casualties like software, but maintains disciplined value approach requiring high confidence before deploying capital in this speculative environment. Full Quick Take ACR Alpine raised cash to 25% amid historic market valuations driven by AI speculation. While $800 billion in AI capital expenditures inflate corporate profits, actual productivity gains remain unclear four years into the generative AI era. Manager sees selective opportunities in healthcare, food, and perceived AI casualties like software, but maintains disciplined value approach requiring high confidence before deploying capital in this speculative environment. | - | ||||||
| - | - | - | 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. | - | ||||||
| +0.7% | -3.1% | - | Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. Full Quick Take Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. | |||||||
| - | +3.9% | - | Distillate's International FSV strategy lagged in Q2 2026 as AI-driven momentum and semiconductor concentration dominated returns, but the manager sees this as opportunity. AI names gained $25 trillion in value on just $300 billion of FCF growth, creating extreme valuation bifurcation. The strategy trades at 8.5% FCF/EV yield versus 4.6% for the benchmark, the widest discount since inception, positioning for outperformance when fundamentals reassert themselves as they did post-2000. Full Quick Take Distillate's International FSV strategy lagged in Q2 2026 as AI-driven momentum and semiconductor concentration dominated returns, but the manager sees this as opportunity. AI names gained $25 trillion in value on just $300 billion of FCF growth, creating extreme valuation bifurcation. The strategy trades at 8.5% FCF/EV yield versus 4.6% for the benchmark, the widest discount since inception, positioning for outperformance when fundamentals reassert themselves as they did post-2000. | |||||||
| - | - | - | - | KAR underperformed in Q2 2026 as AI speculation drove extreme outperformance of low-quality stocks, semiconductors, and non-earners. The firm deliberately avoids these near-term beneficiaries, maintaining focus on durable earnings and competitive moats. Low-quality outperformed high-quality by three standard deviations, matching extremes only seen in 1999 and 2009. KAR expects eventual normalization favoring profitability but acknowledges uncertainty on timing. Full Quick Take KAR underperformed in Q2 2026 as AI speculation drove extreme outperformance of low-quality stocks, semiconductors, and non-earners. The firm deliberately avoids these near-term beneficiaries, maintaining focus on durable earnings and competitive moats. Low-quality outperformed high-quality by three standard deviations, matching extremes only seen in 1999 and 2009. KAR expects eventual normalization favoring profitability but acknowledges uncertainty on timing. | - | |||||
| +5.5% | +5.2% | - | Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. Full Quick Take Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. | |||||||
| +6.3% | +4.5% | - | Tweedy Browne's value-focused fund delivered strong absolute returns but lagged AI-driven benchmarks in Q2 2026. The team warns of late-1990s bubble dynamics with AI valuations at extremes, record margin debt, and hyperscaler capex uncertainty. The recently expanded buyback mandate enabled new positions in undervalued companies repurchasing shares. Portfolio emphasizes smaller/mid-cap global equities offering better valuations than overheated US tech. Full Quick Take Tweedy Browne's value-focused fund delivered strong absolute returns but lagged AI-driven benchmarks in Q2 2026. The team warns of late-1990s bubble dynamics with AI valuations at extremes, record margin debt, and hyperscaler capex uncertainty. The recently expanded buyback mandate enabled new positions in undervalued companies repurchasing shares. Portfolio emphasizes smaller/mid-cap global equities offering better valuations than overheated US tech. | - | ||||||
| +11.5% | +16.2% | - | Crossroads returned 11.5% net in Q2 as concentrated small-cap portfolio captured market broadening. Nebius emerged as AI hyperscaler with $46B contracts and 50% margins. AST SpaceMobile scaled to 12 satellites with FCC authorization for 248-satellite constellation. Nintendo marked down on memory headwinds despite 150% profit growth. FTAI secured $1.5B data center power order. Manager added to positions during July momentum unwind, maintaining focus on hard catalysts independent of macro. Full Quick Take Crossroads returned 11.5% net in Q2 as concentrated small-cap portfolio captured market broadening. Nebius emerged as AI hyperscaler with $46B contracts and 50% margins. AST SpaceMobile scaled to 12 satellites with FCC authorization for 248-satellite constellation. Nintendo marked down on memory headwinds despite 150% profit growth. FTAI secured $1.5B data center power order. Manager added to positions during July momentum unwind, maintaining focus on hard catalysts independent of macro. | |||||||
| +44.2% | - | - | BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. Full Quick Take BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. | - | ||||||
| - | +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. | |||||||
| - | -4.7% | - | Mott Capital underperformed in Q2 2026 as AI and semiconductor exuberance drove markets, but underlying portfolio businesses show strong fundamentals with cloud growth exceeding 35-40%. The manager added high-quality SaaS names like Intuit and ServiceNow while reducing cash to 10-15%, deploying into forgotten quality stocks. Despite near-term headwinds, conviction remains in patient capital being rewarded as markets eventually rotate from AI concentration. Full Quick Take Mott Capital underperformed in Q2 2026 as AI and semiconductor exuberance drove markets, but underlying portfolio businesses show strong fundamentals with cloud growth exceeding 35-40%. The manager added high-quality SaaS names like Intuit and ServiceNow while reducing cash to 10-15%, deploying into forgotten quality stocks. Despite near-term headwinds, conviction remains in patient capital being rewarded as markets eventually rotate from AI concentration. | |||||||
| - | -9.8% | - | Emeth Value Capital underperformed in H1 2026 but has built AI-native workflows that dramatically improve process efficiency. The manager initiated Shift4 Payments, a vertically integrated payments company trading at 7x EBITDA with $1 trillion in cross-sell opportunity. Shift4 has compounded EBITDA at 50% annually since IPO with minimal dilution. Base case valuation implies 162% upside. The company is well-positioned against AI disruption. Full Quick Take Emeth Value Capital underperformed in H1 2026 but has built AI-native workflows that dramatically improve process efficiency. The manager initiated Shift4 Payments, a vertically integrated payments company trading at 7x EBITDA with $1 trillion in cross-sell opportunity. Shift4 has compounded EBITDA at 50% annually since IPO with minimal dilution. Base case valuation implies 162% upside. The company is well-positioned against AI disruption. | |||||||
| +24.6% | +11.6% | - | Baron Fifth Avenue Growth Fund delivered 24.6% in Q2 2026, driven by SpaceX's transformative IPO and AI hosting deals, semiconductor strength from NVIDIA and TSMC, and accelerating AI adoption across CrowdStrike, Datadog, and Snowflake. The manager views SpaceX as the ultimate N=1 opportunity at the intersection of AI and space economy. Portfolio fundamentals drove returns with valuations remaining 10.5% below five-year averages, supporting continued long-term conviction. Full Quick Take Baron Fifth Avenue Growth Fund delivered 24.6% in Q2 2026, driven by SpaceX's transformative IPO and AI hosting deals, semiconductor strength from NVIDIA and TSMC, and accelerating AI adoption across CrowdStrike, Datadog, and Snowflake. The manager views SpaceX as the ultimate N=1 opportunity at the intersection of AI and space economy. Portfolio fundamentals drove returns with valuations remaining 10.5% below five-year averages, supporting continued long-term conviction. | |||||||
| -2.6% | -14.4% | - | Baron Generational Growth Fund's high-quality, founder-led portfolio delivered mid-teens earnings growth but declined 2.51% as investors rotated into riskier stocks. The portfolio now trades at 25-36% discounts to historical valuations despite superior profitability. P&C insurance softening and AI disruption fears drove compression in key holdings. Portfolio companies are aggressively repurchasing shares. Management sees exceptional value with strong earnings growth continuing. Full Quick Take Baron Generational Growth Fund's high-quality, founder-led portfolio delivered mid-teens earnings growth but declined 2.51% as investors rotated into riskier stocks. The portfolio now trades at 25-36% discounts to historical valuations despite superior profitability. P&C insurance softening and AI disruption fears drove compression in key holdings. Portfolio companies are aggressively repurchasing shares. Management sees exceptional value with strong earnings growth continuing. | |||||||
| - | - | - | ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. Full Quick Take ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. | |||||||
| +5.3% | - | - | The Gabelli Dividend Growth Fund returned 5.35% in Q2 2026, underperforming the Russell 1000 Value Index due to limited semiconductor exposure. The Fund missed massive gains in Micron and SanDisk but benefited from holdings in Hewlett Packard Enterprise, Alphabet, and Citigroup. The manager added Microsoft and Genuine Parts while maintaining focus on high-quality companies with sustainable cash flows and pricing power. Full Quick Take The Gabelli Dividend Growth Fund returned 5.35% in Q2 2026, underperforming the Russell 1000 Value Index due to limited semiconductor exposure. The Fund missed massive gains in Micron and SanDisk but benefited from holdings in Hewlett Packard Enterprise, Alphabet, and Citigroup. The manager added Microsoft and Genuine Parts while maintaining focus on high-quality companies with sustainable cash flows and pricing power. | |||||||
| +12.9% | - | - | The Fund returned 12.88% in Q2 2026, driven by Anterix's 169.6% surge on FCC spectrum approvals and SoftBank's 64.2% gain on Arm's AI momentum. T-Mobile declined on Starlink competitive fears. The portfolio combines satellite broadband infrastructure, AI platforms, and sports media assets with sustainable cash flows. Despite Fed hawkishness pressuring rates, elevated yields and pricing power support the forward income proposition. Full Quick Take The Fund returned 12.88% in Q2 2026, driven by Anterix's 169.6% surge on FCC spectrum approvals and SoftBank's 64.2% gain on Arm's AI momentum. T-Mobile declined on Starlink competitive fears. The portfolio combines satellite broadband infrastructure, AI platforms, and sports media assets with sustainable cash flows. Despite Fed hawkishness pressuring rates, elevated yields and pricing power support the forward income proposition. | |||||||
| -2.1% | - | - | The Fund declined 2.15% as gold miners detracted, but AI infrastructure holdings surged with semiconductor equipment companies up over 100%. Japanese positions led performance on corporate reform and earnings strength. New positions added in discounted gold producers and Japanese tech companies. Markets rallied on Middle East de-escalation and strong earnings. Outlook remains constructive on broadening market participation and productivity gains from AI adoption. Full Quick Take The Fund declined 2.15% as gold miners detracted, but AI infrastructure holdings surged with semiconductor equipment companies up over 100%. Japanese positions led performance on corporate reform and earnings strength. New positions added in discounted gold producers and Japanese tech companies. Markets rallied on Middle East de-escalation and strong earnings. Outlook remains constructive on broadening market participation and productivity gains from AI adoption. | |||||||
| - | -3.6% | - | GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. Full Quick Take GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. | |||||||
| +6.4% | -7.5% | - | The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. Full Quick Take The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. | |||||||
| +13.6% | +3.3% | - | Baron Durable Advantage Fund gained 13.6% in Q2 2026 as markets recovered from Iran war volatility. AI infrastructure beneficiaries led performance with TSMC up 41.6% and Alphabet up 23.2% on accelerating cloud demand. The manager views valuations as irrationally compressed, with NVIDIA at 14.5x forward P/E despite 113% earnings growth. Portfolio fundamentals strengthened while multiples compressed 9.7% year-to-date, creating attractive entry points for long-term investors. Full Quick Take Baron Durable Advantage Fund gained 13.6% in Q2 2026 as markets recovered from Iran war volatility. AI infrastructure beneficiaries led performance with TSMC up 41.6% and Alphabet up 23.2% on accelerating cloud demand. The manager views valuations as irrationally compressed, with NVIDIA at 14.5x forward P/E despite 113% earnings growth. Portfolio fundamentals strengthened while multiples compressed 9.7% year-to-date, creating attractive entry points for long-term investors. | |||||||
| +19.8% | +27.0% | - | FPA Queens Road Small Cap Value Fund delivered 27% YTD returns through Q2 2026, outperforming its benchmark by 400 basis points. Technology holdings drove performance with component manufacturers and distributors up 100%+ on cyclical recovery and data center exposure. Managers aggressively trimmed winners as valuations expanded, redeploying capital into utilities, financials, and industrials. Portfolio remains concentrated in high-quality compounders trading at reasonable valuations with strong cash generation. Full Quick Take FPA Queens Road Small Cap Value Fund delivered 27% YTD returns through Q2 2026, outperforming its benchmark by 400 basis points. Technology holdings drove performance with component manufacturers and distributors up 100%+ on cyclical recovery and data center exposure. Managers aggressively trimmed winners as valuations expanded, redeploying capital into utilities, financials, and industrials. Portfolio remains concentrated in high-quality compounders trading at reasonable valuations with strong cash generation. | |||||||
| +7.0% | +10.7% | - | Tweedy Browne delivered strong absolute returns in Q2 2026 but warns of late-1990s bubble conditions as AI mania drives valuations to historic extremes. The manager actively avoids overvalued mega-cap tech, instead positioning in attractively valued European, Japanese, and smaller-cap companies. With CAPE at 41X and persistent inflation forcing Fed hawkishness, the portfolio is defensively positioned to outperform in a potential market correction while maintaining participation if enthusiasm persists. Full Quick Take Tweedy Browne delivered strong absolute returns in Q2 2026 but warns of late-1990s bubble conditions as AI mania drives valuations to historic extremes. The manager actively avoids overvalued mega-cap tech, instead positioning in attractively valued European, Japanese, and smaller-cap companies. With CAPE at 41X and persistent inflation forcing Fed hawkishness, the portfolio is defensively positioned to outperform in a potential market correction while maintaining participation if enthusiasm persists. | - | ||||||
| - | - | - | - | 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. | - | |||||
| +1.9% | - | - | - | The Saturna Global Sustainable Bond Fund outperformed its benchmark by 105 basis points in Q2 2026, driven by overweights to Colombian and Mexican Peso currencies and an underweight to the Euro. The fund opportunistically extended duration during May's Treasury volatility spike but maintains a defensive 4.22-year duration versus the benchmark's 6.17 years, with significant overweight to short-maturity bonds. Full Quick Take The Saturna Global Sustainable Bond Fund outperformed its benchmark by 105 basis points in Q2 2026, driven by overweights to Colombian and Mexican Peso currencies and an underweight to the Euro. The fund opportunistically extended duration during May's Treasury volatility spike but maintains a defensive 4.22-year duration versus the benchmark's 6.17 years, with significant overweight to short-maturity bonds. | - | |||||
| +6.7% | +8.8% | - | Tweedy Browne International Value Fund II returned 6.69% in Q2 2026 but trails benchmarks year-to-date at 8.84%. The manager expresses serious concern about AI-driven valuation excesses, with key metrics at bubble-like levels and hyperscalers trapped in a capex prisoner's dilemma. The portfolio emphasizes smaller caps and non-US equities at attractive valuations while avoiding overpriced US tech, positioning defensively for potential market correction. Full Quick Take Tweedy Browne International Value Fund II returned 6.69% in Q2 2026 but trails benchmarks year-to-date at 8.84%. The manager expresses serious concern about AI-driven valuation excesses, with key metrics at bubble-like levels and hyperscalers trapped in a capex prisoner's dilemma. The portfolio emphasizes smaller caps and non-US equities at attractive valuations while avoiding overpriced US tech, positioning defensively for potential market correction. | - | ||||||
| +12.1% | - | - | Orbis navigated an exceptionally narrow AI-driven market by trimming exuberant AI exposure while adding mispriced opportunities with narrower outcome distributions. Credit spreads signal extreme risk appetite comparable to historical bubbles. The manager is rotating toward discount retail like BBB Foods and finding value in healthcare and consumer staples, prioritizing absolute risk management over benchmark tracking despite potential near-term underperformance in this concentrated market environment. Full Quick Take Orbis navigated an exceptionally narrow AI-driven market by trimming exuberant AI exposure while adding mispriced opportunities with narrower outcome distributions. Credit spreads signal extreme risk appetite comparable to historical bubbles. The manager is rotating toward discount retail like BBB Foods and finding value in healthcare and consumer staples, prioritizing absolute risk management over benchmark tracking despite potential near-term underperformance in this concentrated market environment. | |||||||
| - | - | - | - | PGIM Core Bond outperformed in Q2 2026 through quality-focused positioning as geopolitical shocks drove yields higher and the Fed turned hawkish under new leadership. The fund capitalized on attractive carry in senior securitized credits and belly Treasuries while avoiding spread compression bets. AI-driven growth supports the U.S. economy but persistent inflation from energy shocks necessitates Fed tightening, creating a challenging backdrop for risk assets at historically tight spreads. Full Quick Take PGIM Core Bond outperformed in Q2 2026 through quality-focused positioning as geopolitical shocks drove yields higher and the Fed turned hawkish under new leadership. The fund capitalized on attractive carry in senior securitized credits and belly Treasuries while avoiding spread compression bets. AI-driven growth supports the U.S. economy but persistent inflation from energy shocks necessitates Fed tightening, creating a challenging backdrop for risk assets at historically tight spreads. | - | |||||
| - | - | - | - | RVK's Q2 2026 peer group analysis shows institutional portfolios posted positive returns as equity markets rallied on easing geopolitical tensions and AI spending strength. Median quarterly returns ranged from 7.26 percent to 8.99 percent across peer groups. Fixed income delivered positive results despite Treasury yield volatility from shifting inflation expectations. The report provides percentile rankings across multiple institutional investor categories and time periods. Full Quick Take RVK's Q2 2026 peer group analysis shows institutional portfolios posted positive returns as equity markets rallied on easing geopolitical tensions and AI spending strength. Median quarterly returns ranged from 7.26 percent to 8.99 percent across peer groups. Fixed income delivered positive results despite Treasury yield volatility from shifting inflation expectations. The report provides percentile rankings across multiple institutional investor categories and time periods. | - | |||||
| +13.5% | +15.0% | - | Bailard's International Equity Strategy returned 13.52% net in Q2 2026, outperforming EAFE by 270 bps through country allocation favoring Korea and Taiwan. AI-driven semiconductor demand propelled Information Technology 55.1% as hyperscalers raised capex guidance to $700 billion. Middle East de-escalation sent oil prices lower, pressuring energy-sensitive markets. July saw renewed geopolitical tensions and valuation pressure on AI beneficiaries, reinforcing the value of disciplined, all-weather positioning. Full Quick Take Bailard's International Equity Strategy returned 13.52% net in Q2 2026, outperforming EAFE by 270 bps through country allocation favoring Korea and Taiwan. AI-driven semiconductor demand propelled Information Technology 55.1% as hyperscalers raised capex guidance to $700 billion. Middle East de-escalation sent oil prices lower, pressuring energy-sensitive markets. July saw renewed geopolitical tensions and valuation pressure on AI beneficiaries, reinforcing the value of disciplined, all-weather positioning. | - |
Q3 2026
Q3 2026
Q3 2026
Q3 2026
Q3 2026
Q3 2026
Q3 2026
Q3 2026
Q4 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
