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 |
|---|---|---|---|---|---|---|---|---|---|---|
| -15.5% | +2.2% | +18.7% | Kingdom Capital Advisors experienced a -15.52% net drawdown in Q3 2026, bringing YTD return to 2.17% net of fees, primarily driven by sharp drawdowns in Entravision and Beasley Broadcast Group. The manager maintains high conviction in its concentrated small-cap positions, highlighting deep fundamental discounts, asset coverage, and idiosyncratic corporate catalysts. Full Quick Take Kingdom Capital Advisors experienced a -15.52% net drawdown in Q3 2026, bringing YTD return to 2.17% net of fees, primarily driven by sharp drawdowns in Entravision and Beasley Broadcast Group. The manager maintains high conviction in its concentrated small-cap positions, highlighting deep fundamental discounts, asset coverage, and idiosyncratic corporate catalysts. | |||||||
| - | - | - | - | Regency Wealth Management maintains a constructive and balanced stance, advising clients to look past sensational headlines surrounding the forty trillion dollar national debt. With the cost of capital restored to normal levels, the firm emphasizes high-quality equities boasting strong balance sheets alongside fixed income instruments and Treasuries offering renewed yield and portfolio stability. Full Quick Take Regency Wealth Management maintains a constructive and balanced stance, advising clients to look past sensational headlines surrounding the forty trillion dollar national debt. With the cost of capital restored to normal levels, the firm emphasizes high-quality equities boasting strong balance sheets alongside fixed income instruments and Treasuries offering renewed yield and portfolio stability. | - | |||||
| - | - | - | - | The firm views recent quarter-point rate hikes and elevated 5.3% Treasury yields as standard cyclical normalization rather than a mandate for portfolio overhaul. Investors benefit from durable economic expansion, rising bond yields with minimal credit risk, and disciplined multi-asset diversification. Full Quick Take The firm views recent quarter-point rate hikes and elevated 5.3% Treasury yields as standard cyclical normalization rather than a mandate for portfolio overhaul. Investors benefit from durable economic expansion, rising bond yields with minimal credit risk, and disciplined multi-asset diversification. | - | |||||
| - | - | - | - | 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. | - | |||||
| - | - | - | ClearBridge Large Cap Growth Strategy outperformed its benchmark in the third quarter of 2026 as the AI momentum unwind favored disciplined stock selection. Management utilized market dislocations to broaden holdings across data center infrastructure and selectively expand enterprise software. Full Quick Take ClearBridge Large Cap Growth Strategy outperformed its benchmark in the third quarter of 2026 as the AI momentum unwind favored disciplined stock selection. Management utilized market dislocations to broaden holdings across data center infrastructure and selectively expand enterprise software. | - | ||||||
| - | - | - | 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. | - | |||||
| - | +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. | - | ||||||
| -12.7% | -26.2% | - | Cedar Grove navigated a painful -12.7% net decline in Q3 2026, pulling year-to-date performance to -26.2% net of fees as elevated Treasury yields pressured small-cap equities. Viewing the sharp valuation compression as disconnected from resilient business fundamentals, the fund raised gross leverage to 106% and selectively added to core holdings. Full Quick Take Cedar Grove navigated a painful -12.7% net decline in Q3 2026, pulling year-to-date performance to -26.2% net of fees as elevated Treasury yields pressured small-cap equities. Viewing the sharp valuation compression as disconnected from resilient business fundamentals, the fund raised gross leverage to 106% and selectively added to core holdings. | |||||||
| - | - | - | QuantStreet Capital remains constructive on the structural AI expansion while highlighting the tactical divergence between soaring semiconductor valuations and lagging broader corporate earnings. Portfolios emphasize value, low volatility, and selective technology exposure alongside gradual duration additions at attractive bond yields. Full Quick Take QuantStreet Capital remains constructive on the structural AI expansion while highlighting the tactical divergence between soaring semiconductor valuations and lagging broader corporate earnings. Portfolios emphasize value, low volatility, and selective technology exposure alongside gradual duration additions at attractive bond yields. | - | ||||||
| - | - | - | Strong corporate earnings and resilient private demand continue to anchor equities at record highs despite renewed rate hikes, surging Treasury yields, and volatile oil prices. With market breadth narrowing and AI-related debt issuance rising, positioning remains anchored in disciplined long-term portfolio diversification. Full Quick Take Strong corporate earnings and resilient private demand continue to anchor equities at record highs despite renewed rate hikes, surging Treasury yields, and volatile oil prices. With market breadth narrowing and AI-related debt issuance rising, positioning remains anchored in disciplined long-term portfolio diversification. | - | ||||||
| - | - | - | Rigden Capital Strategies remains constructive on equities over a twelve-month horizon driven by resilient corporate profit growth and upward earnings revisions. Balanced and conservative portfolios remain tilted toward high-quality dividend growers offering durable cash flow generation and defensive balance sheets amidst five-percent Treasury yields, with earnings guidance serving as the key benchmark for future market direction. Full Quick Take Rigden Capital Strategies remains constructive on equities over a twelve-month horizon driven by resilient corporate profit growth and upward earnings revisions. Balanced and conservative portfolios remain tilted toward high-quality dividend growers offering durable cash flow generation and defensive balance sheets amidst five-percent Treasury yields, with earnings guidance serving as the key benchmark for future market direction. | - | ||||||
| - | - | - | Artificial Intelligence Valuation Bubble, Historic Real Interest Rate Opportunity, Additional Keywords & Themes | The manager views the AI boom as an unsustainable speculative bubble reminiscent of 2000, recommending that investors capture rare 3% real interest rates in safe, liquid bonds while shunning vulnerable credit. Full Quick Take The manager views the AI boom as an unsustainable speculative bubble reminiscent of 2000, recommending that investors capture rare 3% real interest rates in safe, liquid bonds while shunning vulnerable credit. | - | |||||
| - | - | - | Atrium Research's coverage universe gained an average of 7.1% in Q3 2026, generating roughly 6% alpha against the TSX benchmark, led primarily by strong momentum in gold and precious metals mining coverage alongside selective diversified commercial turnarounds. Full Quick Take Atrium Research's coverage universe gained an average of 7.1% in Q3 2026, generating roughly 6% alpha against the TSX benchmark, led primarily by strong momentum in gold and precious metals mining coverage alongside selective diversified commercial turnarounds. | |||||||
| - | -18.2% | - | Recurve Capital declined -13.2% net in September 2026, bringing YTD performance to -18.2% net amid surging Treasury yields and widespread AI-agent disruption fears. The fund remains resolutely committed to its concentrated holdings, led by a 46.6% stake in Carvana, emphasizing that portfolio valuations have compressed to attractive multi-year lows. Full Quick Take Recurve Capital declined -13.2% net in September 2026, bringing YTD performance to -18.2% net amid surging Treasury yields and widespread AI-agent disruption fears. The fund remains resolutely committed to its concentrated holdings, led by a 46.6% stake in Carvana, emphasizing that portfolio valuations have compressed to attractive multi-year lows. | |||||||
| - | -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. | - | ||||||
| - | - | - | The third-quarter pullback in small caps represents a healthy pause in an ongoing multi-year leadership cycle. With earnings growth poised to outpace large caps and valuations anchored near historical norms, active stock selection in profitable, conservatively capitalized small companies offers compelling risk-adjusted upside. Full Quick Take The third-quarter pullback in small caps represents a healthy pause in an ongoing multi-year leadership cycle. With earnings growth poised to outpace large caps and valuations anchored near historical norms, active stock selection in profitable, conservatively capitalized small companies offers compelling risk-adjusted upside. | - | ||||||
| +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. | |||||||
| - | - | - | Glass Lake maintains a constructive yet measured posture as corporate earnings strength and the expanding agentic AI supercycle contend with rising interest rates and energy-driven inflation. Management trimmed high-flying leaders into strength to enforce valuation discipline, redeploying proceeds into selectively mispriced quality compounders and safe intermediate fixed income yielding above 4.5%. Full Quick Take Glass Lake maintains a constructive yet measured posture as corporate earnings strength and the expanding agentic AI supercycle contend with rising interest rates and energy-driven inflation. Management trimmed high-flying leaders into strength to enforce valuation discipline, redeploying proceeds into selectively mispriced quality compounders and safe intermediate fixed income yielding above 4.5%. | |||||||
| - | - | - | - | 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. | - | |||||
| - | -8.0% | - | Seven Corners Capital combines deep value investing with a low-turnover sloth strategy, concentrating eighty percent of portfolio assets in six core holdings. Despite temporary performance headwinds from widening holding company discounts and subsidiary litigation timelines, aggressive corporate buybacks and strategic M&A across core positions provide clear upside potential. Full Quick Take Seven Corners Capital combines deep value investing with a low-turnover sloth strategy, concentrating eighty percent of portfolio assets in six core holdings. Despite temporary performance headwinds from widening holding company discounts and subsidiary litigation timelines, aggressive corporate buybacks and strategic M&A across core positions provide clear upside potential. | |||||||
| - | +10.2% | - | Silver Beech posted a 10.2% YTD net return through July 2026, staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. Gallagher at attractive valuations, maintaining focus on durable, asset-light, cash-generative franchises. Full Quick Take Silver Beech posted a 10.2% YTD net return through July 2026, staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. Gallagher at attractive valuations, maintaining focus on durable, asset-light, cash-generative franchises. | |||||||
| +17.8% | - | - | Meridian Contrarian returned 17.75% in Q2 2026, lagging the momentum-driven Russell 2500's 20.26% as technology concentration dominated returns. Top contributors BlackBerry, CEVA, and PDF Solutions all benefited from accelerating AI and semiconductor cycles, validating the fund's contrarian thesis on operational recovery in out-of-favor names. The manager actively trimmed winners and reduced oil/defense exposure while maintaining conviction in bottom-up research identifying mispriced small-cap recovery opportunities. Full Quick Take Meridian Contrarian returned 17.75% in Q2 2026, lagging the momentum-driven Russell 2500's 20.26% as technology concentration dominated returns. Top contributors BlackBerry, CEVA, and PDF Solutions all benefited from accelerating AI and semiconductor cycles, validating the fund's contrarian thesis on operational recovery in out-of-favor names. The manager actively trimmed winners and reduced oil/defense exposure while maintaining conviction in bottom-up research identifying mispriced small-cap recovery opportunities. | |||||||
| +4.5% | - | - | Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. Full Quick Take Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. | |||||||
| +8.8% | +2.3% | - | Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. Full Quick Take Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. | |||||||
| - | +25.3% | - | Arauca Capital delivered a 25.26% gross return in H1 2026 by monetizing extraordinary gains in semiconductor and technology positions like Kioxia and Alphabet. Capital is now positioned defensively in short-term Treasuries, private power, and specialized digital lender VersaBank, while avoiding AI hyper-scalers facing heavy capex burdens and cyclical memory peaks. Full Quick Take Arauca Capital delivered a 25.26% gross return in H1 2026 by monetizing extraordinary gains in semiconductor and technology positions like Kioxia and Alphabet. Capital is now positioned defensively in short-term Treasuries, private power, and specialized digital lender VersaBank, while avoiding AI hyper-scalers facing heavy capex burdens and cyclical memory peaks. | |||||||
| - | - | - | River Oaks Capital experienced its most challenging period since inception, underperforming benchmarks due to zero AI exposure as capital rotated away from its microcap holdings. Manager Huguley is taking direct action: separating management quality from industry economics assessment, and actively working with portfolio companies to create catalysts through aggressive buybacks and value-realization strategies. With 12 of 15 holdings growing earnings while trading near 50% of fair value, the manager sees compelling long-term opportunities. Full Quick Take River Oaks Capital experienced its most challenging period since inception, underperforming benchmarks due to zero AI exposure as capital rotated away from its microcap holdings. Manager Huguley is taking direct action: separating management quality from industry economics assessment, and actively working with portfolio companies to create catalysts through aggressive buybacks and value-realization strategies. With 12 of 15 holdings growing earnings while trading near 50% of fair value, the manager sees compelling long-term opportunities. | |||||||
| - | +11.0% | - | McElvaine Value Fund emphasizes balance sheet resilience over thematic investing, holding concentrated positions in owner-managed businesses with net cash or minimal debt. The portfolio is defensively positioned following 2008 lessons, with 22% cash and strong fundamentals across energy, insurance, and pharmaceuticals holdings. PrairieSky and Knight Therapeutics delivered strong operational results. The manager views the environment as fragile but remains confident in the portfolio's setup despite uncertain timing for value realization. Full Quick Take McElvaine Value Fund emphasizes balance sheet resilience over thematic investing, holding concentrated positions in owner-managed businesses with net cash or minimal debt. The portfolio is defensively positioned following 2008 lessons, with 22% cash and strong fundamentals across energy, insurance, and pharmaceuticals holdings. PrairieSky and Knight Therapeutics delivered strong operational results. The manager views the environment as fragile but remains confident in the portfolio's setup despite uncertain timing for value realization. | |||||||
| - | - | - | AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. Full Quick Take AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. | |||||||
| - | -10.0% | - | Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. Full Quick Take Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. | |||||||
| - | - | - | The Magnificent Seven's trillion-dollar AI buildout reveals stark divergence in value creation. Nvidia and Apple thrive as supplier and capital-light player respectively. Microsoft, Meta, and Alphabet compress from extraordinary to excellent returns while still earning 2.5x their cost of capital. Amazon barely clears its hurdle while Tesla destroys value. The dispersion creates opportunity for investors distinguishing growth buyers from capacity buyers. Full Quick Take The Magnificent Seven's trillion-dollar AI buildout reveals stark divergence in value creation. Nvidia and Apple thrive as supplier and capital-light player respectively. Microsoft, Meta, and Alphabet compress from extraordinary to excellent returns while still earning 2.5x their cost of capital. Amazon barely clears its hurdle while Tesla destroys value. The dispersion creates opportunity for investors distinguishing growth buyers from capacity buyers. | |||||||
| +6.9% | -23.3% | - | Hayden Capital underperformed in Q2 as markets favored momentum over quality. Manager Liu focuses on reinvestment cycles with calculable ROICs, expressing conviction in e-commerce plays Shopee and Mercado Libre while questioning AI capex sustainability at hyperscalers. Exited Pinduoduo profitably after thesis played out. Portfolio companies growing 40%+ at market multiples sets up for future outperformance as reinvestment programs mature. Full Quick Take Hayden Capital underperformed in Q2 as markets favored momentum over quality. Manager Liu focuses on reinvestment cycles with calculable ROICs, expressing conviction in e-commerce plays Shopee and Mercado Libre while questioning AI capex sustainability at hyperscalers. Exited Pinduoduo profitably after thesis played out. Portfolio companies growing 40%+ at market multiples sets up for future outperformance as reinvestment programs mature. | |||||||
| +2.9% | +4.0% | - | Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus. Full Quick Take Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus. | - | ||||||
| - | +51.4% | - | Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. Full Quick Take Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. | - | ||||||
| - | - | - | - | - | TPG reported record first-half 2026 results driven by its diversified $327 billion alternative asset platform spanning private equity, impact, credit, real estate, and market solutions. The firm declared a $0.59 quarterly dividend. Management highlighted the business model's ability to perform across cycles and sees significant expansion opportunities as clients seek differentiated offerings across strategies. Full Quick Take TPG reported record first-half 2026 results driven by its diversified $327 billion alternative asset platform spanning private equity, impact, credit, real estate, and market solutions. The firm declared a $0.59 quarterly dividend. Management highlighted the business model's ability to perform across cycles and sees significant expansion opportunities as clients seek differentiated offerings across strategies. | - | ||||
| - | - | - | - | Atherean Asset Management is skeptical of AI infrastructure economics and semiconductor sustainability despite strong market performance. The manager avoids hyperscalers and frontier model developers, instead emphasizing long-term ownership of durable businesses with strong capital allocation. The portfolio is heavily weighted toward insurance, viewed as a timeless industry that will benefit from AI operationally while compounding shareholder value through disciplined underwriting and conservative balance sheets. Full Quick Take Atherean Asset Management is skeptical of AI infrastructure economics and semiconductor sustainability despite strong market performance. The manager avoids hyperscalers and frontier model developers, instead emphasizing long-term ownership of durable businesses with strong capital allocation. The portfolio is heavily weighted toward insurance, viewed as a timeless industry that will benefit from AI operationally while compounding shareholder value through disciplined underwriting and conservative balance sheets. | - | |||||
| +0.9% | +1.0% | - | Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. Full Quick Take Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. | |||||||
| +0.4% | +0.4% | - | - | Deer Park maintains high conviction in legacy non-agency RMBS and distressed CMBS, driven by collateral quality rather than rate movements. Legacy mortgage pools with 20-year seasoning demonstrate extraordinary payment persistence and declining delinquencies. CMBS distressed pricing creates compelling opportunities as rating agency downgrades forced non-economic sellers. Recent resolutions validate conservative loss assumptions. Structured mortgage credit offers superior risk-adjusted returns versus strained corporate and private credit markets. Full Quick Take Deer Park maintains high conviction in legacy non-agency RMBS and distressed CMBS, driven by collateral quality rather than rate movements. Legacy mortgage pools with 20-year seasoning demonstrate extraordinary payment persistence and declining delinquencies. CMBS distressed pricing creates compelling opportunities as rating agency downgrades forced non-economic sellers. Recent resolutions validate conservative loss assumptions. Structured mortgage credit offers superior risk-adjusted returns versus strained corporate and private credit markets. | - | |||||
| +21.6% | +16.5% | - | Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. Full Quick Take Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. | - | ||||||
| +23.2% | +9.1% | - | Voss Capital returned 23.2% net in Q2 2026, deploying into undervalued small-cap special situations as fundamentals turn. New positions include Rackspace Technology (AI infrastructure turnaround with unutilized data center capacity), Versigent (automotive wire harness oligopolist at 5x EBITDA), Hill & Smith (US grid infrastructure play at UK discount), and De'Longhi (coffee equipment leader with mispriced Professional segment growing 30%+ annually). Full Quick Take Voss Capital returned 23.2% net in Q2 2026, deploying into undervalued small-cap special situations as fundamentals turn. New positions include Rackspace Technology (AI infrastructure turnaround with unutilized data center capacity), Versigent (automotive wire harness oligopolist at 5x EBITDA), Hill & Smith (US grid infrastructure play at UK discount), and De'Longhi (coffee equipment leader with mispriced Professional segment growing 30%+ annually). | |||||||
| +22.4% | +8.5% | - | Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. Full Quick Take Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. | |||||||
| - | - | - | - | Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. Full Quick Take Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. | - | |||||
| -0.9% | +14.9% | - | Old West sees AI infrastructure buildout creating a new industrial revolution where power delivery is the critical constraint. The fund is positioned in power semiconductors, natural gas, coal, uranium, and optical networking. Despite Q2 volatility from oil price swings, the manager believes energy and materials are mispriced relative to surging data center electricity demand. Natural gas reserves represent crude electricity with massive spread potential as infrastructure catches up. Full Quick Take Old West sees AI infrastructure buildout creating a new industrial revolution where power delivery is the critical constraint. The fund is positioned in power semiconductors, natural gas, coal, uranium, and optical networking. Despite Q2 volatility from oil price swings, the manager believes energy and materials are mispriced relative to surging data center electricity demand. Natural gas reserves represent crude electricity with massive spread potential as infrastructure catches up. | |||||||
| +1.8% | -14.8% | - | Baron Financials ETF gained 1.82% in Q2 but trailed the index as AI infrastructure dominated market returns. Financial software and exchange operators faced disruption concerns and slower trading activity. The manager views holdings as oversold at 18x forward earnings despite stable growth. New positions in JPMorgan, Bank of America, and AerCap were initiated at attractive valuations. Favorable economic conditions support the outlook for continued earnings growth. Full Quick Take Baron Financials ETF gained 1.82% in Q2 but trailed the index as AI infrastructure dominated market returns. Financial software and exchange operators faced disruption concerns and slower trading activity. The manager views holdings as oversold at 18x forward earnings despite stable growth. New positions in JPMorgan, Bank of America, and AerCap were initiated at attractive valuations. Favorable economic conditions support the outlook for continued earnings growth. | |||||||
| +5.0% | +25.5% | - | - | - | Militia Capital returned 5.02% net in Q2 2026, trailing all benchmarks as SPY and IWM surged over 15% and 21% respectively. The leveraged long-short strategy maintained near-zero correlation with major indices while experiencing an 8.59% maximum drawdown. Since inception in 2021, the fund has delivered 48.8% annualized returns with a 2.04 Sharpe ratio, significantly outperforming benchmarks on a risk-adjusted basis. Full Quick Take Militia Capital returned 5.02% net in Q2 2026, trailing all benchmarks as SPY and IWM surged over 15% and 21% respectively. The leveraged long-short strategy maintained near-zero correlation with major indices while experiencing an 8.59% maximum drawdown. Since inception in 2021, the fund has delivered 48.8% annualized returns with a 2.04 Sharpe ratio, significantly outperforming benchmarks on a risk-adjusted basis. | - |
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