Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| +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. | |||||||
| +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. | |||||||
| +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. | |||||||
| +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. | |||||||
| +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. | |||||||
| +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. | |||||||
| - | - | 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. | |||||||
| +0.1% | +5.4% | Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. Full Quick Take Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. | |||||||
| +18.9% | +9.5% | Baron Asset Fund outperformed by 443 basis points in Q2 2026 despite headwinds from narrow AI-driven market leadership, powered by SpaceX's historic IPO and 3,000%+ appreciation. Software and services holdings trade at 47% discounts to historical multiples after indiscriminate AI disruption fears drove 46% multiple compression despite 27% fundamental growth. The manager expects re-rating as these high-quality businesses demonstrate AI enhances rather than disrupts their competitive positions. Full Quick Take Baron Asset Fund outperformed by 443 basis points in Q2 2026 despite headwinds from narrow AI-driven market leadership, powered by SpaceX's historic IPO and 3,000%+ appreciation. Software and services holdings trade at 47% discounts to historical multiples after indiscriminate AI disruption fears drove 46% multiple compression despite 27% fundamental growth. The manager expects re-rating as these high-quality businesses demonstrate AI enhances rather than disrupts their competitive positions. | |||||||
| +4.3% | +2.0% | Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. Full Quick Take Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. | |||||||
| +9.9% | +13.6% | The fund underperformed in Q2 2026 as it missed the sharp rally in speculative technology names and quantum computing stocks, while overweights to materials and energy detracted. Semiconductor and defense holdings performed well. The manager added regional banks and commercial real estate services, maintaining conviction in small/mid-cap fundamentals despite near-term geopolitical and election risks. Valuations remain attractive at multi-decade lows relative to large caps. Full Quick Take The fund underperformed in Q2 2026 as it missed the sharp rally in speculative technology names and quantum computing stocks, while overweights to materials and energy detracted. Semiconductor and defense holdings performed well. The manager added regional banks and commercial real estate services, maintaining conviction in small/mid-cap fundamentals despite near-term geopolitical and election risks. Valuations remain attractive at multi-decade lows relative to large caps. | - | ||||||
| +7.1% | +4.6% | The Fund underperformed in Q2 2026 as AI infrastructure stocks rallied sharply while the portfolio's quality-focused positioning lagged. Samsung and Qualcomm contributed on memory cycle strength, while Munich Re and Martin Marietta detracted on cyclical concerns. The manager exited Danaher and Dolby after thesis realization, redeploying into Techtronic Industries and Wal-Mart de México. The team remains focused on high-quality businesses at attractive valuations with identifiable catalysts rather than macro positioning. Full Quick Take The Fund underperformed in Q2 2026 as AI infrastructure stocks rallied sharply while the portfolio's quality-focused positioning lagged. Samsung and Qualcomm contributed on memory cycle strength, while Munich Re and Martin Marietta detracted on cyclical concerns. The manager exited Danaher and Dolby after thesis realization, redeploying into Techtronic Industries and Wal-Mart de México. The team remains focused on high-quality businesses at attractive valuations with identifiable catalysts rather than macro positioning. | |||||||
| +8.4% | +4.9% | The Aristotle International Equity Fund underperformed benchmarks in Q2 2026 despite strong contributions from Samsung Electronics and Techtronic Industries, driven by AI infrastructure demand and power tool ecosystem expansion. The fund rotated from Unilever into Magnum Ice Cream, seeking better value creation under dedicated management. Geopolitical tensions and inflation pressures persist, but the manager maintains focus on high-quality businesses with strong competitive positions and identifiable catalysts rather than macro positioning. Full Quick Take The Aristotle International Equity Fund underperformed benchmarks in Q2 2026 despite strong contributions from Samsung Electronics and Techtronic Industries, driven by AI infrastructure demand and power tool ecosystem expansion. The fund rotated from Unilever into Magnum Ice Cream, seeking better value creation under dedicated management. Geopolitical tensions and inflation pressures persist, but the manager maintains focus on high-quality businesses with strong competitive positions and identifiable catalysts rather than macro positioning. | |||||||
| +13.7% | +15.4% | The fund underperformed the Russell 2000's exceptional 21.49% Q2 return, missing the quarter's momentum-driven rally in AI, quantum computing and non-earning growth stocks. Top holdings MACOM and Mercury Systems delivered strong results driven by data center and defense demand. The manager remains constructive long-term on small caps given multi-decade low valuations, reaccelerating earnings and structural tailwinds, while acknowledging near-term geopolitical and election-related volatility risks. Full Quick Take The fund underperformed the Russell 2000's exceptional 21.49% Q2 return, missing the quarter's momentum-driven rally in AI, quantum computing and non-earning growth stocks. Top holdings MACOM and Mercury Systems delivered strong results driven by data center and defense demand. The manager remains constructive long-term on small caps given multi-decade low valuations, reaccelerating earnings and structural tailwinds, while acknowledging near-term geopolitical and election-related volatility risks. | |||||||
| +22.3% | +5.2% | Curreen Capital delivered 22.26% in Q2 through three special situations: a profitable tender offer in Optimum Communications, a merger-spinoff in Green Dot later exited due to timing uncertainty, and adding to TriNet as an inexpensive turnaround. The concentrated portfolio emphasizes spinoffs and turnarounds trading at attractive upside-to-downside ratios with strong downside protection. Full Quick Take Curreen Capital delivered 22.26% in Q2 through three special situations: a profitable tender offer in Optimum Communications, a merger-spinoff in Green Dot later exited due to timing uncertainty, and adding to TriNet as an inexpensive turnaround. The concentrated portfolio emphasizes spinoffs and turnarounds trading at attractive upside-to-downside ratios with strong downside protection. | |||||||
| +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. | ||||||
| +20.8% | - | - | Liberty Park Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Liberty Park Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +12.5% | +3.5% | Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. Full Quick Take Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. | |||||||
| +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. | |||||||
| +2.4% | -0.2% | - | Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| - | - | Voya MI Dynamic Small Cap Fund outperformed the Russell 2000 in 2Q26 through machine learning-driven stock selection, capitalizing on AI infrastructure demand via data center power, networking, and semiconductor positions. Small caps outperformed as market leadership broadened beyond mega-cap tech. The managers expect increasing selectivity ahead, with performance driven by earnings sustainability and fundamentals rather than momentum, creating opportunities in defensives and rate-sensitive sectors. Full Quick Take Voya MI Dynamic Small Cap Fund outperformed the Russell 2000 in 2Q26 through machine learning-driven stock selection, capitalizing on AI infrastructure demand via data center power, networking, and semiconductor positions. Small caps outperformed as market leadership broadened beyond mega-cap tech. The managers expect increasing selectivity ahead, with performance driven by earnings sustainability and fundamentals rather than momentum, creating opportunities in defensives and rate-sensitive sectors. | - | ||||||
| - | +26.8%SI: +1551.3% | SRK Fund I gained 26.80% net of fees in the first half of 2026 by avoiding crowded AI momentum trades and focusing on mispriced micro-cap turnarounds with substantial operating leverage, disciplined capital allocation, and visible cash flows. Full Quick Take SRK Fund I gained 26.80% net of fees in the first half of 2026 by avoiding crowded AI momentum trades and focusing on mispriced micro-cap turnarounds with substantial operating leverage, disciplined capital allocation, and visible cash flows. | |||||||
| +6.6% | - | - | Cooper Investors Global Equities Fund (Unhedged) provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Cooper Investors Global Equities Fund (Unhedged) provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +24.0% | +28.3% | Diamond Hill's Small Cap Strategy outperformed the Russell 2000 by 255 basis points in Q2 2026, driven by stock selection in health care and industrials. The manager has aggressively increased health care exposure by 800 basis points over the past year, seeing compelling opportunities in businesses with durable demand that the market underappreciates. Defense and infrastructure-related holdings also contributed strongly to performance. Full Quick Take Diamond Hill's Small Cap Strategy outperformed the Russell 2000 by 255 basis points in Q2 2026, driven by stock selection in health care and industrials. The manager has aggressively increased health care exposure by 800 basis points over the past year, seeing compelling opportunities in businesses with durable demand that the market underappreciates. Defense and infrastructure-related holdings also contributed strongly to performance. | - | ||||||
| +27.9% | - | Ariel Global Fund surged +27.91% in Q2 2026, crushing benchmarks as AI investment broadened beyond U.S. tech to semiconductors and infrastructure across Asia. Intel, Murata and MediaTek drove outperformance on AI infrastructure demand. The fund deployed capital aggressively, initiating thirteen positions including utilities, biotech tools and Chinese automation plays. Management sees an increasingly attractive opportunity set as market leadership diversifies and fundamentals matter more than macro narratives. Full Quick Take Ariel Global Fund surged +27.91% in Q2 2026, crushing benchmarks as AI investment broadened beyond U.S. tech to semiconductors and infrastructure across Asia. Intel, Murata and MediaTek drove outperformance on AI infrastructure demand. The fund deployed capital aggressively, initiating thirteen positions including utilities, biotech tools and Chinese automation plays. Management sees an increasingly attractive opportunity set as market leadership diversifies and fundamentals matter more than macro narratives. | |||||||
| +8.4% | - | American Century International Growth returned 8.44% in Q2 2026, lagging the benchmark's 10.82% as AI-driven concentration dominated markets. Financials and health care detracted on capital markets weakness and cost inflation concerns. Industrials and semiconductors contributed through AI and automation exposure. The portfolio maintains balanced factor exposures while capitalizing on AI enablement, factory automation, selective banking opportunities, and increased consumer exposure. Full Quick Take American Century International Growth returned 8.44% in Q2 2026, lagging the benchmark's 10.82% as AI-driven concentration dominated markets. Financials and health care detracted on capital markets weakness and cost inflation concerns. Industrials and semiconductors contributed through AI and automation exposure. The portfolio maintains balanced factor exposures while capitalizing on AI enablement, factory automation, selective banking opportunities, and increased consumer exposure. | |||||||
| +7.6% | -3.7% | SGA's International Growth portfolio delivered 7.6% net in Q2 but underperformed as extreme momentum in AI infrastructure and memory stocks dominated markets. Portfolio fundamentals remained strong with 10% median growth and 60% of holdings beating estimates, yet valuations compressed to near-record discounts versus the benchmark. With 3.4% Enterprise Yield and positioning for 12% revenue and 17% earnings growth over three years, the firm sees compelling opportunity as quality compounders trade at historically attractive levels. Full Quick Take SGA's International Growth portfolio delivered 7.6% net in Q2 but underperformed as extreme momentum in AI infrastructure and memory stocks dominated markets. Portfolio fundamentals remained strong with 10% median growth and 60% of holdings beating estimates, yet valuations compressed to near-record discounts versus the benchmark. With 3.4% Enterprise Yield and positioning for 12% revenue and 17% earnings growth over three years, the firm sees compelling opportunity as quality compounders trade at historically attractive levels. | |||||||
| +0.9% | -11.5% | SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. Full Quick Take SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. | |||||||
| +11.2% | +11.1% | The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings. Full Quick Take The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings. | |||||||
| +5.2% | +1.6% | Cambiar International Equity returned 5.17% in 2Q 2026, lagging the MSCI EAFE's 10.82% gain driven by AI and semiconductor euphoria. The fund's underweight to Technology hurt relative performance despite positive selection elsewhere. The team increased Industrials exposure to 25% of capital, adding CNI and MTU Aero to capture defense, onshoring, and infrastructure tailwinds. International valuations at 14.6x forward P/E appear reasonable versus extreme U.S. multiples. Full Quick Take Cambiar International Equity returned 5.17% in 2Q 2026, lagging the MSCI EAFE's 10.82% gain driven by AI and semiconductor euphoria. The fund's underweight to Technology hurt relative performance despite positive selection elsewhere. The team increased Industrials exposure to 25% of capital, adding CNI and MTU Aero to capture defense, onshoring, and infrastructure tailwinds. International valuations at 14.6x forward P/E appear reasonable versus extreme U.S. multiples. | - | ||||||
| +10.9% | +1.9% | GreensKeeper's concentrated value portfolio surged 10.9% in Q2 as markets rotated back to valuations. ICON exemplified the strategy: aggressively buying a quality business at a 15% free cash flow yield during peak pessimism, then capturing a 90% gain as uncertainty receded. Richemont's pricing discipline, Alphabet's AI-enhanced search growth, and Elevance's margin recovery demonstrate the portfolio's focus on compounding high-quality franchises trading at attractive valuations. Full Quick Take GreensKeeper's concentrated value portfolio surged 10.9% in Q2 as markets rotated back to valuations. ICON exemplified the strategy: aggressively buying a quality business at a 15% free cash flow yield during peak pessimism, then capturing a 90% gain as uncertainty receded. Richemont's pricing discipline, Alphabet's AI-enhanced search growth, and Elevance's margin recovery demonstrate the portfolio's focus on compounding high-quality franchises trading at attractive valuations. | |||||||
| +10.7% | +13.4% | London Company's quality-focused large cap strategy underperformed in Q2 as high-beta AI and semiconductor names outside their quality threshold drove market gains. The portfolio benefited from semiconductor holdings Entegris and Texas Instruments plus Alphabet's AI-driven cloud strength. Despite constructive earnings and AI productivity outlook, the manager warns of fragile hyperscaler economics, elevated valuations, and historic concentration, expecting modest returns ahead while maintaining conviction in quality and downside protection. Full Quick Take London Company's quality-focused large cap strategy underperformed in Q2 as high-beta AI and semiconductor names outside their quality threshold drove market gains. The portfolio benefited from semiconductor holdings Entegris and Texas Instruments plus Alphabet's AI-driven cloud strength. Despite constructive earnings and AI productivity outlook, the manager warns of fragile hyperscaler economics, elevated valuations, and historic concentration, expecting modest returns ahead while maintaining conviction in quality and downside protection. | |||||||
| +20.0% | +11.6% | Parnassus Mid Cap Growth delivered 20.04% in Q2 2026, crushing the benchmark by 549 basis points on AI-driven semiconductor strength. The managers repositioned toward idiosyncratic growth stories, adding AI infrastructure plays while exiting disruption-vulnerable software names. With 31% in Technology and 28% in Industrials, the portfolio balances AI momentum against broadening growth opportunities as manufacturing recovers and economic expansion potentially extends beyond AI in H2 2026. Full Quick Take Parnassus Mid Cap Growth delivered 20.04% in Q2 2026, crushing the benchmark by 549 basis points on AI-driven semiconductor strength. The managers repositioned toward idiosyncratic growth stories, adding AI infrastructure plays while exiting disruption-vulnerable software names. With 31% in Technology and 28% in Industrials, the portfolio balances AI momentum against broadening growth opportunities as manufacturing recovers and economic expansion potentially extends beyond AI in H2 2026. | - | ||||||
| +8.3% | +1.0% | Harris Associates' International Strategy underperformed in Q2 2026 despite strong contributions from AI-driven semiconductor and cloud positions. Samsung benefited from exceptional memory demand while Alibaba and SAP showed strong cloud growth. The manager opportunistically initiated Bureau Veritas at decade-low multiples following transitory headwinds. BMW and Alibaba e-commerce weakness detracted. The strategy maintains disciplined focus on competitive advantages and intrinsic value. Full Quick Take Harris Associates' International Strategy underperformed in Q2 2026 despite strong contributions from AI-driven semiconductor and cloud positions. Samsung benefited from exceptional memory demand while Alibaba and SAP showed strong cloud growth. The manager opportunistically initiated Bureau Veritas at decade-low multiples following transitory headwinds. BMW and Alibaba e-commerce weakness detracted. The strategy maintains disciplined focus on competitive advantages and intrinsic value. | |||||||
| +23.9% | +15.6% | TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. Full Quick Take TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. | - | ||||||
| +12.2% | +5.3% | Core Leaders returned 12.24% in Q2 but lagged the S&P 500's 15.20% due to underweight semiconductor exposure during an 88% sector rally. The managers view unprecedented investor crowding and 11x sales valuations as unsustainable despite strong AI infrastructure fundamentals. They trimmed winners like Marvell and UnitedHealth while adding defensive quality positions including Constellation Energy and Berkshire Hathaway. The team maintains discipline on intrinsic value investing, expecting eventual market broadening to favor their quality-focused approach. Full Quick Take Core Leaders returned 12.24% in Q2 but lagged the S&P 500's 15.20% due to underweight semiconductor exposure during an 88% sector rally. The managers view unprecedented investor crowding and 11x sales valuations as unsustainable despite strong AI infrastructure fundamentals. They trimmed winners like Marvell and UnitedHealth while adding defensive quality positions including Constellation Energy and Berkshire Hathaway. The team maintains discipline on intrinsic value investing, expecting eventual market broadening to favor their quality-focused approach. | |||||||
| +4.7% | - | Palm Harbour Capital returned 4.66% in Q2 2026 despite June underperformance from Asian holdings caught in leverage-driven market distortions. The manager expresses deep concern about extreme leverage and passive flows creating systemic risks while maintaining strong conviction in fundamentally-driven value investing. Portfolio trades at 6.6x P/E with 106% upside to NAV. Top contributor Watches of Switzerland surged 59% on resilient luxury demand. Management extremely optimistic about medium-term prospects. Full Quick Take Palm Harbour Capital returned 4.66% in Q2 2026 despite June underperformance from Asian holdings caught in leverage-driven market distortions. The manager expresses deep concern about extreme leverage and passive flows creating systemic risks while maintaining strong conviction in fundamentally-driven value investing. Portfolio trades at 6.6x P/E with 106% upside to NAV. Top contributor Watches of Switzerland surged 59% on resilient luxury demand. Management extremely optimistic about medium-term prospects. | |||||||
| +8.3% | - | Wasatch Long/Short Alpha returned 8.29% in Q2 2026, significantly trailing the Russell 2500's 20.26% as speculative AI beneficiaries dominated. The quality-focused long/short strategy faced headwinds from lower-quality outperformance. The manager maintains discipline, adding to overlooked quality companies at attractive valuations and increasing shorts amid market euphoria. Portfolio positioned for fundamentals-driven environment with durable AI infrastructure holdings like Everus Construction and JFrog. Full Quick Take Wasatch Long/Short Alpha returned 8.29% in Q2 2026, significantly trailing the Russell 2500's 20.26% as speculative AI beneficiaries dominated. The quality-focused long/short strategy faced headwinds from lower-quality outperformance. The manager maintains discipline, adding to overlooked quality companies at attractive valuations and increasing shorts amid market euphoria. Portfolio positioned for fundamentals-driven environment with durable AI infrastructure holdings like Everus Construction and JFrog. | |||||||
| - | - | Antipodes deliberately avoided memory semiconductors despite 95% Q2 gains, viewing valuations as extrapolating peak-cycle pricing with thin margin for error. The fund instead positioned in analog/power/RF semiconductors with structural growth, energy infrastructure supporting AI buildout at undemanding valuations, and quality compounders oversold on AI disruption fears. Portfolio positioned for rotation away from unprecedented market concentration into broader value opportunities. Full Quick Take Antipodes deliberately avoided memory semiconductors despite 95% Q2 gains, viewing valuations as extrapolating peak-cycle pricing with thin margin for error. The fund instead positioned in analog/power/RF semiconductors with structural growth, energy infrastructure supporting AI buildout at undemanding valuations, and quality compounders oversold on AI disruption fears. Portfolio positioned for rotation away from unprecedented market concentration into broader value opportunities. | |||||||
| - | - | Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point. Full Quick Take Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point. | |||||||
| +3.6% | +6.3% | Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. New positions in Kerry Group and NetEase reflect disciplined value hunting in overlooked areas. The Fund's differentiated exposures in health care, consumer staples, and select emerging markets offer meaningful diversification from AI-concentrated benchmarks at attractive valuations. Full Quick Take Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. New positions in Kerry Group and NetEase reflect disciplined value hunting in overlooked areas. The Fund's differentiated exposures in health care, consumer staples, and select emerging markets offer meaningful diversification from AI-concentrated benchmarks at attractive valuations. | |||||||
| +7.0% | -3.9% | Conestoga SMid Cap returned 7.04% but lagged the benchmark's 24.02% surge driven by extreme AI speculation in semiconductors and high-beta stocks. Portfolio fundamentals remained strong with sales and EBITDA growth exceeding benchmarks. Defense and data center cooling holdings led gains. The firm added natural gas infrastructure positions and maintains conviction that quality characteristics will outperform as speculative leadership normalizes and rates potentially tighten. Full Quick Take Conestoga SMid Cap returned 7.04% but lagged the benchmark's 24.02% surge driven by extreme AI speculation in semiconductors and high-beta stocks. Portfolio fundamentals remained strong with sales and EBITDA growth exceeding benchmarks. Defense and data center cooling holdings led gains. The firm added natural gas infrastructure positions and maintains conviction that quality characteristics will outperform as speculative leadership normalizes and rates potentially tighten. | |||||||
| +22.2% | +13.4% | Conestoga's Micro Cap Composite returned 22.16% in 2Q26, trailing the benchmark's 28.98% gain driven by historically narrow, speculative AI-related leadership. Biotechnology holdings delivered exceptional performance, contributing over 600 basis points, while defense and industrial holdings also performed well. The manager maintains conviction in high-quality growth businesses, expecting market leadership to broaden as AI speculation normalizes and fundamentals reassert themselves in a shifting rate environment. Full Quick Take Conestoga's Micro Cap Composite returned 22.16% in 2Q26, trailing the benchmark's 28.98% gain driven by historically narrow, speculative AI-related leadership. Biotechnology holdings delivered exceptional performance, contributing over 600 basis points, while defense and industrial holdings also performed well. The manager maintains conviction in high-quality growth businesses, expecting market leadership to broaden as AI speculation normalizes and fundamentals reassert themselves in a shifting rate environment. | - | ||||||
| - | +15.7% | Legacy Ridge's concentrated bet on US energy infrastructure and airlines is paying off as geopolitical chaos validates the reliability premium of American hard assets. The Iran War disrupted 15-20% of global oil supply while Spirit's liquidation proves fuel volatility enforces airline capacity discipline. With only 8 holdings and significant cash, the manager sees US energy as the arsenal of democracy and airlines benefiting from rational supply. Full Quick Take Legacy Ridge's concentrated bet on US energy infrastructure and airlines is paying off as geopolitical chaos validates the reliability premium of American hard assets. The Iran War disrupted 15-20% of global oil supply while Spirit's liquidation proves fuel volatility enforces airline capacity discipline. With only 8 holdings and significant cash, the manager sees US energy as the arsenal of democracy and airlines benefiting from rational supply. | |||||||
| +26.6% | +29.7% | The fund delivered 29.64% in Q2 2026, outperforming through concentrated AI semiconductor exposure and selective China technology positioning. SK Hynix, Samsung, MediaTek and Chinese hardware names drove returns while model makers lagged. The manager trimmed winners to maintain diversification but continues adding selectively. Outlook is constructive on AI and China tech but cautious on valuations and narrow market leadership. Indonesia regulatory concerns created headwinds. Full Quick Take The fund delivered 29.64% in Q2 2026, outperforming through concentrated AI semiconductor exposure and selective China technology positioning. SK Hynix, Samsung, MediaTek and Chinese hardware names drove returns while model makers lagged. The manager trimmed winners to maintain diversification but continues adding selectively. Outlook is constructive on AI and China tech but cautious on valuations and narrow market leadership. Indonesia regulatory concerns created headwinds. | - | ||||||
| +16.6% | +20.1% | Merion Road returned 16.6% in Q2, up 20% YTD, driven by long-term industrial holdings. The manager is adding to Honeywell Aerospace post-spinoff at a peer discount with low expectations set by conservative guidance. He explicitly avoids AI infrastructure in favor of boring industrials with dominant positions and strong cash flows. An activism campaign at United Bancorporation of Alabama addresses capital allocation concerns. Full Quick Take Merion Road returned 16.6% in Q2, up 20% YTD, driven by long-term industrial holdings. The manager is adding to Honeywell Aerospace post-spinoff at a peer discount with low expectations set by conservative guidance. He explicitly avoids AI infrastructure in favor of boring industrials with dominant positions and strong cash flows. An activism campaign at United Bancorporation of Alabama addresses capital allocation concerns. | |||||||
| +11.9% | +4.1% | Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. The manager re-entered managed care stocks UnitedHealth and Elevance to capture margin recovery as the insurance cycle turns favorable. Biotechnology funding surged 130% year-over-year while M&A activity accelerated. Medical device valuations compressed on ACA subsidy expiration concerns, creating selective opportunities despite near-term utilization headwinds. Full Quick Take Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. The manager re-entered managed care stocks UnitedHealth and Elevance to capture margin recovery as the insurance cycle turns favorable. Biotechnology funding surged 130% year-over-year while M&A activity accelerated. Medical device valuations compressed on ACA subsidy expiration concerns, creating selective opportunities despite near-term utilization headwinds. |
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
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026