Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | SI | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|---|
| - | -3.1% | +10.8% | - | Ennismore European Smaller Companies Fund returned -0.8% net of fees in September 2026, bringing year-to-date returns to -3.1% net. Net exposure closed at 59.7% with active portfolio rotation featuring 35 new longs and 12 new shorts. The manager highlighted high-voltage power supplier XP Power as a key turnaround investment with significant operational upside. Full Quick Take Ennismore European Smaller Companies Fund returned -0.8% net of fees in September 2026, bringing year-to-date returns to -3.1% net. Net exposure closed at 59.7% with active portfolio rotation featuring 35 new longs and 12 new shorts. The manager highlighted high-voltage power supplier XP Power as a key turnaround investment with significant operational upside. | ||||||
| -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. | |||||||
| - | - | - | 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. | |||||||
| - | - | - | 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. | |||||||
| - | - | - | 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. | |||||||
| - | - | - | Orbis International Equity established notable positions in United Integrated Services and Experian, taking advantage of short-sighted market sorting around artificial intelligence. Both businesses offer highly resilient competitive positions, strong balance sheets, and compelling double-digit compounding potential over a multi-year horizon while trading at substantial discounts to their intrinsic economic worth. Full Quick Take Orbis International Equity established notable positions in United Integrated Services and Experian, taking advantage of short-sighted market sorting around artificial intelligence. Both businesses offer highly resilient competitive positions, strong balance sheets, and compelling double-digit compounding potential over a multi-year horizon while trading at substantial discounts to their intrinsic economic worth. | |||||||
| -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. | |||||||
| - | - | - | 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. | |||||||
| - | +11.1% | - | Protean Small Cap returned -1.7% net of fees in September, bringing year-to-date returns to 11.1% net of fees. The manager initiated positions in Bonava and Scandic Hotels, re-entered Smartoptics on valuation weakness, and divested Rejlers over merger complexity. Full Quick Take Protean Small Cap returned -1.7% net of fees in September, bringing year-to-date returns to 11.1% net of fees. The manager initiated positions in Bonava and Scandic Hotels, re-entered Smartoptics on valuation weakness, and divested Rejlers over merger complexity. | |||||||
| - | +12.7% | - | Northern European Cooling Adoption and Refrigerant Gas Transition, Air Conditioning, Additional Keywords & Themes | The Norbury Capital Fund advanced +1.8% net in September 2026, bringing year-to-date net performance to +12.7% and outperforming European small-cap benchmarks. The managers deployed capital into Beijer Ref, capitalizing on secular warming trends and European refrigerant regulatory phase-outs that position the distributor for multi-year cash compounding. Full Quick Take The Norbury Capital Fund advanced +1.8% net in September 2026, bringing year-to-date net performance to +12.7% and outperforming European small-cap benchmarks. The managers deployed capital into Beijer Ref, capitalizing on secular warming trends and European refrigerant regulatory phase-outs that position the distributor for multi-year cash compounding. | ||||||
| +0.8% | +16.8% | +18.4% | Night Watch Investment Partners posted a 0.84% net return for Q3 2026 and 16.83% net year-to-date. The fund remains cautious amid geopolitical friction, high oil prices, and rising interest rates, maintaining net exposure of 95% to 100% with index shorts while overweighting counter-cyclical businesses like Marex, US refiners, and post-destocking specialty chemical distributors. Full Quick Take Night Watch Investment Partners posted a 0.84% net return for Q3 2026 and 16.83% net year-to-date. The fund remains cautious amid geopolitical friction, high oil prices, and rising interest rates, maintaining net exposure of 95% to 100% with index shorts while overweighting counter-cyclical businesses like Marex, US refiners, and post-destocking specialty chemical distributors. | |||||||
| - | - | - | 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%. | |||||||
| -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. | |||||||
| - | -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. | |||||||
| +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. | |||||||
| - | - | - | M&G navigates unprecedented market concentration by maintaining disciplined diversification across uncorrelated securities with clear value gaps. While participating selectively in AI through established business models, the firm increasingly targets longer-cycle themes like electrification and overlooked quality names trading at attractive valuations. Multi Asset portfolios favor government bonds over credit with tactical duration management. Opportunities emerging in Japan corporate reform, EM valuations, and broadening leadership as extreme concentration eventually normalizes. Full Quick Take M&G navigates unprecedented market concentration by maintaining disciplined diversification across uncorrelated securities with clear value gaps. While participating selectively in AI through established business models, the firm increasingly targets longer-cycle themes like electrification and overlooked quality names trading at attractive valuations. Multi Asset portfolios favor government bonds over credit with tactical duration management. Opportunities emerging in Japan corporate reform, EM valuations, and broadening leadership as extreme concentration eventually normalizes. | - | ||||||
| +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. | |||||||
| -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. | |||||||
| +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. | |||||||
| +16.0% | +15.9% | - | Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. Full Quick Take Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. | |||||||
| - | - | - | Baumann Capital initiated WIIT, Europe's only pure-play sovereign cloud provider operating Tier IV data centers across Germany, Italy, and Switzerland. The business serves mission-critical ERP workloads for regulated industries requiring EU data sovereignty, generating 40% EBITDA margins through long-term contracts. Structural cloud migration, EU regulatory tailwinds against US hyperscalers, and accretive M&A consolidation drive the multi-year thesis. Founder-CEO owns 58% and acts like a true owner. Full Quick Take Baumann Capital initiated WIIT, Europe's only pure-play sovereign cloud provider operating Tier IV data centers across Germany, Italy, and Switzerland. The business serves mission-critical ERP workloads for regulated industries requiring EU data sovereignty, generating 40% EBITDA margins through long-term contracts. Structural cloud migration, EU regulatory tailwinds against US hyperscalers, and accretive M&A consolidation drive the multi-year thesis. Founder-CEO owns 58% and acts like a true owner. | |||||||
| +14.9% | - | - | The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. Full Quick Take The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. | |||||||
| +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. | |||||||
| +5.7% | - | - | Vision Capital underperformed in Q2 by avoiding the memory and AI supply chain rally that drove S&P 500 gains. Manager deployed capital into 10 existing positions during drawdowns while exiting Lululemon and Paycom. Portfolio holds 25 high-quality growth companies with 29% revenue growth and 27% FCF margins. Manager rejects bottleneck investing, preferring durable platform businesses positioned for long-term secular growth across payments, e-commerce, and cloud infrastructure. Full Quick Take Vision Capital underperformed in Q2 by avoiding the memory and AI supply chain rally that drove S&P 500 gains. Manager deployed capital into 10 existing positions during drawdowns while exiting Lululemon and Paycom. Portfolio holds 25 high-quality growth companies with 29% revenue growth and 27% FCF margins. Manager rejects bottleneck investing, preferring durable platform businesses positioned for long-term secular growth across payments, e-commerce, and cloud infrastructure. | - | ||||||
| -12.6% | -8.6% | - | Fairlight Alpha Fund delivered -12.6% in Q2 as cheap stocks became cheaper despite business progress, driven by market regime shifts and Middle East volatility. The fund is positioned in deeply discounted Asian and European small-caps including Korean OLED equipment maker Dong A Eltek and Thai oil producer Valeura Energy, while actively avoiding overvalued AI and technology stocks trading at unsustainable multiples like SpaceX at 158x revenues. Full Quick Take Fairlight Alpha Fund delivered -12.6% in Q2 as cheap stocks became cheaper despite business progress, driven by market regime shifts and Middle East volatility. The fund is positioned in deeply discounted Asian and European small-caps including Korean OLED equipment maker Dong A Eltek and Thai oil producer Valeura Energy, while actively avoiding overvalued AI and technology stocks trading at unsustainable multiples like SpaceX at 158x revenues. | |||||||
| - | +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. | |||||||
| - | - | - | Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. Full Quick Take Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. | |||||||
| - | 0.0% | - | Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. Full Quick Take Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. | - | ||||||
| +10.5% | +12.5% | - | Northern Large Cap Value Fund posted 10.52% in Q2 2026 but underperformed its benchmark as high-quality value stocks lagged despite broad value outperformance. Semiconductors like MU and INTC surged over 200% on AI demand and memory shortages. The manager maintains conviction in quality-value investing, targeting inexpensive, profitable companies with strong cash flows to outperform through the cycle while avoiding value traps. Full Quick Take Northern Large Cap Value Fund posted 10.52% in Q2 2026 but underperformed its benchmark as high-quality value stocks lagged despite broad value outperformance. Semiconductors like MU and INTC surged over 200% on AI demand and memory shortages. The manager maintains conviction in quality-value investing, targeting inexpensive, profitable companies with strong cash flows to outperform through the cycle while avoiding value traps. | - | ||||||
| +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. | - | ||||||
| +30.1% | +23.7% | - | Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. Full Quick Take Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. | |||||||
| +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. | |||||||
| - | +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. | |||||||
| - | -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. | |||||||
| +16.0% | +5.4% | - | Stewart Asset Management gained 15.97% net in Q2 2026, driven by exceptional S&P 500 earnings growth projected at 23% for the full year. The portfolio maintains concentrated exposure to AI infrastructure through hyperscalers and chip designers, adding Lumentum to capture optical networking demand. Despite valuation concerns and inevitable volatility, the manager believes continued earnings growth will drive further gains in the second half of 2026. Full Quick Take Stewart Asset Management gained 15.97% net in Q2 2026, driven by exceptional S&P 500 earnings growth projected at 23% for the full year. The portfolio maintains concentrated exposure to AI infrastructure through hyperscalers and chip designers, adding Lumentum to capture optical networking demand. Despite valuation concerns and inevitable volatility, the manager believes continued earnings growth will drive further gains in the second half of 2026. | |||||||
| - | +3.6% | - | Bonsai underperformed in 2H 2025 but maintains conviction in hidden moats built from capability stacks. Wise, a top holding, exemplifies this thesis with vertically integrated infrastructure, customer-aligned pricing, and automation creating a difficult-to-replicate advantage. Stablecoins pose a potential risk to one layer but aren't clearly superior to Wise's existing rails. The fund sees mispricing opportunity in diffuse, hard-to-explain competitive advantages. Full Quick Take Bonsai underperformed in 2H 2025 but maintains conviction in hidden moats built from capability stacks. Wise, a top holding, exemplifies this thesis with vertically integrated infrastructure, customer-aligned pricing, and automation creating a difficult-to-replicate advantage. Stablecoins pose a potential risk to one layer but aren't clearly superior to Wise's existing rails. The fund sees mispricing opportunity in diffuse, hard-to-explain competitive advantages. | |||||||
| - | +7.2% | - | Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value. Full Quick Take Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value. | |||||||
| +3.0% | - | - | Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations. Full Quick Take Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations. | |||||||
| - | +11.2% | - | Aegis Value Fund returned 11.19% in H1 2026, driven by a 38.3% energy allocation capitalizing on structural oil supply constraints and geopolitical risk. The manager warns nearly 40% of S&P 500 exposure to AI buildout risks historical overinvestment patterns. Despite gold's correction, precious metals positions maintained given strengthened long-term fundamentals. New positions in Radian, hotel REITs, and turnaround situations purchased at steep discounts to book value. Full Quick Take Aegis Value Fund returned 11.19% in H1 2026, driven by a 38.3% energy allocation capitalizing on structural oil supply constraints and geopolitical risk. The manager warns nearly 40% of S&P 500 exposure to AI buildout risks historical overinvestment patterns. Despite gold's correction, precious metals positions maintained given strengthened long-term fundamentals. New positions in Radian, hotel REITs, and turnaround situations purchased at steep discounts to book value. | |||||||
| -4.3% | +1.9% | - | - | Greenlight lost 4.3% in Q2 primarily from macro bets on gold and rates despite conservative positioning. The manager views SpaceX's $1.75 trillion IPO as marking a speculative top and is positioned for Fed disinflation without rate hikes. Five new deeply undervalued positions were initiated including Fortune Brands at 8x earnings with turnaround potential and PayPal subsequently receiving a takeover bid, while three exits generated 30-157% IRRs. Full Quick Take Greenlight lost 4.3% in Q2 primarily from macro bets on gold and rates despite conservative positioning. The manager views SpaceX's $1.75 trillion IPO as marking a speculative top and is positioned for Fed disinflation without rate hikes. Five new deeply undervalued positions were initiated including Fortune Brands at 8x earnings with turnaround potential and PayPal subsequently receiving a takeover bid, while three exits generated 30-157% IRRs. |
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