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 |
|---|---|---|---|---|---|---|---|---|---|
| +21.6% | +16.5% | Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. Full Quick Take Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. | - | ||||||
| +13.6% | +3.3% | Baron Durable Advantage Fund gained 13.6% in Q2 2026 as markets recovered from Iran war volatility. AI infrastructure beneficiaries led performance with TSMC up 41.6% and Alphabet up 23.2% on accelerating cloud demand. The manager views valuations as irrationally compressed, with NVIDIA at 14.5x forward P/E despite 113% earnings growth. Portfolio fundamentals strengthened while multiples compressed 9.7% year-to-date, creating attractive entry points for long-term investors. Full Quick Take Baron Durable Advantage Fund gained 13.6% in Q2 2026 as markets recovered from Iran war volatility. AI infrastructure beneficiaries led performance with TSMC up 41.6% and Alphabet up 23.2% on accelerating cloud demand. The manager views valuations as irrationally compressed, with NVIDIA at 14.5x forward P/E despite 113% earnings growth. Portfolio fundamentals strengthened while multiples compressed 9.7% year-to-date, creating attractive entry points for long-term investors. | |||||||
| +26.9% | +12.1% | The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. Full Quick Take The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. | - | ||||||
| - | -5.0% | REQ Global Compounders fell 5.0% in H1 2026 as AI rotation pressured software holdings despite strong fundamentals—portfolio companies grew EBITA 14% while the fund trades at 17.7x NTM, the lowest valuation since inception. Aerospace holdings HEICO and Diploma surged on booming demand. Management added proven industrial distributors Applied and DiscoverIE while trimming AI-concentrated Amphenol, viewing current prices as creating exceptional long-term entry points for patient capital. Full Quick Take REQ Global Compounders fell 5.0% in H1 2026 as AI rotation pressured software holdings despite strong fundamentals—portfolio companies grew EBITA 14% while the fund trades at 17.7x NTM, the lowest valuation since inception. Aerospace holdings HEICO and Diploma surged on booming demand. Management added proven industrial distributors Applied and DiscoverIE while trimming AI-concentrated Amphenol, viewing current prices as creating exceptional long-term entry points for patient capital. | |||||||
| +17.1% | +16.9% | The fund outperformed by 190 basis points in Q2 2026, driven by concentrated bets on AI infrastructure. Western Digital, Seagate, and SK Hynix delivered exceptional returns on exploding data center storage demand. Taiwan Semiconductor remains the largest active position. The manager trimmed energy profits post-Iran conflict and maintains conviction in commercial aerospace recovery through Boeing. Technology underweights include Apple, Amazon, and Microsoft. Full Quick Take The fund outperformed by 190 basis points in Q2 2026, driven by concentrated bets on AI infrastructure. Western Digital, Seagate, and SK Hynix delivered exceptional returns on exploding data center storage demand. Taiwan Semiconductor remains the largest active position. The manager trimmed energy profits post-Iran conflict and maintains conviction in commercial aerospace recovery through Boeing. Technology underweights include Apple, Amazon, and Microsoft. | |||||||
| +19.7% | +15.8% | Fidelity Growth Strategies Fund surged 19.67% in Q2 2026, crushing its benchmark by 512 basis points on the back of concentrated bets in AI infrastructure enablers. Sterling Infrastructure, the fund's largest position, doubled as hyperscaler data center demand exploded. The manager aggressively overweights industrials at 46% of assets, betting capital goods suppliers will capture outsized growth as AI capex broadens into the real economy. Full Quick Take Fidelity Growth Strategies Fund surged 19.67% in Q2 2026, crushing its benchmark by 512 basis points on the back of concentrated bets in AI infrastructure enablers. Sterling Infrastructure, the fund's largest position, doubled as hyperscaler data center demand exploded. The manager aggressively overweights industrials at 46% of assets, betting capital goods suppliers will capture outsized growth as AI capex broadens into the real economy. | |||||||
| +23.2% | +7.2% | Select Growth returned 23.2 percent in Q2 2026, outperforming on broad AI infrastructure strength. The portfolio benefited from accelerating demand for memory, storage, and data center power as agentic AI created new bottlenecks. Top contributors spanned the semiconductor value chain from chips to fabrication to equipment. The team added exposure to memory, CPUs, and power while reducing consumer internet, positioning for durable AI infrastructure demand. Full Quick Take Select Growth returned 23.2 percent in Q2 2026, outperforming on broad AI infrastructure strength. The portfolio benefited from accelerating demand for memory, storage, and data center power as agentic AI created new bottlenecks. Top contributors spanned the semiconductor value chain from chips to fabrication to equipment. The team added exposure to memory, CPUs, and power while reducing consumer internet, positioning for durable AI infrastructure demand. | |||||||
| +6.3% | -12.0% | Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term earnings. Full Quick Take Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term 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. | - | ||||||
| +21.1% | +16.6% | Artisan Focus Fund delivered 21.11% in Q2 2026, outperforming the S&P 500 by 591 basis points through broad-based gains across semiconductors, aerospace, industrials and financials. The concentrated portfolio targets companies experiencing improving fundamentals during major capital formation cycles, with materially lower index dependence than the benchmark while positioned for higher returns on capital and faster earnings growth through 2028. Full Quick Take Artisan Focus Fund delivered 21.11% in Q2 2026, outperforming the S&P 500 by 591 basis points through broad-based gains across semiconductors, aerospace, industrials and financials. The concentrated portfolio targets companies experiencing improving fundamentals during major capital formation cycles, with materially lower index dependence than the benchmark while positioned for higher returns on capital and faster earnings growth through 2028. | - | ||||||
| +12.8% | +15.8% | Night Watch delivered 12.80% in Q2 by exploiting market bifurcation, buying quality compounders sold off for AI stocks while taking profits in cyclical memory positions. Marex surged 37% on volatility and M&A execution. The fund added Stryker, Adyen, and Booking.com at depressed valuations while Watches of Switzerland accelerates post-tariff removal. Concentrated positions in overlooked aerospace, capital markets, and payments drive 20% annual compounding with low volatility. Full Quick Take Night Watch delivered 12.80% in Q2 by exploiting market bifurcation, buying quality compounders sold off for AI stocks while taking profits in cyclical memory positions. Marex surged 37% on volatility and M&A execution. The fund added Stryker, Adyen, and Booking.com at depressed valuations while Watches of Switzerland accelerates post-tariff removal. Concentrated positions in overlooked aerospace, capital markets, and payments drive 20% annual compounding with low volatility. | |||||||
| - | - | Wasatch Global Select underperformed in Q2 2026 as AI enthusiasm drove markets. Software stocks sold off on disruption fears, hurting Procore despite strong competitive moats. ASPEED Technology led gains on surging AI server chip demand. Aerospace names rallied on strong fundamentals. The managers are selectively investing in AI beneficiaries while concentrating capital into ignored steady growth companies trading at attractive valuations, positioned to outperform when fundamentals regain focus. Full Quick Take Wasatch Global Select underperformed in Q2 2026 as AI enthusiasm drove markets. Software stocks sold off on disruption fears, hurting Procore despite strong competitive moats. ASPEED Technology led gains on surging AI server chip demand. Aerospace names rallied on strong fundamentals. The managers are selectively investing in AI beneficiaries while concentrating capital into ignored steady growth companies trading at attractive valuations, positioned to outperform when fundamentals regain focus. | |||||||
| +10.4% | -10.7% | Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. Full Quick Take Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. | |||||||
| +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. | |||||||
| +10.5% | -10.6% | Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. Full Quick Take Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. | |||||||
| +8.4% | +5.5% | Madison Large Cap underperformed in Q2 as AI mania drove extreme market narrowness comparable to the late 1990s bubble. Semiconductor and Cloud holdings delivered strong results, but the managers actively avoid the euphoria, warning that obvious winners today may not be winners tomorrow. They position in quality companies with growth and resiliency, initiating Intercontinental Exchange at decade-low valuations while flagging multiple macro headwinds. Full Quick Take Madison Large Cap underperformed in Q2 as AI mania drove extreme market narrowness comparable to the late 1990s bubble. Semiconductor and Cloud holdings delivered strong results, but the managers actively avoid the euphoria, warning that obvious winners today may not be winners tomorrow. They position in quality companies with growth and resiliency, initiating Intercontinental Exchange at decade-low valuations while flagging multiple macro headwinds. | |||||||
| - | - | The fund delivered strong performance driven by AI infrastructure holdings in semiconductors, test equipment, and optical networking, while energy and consumer positions lagged. The managers maintain AI exposure but acknowledge more balanced valuations and are monitoring for capital expenditure cracks and buildout constraints. They see opportunities in shifting AI bottlenecks, aerospace, and infrastructure while balancing exposure with undervalued non-consensus stocks punished by market dynamics. Full Quick Take The fund delivered strong performance driven by AI infrastructure holdings in semiconductors, test equipment, and optical networking, while energy and consumer positions lagged. The managers maintain AI exposure but acknowledge more balanced valuations and are monitoring for capital expenditure cracks and buildout constraints. They see opportunities in shifting AI bottlenecks, aerospace, and infrastructure while balancing exposure with undervalued non-consensus stocks punished by market dynamics. | |||||||
| +28.2% | +23.6% | Polen 5Perspectives Small-Mid Growth returned 28.2% net in Q2 2026, outperforming during a banner quarter for SMID caps. The portfolio capitalized on AI infrastructure acceleration and power availability constraints, significantly increasing Technology exposure through neocloud providers and Agentic AI while maintaining conviction in Electrification and Aerospace themes. Top contributors included Bloom Energy and DigitalOcean as hyperscaler spending announcements confirmed the AI buildout continues accelerating. Full Quick Take Polen 5Perspectives Small-Mid Growth returned 28.2% net in Q2 2026, outperforming during a banner quarter for SMID caps. The portfolio capitalized on AI infrastructure acceleration and power availability constraints, significantly increasing Technology exposure through neocloud providers and Agentic AI while maintaining conviction in Electrification and Aerospace themes. Top contributors included Bloom Energy and DigitalOcean as hyperscaler spending announcements confirmed the AI buildout continues accelerating. | - | ||||||
| +9.4% | +10.1% | Hardman Johnston's large cap strategy delivered solid absolute returns in Q2 2026 while slightly underperforming the S&P 500. The manager maintains a diversified 41-position portfolio with selective exposure to AI infrastructure through Vertiv, healthcare innovation via Illumina's genomics leadership, and aerospace. Near-term headwinds in lithium and energy were offset by strength in data center infrastructure and life sciences tools. Full Quick Take Hardman Johnston's large cap strategy delivered solid absolute returns in Q2 2026 while slightly underperforming the S&P 500. The manager maintains a diversified 41-position portfolio with selective exposure to AI infrastructure through Vertiv, healthcare innovation via Illumina's genomics leadership, and aerospace. Near-term headwinds in lithium and energy were offset by strength in data center infrastructure and life sciences tools. | - | ||||||
| +12.7% | - | Mar Vista's U.S. Quality strategy returned 12.71% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager maintains conviction in high-quality businesses with durable competitive advantages, adding ASML and StandardAero while exiting Intuit. Artificial intelligence is transitioning from infrastructure spending to execution-driven returns. Despite geopolitical uncertainty and elevated valuations in certain areas, earnings growth and disciplined capital allocation should drive long-term outperformance for quality-focused investors. Full Quick Take Mar Vista's U.S. Quality strategy returned 12.71% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager maintains conviction in high-quality businesses with durable competitive advantages, adding ASML and StandardAero while exiting Intuit. Artificial intelligence is transitioning from infrastructure spending to execution-driven returns. Despite geopolitical uncertainty and elevated valuations in certain areas, earnings growth and disciplined capital allocation should drive long-term outperformance for quality-focused investors. | |||||||
| +10.2% | - | Mar Vista's U.S. Quality Premier returned 10.15% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager sees AI entering a more productive phase, favoring companies converting infrastructure investments into durable earnings growth. Portfolio activity included initiating ASML, exiting Intuit on AI disruption concerns, and adding to semiconductor and aerospace positions. The manager expects earnings growth and execution to drive future returns. Full Quick Take Mar Vista's U.S. Quality Premier returned 10.15% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager sees AI entering a more productive phase, favoring companies converting infrastructure investments into durable earnings growth. Portfolio activity included initiating ASML, exiting Intuit on AI disruption concerns, and adding to semiconductor and aerospace positions. The manager expects earnings growth and execution to drive future returns. | |||||||
| +11.2% | +1.8% | Torre Financial's concentrated quality-growth portfolio trails Q2's momentum-driven rally but maintains superior economics: 25.6% ROIC and 28.3% cash-on-capital returns versus 23.6% and 20.5% for the S&P 500, trading cheaper at 2.9% FCF yield. AI infrastructure holdings led gains while three quality franchises de-rated on intact fundamentals, prompting disciplined additions. The manager prioritizes durable business models over chasing momentum past intrinsic value. Full Quick Take Torre Financial's concentrated quality-growth portfolio trails Q2's momentum-driven rally but maintains superior economics: 25.6% ROIC and 28.3% cash-on-capital returns versus 23.6% and 20.5% for the S&P 500, trading cheaper at 2.9% FCF yield. AI infrastructure holdings led gains while three quality franchises de-rated on intact fundamentals, prompting disciplined additions. The manager prioritizes durable business models over chasing momentum past intrinsic value. | - | ||||||
| - | - | Adestella returned 10.1% in 2025 led by AI infrastructure plays Nebius and Power Solutions. Manager maintains small-cap value discipline despite decade of underperformance, currently concentrated in Dell on enterprise AI server thesis and aerospace aftermarket suppliers. Full Quick Take Adestella returned 10.1% in 2025 led by AI infrastructure plays Nebius and Power Solutions. Manager maintains small-cap value discipline despite decade of underperformance, currently concentrated in Dell on enterprise AI server thesis and aerospace aftermarket suppliers. | |||||||
| +8.4% | -8.6% | Polen Global Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing Software and Healthcare holdings. The managers are adapting to a market where thematic flows and index concentration dominate short-term performance by redeploying capital toward businesses with stronger current momentum and visible demand tailwinds, including aerospace, power infrastructure, and defense, while maintaining their focus on competitively advantaged compounders. Full Quick Take Polen Global Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing Software and Healthcare holdings. The managers are adapting to a market where thematic flows and index concentration dominate short-term performance by redeploying capital toward businesses with stronger current momentum and visible demand tailwinds, including aerospace, power infrastructure, and defense, while maintaining their focus on competitively advantaged compounders. | - | ||||||
| +7.8% | -1.1% | Weitz underperformed in Q2 2026 as their valuation discipline kept them from chasing expensive AI momentum. They selectively own Texas Instruments and Alphabet within AI while trimming winners and raising cash modestly. New positions in Netflix (ad-tier growth strategy) and Mettler-Toledo (price dislocation) demonstrate opportunistic deployment. The managers remain constructive on quality businesses trading at reasonable valuations despite near-term market preference for growth at any price. Full Quick Take Weitz underperformed in Q2 2026 as their valuation discipline kept them from chasing expensive AI momentum. They selectively own Texas Instruments and Alphabet within AI while trimming winners and raising cash modestly. New positions in Netflix (ad-tier growth strategy) and Mettler-Toledo (price dislocation) demonstrate opportunistic deployment. The managers remain constructive on quality businesses trading at reasonable valuations despite near-term market preference for growth at any price. | |||||||
| +32.8% | +36.8% | Polen 5Perspectives Small Growth returned 32.83% net in Q2 2026, outperforming during a banner quarter for small caps. The portfolio capitalized on AI infrastructure and electrification themes as hyperscaler spending accelerated and power availability emerged as a key bottleneck. Technology exposure nearly doubled through investments in specialized cloud providers. Top contributors were Bloom Energy, DigitalOcean, and Vicor, all positioned for long-duration secular growth in AI and power infrastructure. Full Quick Take Polen 5Perspectives Small Growth returned 32.83% net in Q2 2026, outperforming during a banner quarter for small caps. The portfolio capitalized on AI infrastructure and electrification themes as hyperscaler spending accelerated and power availability emerged as a key bottleneck. Technology exposure nearly doubled through investments in specialized cloud providers. Top contributors were Bloom Energy, DigitalOcean, and Vicor, all positioned for long-duration secular growth in AI and power infrastructure. | - | ||||||
| +12.5% | +7.7% | Middle Coast Investing returned 12.5% in Q2 2026 as markets traded on baskets rather than fundamentals. Semiconductors and data center stocks soared while hyperscalers faced AI profitability doubts. The manager trimmed winners, added CDW and S&P Global at attractive valuations, and reduced cash to 13.7%. Despite strong company-specific results, stocks traded on sector sentiment. The portfolio maintains concentrated exposure to aerospace, travel, and financials with disciplined valuation focus. Full Quick Take Middle Coast Investing returned 12.5% in Q2 2026 as markets traded on baskets rather than fundamentals. Semiconductors and data center stocks soared while hyperscalers faced AI profitability doubts. The manager trimmed winners, added CDW and S&P Global at attractive valuations, and reduced cash to 13.7%. Despite strong company-specific results, stocks traded on sector sentiment. The portfolio maintains concentrated exposure to aerospace, travel, and financials with disciplined valuation focus. | |||||||
| +16.9% | +16.9% | Tourlite delivered strong Q1 performance through concentrated aerospace and infrastructure longs paired with consumer/tech shorts. Montana Aerospace trades at compelling 7x EBITDA despite operational strength. Geopolitical oil shocks create near-term headwinds but accelerating inflation may trigger speculative reversal favoring short book. SpaceX IPO expected to drain liquidity from meme stocks, creating generational shorting opportunity. Full Quick Take Tourlite delivered strong Q1 performance through concentrated aerospace and infrastructure longs paired with consumer/tech shorts. Montana Aerospace trades at compelling 7x EBITDA despite operational strength. Geopolitical oil shocks create near-term headwinds but accelerating inflation may trigger speculative reversal favoring short book. SpaceX IPO expected to drain liquidity from meme stocks, creating generational shorting opportunity. | |||||||
| +3.1% | +3.1% | Small-cap aerospace and defense specialist gained 3.1% in Q1, adding Honeywell before aerospace spin-off and building position in undervalued defense tech company FEIM. Butler National delivered strong results with 50% aerospace revenue growth. Portfolio positioned for continued defense spending growth and value realization through spin-offs and potential acquisitions. Full Quick Take Small-cap aerospace and defense specialist gained 3.1% in Q1, adding Honeywell before aerospace spin-off and building position in undervalued defense tech company FEIM. Butler National delivered strong results with 50% aerospace revenue growth. Portfolio positioned for continued defense spending growth and value realization through spin-offs and potential acquisitions. | |||||||
| -15.6% | -15.6% | Ithaka's concentrated growth strategy lagged in Q1 2026 amid geopolitical shocks and AI infrastructure uncertainty. Strong aerospace performance from Howmet offset technology weakness driven by AI disruption fears. The firm maintains conviction in high-quality growth companies with durable advantages, including surgical robotics leader Intuitive Surgical addressing vast addressable markets. Full Quick Take Ithaka's concentrated growth strategy lagged in Q1 2026 amid geopolitical shocks and AI infrastructure uncertainty. Strong aerospace performance from Howmet offset technology weakness driven by AI disruption fears. The firm maintains conviction in high-quality growth companies with durable advantages, including surgical robotics leader Intuitive Surgical addressing vast addressable markets. | - | ||||||
| -40.0% | -40.0% | Middle Coast Investing navigated Q1 2026's meme-driven market volatility by focusing on quality companies with strong balance sheets and adaptable management. Despite AI disruption fears and geopolitical tensions, the fund added aerospace and travel positions while maintaining conviction in long-term winners. The strategy emphasizes playing for time rather than chasing market themes. Full Quick Take Middle Coast Investing navigated Q1 2026's meme-driven market volatility by focusing on quality companies with strong balance sheets and adaptable management. Despite AI disruption fears and geopolitical tensions, the fund added aerospace and travel positions while maintaining conviction in long-term winners. The strategy emphasizes playing for time rather than chasing market themes. | |||||||
| +2.7% | +2.7% | Night Watch delivered 2.69% in volatile Q1 2026 by owning counter-cyclical businesses that benefit from uncertainty. Strong performance from Brookdale senior living, AAR aerospace maintenance, and Marex futures clearing. Portfolio positioned to withstand geopolitical risks while benefiting from demographic trends, defense spending, and market volatility rather than trying to time unpredictable events. Full Quick Take Night Watch delivered 2.69% in volatile Q1 2026 by owning counter-cyclical businesses that benefit from uncertainty. Strong performance from Brookdale senior living, AAR aerospace maintenance, and Marex futures clearing. Portfolio positioned to withstand geopolitical risks while benefiting from demographic trends, defense spending, and market volatility rather than trying to time unpredictable events. | |||||||
| +8.0% | +8.0% | Baumann Capital added MTU Aero Engines at 16x earnings, gaining exposure to aerospace's durable economics: contractual 20-40 year revenue streams, extreme barriers to entry, and secular growth from global air travel penetration. Near-term uncertainty from partner Pratt & Whitney's engine recall and Airbus's next-generation aircraft decision creates the opportunity. Position sized at 7% reflects moderate conviction pending further clarity on dual-source engine selection maintaining MTU's program participation. Full Quick Take Baumann Capital added MTU Aero Engines at 16x earnings, gaining exposure to aerospace's durable economics: contractual 20-40 year revenue streams, extreme barriers to entry, and secular growth from global air travel penetration. Near-term uncertainty from partner Pratt & Whitney's engine recall and Airbus's next-generation aircraft decision creates the opportunity. Position sized at 7% reflects moderate conviction pending further clarity on dual-source engine selection maintaining MTU's program participation. | |||||||
| - | - | - | Lux Capital rejects diversification in favor of 'confident concentration,' highlighting their newly closed $1.5B fund and multi-billion-dollar bets in aerospace, defense, and physical sciences amidst fragile public markets and intense geopolitical conflict. Full Quick Take Lux Capital rejects diversification in favor of 'confident concentration,' highlighting their newly closed $1.5B fund and multi-billion-dollar bets in aerospace, defense, and physical sciences amidst fragile public markets and intense geopolitical conflict. | - | |||||
| +2.0% | +28.0% | Tourlite returned 2.8% in 2025, lagging behind benchmarks due to early exits on key longs despite strong alpha generation from its short book. The manager anticipates a bifurcated 2026, combining near-term equity optimism with late-year inflation concerns. Full Quick Take Tourlite returned 2.8% in 2025, lagging behind benchmarks due to early exits on key longs despite strong alpha generation from its short book. The manager anticipates a bifurcated 2026, combining near-term equity optimism with late-year inflation concerns. | - | ||||||
| +33.3% | +8.3% | Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit cycles. Full Quick Take Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit cycles. | |||||||
| -4.4% | +14.8% | Industrials and Aerospace Growth, AI Infrastructure & Hardware Enablers, Additional Keywords & Themes | The Artisan Mid Cap Fund recorded outstanding top-quartile performance in 2025, outpacing its benchmark in Q4 despite modest negative absolute returns, while actively shifting its exposure toward biotech product cycles, industrials, and AI-hardware enablers. Full Quick Take The Artisan Mid Cap Fund recorded outstanding top-quartile performance in 2025, outpacing its benchmark in Q4 despite modest negative absolute returns, while actively shifting its exposure toward biotech product cycles, industrials, and AI-hardware enablers. | ||||||
| +1.5% | +36.0% | The Artisan International Fund posted a strong 36.03% return in 2025, beating major international benchmarks, and is currently rotating capital from high-performing defense names into electrification and defensive consumer staples to maintain balanced risk-adjusted growth. Full Quick Take The Artisan International Fund posted a strong 36.03% return in 2025, beating major international benchmarks, and is currently rotating capital from high-performing defense names into electrification and defensive consumer staples to maintain balanced risk-adjusted growth. | |||||||
| - | +11.2% | Arnott Capital delivered an 11.22% net return in 2025, driven by gains in Softbank and aerospace. Entering 2026, they are highly constructive on South Korean corporate reforms and are initiating shorts against viral consumer fads. Full Quick Take Arnott Capital delivered an 11.22% net return in 2025, driven by gains in Softbank and aerospace. Entering 2026, they are highly constructive on South Korean corporate reforms and are initiating shorts against viral consumer fads. | - | ||||||
| - | - | The fund maintains a constructive outlook for 2026, leaning into secular growth tailwinds like AI, aerospace production, and recovering healthcare, while maintaining a strict focus on high-quality compounders with robust free cash flows. Full Quick Take The fund maintains a constructive outlook for 2026, leaning into secular growth tailwinds like AI, aerospace production, and recovering healthcare, while maintaining a strict focus on high-quality compounders with robust free cash flows. | |||||||
| -5.3% | +19.9% | The Artisan Focus Fund outperformed the S&P 500 in 2025 with a 19.89% return, and the manager expects the next three years to offer the richest opportunity set since inception, driven by systemic, AI-led productivity inflections. Full Quick Take The Artisan Focus Fund outperformed the S&P 500 in 2025 with a 19.89% return, and the manager expects the next three years to offer the richest opportunity set since inception, driven by systemic, AI-led productivity inflections. | |||||||
| +9.5% | +8.6% | Prosper Stars & Stripes delivered a strong +9.8% net return in Q3 2025, significantly outperforming peers. The fund is positioned to capture a highly anticipated cyclical rebound in small caps, backed by monetary easing and idiosyncratic long selections. Full Quick Take Prosper Stars & Stripes delivered a strong +9.8% net return in Q3 2025, significantly outperforming peers. The fund is positioned to capture a highly anticipated cyclical rebound in small caps, backed by monetary easing and idiosyncratic long selections. | - | ||||||
| - | -6.0% | Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued, high-growth defense and industrial small-caps trading at 14.8x forward P/E. Full Quick Take Despite YTD currency headwinds dragging returns to -6%, Gymkhana Partners is actively capitalizing on India's retail equity inflow boom by rotating from large-caps into undervalued, high-growth defense and industrial small-caps trading at 14.8x forward P/E. | - | ||||||
| - | - | Manager maintains AI exposure while emphasizing diversification as market concentration reaches dangerous levels with eight stocks representing 38% of S&P 500. Finding opportunities in oversold software and aerospace sectors through positions in Tyler Technologies, ServiceTitan, and Crane. Cautious but opportunistic approach given elevated 23x forward valuations and economic uncertainty. Full Quick Take Manager maintains AI exposure while emphasizing diversification as market concentration reaches dangerous levels with eight stocks representing 38% of S&P 500. Finding opportunities in oversold software and aerospace sectors through positions in Tyler Technologies, ServiceTitan, and Crane. Cautious but opportunistic approach given elevated 23x forward valuations and economic uncertainty. | - | ||||||
| +5.0% | +34.0% | Artisan International Fund outperformed its benchmark in Q3 2025, capitalizing on secular themes in electrification, defense, and select financial restructurings while actively recycling capital into attractively valued international names. Full Quick Take Artisan International Fund outperformed its benchmark in Q3 2025, capitalizing on secular themes in electrification, defense, and select financial restructurings while actively recycling capital into attractively valued international names. | - | ||||||
| - | - | The fund is constructive on resilient macroeconomic tailwinds and secular AI trends, but is actively shifting capital away from overvalued speculative infrastructure names into high-quality, reasonably valued 'AI adopters'. Full Quick Take The fund is constructive on resilient macroeconomic tailwinds and secular AI trends, but is actively shifting capital away from overvalued speculative infrastructure names into high-quality, reasonably valued 'AI adopters'. | |||||||
| +21.1% | +27.1% | Polen U.S. Small Cap Growth posted an outstanding 21.1% net return in Q3 2025, significantly outpacing its benchmark due to strong secular trends in AI-related electrification and aerospace innovation. Full Quick Take Polen U.S. Small Cap Growth posted an outstanding 21.1% net return in Q3 2025, significantly outpacing its benchmark due to strong secular trends in AI-related electrification and aerospace innovation. | - | ||||||
| +14.4% | +28.0% | Polen U.S. SMID Cap Growth posted strong outperformance in Q3 2025 (+14.4% net), powered by secular trends in AI electrification and aerospace backlogs. Full Quick Take Polen U.S. SMID Cap Growth posted strong outperformance in Q3 2025 (+14.4% net), powered by secular trends in AI electrification and aerospace backlogs. | - | ||||||
| - | - | WestEnd outperformed the S&P 500 by 2x in Q2 2025 through concentrated bets on Industrials benefiting from onshoring and record defense spending. The fund redeployed cash after US-China tariff de-escalation and holds Boeing as a turnaround play alongside aerospace suppliers Howmet, Rockwell Automation, and GE Aerospace positioned for domestic manufacturing resurgence. Full Quick Take WestEnd outperformed the S&P 500 by 2x in Q2 2025 through concentrated bets on Industrials benefiting from onshoring and record defense spending. The fund redeployed cash after US-China tariff de-escalation and holds Boeing as a turnaround play alongside aerospace suppliers Howmet, Rockwell Automation, and GE Aerospace positioned for domestic manufacturing resurgence. | |||||||
| +8.4% | +9.2% | The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aerospace aftermarket, and exchange operators. Full Quick Take The fund underperformed its benchmark in Q2 due to detractive FX hedges, but underlying stock picking remains strong, supported by high-conviction themes in AI infrastructure, Aerospace aftermarket, and exchange operators. |
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