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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | 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. | |||||||
| +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. | |||||||
| - | -2.3% | Bonhoeffer Fund lost 2.3% in 1H 2026 while continuing to rotate from slower-growth firms into durable compounders in distribution, community banks, and homebuilders. The portfolio targets deep value with growth, seeking 30-40% expected returns from firms trading at high single-digit forward earnings multiples. Distribution holdings benefit from copper demand for data centers and EVs. Community banks deliver 15%+ earnings growth through SBA lending despite near-term policy headwinds. Full Quick Take Bonhoeffer Fund lost 2.3% in 1H 2026 while continuing to rotate from slower-growth firms into durable compounders in distribution, community banks, and homebuilders. The portfolio targets deep value with growth, seeking 30-40% expected returns from firms trading at high single-digit forward earnings multiples. Distribution holdings benefit from copper demand for data centers and EVs. Community banks deliver 15%+ earnings growth through SBA lending despite near-term policy headwinds. | |||||||
| +13.9% | +19.2% | Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. Full Quick Take Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. | |||||||
| +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. | - | ||||||
| +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. | |||||||
| +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. | |||||||
| +2.7% | +3.2% | Marram holds 47% cash amid elevated valuations and macro uncertainty, maintaining core positions in energy infrastructure MLPs, regional banks, payment technology, and biopharma. Energy infrastructure and banks have performed well, while payment names declined 23% YTD on valuation compression. Manager exited PayPal and ICON plc, added Berkshire Hathaway, and continues patient opportunism approach with substantial dry powder awaiting attractive entry points on expanded Wishlist. Full Quick Take Marram holds 47% cash amid elevated valuations and macro uncertainty, maintaining core positions in energy infrastructure MLPs, regional banks, payment technology, and biopharma. Energy infrastructure and banks have performed well, while payment names declined 23% YTD on valuation compression. Manager exited PayPal and ICON plc, added Berkshire Hathaway, and continues patient opportunism approach with substantial dry powder awaiting attractive entry points on expanded Wishlist. | - | ||||||
| +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. | |||||||
| +5.4% | +12.6% | Cedar Creek delivered 12.6% in the first half of 2026, maintaining its 20-year track record of 15% annualized returns. The microcap-focused fund increased expert market exposure to 32.5%, led by natural gas producer Exco Resources and asset-rich Harbor Diversified. Community banks now represent 14% of assets at 6-7 times earnings. The portfolio trades at 7.3 times forward earnings with significant illiquidity discounts creating opportunity. Full Quick Take Cedar Creek delivered 12.6% in the first half of 2026, maintaining its 20-year track record of 15% annualized returns. The microcap-focused fund increased expert market exposure to 32.5%, led by natural gas producer Exco Resources and asset-rich Harbor Diversified. Community banks now represent 14% of assets at 6-7 times earnings. The portfolio trades at 7.3 times forward earnings with significant illiquidity discounts creating opportunity. | |||||||
| +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. | |||||||
| +10.6% | +5.5% | Airlie delivered 10.6% in Q2 2026, outperforming by 6.5% as materials and USD earners reversed prior headwinds. The fund maintains a large underweight in expensive Australian banks facing deteriorating fundamentals from slowing credit growth and negative gearing bans, expecting earnings downgrades and de-rating. Best opportunities lie in quality industrials that have de-rated sharply. Changing market structure creates enhanced volatility the manager exploits through active trading around core positions. Full Quick Take Airlie delivered 10.6% in Q2 2026, outperforming by 6.5% as materials and USD earners reversed prior headwinds. The fund maintains a large underweight in expensive Australian banks facing deteriorating fundamentals from slowing credit growth and negative gearing bans, expecting earnings downgrades and de-rating. Best opportunities lie in quality industrials that have de-rated sharply. Changing market structure creates enhanced volatility the manager exploits through active trading around core positions. | |||||||
| +8.8% | +14.1% | Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. Full Quick Take Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. | |||||||
| +6.1% | +21.4% | Smead International Value Fund is concentrated in two compelling opportunities: European banks posting record post-crisis returns on equity with 5%+ dividend yields trading at discounts to US peers, and Canadian oil sands producers with SAGD assets generating high-teen returns at $70 oil. The manager sees structural oil price shift to $80 driven by geopolitical premiums and supply constraints, with holdings breaking even at $40 offering significant margin of safety. Full Quick Take Smead International Value Fund is concentrated in two compelling opportunities: European banks posting record post-crisis returns on equity with 5%+ dividend yields trading at discounts to US peers, and Canadian oil sands producers with SAGD assets generating high-teen returns at $70 oil. The manager sees structural oil price shift to $80 driven by geopolitical premiums and supply constraints, with holdings breaking even at $40 offering significant margin of safety. | |||||||
| +15.6% | - | American Century Small Cap Value underperformed in Q2 2026, returning 15.58% versus the benchmark's 17.19%, primarily due to missing AI-driven technology rallies and energy sector weakness from lower oil prices. Semiconductor equipment providers and AI-enabled advertising technology were bright spots. The portfolio maintains conviction in financials and industrials trading below historical valuations with strong cash flow generation, while avoiding health care due to unattractive risk/reward profiles. Full Quick Take American Century Small Cap Value underperformed in Q2 2026, returning 15.58% versus the benchmark's 17.19%, primarily due to missing AI-driven technology rallies and energy sector weakness from lower oil prices. Semiconductor equipment providers and AI-enabled advertising technology were bright spots. The portfolio maintains conviction in financials and industrials trading below historical valuations with strong cash flow generation, while avoiding health care due to unattractive risk/reward profiles. | - | ||||||
| - | - | FMI sees an AI bubble with semiconductor valuations over four standard deviations above historical norms while quality businesses trade at dot-com-era discounts. They are avoiding AI infrastructure stocks and buying traditional businesses like FTI Consulting, Capital One, and Fluidra that will benefit from AI on the cost side. The 3- to 5-year setup is the strongest in years as the valuation gap creates compelling opportunities. Full Quick Take FMI sees an AI bubble with semiconductor valuations over four standard deviations above historical norms while quality businesses trade at dot-com-era discounts. They are avoiding AI infrastructure stocks and buying traditional businesses like FTI Consulting, Capital One, and Fluidra that will benefit from AI on the cost side. The 3- to 5-year setup is the strongest in years as the valuation gap creates compelling opportunities. | |||||||
| - | - | Global equities surged in Q2 2026 on an unprecedented AI-driven semiconductor boom, with chip stocks gaining 88% as companies like Micron, SK Hynix, and Kioxia posted extraordinary returns. Markets pivoted from expecting rate cuts to pricing hikes as energy-driven inflation persisted, with the ECB and Fed turning hawkish. Chinese equities declined on weak consumption while gold and PGM rallies stalled. SpaceX's record $75 billion IPO underscored strong capital markets. Full Quick Take Global equities surged in Q2 2026 on an unprecedented AI-driven semiconductor boom, with chip stocks gaining 88% as companies like Micron, SK Hynix, and Kioxia posted extraordinary returns. Markets pivoted from expecting rate cuts to pricing hikes as energy-driven inflation persisted, with the ECB and Fed turning hawkish. Chinese equities declined on weak consumption while gold and PGM rallies stalled. SpaceX's record $75 billion IPO underscored strong capital markets. | |||||||
| +20.1% | +31.1% | Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes. Full Quick Take Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes. | |||||||
| -1.0% | +11.6% | Multiples Capital underperformed in Q2 as cautious energy positioning missed the narrow AI/semiconductor rally driven by historic capex and strong earnings. Velo3D and South Korea exposure won while oil and gold lagged on geopolitical de-escalation and dollar liquidity contraction. Despite near-term Fed rate risks under new Chair Warsh, massive fiscal deficit prevents recession. Positioned for market broadening with regional banks, consumer, and Asia additions. Full Quick Take Multiples Capital underperformed in Q2 as cautious energy positioning missed the narrow AI/semiconductor rally driven by historic capex and strong earnings. Velo3D and South Korea exposure won while oil and gold lagged on geopolitical de-escalation and dollar liquidity contraction. Despite near-term Fed rate risks under new Chair Warsh, massive fiscal deficit prevents recession. Positioned for market broadening with regional banks, consumer, and Asia additions. | - | ||||||
| +3.8% | -4.7% | The fund underperformed in Q2 2026 as AI enthusiasm drove market returns. BNP Paribas led contributions with strong capital build and attractive valuation despite French economic concerns. The fund added SAP at a significant discount, viewing market fears about AI disrupting enterprise software as overblown given SAP's irreplaceable infrastructure role. Intercontinental Exchange declined on unfounded AI disruption concerns despite strong fundamentals and network effects. Full Quick Take The fund underperformed in Q2 2026 as AI enthusiasm drove market returns. BNP Paribas led contributions with strong capital build and attractive valuation despite French economic concerns. The fund added SAP at a significant discount, viewing market fears about AI disrupting enterprise software as overblown given SAP's irreplaceable infrastructure role. Intercontinental Exchange declined on unfounded AI disruption concerns despite strong fundamentals and network effects. | |||||||
| +7.1% | - | Forager deliberately sat out the AI bubble, returning negative 5.7% while markets soared on euphoria the manager views as unsustainable. The fund exited AI beneficiaries like Comfort Systems as valuations became too steep and cut the Fiserv mistake after management instability confirmed deeper problems. The portfolio is now concentrated in mispriced opportunities including Japanese software and European banks, positioned to profit when AI mania ends and value reasserts itself. Full Quick Take Forager deliberately sat out the AI bubble, returning negative 5.7% while markets soared on euphoria the manager views as unsustainable. The fund exited AI beneficiaries like Comfort Systems as valuations became too steep and cut the Fiserv mistake after management instability confirmed deeper problems. The portfolio is now concentrated in mispriced opportunities including Japanese software and European banks, positioned to profit when AI mania ends and value reasserts itself. | |||||||
| -0.8% | +9.1% | GMO's market-neutral Equity Dislocation Strategy returned 9.05% net in H1 2026 by exploiting extreme Value-Growth dislocations through superior stock selection and active rotation. Korean growth names delivered 4.0% returns while banks and software shorts contributed meaningfully. The strategy profited from AI disruption by targeting unsustainable valuations rather than forecasting business model vulnerability. Strong performance during Q1's Value rally and resilience during Q2's Growth surge demonstrate the strategy's diversification benefits. Full Quick Take GMO's market-neutral Equity Dislocation Strategy returned 9.05% net in H1 2026 by exploiting extreme Value-Growth dislocations through superior stock selection and active rotation. Korean growth names delivered 4.0% returns while banks and software shorts contributed meaningfully. The strategy profited from AI disruption by targeting unsustainable valuations rather than forecasting business model vulnerability. Strong performance during Q1's Value rally and resilience during Q2's Growth surge demonstrate the strategy's diversification benefits. | - | ||||||
| +12.3% | +0.6% | Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak. Full Quick Take Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak. | - | ||||||
| - | - | Esk delivered positive returns but lagged AI-driven indices due to deliberate diversification. The fund added energy, industrial, and gold exposure while trimming software names facing AI disruption. Bank holdings outperformed on higher rates and trading volumes, with the manager maintaining elevated weights. Insurance positions face cyclical pressure but are held for quality through the downturn. Disciplined risk management trumps momentum chasing. Full Quick Take Esk delivered positive returns but lagged AI-driven indices due to deliberate diversification. The fund added energy, industrial, and gold exposure while trimming software names facing AI disruption. Bank holdings outperformed on higher rates and trading volumes, with the manager maintaining elevated weights. Insurance positions face cyclical pressure but are held for quality through the downturn. Disciplined risk management trumps momentum chasing. | - | ||||||
| +14.6% | +7.1% | Rockwood Strategic is the top-performing UK small cap fund over 3 and 5 years, delivering concentrated value investing with influential stakes in sub-£250m companies. The portfolio is positioned for significant 2026 earnings growth with 20% of NAV in two banking/fintech holdings projected to inflect materially. Falling rates, improving sentiment, and depressed valuations create compelling deployment opportunities in this specialist, inefficient market. Full Quick Take Rockwood Strategic is the top-performing UK small cap fund over 3 and 5 years, delivering concentrated value investing with influential stakes in sub-£250m companies. The portfolio is positioned for significant 2026 earnings growth with 20% of NAV in two banking/fintech holdings projected to inflect materially. Falling rates, improving sentiment, and depressed valuations create compelling deployment opportunities in this specialist, inefficient market. | |||||||
| +12.8% | +21.7% | Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. Full Quick Take Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. | - | ||||||
| -7.2% | -7.2% | Gator's Q1 financials strategy faced headwinds from AI fears, private credit concerns, and geopolitical tensions, returning -7.22% versus -8.89% for financials. Manager used volatility tactically, trimming winners and adding Ameriprise Financial on AI-driven weakness. Maintains conviction in regional banks and wealth management opportunities through concentrated long/short approach targeting underresearched names. Full Quick Take Gator's Q1 financials strategy faced headwinds from AI fears, private credit concerns, and geopolitical tensions, returning -7.22% versus -8.89% for financials. Manager used volatility tactically, trimming winners and adding Ameriprise Financial on AI-driven weakness. Maintains conviction in regional banks and wealth management opportunities through concentrated long/short approach targeting underresearched names. | |||||||
| - | - | Brennan navigated Iran war volatility while managing portfolio-specific events. PTSB's disappointing sale to BAWAG frustrated despite success. Selling WBD to Paramount for higher conviction names. CAB Payments turnaround gaining traction amid takeover battle. Increased CODI position following activist involvement. DCC's stable propane business remains attractive. Cautious deployment given elevated valuations and narrow opportunities. Full Quick Take Brennan navigated Iran war volatility while managing portfolio-specific events. PTSB's disappointing sale to BAWAG frustrated despite success. Selling WBD to Paramount for higher conviction names. CAB Payments turnaround gaining traction amid takeover battle. Increased CODI position following activist involvement. DCC's stable propane business remains attractive. Cautious deployment given elevated valuations and narrow opportunities. | |||||||
| +6.8% | +6.8% | Cedar Creek delivered 6.8% in Q1 while indices fell on Middle East concerns. Portfolio trades at 7.2x forward earnings with strong positions in undervalued community banks and defense-exposed Solitron Devices. Expert market exposure at 30% provides unique opportunities. Cash being deployed into attractive microcap value plays. Full Quick Take Cedar Creek delivered 6.8% in Q1 while indices fell on Middle East concerns. Portfolio trades at 7.2x forward earnings with strong positions in undervalued community banks and defense-exposed Solitron Devices. Expert market exposure at 30% provides unique opportunities. Cash being deployed into attractive microcap value plays. | |||||||
| +9.2% | +9.2% | RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. Semiconductor recovery and regional bank opportunities remain key themes. Portfolio maintains focus on financially strong companies positioned for 2-3 year value creation regardless of geopolitical outcomes. Full Quick Take RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. Semiconductor recovery and regional bank opportunities remain key themes. Portfolio maintains focus on financially strong companies positioned for 2-3 year value creation regardless of geopolitical outcomes. | |||||||
| - | - | Amber River faced Q1 2026 volatility from Iran conflict after strong start, with oil spiking to $100 and rate expectations reversing. Manager added to discounted UK banks and quality bonds while reducing emerging market exposure. Portfolio performance mixed by risk level but resilient given circumstances. Outlook depends on conflict resolution timeline with emphasis on selective value opportunities. Full Quick Take Amber River faced Q1 2026 volatility from Iran conflict after strong start, with oil spiking to $100 and rate expectations reversing. Manager added to discounted UK banks and quality bonds while reducing emerging market exposure. Portfolio performance mixed by risk level but resilient given circumstances. Outlook depends on conflict resolution timeline with emphasis on selective value opportunities. | - | ||||||
| +13.2% | +13.2% | Black Bear delivered 13.2% returns in Q1 versus -4.4% for the S&P 500, validating their concentrated long/short value approach. The fund owns undervalued businesses in housing, energy, and regional banks while shorting overvalued private credit, AI wannabes, and legacy data centers. Portfolio positioned like a coiled spring for lumpy outperformance as value recognition accelerates. Full Quick Take Black Bear delivered 13.2% returns in Q1 versus -4.4% for the S&P 500, validating their concentrated long/short value approach. The fund owns undervalued businesses in housing, energy, and regional banks while shorting overvalued private credit, AI wannabes, and legacy data centers. Portfolio positioned like a coiled spring for lumpy outperformance as value recognition accelerates. | - | ||||||
| +12.1% | +13.9% | - | The 1290 SmartBeta Equity Fund delivered a 1.21% NAV return for Class I in 4Q25 (13.95% YTD), gaining from strong technology selection but facing relative headwinds from underperforming Industrials and Health Care holdings. Full Quick Take The 1290 SmartBeta Equity Fund delivered a 1.21% NAV return for Class I in 4Q25 (13.95% YTD), gaining from strong technology selection but facing relative headwinds from underperforming Industrials and Health Care holdings. | - | |||||
| +9.9% | +26.5% | Cedar Creek Partners posted a strong 9.9% return in Q3 2025 and is actively redeploying cash from profitable buyout exits into high-conviction microcaps and undervalued community banks. Full Quick Take Cedar Creek Partners posted a strong 9.9% return in Q3 2025 and is actively redeploying cash from profitable buyout exits into high-conviction microcaps and undervalued community banks. | |||||||
| +10.0% | - | PM Capital's Global Companies Fund rose 10% in September, outperforming markets through disciplined exposure to undervalued cyclicals. Gold and copper holdings drove returns as commodity fundamentals improved, while European banks continued re-rating and Macau gaming recovered. The manager maintains contrarian positioning in value opportunities despite market recovery to all-time highs. Full Quick Take PM Capital's Global Companies Fund rose 10% in September, outperforming markets through disciplined exposure to undervalued cyclicals. Gold and copper holdings drove returns as commodity fundamentals improved, while European banks continued re-rating and Macau gaming recovered. The manager maintains contrarian positioning in value opportunities despite market recovery to all-time highs. | - | ||||||
| +5.0% | +12.0% | AFC funds delivered a strong August performance, powered by macro turnarounds in Bangladesh and Sri Lanka, alongside a booming infrastructure and FDI landscape in Vietnam. Full Quick Take AFC funds delivered a strong August performance, powered by macro turnarounds in Bangladesh and Sri Lanka, alongside a booming infrastructure and FDI landscape in Vietnam. | |||||||
| +8.1% | +22.1% | PM Capital delivered 8.1% quarterly returns focusing on undervalued European banks and commodities. European banks trade at 8x earnings versus peers, positioned for infrastructure-driven recovery. Commodity holdings benefit from supply constraints and trade tensions. Key winners included AIB Group, Newmont, and Macau gaming stocks. Fund increased net invested position to 85% during April volatility, maintaining patient approach to multi-year themes. Full Quick Take PM Capital delivered 8.1% quarterly returns focusing on undervalued European banks and commodities. European banks trade at 8x earnings versus peers, positioned for infrastructure-driven recovery. Commodity holdings benefit from supply constraints and trade tensions. Key winners included AIB Group, Newmont, and Macau gaming stocks. Fund increased net invested position to 85% during April volatility, maintaining patient approach to multi-year themes. | - | ||||||
| +4.0% | - | Regulatory Tailwinds for Banks, AI Productivity in Established Industries, Additional Keywords & Themes | Miller/Howard highlights historical overvaluation in the S&P 500 (22x forward P/E) and emphasizes the strong opportunity in their high-quality dividend-growth portfolios, which currently trade at some of their steepest relative valuation discounts in 12 years. Full Quick Take Miller/Howard highlights historical overvaluation in the S&P 500 (22x forward P/E) and emphasizes the strong opportunity in their high-quality dividend-growth portfolios, which currently trade at some of their steepest relative valuation discounts in 12 years. | - | |||||
| +8.1% | - | PM Capital navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels during market volatility. Full Quick Take PM Capital navigated Q2 2025 by leveraging the 'Great Decoupling' trend, finding deep value in European banks and commodity-producing companies while lifting net investment levels during market volatility. | - | ||||||
| +8.1% | - | PM Capital posted a solid 8.1% return for the Global Companies Fund in the June quarter, driven by strong gains in European banks and key commodity positions, while capitalizing on market volatility to add high-conviction holdings. Full Quick Take PM Capital posted a solid 8.1% return for the Global Companies Fund in the June quarter, driven by strong gains in European banks and key commodity positions, while capitalizing on market volatility to add high-conviction holdings. | - | ||||||
| +8.1% | - | PM Capital leveraged the market volatility in April and May to deploy cash into high-conviction ideas, posting solid quarterly results led by European financials and commodity miners while reducing energy and fixed-rate duration risk. Full Quick Take PM Capital leveraged the market volatility in April and May to deploy cash into high-conviction ideas, posting solid quarterly results led by European financials and commodity miners while reducing energy and fixed-rate duration risk. | - | ||||||
| -0.6% | - | Mixed Q1 performance as large financials outperformed manager's small-cap focus. Views tariff policies as temporary based on market signals suggesting political reversal ahead. Regional banks offer compelling opportunities despite policy-driven selloff, with strong credit quality contradicting recession fears. Detailed Virtus thesis highlights approach of finding quality recurring revenue businesses at attractive valuations in out-of-favor active management space. Full Quick Take Mixed Q1 performance as large financials outperformed manager's small-cap focus. Views tariff policies as temporary based on market signals suggesting political reversal ahead. Regional banks offer compelling opportunities despite policy-driven selloff, with strong credit quality contradicting recession fears. Detailed Virtus thesis highlights approach of finding quality recurring revenue businesses at attractive valuations in out-of-favor active management space. | - | ||||||
| +3.0% | 0.0% | - | Marram delivered resilient Q1 performance with 32% cash positioning ahead of market volatility. Core holdings in regional banks, energy infrastructure MLPs, and payments software are well-positioned for economic uncertainty. Recent trade policy disruptions validate the manager's prediction of near-term opportunities. Conservative balance sheets and ample liquidity enable selective buying at lower prices while avoiding direct trade policy exposure. Full Quick Take Marram delivered resilient Q1 performance with 32% cash positioning ahead of market volatility. Core holdings in regional banks, energy infrastructure MLPs, and payments software are well-positioned for economic uncertainty. Recent trade policy disruptions validate the manager's prediction of near-term opportunities. Conservative balance sheets and ample liquidity enable selective buying at lower prices while avoiding direct trade policy exposure. | - | |||||
| -5.4% | -5.4% | Olesen Value Fund's portfolio trades at 15-year valuation lows despite strong fundamentals across European homebuilders and regional banks. Manager pivoted from complex institutions like Citigroup toward proven, simple businesses with exceptional track records. Portfolio offers significant upside through multiple expansion while maintaining downside protection through strong balance sheets and cash-generative business models. Full Quick Take Olesen Value Fund's portfolio trades at 15-year valuation lows despite strong fundamentals across European homebuilders and regional banks. Manager pivoted from complex institutions like Citigroup toward proven, simple businesses with exceptional track records. Portfolio offers significant upside through multiple expansion while maintaining downside protection through strong balance sheets and cash-generative business models. | - | ||||||
| +8.7% | - | Cedar Creek's microcap value strategy delivered 8.7% returns while markets declined, driven by expert market holdings up 35% and merger activity in community banks. Portfolio trades at 8.0x forward earnings with 35% expert market exposure generating alpha. Defense contractor Solitron received record defense orders while community banks offer compelling value at attractive multiples. Full Quick Take Cedar Creek's microcap value strategy delivered 8.7% returns while markets declined, driven by expert market holdings up 35% and merger activity in community banks. Portfolio trades at 8.0x forward earnings with 35% expert market exposure generating alpha. Defense contractor Solitron received record defense orders while community banks offer compelling value at attractive multiples. | - | ||||||
| -1.3% | -1.3% | Black Bear outperformed during Q1 volatility by positioning defensively ahead of tariff announcements. The fund owns businesses with pricing power and fortress balance sheets including auto dealers, building materials, met coal producers, and a discounted bank turnaround. Current market stress creates opportunities for patient capital to acquire quality companies at attractive valuations. Full Quick Take Black Bear outperformed during Q1 volatility by positioning defensively ahead of tariff announcements. The fund owns businesses with pricing power and fortress balance sheets including auto dealers, building materials, met coal producers, and a discounted bank turnaround. Current market stress creates opportunities for patient capital to acquire quality companies at attractive valuations. | - | ||||||
| -6.2% | -6.2% | Aristotle Small/Mid Cap Equity Fund outperformed in Q1 2025 despite negative returns, benefiting from defensive positioning and strong security selection in healthcare and materials. The manager remains optimistic about SMID-cap valuations and potential policy tailwinds including deregulation and lower corporate taxes, maintaining a bottom-up approach with selective overweights in technology and industrials based on fundamental analysis. Full Quick Take Aristotle Small/Mid Cap Equity Fund outperformed in Q1 2025 despite negative returns, benefiting from defensive positioning and strong security selection in healthcare and materials. The manager remains optimistic about SMID-cap valuations and potential policy tailwinds including deregulation and lower corporate taxes, maintaining a bottom-up approach with selective overweights in technology and industrials based on fundamental analysis. | - | ||||||
| -6.3% | - | American Century's Small Cap Value Fund outperformed its benchmark despite a 6.25% Q1 decline, driven by strong stock selection in energy and industrials. The portfolio maintains overweights in undervalued banks and quality industrials trading below historical multiples, while benefiting from solid execution at holdings like Axis Capital and strategic exits from appreciated positions. Full Quick Take American Century's Small Cap Value Fund outperformed its benchmark despite a 6.25% Q1 decline, driven by strong stock selection in energy and industrials. The portfolio maintains overweights in undervalued banks and quality industrials trading below historical multiples, while benefiting from solid execution at holdings like Axis Capital and strategic exits from appreciated positions. | - | ||||||
| -3.4% | - | Deep value fund targeting consolidation plays and banking compounders underperformed in Q1 2025 despite repositioning toward higher-quality businesses. Portfolio trades at 12.8% earnings yield with 14% projected growth, focused on distribution, construction finance, and serial acquirers using leverage buyout strategies. Manager sees persistent mispricing in highest-quality portfolio in fund history. Full Quick Take Deep value fund targeting consolidation plays and banking compounders underperformed in Q1 2025 despite repositioning toward higher-quality businesses. Portfolio trades at 12.8% earnings yield with 14% projected growth, focused on distribution, construction finance, and serial acquirers using leverage buyout strategies. Manager sees persistent mispricing in highest-quality portfolio in fund history. | - | ||||||
| - | - | Itus Capital maintains defensive large cap positioning amid macro headwinds from declining market-linked tax revenues threatening government capex spending. Portfolio concentrated in market-leading banks, pharma, and consumer companies while avoiding government-dependent sectors. Manager expects narrower earnings growth ahead and positions for domestic-oriented, low capex intensity businesses in uncertain global trade environment. Full Quick Take Itus Capital maintains defensive large cap positioning amid macro headwinds from declining market-linked tax revenues threatening government capex spending. Portfolio concentrated in market-leading banks, pharma, and consumer companies while avoiding government-dependent sectors. Manager expects narrower earnings growth ahead and positions for domestic-oriented, low capex intensity businesses in uncertain global trade environment. | - |
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