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. | |||||||
| +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. | - | ||||||
| +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. | - | ||||||
| - | -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. | |||||||
| -2.6% | -14.4% | Baron Generational Growth Fund's high-quality, founder-led portfolio delivered mid-teens earnings growth but declined 2.51% as investors rotated into riskier stocks. The portfolio now trades at 25-36% discounts to historical valuations despite superior profitability. P&C insurance softening and AI disruption fears drove compression in key holdings. Portfolio companies are aggressively repurchasing shares. Management sees exceptional value with strong earnings growth continuing. Full Quick Take Baron Generational Growth Fund's high-quality, founder-led portfolio delivered mid-teens earnings growth but declined 2.51% as investors rotated into riskier stocks. The portfolio now trades at 25-36% discounts to historical valuations despite superior profitability. P&C insurance softening and AI disruption fears drove compression in key holdings. Portfolio companies are aggressively repurchasing shares. Management sees exceptional value with strong earnings growth continuing. | |||||||
| - | -3.6% | GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. Full Quick Take GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. | |||||||
| +4.9% | +8.3% | Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. Full Quick Take Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. | |||||||
| +19.8% | +27.0% | FPA Queens Road Small Cap Value Fund delivered 27% YTD returns through Q2 2026, outperforming its benchmark by 400 basis points. Technology holdings drove performance with component manufacturers and distributors up 100%+ on cyclical recovery and data center exposure. Managers aggressively trimmed winners as valuations expanded, redeploying capital into utilities, financials, and industrials. Portfolio remains concentrated in high-quality compounders trading at reasonable valuations with strong cash generation. Full Quick Take FPA Queens Road Small Cap Value Fund delivered 27% YTD returns through Q2 2026, outperforming its benchmark by 400 basis points. Technology holdings drove performance with component manufacturers and distributors up 100%+ on cyclical recovery and data center exposure. Managers aggressively trimmed winners as valuations expanded, redeploying capital into utilities, financials, and industrials. Portfolio remains concentrated in high-quality compounders trading at reasonable valuations with strong cash generation. | |||||||
| - | -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. | |||||||
| -12.8% | +42.8% | - | Bison returned -12.8% in Q2 but sees the energy drawdown as a compelling entry point with the sector at all-time low S&P weightings and substantial mispricings. The fund opened a new co-investment in an undervalued oil and gas producer with strong improving operations trading at a significant discount to peers, offering multi-bagger upside through asset sales and buybacks amid historic oil supply disruptions and recovering institutional sentiment. Full Quick Take Bison returned -12.8% in Q2 but sees the energy drawdown as a compelling entry point with the sector at all-time low S&P weightings and substantial mispricings. The fund opened a new co-investment in an undervalued oil and gas producer with strong improving operations trading at a significant discount to peers, offering multi-bagger upside through asset sales and buybacks amid historic oil supply disruptions and recovering institutional sentiment. | - | |||||
| +7.0% | +10.7% | Tweedy Browne delivered strong absolute returns in Q2 2026 but warns of late-1990s bubble conditions as AI mania drives valuations to historic extremes. The manager actively avoids overvalued mega-cap tech, instead positioning in attractively valued European, Japanese, and smaller-cap companies. With CAPE at 41X and persistent inflation forcing Fed hawkishness, the portfolio is defensively positioned to outperform in a potential market correction while maintaining participation if enthusiasm persists. Full Quick Take Tweedy Browne delivered strong absolute returns in Q2 2026 but warns of late-1990s bubble conditions as AI mania drives valuations to historic extremes. The manager actively avoids overvalued mega-cap tech, instead positioning in attractively valued European, Japanese, and smaller-cap companies. With CAPE at 41X and persistent inflation forcing Fed hawkishness, the portfolio is defensively positioned to outperform in a potential market correction while maintaining participation if enthusiasm persists. | - | ||||||
| +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. | |||||||
| +13.2% | +7.5% | Baron Focused Growth gained 13.26% in Q2 2026, lagging the benchmark due to AI-driven valuation compression in software holdings despite unchanged fundamentals. SpaceX's record $85 billion IPO drove 987 bps of returns. Consumer investments rebounded strongly as macro fears eased. Portfolio companies accelerated buybacks at depressed valuations while maintaining strong balance sheets and recurring revenue growth. The concentrated 28-stock portfolio trades at historically low valuations with multiple paths to value realization as rates decline. Full Quick Take Baron Focused Growth gained 13.26% in Q2 2026, lagging the benchmark due to AI-driven valuation compression in software holdings despite unchanged fundamentals. SpaceX's record $85 billion IPO drove 987 bps of returns. Consumer investments rebounded strongly as macro fears eased. Portfolio companies accelerated buybacks at depressed valuations while maintaining strong balance sheets and recurring revenue growth. The concentrated 28-stock portfolio trades at historically low valuations with multiple paths to value realization as rates decline. | |||||||
| +6.7% | +8.8% | Tweedy Browne International Value Fund II returned 6.69% in Q2 2026 but trails benchmarks year-to-date at 8.84%. The manager expresses serious concern about AI-driven valuation excesses, with key metrics at bubble-like levels and hyperscalers trapped in a capex prisoner's dilemma. The portfolio emphasizes smaller caps and non-US equities at attractive valuations while avoiding overpriced US tech, positioning defensively for potential market correction. Full Quick Take Tweedy Browne International Value Fund II returned 6.69% in Q2 2026 but trails benchmarks year-to-date at 8.84%. The manager expresses serious concern about AI-driven valuation excesses, with key metrics at bubble-like levels and hyperscalers trapped in a capex prisoner's dilemma. The portfolio emphasizes smaller caps and non-US equities at attractive valuations while avoiding overpriced US tech, positioning defensively for potential market correction. | - | ||||||
| - | - | Elliott argues Northern Star Resources owns world-class gold assets in Australia and Alaska that are deeply undervalued due to operational failures and leadership issues. The company has underperformed peers by 203% over three years despite possessing what could become the second largest Tier-1 gold mine globally. Elliott demands immediate strategic review including potential sale, citing strong M&A environment and significant buyer interest, or alternatively a comprehensive operational turnaround with new leadership. Full Quick Take Elliott argues Northern Star Resources owns world-class gold assets in Australia and Alaska that are deeply undervalued due to operational failures and leadership issues. The company has underperformed peers by 203% over three years despite possessing what could become the second largest Tier-1 gold mine globally. Elliott demands immediate strategic review including potential sale, citing strong M&A environment and significant buyer interest, or alternatively a comprehensive operational turnaround with new leadership. | |||||||
| +32.6% | +32.9% | 13D Activist Fund restructured to concentrate capital on 15-20 best global activist campaigns, adding nine positions in Japan and Europe. Q2 2026 returned 32.61% net as fund capitalized on small-cap value rotation and activist catalysts. Japanese activism offers multi-decade opportunity with companies holding 49% cash-to-market-cap and structural tailwinds from regulatory support, management turnover, and capital inflows. New positions target operational improvements, asset monetization, and margin expansion. Full Quick Take 13D Activist Fund restructured to concentrate capital on 15-20 best global activist campaigns, adding nine positions in Japan and Europe. Q2 2026 returned 32.61% net as fund capitalized on small-cap value rotation and activist catalysts. Japanese activism offers multi-decade opportunity with companies holding 49% cash-to-market-cap and structural tailwinds from regulatory support, management turnover, and capital inflows. New positions target operational improvements, asset monetization, and margin expansion. | |||||||
| +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. | |||||||
| +20.8% | - | - | Liberty Park Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Liberty Park Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +23.3% | -1.2% | - | McIntyre Partnerships provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take McIntyre Partnerships provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +5.4% | +3.0% | Maran Partners returned +5.4% net in Q2 2026 despite market headwinds, executing two high-conviction special situation trades: a bridge loan in the underserved small credit market and a SpaceX IPO arbitrage at a 30% discount. Core small and microcap holdings are actively unlocking value through sales processes and buybacks. The concentrated portfolio has generated mid-teens annualized returns since inception with 9% alpha versus Russell 2000. Full Quick Take Maran Partners returned +5.4% net in Q2 2026 despite market headwinds, executing two high-conviction special situation trades: a bridge loan in the underserved small credit market and a SpaceX IPO arbitrage at a 30% discount. Core small and microcap holdings are actively unlocking value through sales processes and buybacks. The concentrated portfolio has generated mid-teens annualized returns since inception with 9% alpha versus Russell 2000. | - | ||||||
| +13.7% | +5.9% | Giverny Capital maintains a concentrated portfolio of quality earnings compounders despite Q2 underperformance driven by extreme market dispersion favoring momentum. Manager Poppe trimmed expensive AI winners Alphabet and Arista to add to undervalued financials like Schwab and Progressive growing earnings 15-25% annually but trading at half the market multiple. He views current momentum-chasing as unsustainable and expects long-term returns to follow earnings growth. Full Quick Take Giverny Capital maintains a concentrated portfolio of quality earnings compounders despite Q2 underperformance driven by extreme market dispersion favoring momentum. Manager Poppe trimmed expensive AI winners Alphabet and Arista to add to undervalued financials like Schwab and Progressive growing earnings 15-25% annually but trading at half the market multiple. He views current momentum-chasing as unsustainable and expects long-term returns to follow earnings growth. | |||||||
| -6.7% | - | Classic value investor running concentrated compounder portfolio down 3.86% in 2025 but up over 10% excluding currency headwinds from NIS strength. Actively avoiding Magnificent Ten AI bubble while portfolio companies compound FCF at 20% annually versus 3.5% for S&P 500, trading at half the market multiple. Increased positions in insurance, asset managers, and Constellation Software at 50% discount. Maintains full equity exposure with multi-year horizon. Full Quick Take Classic value investor running concentrated compounder portfolio down 3.86% in 2025 but up over 10% excluding currency headwinds from NIS strength. Actively avoiding Magnificent Ten AI bubble while portfolio companies compound FCF at 20% annually versus 3.5% for S&P 500, trading at half the market multiple. Increased positions in insurance, asset managers, and Constellation Software at 50% discount. Maintains full equity exposure with multi-year horizon. | |||||||
| +15.0% | +9.7% | - | 1 Main Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take 1 Main Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +7.2% | +11.1% | Tweedy Browne delivered strong Q2 absolute returns but lagged AI-driven benchmarks. The manager draws explicit parallels to the late 1990s bubble, citing 41X Cape Shiller P/E, hyperscaler capex prisoner's dilemma, and record margin debt. Most AI stocks fail their valuation criteria. The Funds emphasize smaller and mid-cap companies at attractive valuations, positioned to outperform if market excesses correct while participating if animal spirits continue. Full Quick Take Tweedy Browne delivered strong Q2 absolute returns but lagged AI-driven benchmarks. The manager draws explicit parallels to the late 1990s bubble, citing 41X Cape Shiller P/E, hyperscaler capex prisoner's dilemma, and record margin debt. Most AI stocks fail their valuation criteria. The Funds emphasize smaller and mid-cap companies at attractive valuations, positioned to outperform if market excesses correct while participating if animal spirits continue. | - | ||||||
| +9.3% | -5.3% | Edgewood's concentrated large-cap growth portfolio underperformed in Q2 2026 despite accelerating earnings growth to 31% YoY, as sector rotations overrode fundamentals and drove 16% multiple compression. The firm added Tesla, Linde, and Amazon to deepen Physical AI exposure—its core thesis that AI will proliferate into robotaxis, humanoids, and physical applications with addressable markets multiples larger than digital AI. Management buyback programs signal conviction at cheap valuations. Full Quick Take Edgewood's concentrated large-cap growth portfolio underperformed in Q2 2026 despite accelerating earnings growth to 31% YoY, as sector rotations overrode fundamentals and drove 16% multiple compression. The firm added Tesla, Linde, and Amazon to deepen Physical AI exposure—its core thesis that AI will proliferate into robotaxis, humanoids, and physical applications with addressable markets multiples larger than digital AI. Management buyback programs signal conviction at cheap valuations. | |||||||
| - | +4.8% | Fairfax Financial reported strong second-quarter 2026 net earnings of $1.39 billion and a 93.1% combined ratio, fueled by robust underwriting profit and an $838.4 million realized gain on Poseidon. The firm aggressively returned capital via $1.09 billion in share repurchases while deploying opportunistically into corporate acquisitions. Full Quick Take Fairfax Financial reported strong second-quarter 2026 net earnings of $1.39 billion and a 93.1% combined ratio, fueled by robust underwriting profit and an $838.4 million realized gain on Poseidon. The firm aggressively returned capital via $1.09 billion in share repurchases while deploying opportunistically into corporate acquisitions. | - | ||||||
| - | - | - | UBS delivered exceptional Q2 2026 results with USD 2.8bn net profit and 16.4% underlying return on CET1 capital, driven by record Investment Bank revenues and strong wealth management flows. The Credit Suisse integration is 90% complete with USD 12.6bn in cost savings achieved, positioning UBS to outperform its 2026 return target. Strong capital generation enables mid-teens dividend growth, USD 3bn share repurchases, and strategic AI investments while maintaining a fortress balance sheet. Full Quick Take UBS delivered exceptional Q2 2026 results with USD 2.8bn net profit and 16.4% underlying return on CET1 capital, driven by record Investment Bank revenues and strong wealth management flows. The Credit Suisse integration is 90% complete with USD 12.6bn in cost savings achieved, positioning UBS to outperform its 2026 return target. Strong capital generation enables mid-teens dividend growth, USD 3bn share repurchases, and strategic AI investments while maintaining a fortress balance sheet. | - | |||||
| +4.7% | - | Palm Harbour Capital returned 4.66% in Q2 2026 despite June underperformance from Asian holdings caught in leverage-driven market distortions. The manager expresses deep concern about extreme leverage and passive flows creating systemic risks while maintaining strong conviction in fundamentally-driven value investing. Portfolio trades at 6.6x P/E with 106% upside to NAV. Top contributor Watches of Switzerland surged 59% on resilient luxury demand. Management extremely optimistic about medium-term prospects. Full Quick Take Palm Harbour Capital returned 4.66% in Q2 2026 despite June underperformance from Asian holdings caught in leverage-driven market distortions. The manager expresses deep concern about extreme leverage and passive flows creating systemic risks while maintaining strong conviction in fundamentally-driven value investing. Portfolio trades at 6.6x P/E with 106% upside to NAV. Top contributor Watches of Switzerland surged 59% on resilient luxury demand. Management extremely optimistic about medium-term prospects. | |||||||
| +11.7% | +15.3% | Hosking Partners delivered 15.3% year-to-date through capital cycle discipline, taking profits in memory semiconductors after historic AI-driven gains while maintaining energy positions despite geopolitical volatility. The strategy is positioned away from momentum-driven AI sectors experiencing record equity issuance and toward disciplined capital allocators in Japan, energy, and New York office real estate, capitalizing on the return to traditional supply-demand dynamics after a decade of capital-light business dominance. Full Quick Take Hosking Partners delivered 15.3% year-to-date through capital cycle discipline, taking profits in memory semiconductors after historic AI-driven gains while maintaining energy positions despite geopolitical volatility. The strategy is positioned away from momentum-driven AI sectors experiencing record equity issuance and toward disciplined capital allocators in Japan, energy, and New York office real estate, capitalizing on the return to traditional supply-demand dynamics after a decade of capital-light business dominance. | - | ||||||
| +9.0% | -5.7% | Vulcan owns exceptional businesses at 50 cents on the dollar that remain deeply out of favor while values compound steadily. The manager added three high-quality software businesses—Veeva, ServiceNow, and Equifax—at significant discounts driven by misunderstood AI disruption fears. These companies possess proprietary data and mission-critical platforms that make them AI beneficiaries, not victims. The CIO personally added capital, viewing current valuations as a compelling long-term opportunity. Full Quick Take Vulcan owns exceptional businesses at 50 cents on the dollar that remain deeply out of favor while values compound steadily. The manager added three high-quality software businesses—Veeva, ServiceNow, and Equifax—at significant discounts driven by misunderstood AI disruption fears. These companies possess proprietary data and mission-critical platforms that make them AI beneficiaries, not victims. The CIO personally added capital, viewing current valuations as a compelling long-term opportunity. | |||||||
| +9.5% | -5.9% | Vulcan owns exceptional businesses at 50 cents on the dollar with values compounding steadily despite near-term underperformance. Healthcare insurers UnitedHealth and Elevance are recovering from post-Covid pressure. New position Equifax offers dominant workforce data with no AI threat. The manager reallocated capital into more discounted names and personally added capital, viewing current valuations as a compelling long-term opportunity for patient investors. Full Quick Take Vulcan owns exceptional businesses at 50 cents on the dollar with values compounding steadily despite near-term underperformance. Healthcare insurers UnitedHealth and Elevance are recovering from post-Covid pressure. New position Equifax offers dominant workforce data with no AI threat. The manager reallocated capital into more discounted names and personally added capital, viewing current valuations as a compelling long-term opportunity for patient investors. | |||||||
| +30.5% | +38.8% | Invesco Discovery Fund outperformed significantly in Q2 2026 with a 30.63% return, driven by concentrated semiconductor and AI infrastructure holdings. Top contributors TTM Technologies, Sterling Infrastructure, and MACOM benefited from cyclical recovery and AI-driven demand. Management added three industrial positions targeting AI infrastructure and industrial renewal opportunities. The team maintains a constructive outlook on small-cap growth, supported by strong corporate fundamentals, broadening market participation, and robust AI innovation. Full Quick Take Invesco Discovery Fund outperformed significantly in Q2 2026 with a 30.63% return, driven by concentrated semiconductor and AI infrastructure holdings. Top contributors TTM Technologies, Sterling Infrastructure, and MACOM benefited from cyclical recovery and AI-driven demand. Management added three industrial positions targeting AI infrastructure and industrial renewal opportunities. The team maintains a constructive outlook on small-cap growth, supported by strong corporate fundamentals, broadening market participation, and robust AI innovation. | - | ||||||
| - | - | Claret advocates patient, long-term equity ownership in high-ROE compounders like Couche-Tard, CGI, and Microsoft, leveraging tax-deferred capital gains. The AI infrastructure boom shows bubble characteristics despite being funded by profitable hyperscalers: $725B capex commitments risk exceeding cash flow, token prices collapsed 90%, and circular financing echoes telecom bubble dynamics. The manager recommends moderate, selective AI exposure with sober judgment, not enthusiasm-driven positioning. Full Quick Take Claret advocates patient, long-term equity ownership in high-ROE compounders like Couche-Tard, CGI, and Microsoft, leveraging tax-deferred capital gains. The AI infrastructure boom shows bubble characteristics despite being funded by profitable hyperscalers: $725B capex commitments risk exceeding cash flow, token prices collapsed 90%, and circular financing echoes telecom bubble dynamics. The manager recommends moderate, selective AI exposure with sober judgment, not enthusiasm-driven positioning. | |||||||
| +19.3% | +25.1% | Heartland Value Plus outperformed in Q2 with a 19.25% return, driven by semiconductor and electrical component holdings benefitting from AI data center buildout and overlooked value opportunities in consumer finance and homebuilding. The fund's disciplined approach identified high-quality businesses with strong capital allocation trading at attractive valuations, participating in the rally while managing risk through its 10 Principles of Value Investing framework. Full Quick Take Heartland Value Plus outperformed in Q2 with a 19.25% return, driven by semiconductor and electrical component holdings benefitting from AI data center buildout and overlooked value opportunities in consumer finance and homebuilding. The fund's disciplined approach identified high-quality businesses with strong capital allocation trading at attractive valuations, participating in the rally while managing risk through its 10 Principles of Value Investing framework. | |||||||
| +10.0% | -0.7% | Ennismore's small-cap long/short fund is down 0.7% year-to-date after missing the AI boom, but the manager sees opportunity in the market's extreme attention concentration. The portfolio holds quality, cash-generative businesses buying back stock at depressed valuations, including Wise. The biggest new position is BBB Foods, a Mexican hard discounter with decades of runway attacking an incumbent with structurally higher costs. Neglect is deferring value, not destroying it. Full Quick Take Ennismore's small-cap long/short fund is down 0.7% year-to-date after missing the AI boom, but the manager sees opportunity in the market's extreme attention concentration. The portfolio holds quality, cash-generative businesses buying back stock at depressed valuations, including Wise. The biggest new position is BBB Foods, a Mexican hard discounter with decades of runway attacking an incumbent with structurally higher costs. Neglect is deferring value, not destroying it. | |||||||
| - | - | Market leadership has rotated dramatically with mega-cap tech stocks now reasonably valued for the first time in years while small caps remain cheap despite their best first half since 1991. The manager is buying out-of-favor quality like Microsoft and small-cap value opportunities while avoiding semiconductor stocks trading at potentially unsustainable peak earnings. Individual stock selection matters again as the market's broadening creates opportunities for disciplined value investors. Full Quick Take Market leadership has rotated dramatically with mega-cap tech stocks now reasonably valued for the first time in years while small caps remain cheap despite their best first half since 1991. The manager is buying out-of-favor quality like Microsoft and small-cap value opportunities while avoiding semiconductor stocks trading at potentially unsustainable peak earnings. Individual stock selection matters again as the market's broadening creates opportunities for disciplined value investors. | |||||||
| +3.9% | -0.8% | Southeastern runs a concentrated 17-stock portfolio trading at high-50s percent of value, positioned as contrarians during historic market speculation. The manager is highly critical of AI-related investments trading on circular capital flows rather than real free cash flow, maintaining conviction that mean reversion will reward their focus on undervalued businesses with tangible earnings power. Active engagement is accelerating value realization across holdings. Full Quick Take Southeastern runs a concentrated 17-stock portfolio trading at high-50s percent of value, positioned as contrarians during historic market speculation. The manager is highly critical of AI-related investments trading on circular capital flows rather than real free cash flow, maintaining conviction that mean reversion will reward their focus on undervalued businesses with tangible earnings power. Active engagement is accelerating value realization across holdings. | |||||||
| -2.5% | -5.1% | - | Southeastern's small-cap fund underperformed dramatically in Q2 as speculative AI-driven mania pushed Russell 2000 IT multiples up 25-40% while their concentrated value portfolio of 16 names trading at mid-50s% P/V declined 2.5%. The manager views current market conditions as bubble territory with both earnings and multiples at historic extremes, maintains high conviction their disciplined approach will prevail, and is actively engaging with management teams to accelerate value realization. Full Quick Take Southeastern's small-cap fund underperformed dramatically in Q2 as speculative AI-driven mania pushed Russell 2000 IT multiples up 25-40% while their concentrated value portfolio of 16 names trading at mid-50s% P/V declined 2.5%. The manager views current market conditions as bubble territory with both earnings and multiples at historic extremes, maintains high conviction their disciplined approach will prevail, and is actively engaging with management teams to accelerate value realization. | ||||||
| - | - | Turtle Creek sees extreme valuation dislocations creating their best-ever opportunity set despite recent underperformance. The manager has tripled positions in quality names like Colliers trading at historical-low multiples due to overblown AI disruption fears. Portfolio companies are aggressively buying back stock at depressed prices. With founder-led businesses growing earnings while trading at decade lows, the manager expects substantial returns as multiples normalize. Full Quick Take Turtle Creek sees extreme valuation dislocations creating their best-ever opportunity set despite recent underperformance. The manager has tripled positions in quality names like Colliers trading at historical-low multiples due to overblown AI disruption fears. Portfolio companies are aggressively buying back stock at depressed prices. With founder-led businesses growing earnings while trading at decade lows, the manager expects substantial returns as multiples normalize. | |||||||
| - | +6.0% | Ashva Capital rebounded strongly in April after Q1 volatility, outperforming the S&P 500 YTD. The manager views market weakness from oil disruption as temporary, maintaining secular bull market thesis. Strategy focuses on high-quality businesses with strong cash flow and shareholder-friendly capital allocation, using volatility as opportunity while staying selective on AI investments given disruption risks. Full Quick Take Ashva Capital rebounded strongly in April after Q1 volatility, outperforming the S&P 500 YTD. The manager views market weakness from oil disruption as temporary, maintaining secular bull market thesis. Strategy focuses on high-quality businesses with strong cash flow and shareholder-friendly capital allocation, using volatility as opportunity while staying selective on AI investments given disruption risks. | |||||||
| - | - | Apollo delivered record Q1 2026 results with fee-related earnings of $728 million and AUM surpassing $1 trillion. Strong performance across asset management and retirement services, with $115 billion quarterly inflows and continued execution on strategic growth pillars. Returned $1.5 billion to stockholders over twelve months while investing in future growth initiatives. Full Quick Take Apollo delivered record Q1 2026 results with fee-related earnings of $728 million and AUM surpassing $1 trillion. Strong performance across asset management and retirement services, with $115 billion quarterly inflows and continued execution on strategic growth pillars. Returned $1.5 billion to stockholders over twelve months while investing in future growth initiatives. | - | ||||||
| - | - | Markel delivered strong insurance underwriting results with a 93% combined ratio and 31% growth in insurance operating income, but investment portfolio volatility created significant headwinds. The company maintained disciplined capital allocation with $134 million in share repurchases while demonstrating operational resilience in its core specialty insurance franchise. Full Quick Take Markel delivered strong insurance underwriting results with a 93% combined ratio and 31% growth in insurance operating income, but investment portfolio volatility created significant headwinds. The company maintained disciplined capital allocation with $134 million in share repurchases while demonstrating operational resilience in its core specialty insurance franchise. | - | ||||||
| +14.2% | +14.2% | Pabrai Wagons ETF delivered 44% returns by investing in unloved global markets with zero S&P 500 overlap. Core positions include metallurgical coal miners, offshore drillers trading below replacement cost, and vertical software companies positioned to benefit from AI despite recent selloffs. The concentrated approach targets exceptional businesses with wide moats and superior capital allocation. Full Quick Take Pabrai Wagons ETF delivered 44% returns by investing in unloved global markets with zero S&P 500 overlap. Core positions include metallurgical coal miners, offshore drillers trading below replacement cost, and vertical software companies positioned to benefit from AI despite recent selloffs. The concentrated approach targets exceptional businesses with wide moats and superior capital allocation. | |||||||
| - | - | Elliott targets Daikin as a deeply undervalued global HVAC leader trading at historic discounts despite strong competitive moats. The activist firm identifies 500bp margin improvement potential through operational efficiency plus significant capital return opportunities via buybacks. With secular tailwinds from electrification and data centers, Elliott projects 70%+ EPS upside through better execution and capital allocation. Full Quick Take Elliott targets Daikin as a deeply undervalued global HVAC leader trading at historic discounts despite strong competitive moats. The activist firm identifies 500bp margin improvement potential through operational efficiency plus significant capital return opportunities via buybacks. With secular tailwinds from electrification and data centers, Elliott projects 70%+ EPS upside through better execution and capital allocation. | |||||||
| -4.0% | -4.0% | Longleaf delivered -4.46% in Q1 2026, lagging early but improving as markets turned volatile. Portfolio trades at attractive mid-50s% P/V ratio with 17 concentrated holdings. Key contributors CNH and FedEx offset weakness in Avantor and Exor. Manager sees opportunity from potential private credit stress given portfolio's strong balance sheets and active engagement approach. Full Quick Take Longleaf delivered -4.46% in Q1 2026, lagging early but improving as markets turned volatile. Portfolio trades at attractive mid-50s% P/V ratio with 17 concentrated holdings. Key contributors CNH and FedEx offset weakness in Avantor and Exor. Manager sees opportunity from potential private credit stress given portfolio's strong balance sheets and active engagement approach. | |||||||
| +1.4% | +1.4% | Greystone outperformed in Q1 2026 through concentrated small-cap value investing, avoiding expensive growth stocks. The strategy focuses on businesses with durable demand and intelligent capital allocation. Secure Waste Infrastructure exemplified the approach as a toll booth waste management business that was acquired for 50-60% gains in eight months. Full Quick Take Greystone outperformed in Q1 2026 through concentrated small-cap value investing, avoiding expensive growth stocks. The strategy focuses on businesses with durable demand and intelligent capital allocation. Secure Waste Infrastructure exemplified the approach as a toll booth waste management business that was acquired for 50-60% gains in eight months. | |||||||
| - | - | Vltava Fund sold two positions and added three platform businesses with strong network effects during an active quarter. The manager sees AI transitioning from infrastructure to economic transformation, identifies private credit market stress, and notes portfolio companies intensifying buybacks. Current intrinsic value exceeds share prices by wider margins than usual, positioning for future value realization. Full Quick Take Vltava Fund sold two positions and added three platform businesses with strong network effects during an active quarter. The manager sees AI transitioning from infrastructure to economic transformation, identifies private credit market stress, and notes portfolio companies intensifying buybacks. Current intrinsic value exceeds share prices by wider margins than usual, positioning for future value realization. | |||||||
| +6.7% | +6.7% | Heartland Mid Cap Value outperformed in Q1 as market volatility created attractive entry points for patient value investors. Federal policy uncertainties drove broad market weakness, but the fund's two-bucket approach captured opportunities in quality names like Teledyne, Middleby, and Perrigo. Stock selection improved as risk aversion returned, positioning the fund well for long-term outperformance. Full Quick Take Heartland Mid Cap Value outperformed in Q1 as market volatility created attractive entry points for patient value investors. Federal policy uncertainties drove broad market weakness, but the fund's two-bucket approach captured opportunities in quality names like Teledyne, Middleby, and Perrigo. Stock selection improved as risk aversion returned, positioning the fund well for long-term outperformance. | - | ||||||
| +3.0% | +3.0% | Hinde Group outperformed during Q1's market volatility driven by AI disruption fears and Middle East conflict. The concentrated portfolio's special situations focus, exemplified by undervalued Becton Dickinson trading at 8.0% earnings yield with $230+ fair value target, positions the fund well for long-term value creation despite near-term macro uncertainties. Full Quick Take Hinde Group outperformed during Q1's market volatility driven by AI disruption fears and Middle East conflict. The concentrated portfolio's special situations focus, exemplified by undervalued Becton Dickinson trading at 8.0% earnings yield with $230+ fair value target, positions the fund well for long-term value creation despite near-term macro uncertainties. | |||||||
| - | - | GCQ's concentrated quality portfolio delivered strong Q1 earnings with 14% median revenue growth despite year-to-date underperformance creating attractive entry points. AI disruption fears are moderating as portfolio companies successfully integrate AI tools. Cloud leaders Amazon and Microsoft accelerated growth while management teams signal confidence through aggressive share buybacks across high-quality businesses trading at compelling valuations. Full Quick Take GCQ's concentrated quality portfolio delivered strong Q1 earnings with 14% median revenue growth despite year-to-date underperformance creating attractive entry points. AI disruption fears are moderating as portfolio companies successfully integrate AI tools. Cloud leaders Amazon and Microsoft accelerated growth while management teams signal confidence through aggressive share buybacks across high-quality businesses trading at compelling valuations. | - |
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