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. | |||||||
| - | - | The Magnificent Seven's trillion-dollar AI buildout reveals stark divergence in value creation. Nvidia and Apple thrive as supplier and capital-light player respectively. Microsoft, Meta, and Alphabet compress from extraordinary to excellent returns while still earning 2.5x their cost of capital. Amazon barely clears its hurdle while Tesla destroys value. The dispersion creates opportunity for investors distinguishing growth buyers from capacity buyers. Full Quick Take The Magnificent Seven's trillion-dollar AI buildout reveals stark divergence in value creation. Nvidia and Apple thrive as supplier and capital-light player respectively. Microsoft, Meta, and Alphabet compress from extraordinary to excellent returns while still earning 2.5x their cost of capital. Amazon barely clears its hurdle while Tesla destroys value. The dispersion creates opportunity for investors distinguishing growth buyers from capacity buyers. | |||||||
| +6.9% | -23.3% | Hayden Capital underperformed in Q2 as markets favored momentum over quality. Manager Liu focuses on reinvestment cycles with calculable ROICs, expressing conviction in e-commerce plays Shopee and Mercado Libre while questioning AI capex sustainability at hyperscalers. Exited Pinduoduo profitably after thesis played out. Portfolio companies growing 40%+ at market multiples sets up for future outperformance as reinvestment programs mature. Full Quick Take Hayden Capital underperformed in Q2 as markets favored momentum over quality. Manager Liu focuses on reinvestment cycles with calculable ROICs, expressing conviction in e-commerce plays Shopee and Mercado Libre while questioning AI capex sustainability at hyperscalers. Exited Pinduoduo profitably after thesis played out. Portfolio companies growing 40%+ at market multiples sets up for future outperformance as reinvestment programs mature. | |||||||
| +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. | - | ||||||
| +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. | |||||||
| - | - | ACR Alpine raised cash to 25% amid historic market valuations driven by AI speculation. While $800 billion in AI capital expenditures inflate corporate profits, actual productivity gains remain unclear four years into the generative AI era. Manager sees selective opportunities in healthcare, food, and perceived AI casualties like software, but maintains disciplined value approach requiring high confidence before deploying capital in this speculative environment. Full Quick Take ACR Alpine raised cash to 25% amid historic market valuations driven by AI speculation. While $800 billion in AI capital expenditures inflate corporate profits, actual productivity gains remain unclear four years into the generative AI era. Manager sees selective opportunities in healthcare, food, and perceived AI casualties like software, but maintains disciplined value approach requiring high confidence before deploying capital in this speculative environment. | - | ||||||
| +7.6% | -3.7% | LongRun Equity underperformed in Q2 as narrow market breadth favored AI stocks while quality businesses saw multiple compression despite earnings delivery. The fund added Amphenol and Nvidia, viewing AI disruption fears as creating opportunities in fundamentally strong businesses with intact moats. Portfolio metrics remain robust with 31% margins and 63% ROIC. Management expects market rotation to drive low double-digit forward returns from current attractive valuations. Full Quick Take LongRun Equity underperformed in Q2 as narrow market breadth favored AI stocks while quality businesses saw multiple compression despite earnings delivery. The fund added Amphenol and Nvidia, viewing AI disruption fears as creating opportunities in fundamentally strong businesses with intact moats. Portfolio metrics remain robust with 31% margins and 63% ROIC. Management expects market rotation to drive low double-digit forward returns from current attractive valuations. | |||||||
| - | - | Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. Full Quick Take Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. | |||||||
| - | - | - | Lux Capital's Q2 2026 letter centers on error correction as the West's competitive advantage across AI, defense, and markets. The firm has invested the full AI stack from Hugging Face to EvolutionaryScale to infrastructure plays, plus defense companies positioned for European rearmament. Manager warns AI valuations show bubble characteristics with capex growing three times faster than revenue, but maintains long-term conviction in error-correcting systems over closed architectures. Full Quick Take Lux Capital's Q2 2026 letter centers on error correction as the West's competitive advantage across AI, defense, and markets. The firm has invested the full AI stack from Hugging Face to EvolutionaryScale to infrastructure plays, plus defense companies positioned for European rearmament. Manager warns AI valuations show bubble characteristics with capex growing three times faster than revenue, but maintains long-term conviction in error-correcting systems over closed architectures. | - | |||||
| - | - | - | The ETF industry is rapidly expanding product boundaries with autocallable structures, tokenisation emerging as a transformative long-term development, and regulatory changes reshaping competitive dynamics. Private credit ETFs face fundamental liquidity mismatches while digital assets gain cautious institutional acceptance as portfolio diversifiers. Consolidation is expected among issuers as regulatory divergence drives regionalized strategies. Industry sentiment remains strongly positive with innovation momentum accelerating. Full Quick Take The ETF industry is rapidly expanding product boundaries with autocallable structures, tokenisation emerging as a transformative long-term development, and regulatory changes reshaping competitive dynamics. Private credit ETFs face fundamental liquidity mismatches while digital assets gain cautious institutional acceptance as portfolio diversifiers. Consolidation is expected among issuers as regulatory divergence drives regionalized strategies. Industry sentiment remains strongly positive with innovation momentum accelerating. | - | |||||
| - | -4.7% | Mott Capital underperformed in Q2 2026 as AI and semiconductor exuberance drove markets, but underlying portfolio businesses show strong fundamentals with cloud growth exceeding 35-40%. The manager added high-quality SaaS names like Intuit and ServiceNow while reducing cash to 10-15%, deploying into forgotten quality stocks. Despite near-term headwinds, conviction remains in patient capital being rewarded as markets eventually rotate from AI concentration. Full Quick Take Mott Capital underperformed in Q2 2026 as AI and semiconductor exuberance drove markets, but underlying portfolio businesses show strong fundamentals with cloud growth exceeding 35-40%. The manager added high-quality SaaS names like Intuit and ServiceNow while reducing cash to 10-15%, deploying into forgotten quality stocks. Despite near-term headwinds, conviction remains in patient capital being rewarded as markets eventually rotate from AI concentration. | |||||||
| +2.1% | - | The Gabelli ABC Fund gained 2.08% in Q2 2026 as global M&A hit record levels with $2.85 trillion in first-half deal value, up 50% year-over-year. Mega-deals totaled $1.3 trillion, more than doubling 2025 levels. Cash deals dominated at 63% of transactions. The Fund capitalized on event-driven opportunities including completed deals like Janus Henderson and a robust pipeline of pending transactions across biotech, homebuilding, and media sectors. Full Quick Take The Gabelli ABC Fund gained 2.08% in Q2 2026 as global M&A hit record levels with $2.85 trillion in first-half deal value, up 50% year-over-year. Mega-deals totaled $1.3 trillion, more than doubling 2025 levels. Cash deals dominated at 63% of transactions. The Fund capitalized on event-driven opportunities including completed deals like Janus Henderson and a robust pipeline of pending transactions across biotech, homebuilding, and media sectors. | |||||||
| +6.8% | - | The Gabelli Equity Income Fund returned 6.76% in Q2 2026, lagging its benchmark as persistent inflation and a hawkish Fed shift weighed on markets. Strong performance from financials like Bank of New York Mellon, driven by AI-enabled efficiency gains, offset weakness in energy holdings including Chevron. The manager maintains focus on value opportunities trading below Private Market Value that can thrive regardless of interest rate movements. Full Quick Take The Gabelli Equity Income Fund returned 6.76% in Q2 2026, lagging its benchmark as persistent inflation and a hawkish Fed shift weighed on markets. Strong performance from financials like Bank of New York Mellon, driven by AI-enabled efficiency gains, offset weakness in energy holdings including Chevron. The manager maintains focus on value opportunities trading below Private Market Value that can thrive regardless of interest rate movements. | |||||||
| -12.6% | -4.3% | Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. Full Quick Take Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. | |||||||
| - | - | - | Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. Full Quick Take Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. | - | |||||
| - | - | Andvari's vertical software holdings like Constellation and Tyler Technologies deliver strong results with record cash flows and successful cloud transitions. Manager views AI infrastructure buildout as approaching capital cycle peak, with circular financing and unsustainable economics requiring 10% of U.S. GDP to justify valuations. Deliberately underweights pure AI plays despite near-term underperformance, adding only diversified exposure through Amazon, Microsoft, and Texas Instruments while maintaining discipline. Full Quick Take Andvari's vertical software holdings like Constellation and Tyler Technologies deliver strong results with record cash flows and successful cloud transitions. Manager views AI infrastructure buildout as approaching capital cycle peak, with circular financing and unsustainable economics requiring 10% of U.S. GDP to justify valuations. Deliberately underweights pure AI plays despite near-term underperformance, adding only diversified exposure through Amazon, Microsoft, and Texas Instruments while maintaining discipline. | |||||||
| +13.7% | +15.4% | The fund underperformed the Russell 2000's exceptional 21.49% Q2 return, missing the quarter's momentum-driven rally in AI, quantum computing and non-earning growth stocks. Top holdings MACOM and Mercury Systems delivered strong results driven by data center and defense demand. The manager remains constructive long-term on small caps given multi-decade low valuations, reaccelerating earnings and structural tailwinds, while acknowledging near-term geopolitical and election-related volatility risks. Full Quick Take The fund underperformed the Russell 2000's exceptional 21.49% Q2 return, missing the quarter's momentum-driven rally in AI, quantum computing and non-earning growth stocks. Top holdings MACOM and Mercury Systems delivered strong results driven by data center and defense demand. The manager remains constructive long-term on small caps given multi-decade low valuations, reaccelerating earnings and structural tailwinds, while acknowledging near-term geopolitical and election-related volatility risks. | |||||||
| - | +3.5% | MJG returned 3.45% in H1 2026 after an exceptional 2025, maintaining decade-long outperformance at 21.9% annualized. Precious metals collapsed 28-52% from January peaks as anticipated, validating defensive positioning. Copper remains the largest weighting at 34% with strong fundamentals despite equity underperformance. Cash increased to 22%, the highest since inception, positioning for potential broad weakness while preserving deployment capacity. The proven people-first, bottom-up approach continues unchanged. Full Quick Take MJG returned 3.45% in H1 2026 after an exceptional 2025, maintaining decade-long outperformance at 21.9% annualized. Precious metals collapsed 28-52% from January peaks as anticipated, validating defensive positioning. Copper remains the largest weighting at 34% with strong fundamentals despite equity underperformance. Cash increased to 22%, the highest since inception, positioning for potential broad weakness while preserving deployment capacity. The proven people-first, bottom-up approach continues unchanged. | |||||||
| +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. | |||||||
| - | -4.3% | - | Smoak Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Smoak Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +15.6% | - | - | African Lions Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take African Lions Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +2.2% | +1.5% | - | Franklin High Income Fund delivered 2.19% in Q2 2026 as resilient corporate fundamentals and active capital markets supported high-yield bonds despite hawkish Fed commentary. Default rates remain below historical averages at 2.67%, while fund inflows totaled $2.3 billion in June. The fund maintains a constructive outlook with ratings-quality positioning favoring Ca and B bonds, though spreads are fair but not compelling and caution on deeply distressed credits persists. Full Quick Take Franklin High Income Fund delivered 2.19% in Q2 2026 as resilient corporate fundamentals and active capital markets supported high-yield bonds despite hawkish Fed commentary. Default rates remain below historical averages at 2.67%, while fund inflows totaled $2.3 billion in June. The fund maintains a constructive outlook with ratings-quality positioning favoring Ca and B bonds, though spreads are fair but not compelling and caution on deeply distressed credits persists. | - | |||||
| - | - | Apollo Global Management delivered record Q2 2026 earnings with Fee Related Earnings up 25% year-over-year to $785 million and Spread Related Earnings reaching $877 million. Total AUM hit $1.05 trillion on $298 billion of trailing twelve-month inflows. The firm's integrated platform across Asset Management and Retirement Services, combined with $74 billion of quarterly origination activity, positions Apollo to capitalize on increasing demand for capital in evolving private markets. Full Quick Take Apollo Global Management delivered record Q2 2026 earnings with Fee Related Earnings up 25% year-over-year to $785 million and Spread Related Earnings reaching $877 million. Total AUM hit $1.05 trillion on $298 billion of trailing twelve-month inflows. The firm's integrated platform across Asset Management and Retirement Services, combined with $74 billion of quarterly origination activity, positions Apollo to capitalize on increasing demand for capital in evolving private markets. | |||||||
| +5.1% | - | - | Bronte Capital Amalthea Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Bronte Capital Amalthea Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| -1.0% | -21.0% | - | Rowan Street Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Rowan Street Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +18.2% | +18.2% | GW&K's small cap core fund trailed the Russell 2000's 21.5% Q2 rally as speculative, low-quality stocks dominated. The fund's quality bias and cash position created headwinds, but June's normalization drove a rebound. With small caps up over 1200 bps versus large caps year-to-date on strong earnings and broadening participation, managers see continued opportunity as fundamentals trump speculation. Full Quick Take GW&K's small cap core fund trailed the Russell 2000's 21.5% Q2 rally as speculative, low-quality stocks dominated. The fund's quality bias and cash position created headwinds, but June's normalization drove a rebound. With small caps up over 1200 bps versus large caps year-to-date on strong earnings and broadening participation, managers see continued opportunity as fundamentals trump speculation. | - | ||||||
| -8.5% | - | - | Crypto Native Capital de-risked 25% to cash in October 2025 at cycle peak and will begin deploying through year-end 2026, targeting bitcoin's historical 12-13 month bottoming window. The fund can buy 24.7% more bitcoin today than at the de-risk. Digital asset treasury companies are unwinding, creating forced selling that provides the entry opportunity the cash was raised for. Full Quick Take Crypto Native Capital de-risked 25% to cash in October 2025 at cycle peak and will begin deploying through year-end 2026, targeting bitcoin's historical 12-13 month bottoming window. The fund can buy 24.7% more bitcoin today than at the de-risk. Digital asset treasury companies are unwinding, creating forced selling that provides the entry opportunity the cash was raised for. | - | |||||
| - | - | Markel Group's Q2 2026 results demonstrate operational momentum in specialty insurance with a 40% increase in insurance segment adjusted operating income and improved 93% combined ratio. The diversified holding company generated strong cash flow, enabling $237 million in share repurchases while maintaining consistent revenues. Management expects continued insurance improvement through year-end, building on reorganization progress initiated in 2025. Full Quick Take Markel Group's Q2 2026 results demonstrate operational momentum in specialty insurance with a 40% increase in insurance segment adjusted operating income and improved 93% combined ratio. The diversified holding company generated strong cash flow, enabling $237 million in share repurchases while maintaining consistent revenues. Management expects continued insurance improvement through year-end, building on reorganization progress initiated in 2025. | |||||||
| - | +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. | - | |||||
| - | +32.4% | AGT Partners delivered +32.4% in 1H26 through a dual strategy of owning quality large-caps with durable moats (TSMC, Microsoft, Alphabet) and under-followed small-caps in unglamorous sectors. The manager initiated Alphabet on AI monetization evidence, holds SK Hynix cautiously amid unsustainable memory pricing, and is evolving toward constructive shareholder engagement by appointing ex-Dyna-Mac CEO as advisor to unlock value in smaller holdings. Full Quick Take AGT Partners delivered +32.4% in 1H26 through a dual strategy of owning quality large-caps with durable moats (TSMC, Microsoft, Alphabet) and under-followed small-caps in unglamorous sectors. The manager initiated Alphabet on AI monetization evidence, holds SK Hynix cautiously amid unsustainable memory pricing, and is evolving toward constructive shareholder engagement by appointing ex-Dyna-Mac CEO as advisor to unlock value in smaller holdings. | |||||||
| +2.8% | - | Lazard Enhanced Opportunities returned 2.82% in Q2 2026, underperforming as equity hedges detracted from strong market gains. AI infrastructure convertibles from Nebius and Akamai drove positive performance through volatility-driven basis expansion. Record convertible issuance of $83 billion nearly doubled prior year levels. Rising rates under hawkish Fed Chair Warsh partially offset gains. The team expects earnings volatility to create gamma trading opportunities. Full Quick Take Lazard Enhanced Opportunities returned 2.82% in Q2 2026, underperforming as equity hedges detracted from strong market gains. AI infrastructure convertibles from Nebius and Akamai drove positive performance through volatility-driven basis expansion. Record convertible issuance of $83 billion nearly doubled prior year levels. Rising rates under hawkish Fed Chair Warsh partially offset gains. The team expects earnings volatility to create gamma trading opportunities. | - | ||||||
| +6.1% | +7.5% | RLH SPAC Fund returned 6.1% in Q2 2026 by combining trust-supported yields with transaction-driven optionality. The strategy delivered as SPAC discounts converged and select transactions like CCXI and BRUN captured investor interest. With 55 new SPAC IPOs and 28 transaction announcements, the opportunity set remains compelling: base-case yields exceeding 5%, trust-protected downside, and meaningful upside when quality transactions emerge. Full Quick Take RLH SPAC Fund returned 6.1% in Q2 2026 by combining trust-supported yields with transaction-driven optionality. The strategy delivered as SPAC discounts converged and select transactions like CCXI and BRUN captured investor interest. With 55 new SPAC IPOs and 28 transaction announcements, the opportunity set remains compelling: base-case yields exceeding 5%, trust-protected downside, and meaningful upside when quality transactions emerge. | |||||||
| - | - | Horos delivered solid Q2 returns while maintaining deep skepticism about the AI investment boom's sustainability. The manager sees the $700 billion hyperscaler spending spree creating semiconductor bottlenecks and valuations reminiscent of historical bubbles. SpaceX's $2 trillion IPO despite massive cash burn epitomizes the euphoria. The portfolio was repositioned away from recent winners toward undervalued holdings like Suzano and French holding companies, maintaining strict focus on margin of safety. Full Quick Take Horos delivered solid Q2 returns while maintaining deep skepticism about the AI investment boom's sustainability. The manager sees the $700 billion hyperscaler spending spree creating semiconductor bottlenecks and valuations reminiscent of historical bubbles. SpaceX's $2 trillion IPO despite massive cash burn epitomizes the euphoria. The portfolio was repositioned away from recent winners toward undervalued holdings like Suzano and French holding companies, maintaining strict focus on margin of safety. | |||||||
| +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. | - | ||||||
| - | +4.6% | LVS Advisory targets event-driven special situations and undervalued compounders. Vistance Networks, a distressed telecom roll-up, offers $24-28 in value from a $13.52 entry through asset sales and special dividends, with remaining business likely to be sold. Hikari Tsushin, a Japanese conglomerate with 17% equity CAGR and exceptional capital allocation, trades at 2.0x earnings for operating businesses following a 15% drawdown. Full Quick Take LVS Advisory targets event-driven special situations and undervalued compounders. Vistance Networks, a distressed telecom roll-up, offers $24-28 in value from a $13.52 entry through asset sales and special dividends, with remaining business likely to be sold. Hikari Tsushin, a Japanese conglomerate with 17% equity CAGR and exceptional capital allocation, trades at 2.0x earnings for operating businesses following a 15% drawdown. | |||||||
| - | -4.2% | LVS Advisory's Growth portfolio focuses on deep value special situations and quality compounders. Vistance Networks offers $24-28 in value for $13.52 invested through asset sales and dividends, with the remaining business trading at 4.4x free cash flow. Hikari Tsushin, a Japanese conglomerate with Berkshire-like discipline, trades at 2.0x earnings for operating businesses after backing out investments, with management owning significant equity. Full Quick Take LVS Advisory's Growth portfolio focuses on deep value special situations and quality compounders. Vistance Networks offers $24-28 in value for $13.52 invested through asset sales and dividends, with the remaining business trading at 4.4x free cash flow. Hikari Tsushin, a Japanese conglomerate with Berkshire-like discipline, trades at 2.0x earnings for operating businesses after backing out investments, with management owning significant equity. | |||||||
| +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. | - | ||||||
| +14.3% | +6.5% | - | The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly. Full Quick Take The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly. | - | |||||
| +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. | |||||||
| +8.5% | 0.0% | AI has evolved to autonomous agents executing real work, fundamentally expanding demand beyond chatbots. The manager built a custom research system using coding agents, experiencing firsthand how previously uneconomical projects become viable. However, the massive AI infrastructure build-out creates capital cycle risks as Big Tech commits unprecedented capital while competition intensifies across all stack layers. The fund is reducing AI exposure and raising cash despite holding quality names like Nvidia, TSMC, Meta, Amazon and KLA. Full Quick Take AI has evolved to autonomous agents executing real work, fundamentally expanding demand beyond chatbots. The manager built a custom research system using coding agents, experiencing firsthand how previously uneconomical projects become viable. However, the massive AI infrastructure build-out creates capital cycle risks as Big Tech commits unprecedented capital while competition intensifies across all stack layers. The fund is reducing AI exposure and raising cash despite holding quality names like Nvidia, TSMC, Meta, Amazon and KLA. | |||||||
| - | - | 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. | |||||||
| - | - | Colebrooke deliberately upgraded portfolio quality in H1 2026, selling Eurocell and Macfarlane to fund Howden Joinery at £7.30 during rate-driven volatility. Howdens possesses an exceptional moat through uncopiable depot density and national infrastructure, earns 23% ROIC, and gains share through downturns. The concentrated eight-position portfolio now offers the highest quality and defensibility in the fund's history, with valuations requiring minimal future assumptions. Full Quick Take Colebrooke deliberately upgraded portfolio quality in H1 2026, selling Eurocell and Macfarlane to fund Howden Joinery at £7.30 during rate-driven volatility. Howdens possesses an exceptional moat through uncopiable depot density and national infrastructure, earns 23% ROIC, and gains share through downturns. The concentrated eight-position portfolio now offers the highest quality and defensibility in the fund's history, with valuations requiring minimal future assumptions. | |||||||
| -6.6% | +1.4% | Upslope suffered in Q2 2026's momentum-driven mania as investors abandoned quality, cash-flowing businesses for AI speculation. The manager views this as similar to 2021 and is finding unusual opportunities to buy good companies cheaply. Portfolio remains concentrated in defensive, well-executing businesses with rising earnings and falling valuations. New position in Magnum Ice Cream reflects spin-off opportunity in out-of-favor consumer staples. Expects eventual normalization toward fundamentals-based investing. Full Quick Take Upslope suffered in Q2 2026's momentum-driven mania as investors abandoned quality, cash-flowing businesses for AI speculation. The manager views this as similar to 2021 and is finding unusual opportunities to buy good companies cheaply. Portfolio remains concentrated in defensive, well-executing businesses with rising earnings and falling valuations. New position in Magnum Ice Cream reflects spin-off opportunity in out-of-favor consumer staples. Expects eventual normalization toward fundamentals-based investing. | |||||||
| +21.9% | - | Ithaka outperformed by 500bps in Q2 2026 as concentrated AI infrastructure bets delivered exceptional returns. AMD surged 182% on agentic AI tailwinds while cybersecurity holdings benefited from recognition that AI expands attack surfaces. Market concentration remains extreme with 60% of S&P earnings growth from AI. Physical infrastructure bottlenecks and AI monetization scrutiny present key risks ahead. Full Quick Take Ithaka outperformed by 500bps in Q2 2026 as concentrated AI infrastructure bets delivered exceptional returns. AMD surged 182% on agentic AI tailwinds while cybersecurity holdings benefited from recognition that AI expands attack surfaces. Market concentration remains extreme with 60% of S&P earnings growth from AI. Physical infrastructure bottlenecks and AI monetization scrutiny present key risks ahead. | |||||||
| - | -2.2% | AVI Japan Opportunity Trust invests in concentrated, over-capitalized Japanese small-caps, using active engagement to unlock value. June saw strong performance from Sharingtechnology (+41%) on strategic option expectations and Sanyo Shokai (+10%) on improved capital allocation. The manager controls 5%+ stakes in 14 holdings representing 66% of NAV, driving governance improvements and shareholder returns in an under-researched market with growing activism momentum. Full Quick Take AVI Japan Opportunity Trust invests in concentrated, over-capitalized Japanese small-caps, using active engagement to unlock value. June saw strong performance from Sharingtechnology (+41%) on strategic option expectations and Sanyo Shokai (+10%) on improved capital allocation. The manager controls 5%+ stakes in 14 holdings representing 66% of NAV, driving governance improvements and shareholder returns in an under-researched market with growing activism momentum. | |||||||
| +13.8% | +8.7% | The Fund returned 13.8% in Q2 2026, outperforming on semiconductor equipment strength as AI infrastructure build-out accelerated. Applied Materials, KLA and Lam Research all doubled as memory and foundry capex surged. Hyperscalers raised 2026 capex to $758bn but underperformed on monetization concerns. Geopolitical tensions eased with oil falling from $120 to $70s, though inflation hit three-year highs. The Fund added AMD and Nasdaq while exiting Adobe and Intuit. Full Quick Take The Fund returned 13.8% in Q2 2026, outperforming on semiconductor equipment strength as AI infrastructure build-out accelerated. Applied Materials, KLA and Lam Research all doubled as memory and foundry capex surged. Hyperscalers raised 2026 capex to $758bn but underperformed on monetization concerns. Geopolitical tensions eased with oil falling from $120 to $70s, though inflation hit three-year highs. The Fund added AMD and Nasdaq while exiting Adobe and Intuit. | |||||||
| +19.0% | +4.4% | The fund delivered strong outperformance driven by healthcare stock selection and AI-beneficiary technology holdings. Managers view AI infrastructure spending as a transformative economic driver, with computing power demand exceeding supply and creating pricing power across the supply chain. The portfolio balances direct AI capability builders with capital spending beneficiaries. Despite margin pressure at select holdings, the team maintains conviction in long-term enterprise value creation through disciplined fundamental analysis. Full Quick Take The fund delivered strong outperformance driven by healthcare stock selection and AI-beneficiary technology holdings. Managers view AI infrastructure spending as a transformative economic driver, with computing power demand exceeding supply and creating pricing power across the supply chain. The portfolio balances direct AI capability builders with capital spending beneficiaries. Despite margin pressure at select holdings, the team maintains conviction in long-term enterprise value creation through disciplined fundamental analysis. | |||||||
| +9.9% | +14.4% | Heartland's mid-cap value fund gained 9.90% but trailed the index's 13.40% return as AI euphoria drove extreme concentration, with top holdings up 1,000-5,000%. The team reduced ON Semiconductor after doubling, added MarketAxess at 8.8X EV/EBITDA despite headwinds, and initiated IFF as a self-help turnaround. They see wide valuation disparities creating opportunities amid speculation, maintaining discipline through scenario-based targets. Full Quick Take Heartland's mid-cap value fund gained 9.90% but trailed the index's 13.40% return as AI euphoria drove extreme concentration, with top holdings up 1,000-5,000%. The team reduced ON Semiconductor after doubling, added MarketAxess at 8.8X EV/EBITDA despite headwinds, and initiated IFF as a self-help turnaround. They see wide valuation disparities creating opportunities amid speculation, maintaining discipline through scenario-based targets. | |||||||
| +13.7% | - | Ariel Appreciation Fund returned 13.71% in Q2 2026, driven by strong performance from Knowles, Generac, and Madison Square Garden Entertainment. The fund added five new positions including Haemonetics, Houlihan Lokey, Masco, Progressive, and Royal Caribbean, while exiting three names to redeploy capital. Despite concentrated market leadership and geopolitical uncertainty, the fund remains focused on owning high-quality mid-cap businesses at attractive valuations with durable competitive advantages. Full Quick Take Ariel Appreciation Fund returned 13.71% in Q2 2026, driven by strong performance from Knowles, Generac, and Madison Square Garden Entertainment. The fund added five new positions including Haemonetics, Houlihan Lokey, Masco, Progressive, and Royal Caribbean, while exiting three names to redeploy capital. Despite concentrated market leadership and geopolitical uncertainty, the fund remains focused on owning high-quality mid-cap businesses at attractive valuations with durable competitive advantages. |
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