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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | 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. | |||||||
| - | - | 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. | |||||||
| - | - | - | 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. | - | |||||
| +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. | |||||||
| +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. | |||||||
| +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. | |||||||
| +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. | - | ||||||
| - | - | - | 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. | |||||||
| +21.1% | +16.6% | Artisan Focus Fund delivered 21.11% in Q2 2026, outperforming the S&P 500 by 591 basis points through broad-based gains across semiconductors, aerospace, industrials and financials. The concentrated portfolio targets companies experiencing improving fundamentals during major capital formation cycles, with materially lower index dependence than the benchmark while positioned for higher returns on capital and faster earnings growth through 2028. Full Quick Take Artisan Focus Fund delivered 21.11% in Q2 2026, outperforming the S&P 500 by 591 basis points through broad-based gains across semiconductors, aerospace, industrials and financials. The concentrated portfolio targets companies experiencing improving fundamentals during major capital formation cycles, with materially lower index dependence than the benchmark while positioned for higher returns on capital and faster earnings growth through 2028. | - | ||||||
| +12.8% | +15.8% | Night Watch delivered 12.80% in Q2 by exploiting market bifurcation, buying quality compounders sold off for AI stocks while taking profits in cyclical memory positions. Marex surged 37% on volatility and M&A execution. The fund added Stryker, Adyen, and Booking.com at depressed valuations while Watches of Switzerland accelerates post-tariff removal. Concentrated positions in overlooked aerospace, capital markets, and payments drive 20% annual compounding with low volatility. Full Quick Take Night Watch delivered 12.80% in Q2 by exploiting market bifurcation, buying quality compounders sold off for AI stocks while taking profits in cyclical memory positions. Marex surged 37% on volatility and M&A execution. The fund added Stryker, Adyen, and Booking.com at depressed valuations while Watches of Switzerland accelerates post-tariff removal. Concentrated positions in overlooked aerospace, capital markets, and payments drive 20% annual compounding with low volatility. | |||||||
| +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. | |||||||
| -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. | |||||||
| +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. | |||||||
| +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. | |||||||
| - | - | Douglass Winthrop sees AI speculation creating a dotcom-style bubble with extreme valuations disconnected from fundamentals. Rather than chasing speculative infrastructure plays, they own proven cash generators—Alphabet, Microsoft, Amazon—gaining AI exposure as an accelerating tailwind to existing franchises. Quality businesses like S&P Global have become 27% cheaper while markets inflated 20%, creating compelling opportunities. Portfolio discipline protects capital when enthusiasm outruns reality. Full Quick Take Douglass Winthrop sees AI speculation creating a dotcom-style bubble with extreme valuations disconnected from fundamentals. Rather than chasing speculative infrastructure plays, they own proven cash generators—Alphabet, Microsoft, Amazon—gaining AI exposure as an accelerating tailwind to existing franchises. Quality businesses like S&P Global have become 27% cheaper while markets inflated 20%, creating compelling opportunities. Portfolio discipline protects capital when enthusiasm outruns reality. | |||||||
| - | - | FMI sees an AI bubble with semiconductor valuations over four standard deviations above historical norms while quality businesses trade at dot-com-era discounts. They are avoiding AI infrastructure stocks and buying traditional businesses like FTI Consulting, Capital One, and Fluidra that will benefit from AI on the cost side. The 3- to 5-year setup is the strongest in years as the valuation gap creates compelling opportunities. Full Quick Take FMI sees an AI bubble with semiconductor valuations over four standard deviations above historical norms while quality businesses trade at dot-com-era discounts. They are avoiding AI infrastructure stocks and buying traditional businesses like FTI Consulting, Capital One, and Fluidra that will benefit from AI on the cost side. The 3- to 5-year setup is the strongest in years as the valuation gap creates compelling opportunities. | |||||||
| - | - | FMI is positioned for AI bubble deflation. While semiconductor and AI infrastructure stocks trade at historic extremes after the best quarter ever, the manager owns quality businesses at meaningful discounts that will benefit from AI productivity gains on the cost side, not unsustainable capex revenue. The valuation gap rivals dot-com peak levels, creating compelling long-term opportunities as the market misprices traditional businesses with real earnings. Full Quick Take FMI is positioned for AI bubble deflation. While semiconductor and AI infrastructure stocks trade at historic extremes after the best quarter ever, the manager owns quality businesses at meaningful discounts that will benefit from AI productivity gains on the cost side, not unsustainable capex revenue. The valuation gap rivals dot-com peak levels, creating compelling long-term opportunities as the market misprices traditional businesses with real earnings. | |||||||
| - | - | FMI is avoiding the AI bubble and buying quality businesses at compelling valuations. While semiconductor stocks posted their best quarter ever and AI themes skyrocketed, the manager sees speculative excess with challenging return math for hyperscalers. FMI is positioned to benefit from AI productivity gains on the cost side through holdings like FTI Consulting, Capital One, and Fluidra, with the valuation gap rivaling the dot-com bubble creating strong long-term opportunity. Full Quick Take FMI is avoiding the AI bubble and buying quality businesses at compelling valuations. While semiconductor stocks posted their best quarter ever and AI themes skyrocketed, the manager sees speculative excess with challenging return math for hyperscalers. FMI is positioned to benefit from AI productivity gains on the cost side through holdings like FTI Consulting, Capital One, and Fluidra, with the valuation gap rivaling the dot-com bubble creating strong long-term opportunity. | |||||||
| - | - | Global equities surged in Q2 2026 on an unprecedented AI-driven semiconductor boom, with chip stocks gaining 88% as companies like Micron, SK Hynix, and Kioxia posted extraordinary returns. Markets pivoted from expecting rate cuts to pricing hikes as energy-driven inflation persisted, with the ECB and Fed turning hawkish. Chinese equities declined on weak consumption while gold and PGM rallies stalled. SpaceX's record $75 billion IPO underscored strong capital markets. Full Quick Take Global equities surged in Q2 2026 on an unprecedented AI-driven semiconductor boom, with chip stocks gaining 88% as companies like Micron, SK Hynix, and Kioxia posted extraordinary returns. Markets pivoted from expecting rate cuts to pricing hikes as energy-driven inflation persisted, with the ECB and Fed turning hawkish. Chinese equities declined on weak consumption while gold and PGM rallies stalled. SpaceX's record $75 billion IPO underscored strong capital markets. | |||||||
| +20.1% | +31.1% | Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes. Full Quick Take Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes. | |||||||
| +7.2% | - | Dynasty Trust returned 7.2% quarterly despite 6.5% currency drag, led by Virtu Financial's volatility-driven gains. Manager's valuation discipline avoided AI-related software collapse while missing opportunities in Samsung and Alphabet. Opportunistically added Wise Group post-listing decline. Portfolio maintains patient positioning in travel holdings including EVT Limited at 34% discount to NAV, with hotel business evolution as key catalyst. Travel thematic supported by structural 5.3% passenger growth representing 10% global GDP. Full Quick Take Dynasty Trust returned 7.2% quarterly despite 6.5% currency drag, led by Virtu Financial's volatility-driven gains. Manager's valuation discipline avoided AI-related software collapse while missing opportunities in Samsung and Alphabet. Opportunistically added Wise Group post-listing decline. Portfolio maintains patient positioning in travel holdings including EVT Limited at 34% discount to NAV, with hotel business evolution as key catalyst. Travel thematic supported by structural 5.3% passenger growth representing 10% global GDP. | |||||||
| +12.7% | +12.7% | 2Point2 Capital delivered 12.7% in Q1 FY27, maintaining its concentrated 15-18 stock portfolio with 93.4% equity exposure. The letter argues that investing's weak feedback loops make learning from past outcomes unreliable and potentially harmful. Two detailed case studies—Tata Elxsi and MCX—demonstrate how cognitive biases distort retrospective analysis, emphasizing disciplined process over outcome-based learning in long-term value investing. Full Quick Take 2Point2 Capital delivered 12.7% in Q1 FY27, maintaining its concentrated 15-18 stock portfolio with 93.4% equity exposure. The letter argues that investing's weak feedback loops make learning from past outcomes unreliable and potentially harmful. Two detailed case studies—Tata Elxsi and MCX—demonstrate how cognitive biases distort retrospective analysis, emphasizing disciplined process over outcome-based learning in long-term value investing. | |||||||
| - | - | 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. | |||||||
| +21.1% | - | Burke Wealth's Focused Growth returned 21.1% in Q2 2026, capitalizing on AI infrastructure dominance through Nvidia, memory shortage beneficiary Micron, and new datacenter power play Eaton. Manager sold Abbott and Lowe's on execution concerns and mortgage rate dependency, initiated Apollo on indiscriminate sell-off. Explores resource scarcity—power, memory, capital, talent—as AI's defining constraint. Portfolio's balance sheet strength positions it well as capital access tightens for weaker credits. Full Quick Take Burke Wealth's Focused Growth returned 21.1% in Q2 2026, capitalizing on AI infrastructure dominance through Nvidia, memory shortage beneficiary Micron, and new datacenter power play Eaton. Manager sold Abbott and Lowe's on execution concerns and mortgage rate dependency, initiated Apollo on indiscriminate sell-off. Explores resource scarcity—power, memory, capital, talent—as AI's defining constraint. Portfolio's balance sheet strength positions it well as capital access tightens for weaker credits. | |||||||
| - | - | TIFF navigates concentrated AI-driven market leadership with caution, flagging demanding valuations in semiconductors and unprecedented IPO supply from SpaceX, Anthropic, and Open AI that may pressure broader equities. The firm maintains benchmark-aware positioning while introducing factor-neutral overlays to reduce unintended style risk. Forward focus includes evaluating cross-sector AI exposure, adding Japan activists, and shifting toward systematic strategies anticipating higher volatility amid constructive but complex macro backdrop. Full Quick Take TIFF navigates concentrated AI-driven market leadership with caution, flagging demanding valuations in semiconductors and unprecedented IPO supply from SpaceX, Anthropic, and Open AI that may pressure broader equities. The firm maintains benchmark-aware positioning while introducing factor-neutral overlays to reduce unintended style risk. Forward focus includes evaluating cross-sector AI exposure, adding Japan activists, and shifting toward systematic strategies anticipating higher volatility amid constructive but complex macro backdrop. | - | ||||||
| +8.0% | +8.0% | - | Brummer Multi-Strategy posted 1.9% in June (8.0% YTD) through diversified positioning across market neutral equity, trend following, and macro strategies. Market neutral long/short captured AI-driven semiconductor gains while hedging the late-month tech sell-off. European financials contributed positively. Trend following benefited from Dollar strength as the index gained 2.7%. Portfolio resilience demonstrated through divergent market conditions and geopolitical uncertainty. Full Quick Take Brummer Multi-Strategy posted 1.9% in June (8.0% YTD) through diversified positioning across market neutral equity, trend following, and macro strategies. Market neutral long/short captured AI-driven semiconductor gains while hedging the late-month tech sell-off. European financials contributed positively. Trend following benefited from Dollar strength as the index gained 2.7%. Portfolio resilience demonstrated through divergent market conditions and geopolitical uncertainty. | - | |||||
| - | +36.2% | Asian frontier markets delivered strong May 2026 performance led by Uzbekistan's landmark UzNIF IPO and Pakistan's resilient recovery from Middle East conflict volatility. Uzbekistan's capital markets development is accelerating from an extremely low base while Vietnam shows a historic valuation disconnect with the fund's portfolio at 8.8x earnings despite 40% earnings growth. Iraq's banks are paying exceptional dividends. Geopolitical risks remain elevated but fundamentals and valuations support long-term conviction. Full Quick Take Asian frontier markets delivered strong May 2026 performance led by Uzbekistan's landmark UzNIF IPO and Pakistan's resilient recovery from Middle East conflict volatility. Uzbekistan's capital markets development is accelerating from an extremely low base while Vietnam shows a historic valuation disconnect with the fund's portfolio at 8.8x earnings despite 40% earnings growth. Iraq's banks are paying exceptional dividends. Geopolitical risks remain elevated but fundamentals and valuations support long-term conviction. | |||||||
| - | - | - | June delivered an orderly unwind of the year's most crowded trades. AI and Asia exposure hit record highs mid-month before the fastest cut on record, yet fundamental long/short managers still closed H1 solidly higher with Asia leading near 7%. Momentum took its worst five-day run since December 2023. Semiconductors remain conviction despite selling. Broadening is talked about but unproven, with appetite outside AI thin. Full Quick Take June delivered an orderly unwind of the year's most crowded trades. AI and Asia exposure hit record highs mid-month before the fastest cut on record, yet fundamental long/short managers still closed H1 solidly higher with Asia leading near 7%. Momentum took its worst five-day run since December 2023. Semiconductors remain conviction despite selling. Broadening is talked about but unproven, with appetite outside AI thin. | - | |||||
| - | - | - | Glenmede expects 2.7% U.S. GDP growth in 2026 as fiscal stimulus and AI productivity gains offset tariff and energy headwinds. Geopolitical tensions drove inflation to 4.2% before easing late quarter. Equity markets rebounded sharply with broadening leadership—emerging markets up 24%, small caps up 21%. The second half will be defined by mega IPOs, AI capital spending at 2.5% of GDP, hawkish Fed policy, and midterm elections. Full Quick Take Glenmede expects 2.7% U.S. GDP growth in 2026 as fiscal stimulus and AI productivity gains offset tariff and energy headwinds. Geopolitical tensions drove inflation to 4.2% before easing late quarter. Equity markets rebounded sharply with broadening leadership—emerging markets up 24%, small caps up 21%. The second half will be defined by mega IPOs, AI capital spending at 2.5% of GDP, hawkish Fed policy, and midterm elections. | - | |||||
| - | - | Stone Sentinel Capital invests in unpopular, disfavored businesses where low expectations create asymmetric upside and under-priced fundamentals limit downside. The manager views AI infrastructure spending as an uneconomic arms race with unrealistic return requirements and actively avoids popular AI stocks. The concentrated 4-stock portfolio trades at deep value multiples, led by new clearing firm position Marex with structural competitive advantages driving 50% margin balances growth. Full Quick Take Stone Sentinel Capital invests in unpopular, disfavored businesses where low expectations create asymmetric upside and under-priced fundamentals limit downside. The manager views AI infrastructure spending as an uneconomic arms race with unrealistic return requirements and actively avoids popular AI stocks. The concentrated 4-stock portfolio trades at deep value multiples, led by new clearing firm position Marex with structural competitive advantages driving 50% margin balances growth. | |||||||
| - | - | - | Perpetual futures are becoming the dominant trading instrument across asset classes, with Hyperliquid capturing $250B monthly volume as the leading decentralized venue. The platform has proven superior price discovery for pre-IPO equities and 24/7 commodity trading, with recent CFTC approvals opening US adoption. Separately, tokenized startup platforms are converging to restore public access to venture-scale growth, though founder alignment and regulatory clarity remain key challenges. Full Quick Take Perpetual futures are becoming the dominant trading instrument across asset classes, with Hyperliquid capturing $250B monthly volume as the leading decentralized venue. The platform has proven superior price discovery for pre-IPO equities and 24/7 commodity trading, with recent CFTC approvals opening US adoption. Separately, tokenized startup platforms are converging to restore public access to venture-scale growth, though founder alignment and regulatory clarity remain key challenges. | - | |||||
| - | - | Manole Capital positions in financial infrastructure benefiting from volatility through exchange operators and emerging digital rails. Portfolio captures increased trading activity from geopolitical uncertainty while participating in stablecoin adoption and prediction market evolution. Manager anticipates Fed philosophical shift toward monetarist framework and IPO window reopening but emphasizes valuation discipline. Strategy focuses on picks-and-shovels businesses building payment and market infrastructure rather than directional market bets. Full Quick Take Manole Capital positions in financial infrastructure benefiting from volatility through exchange operators and emerging digital rails. Portfolio captures increased trading activity from geopolitical uncertainty while participating in stablecoin adoption and prediction market evolution. Manager anticipates Fed philosophical shift toward monetarist framework and IPO window reopening but emphasizes valuation discipline. Strategy focuses on picks-and-shovels businesses building payment and market infrastructure rather than directional market bets. | - | ||||||
| +12.8% | +21.7% | Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. Full Quick Take Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. | - | ||||||
| - | - | - | ETF industry faces T+1 settlement operational challenges while active ETF growth accelerates. Market participants adapting through credit solutions and process changes. Market-making capacity concerns emerge from portfolio opacity issues. Sentiment index drops to 71% from 82%. Algorithmic execution and tokenization gaining traction as complexity increases across ETF offerings in 2026. Full Quick Take ETF industry faces T+1 settlement operational challenges while active ETF growth accelerates. Market participants adapting through credit solutions and process changes. Market-making capacity concerns emerge from portfolio opacity issues. Sentiment index drops to 71% from 82%. Algorithmic execution and tokenization gaining traction as complexity increases across ETF offerings in 2026. | - |
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q1 2026