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. | |||||||
| +22.4% | +8.5% | Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. Full Quick Take Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. | |||||||
| +26.6% | +20.4% | Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. Full Quick Take Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. | |||||||
| - | - | Baumann Capital initiated WIIT, Europe's only pure-play sovereign cloud provider operating Tier IV data centers across Germany, Italy, and Switzerland. The business serves mission-critical ERP workloads for regulated industries requiring EU data sovereignty, generating 40% EBITDA margins through long-term contracts. Structural cloud migration, EU regulatory tailwinds against US hyperscalers, and accretive M&A consolidation drive the multi-year thesis. Founder-CEO owns 58% and acts like a true owner. Full Quick Take Baumann Capital initiated WIIT, Europe's only pure-play sovereign cloud provider operating Tier IV data centers across Germany, Italy, and Switzerland. The business serves mission-critical ERP workloads for regulated industries requiring EU data sovereignty, generating 40% EBITDA margins through long-term contracts. Structural cloud migration, EU regulatory tailwinds against US hyperscalers, and accretive M&A consolidation drive the multi-year thesis. Founder-CEO owns 58% and acts like a true owner. | |||||||
| +5.7% | - | Vision Capital underperformed in Q2 by avoiding the memory and AI supply chain rally that drove S&P 500 gains. Manager deployed capital into 10 existing positions during drawdowns while exiting Lululemon and Paycom. Portfolio holds 25 high-quality growth companies with 29% revenue growth and 27% FCF margins. Manager rejects bottleneck investing, preferring durable platform businesses positioned for long-term secular growth across payments, e-commerce, and cloud infrastructure. Full Quick Take Vision Capital underperformed in Q2 by avoiding the memory and AI supply chain rally that drove S&P 500 gains. Manager deployed capital into 10 existing positions during drawdowns while exiting Lululemon and Paycom. Portfolio holds 25 high-quality growth companies with 29% revenue growth and 27% FCF margins. Manager rejects bottleneck investing, preferring durable platform businesses positioned for long-term secular growth across payments, e-commerce, and cloud infrastructure. | - | ||||||
| - | -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. | |||||||
| +24.6% | +11.6% | Baron Fifth Avenue Growth Fund delivered 24.6% in Q2 2026, driven by SpaceX's transformative IPO and AI hosting deals, semiconductor strength from NVIDIA and TSMC, and accelerating AI adoption across CrowdStrike, Datadog, and Snowflake. The manager views SpaceX as the ultimate N=1 opportunity at the intersection of AI and space economy. Portfolio fundamentals drove returns with valuations remaining 10.5% below five-year averages, supporting continued long-term conviction. Full Quick Take Baron Fifth Avenue Growth Fund delivered 24.6% in Q2 2026, driven by SpaceX's transformative IPO and AI hosting deals, semiconductor strength from NVIDIA and TSMC, and accelerating AI adoption across CrowdStrike, Datadog, and Snowflake. The manager views SpaceX as the ultimate N=1 opportunity at the intersection of AI and space economy. Portfolio fundamentals drove returns with valuations remaining 10.5% below five-year averages, supporting continued long-term conviction. | |||||||
| - | - | ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. Full Quick Take ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. | |||||||
| +5.3% | - | The Gabelli Dividend Growth Fund returned 5.35% in Q2 2026, underperforming the Russell 1000 Value Index due to limited semiconductor exposure. The Fund missed massive gains in Micron and SanDisk but benefited from holdings in Hewlett Packard Enterprise, Alphabet, and Citigroup. The manager added Microsoft and Genuine Parts while maintaining focus on high-quality companies with sustainable cash flows and pricing power. Full Quick Take The Gabelli Dividend Growth Fund returned 5.35% in Q2 2026, underperforming the Russell 1000 Value Index due to limited semiconductor exposure. The Fund missed massive gains in Micron and SanDisk but benefited from holdings in Hewlett Packard Enterprise, Alphabet, and Citigroup. The manager added Microsoft and Genuine Parts while maintaining focus on high-quality companies with sustainable cash flows and pricing power. | |||||||
| +31.4% | - | The fund delivered 31.4% in Q2 2026, doubling the S&P 500's return through concentrated positions in AI infrastructure suppliers like Micron, AMD, and semiconductor equipment makers. The managers added to Amazon while trimming Meta and Apple, viewing the e-commerce giant as better positioned in AI. Despite geopolitical risks, resilient US economic data and continued AI investment support a constructive outlook for quality growth companies. Full Quick Take The fund delivered 31.4% in Q2 2026, doubling the S&P 500's return through concentrated positions in AI infrastructure suppliers like Micron, AMD, and semiconductor equipment makers. The managers added to Amazon while trimming Meta and Apple, viewing the e-commerce giant as better positioned in AI. Despite geopolitical risks, resilient US economic data and continued AI investment support a constructive outlook for quality growth companies. | - | ||||||
| -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. | |||||||
| +6.4% | -7.5% | The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. Full Quick Take The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. | |||||||
| +13.6% | +3.3% | Baron Durable Advantage Fund gained 13.6% in Q2 2026 as markets recovered from Iran war volatility. AI infrastructure beneficiaries led performance with TSMC up 41.6% and Alphabet up 23.2% on accelerating cloud demand. The manager views valuations as irrationally compressed, with NVIDIA at 14.5x forward P/E despite 113% earnings growth. Portfolio fundamentals strengthened while multiples compressed 9.7% year-to-date, creating attractive entry points for long-term investors. Full Quick Take Baron Durable Advantage Fund gained 13.6% in Q2 2026 as markets recovered from Iran war volatility. AI infrastructure beneficiaries led performance with TSMC up 41.6% and Alphabet up 23.2% on accelerating cloud demand. The manager views valuations as irrationally compressed, with NVIDIA at 14.5x forward P/E despite 113% earnings growth. Portfolio fundamentals strengthened while multiples compressed 9.7% year-to-date, creating attractive entry points for long-term investors. | |||||||
| - | - | 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. | |||||||
| +7.9% | +11.6% | 1578 Partners posted 7.89% net returns in Q2 2026 driven by concentrated positions in Interactive Brokers, Northeast Bank, Amazon, and Alphabet. The manager added aggressively to Amazon after a February selloff, capitalizing on misplaced AI infrastructure concerns as AWS delivered 37% revenue growth and 58% operating income growth. The AI boom is driving unprecedented semiconductor earnings with the sector up 87.8% in the quarter. Full Quick Take 1578 Partners posted 7.89% net returns in Q2 2026 driven by concentrated positions in Interactive Brokers, Northeast Bank, Amazon, and Alphabet. The manager added aggressively to Amazon after a February selloff, capitalizing on misplaced AI infrastructure concerns as AWS delivered 37% revenue growth and 58% operating income growth. The AI boom is driving unprecedented semiconductor earnings with the sector up 87.8% in the quarter. | |||||||
| +27.0% | +15.7% | Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. Full Quick Take Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. | |||||||
| - | - | - | Saltlight Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Saltlight Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +41.2% | +25.2% | Bailard Technology delivered 41% in Q2 by aggressively positioning into AI infrastructure hardware and semiconductors while rotating out of application software. Memory, semicap equipment, cybersecurity, and observability drove outperformance as AI deployment accelerated. The team views hardware as the cleanest AI expression and favors middle-stack infrastructure software over applications facing pricing pressure from AI-native competitors. Portfolio remains concentrated with minimal cash. Full Quick Take Bailard Technology delivered 41% in Q2 by aggressively positioning into AI infrastructure hardware and semiconductors while rotating out of application software. Memory, semicap equipment, cybersecurity, and observability drove outperformance as AI deployment accelerated. The team views hardware as the cleanest AI expression and favors middle-stack infrastructure software over applications facing pricing pressure from AI-native competitors. Portfolio remains concentrated with minimal cash. | |||||||
| - | - | Eagle Capital has recycled capital away from the AI capex boom, which now represents over 30% of the S&P 500 and is pricing optimistic cases without sufficient downside consideration. The manager sees deteriorating industry structures and mounting risks with parallels to historical capex busts. They've built a portfolio of high-quality businesses trading at a 20% discount to the market with faster growth, including MercadoLibre, managed care, and resilient software, positioned for multiple futures. Full Quick Take Eagle Capital has recycled capital away from the AI capex boom, which now represents over 30% of the S&P 500 and is pricing optimistic cases without sufficient downside consideration. The manager sees deteriorating industry structures and mounting risks with parallels to historical capex busts. They've built a portfolio of high-quality businesses trading at a 20% discount to the market with faster growth, including MercadoLibre, managed care, and resilient software, positioned for multiple futures. | |||||||
| - | +6.0% | CDT implements first-ever defensive hedging against technology sector, viewing AI as an unsustainable bubble with OpenAI burning -$21B annually and Meta wasting $125-145B with no results. Semiconductors at 19.7% of S&P 500 face earnings bust when capital discipline returns. Portfolio positioned AI-agnostic with 33% in healthcare, capturing demographic tailwinds at attractive valuations while insulated from inevitable AI reckoning. Full Quick Take CDT implements first-ever defensive hedging against technology sector, viewing AI as an unsustainable bubble with OpenAI burning -$21B annually and Meta wasting $125-145B with no results. Semiconductors at 19.7% of S&P 500 face earnings bust when capital discipline returns. Portfolio positioned AI-agnostic with 33% in healthcare, capturing demographic tailwinds at attractive valuations while insulated from inevitable AI reckoning. | |||||||
| +23.2% | +7.2% | Select Growth returned 23.2 percent in Q2 2026, outperforming on broad AI infrastructure strength. The portfolio benefited from accelerating demand for memory, storage, and data center power as agentic AI created new bottlenecks. Top contributors spanned the semiconductor value chain from chips to fabrication to equipment. The team added exposure to memory, CPUs, and power while reducing consumer internet, positioning for durable AI infrastructure demand. Full Quick Take Select Growth returned 23.2 percent in Q2 2026, outperforming on broad AI infrastructure strength. The portfolio benefited from accelerating demand for memory, storage, and data center power as agentic AI created new bottlenecks. Top contributors spanned the semiconductor value chain from chips to fabrication to equipment. The team added exposure to memory, CPUs, and power while reducing consumer internet, positioning for durable AI infrastructure demand. | |||||||
| +26.9% | +7.8% | Sands Capital Technology Innovators is positioned for the AI infrastructure buildout through concentrated exposure to semiconductor manufacturing, memory, and AI chips. The emergence of agentic AI is driving persistent demand for compute, memory, and storage. The fund added CPU, inference, and circuit board exposure while reducing consumer internet positions. Top contributors included Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, benefiting from structural memory shortages and AI infrastructure demand. Full Quick Take Sands Capital Technology Innovators is positioned for the AI infrastructure buildout through concentrated exposure to semiconductor manufacturing, memory, and AI chips. The emergence of agentic AI is driving persistent demand for compute, memory, and storage. The fund added CPU, inference, and circuit board exposure while reducing consumer internet positions. Top contributors included Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, benefiting from structural memory shortages and AI infrastructure demand. | |||||||
| +6.6% | -5.4% | SGA's quality growth portfolio delivered strong fundamentals with 15% revenue and 20% EPS growth but underperformed as extreme momentum and AI infrastructure spending dominated Q2 returns. Portfolio now trades at steepest discount to market in 23-year history despite predictable compounding from durable franchises. Manager views current valuation dislocation as unusually attractive opportunity with portfolio positioned for 15% revenue and 19% earnings growth over three years. Full Quick Take SGA's quality growth portfolio delivered strong fundamentals with 15% revenue and 20% EPS growth but underperformed as extreme momentum and AI infrastructure spending dominated Q2 returns. Portfolio now trades at steepest discount to market in 23-year history despite predictable compounding from durable franchises. Manager views current valuation dislocation as unusually attractive opportunity with portfolio positioned for 15% revenue and 19% earnings growth over three years. | |||||||
| +9.3% | -5.3% | Edgewood's concentrated large-cap growth portfolio underperformed in Q2 2026 despite accelerating earnings growth to 31% YoY, as sector rotations overrode fundamentals and drove 16% multiple compression. The firm added Tesla, Linde, and Amazon to deepen Physical AI exposure—its core thesis that AI will proliferate into robotaxis, humanoids, and physical applications with addressable markets multiples larger than digital AI. Management buyback programs signal conviction at cheap valuations. Full Quick Take Edgewood's concentrated large-cap growth portfolio underperformed in Q2 2026 despite accelerating earnings growth to 31% YoY, as sector rotations overrode fundamentals and drove 16% multiple compression. The firm added Tesla, Linde, and Amazon to deepen Physical AI exposure—its core thesis that AI will proliferate into robotaxis, humanoids, and physical applications with addressable markets multiples larger than digital AI. Management buyback programs signal conviction at cheap valuations. | |||||||
| - | - | Alpine Capital rotated from semiconductors into hyperscalers after June's AI infrastructure selloff, increasing Microsoft to overweight and initiating Oracle positions. The AI buildout is real and defensible with capex approaching $1 trillion by 2028. Big tech is attractively priced with reinforced moats following ROI concerns. Extreme single-stock dispersion creates opportunities amid neutral near-term outlook and structurally declining rate environment. Full Quick Take Alpine Capital rotated from semiconductors into hyperscalers after June's AI infrastructure selloff, increasing Microsoft to overweight and initiating Oracle positions. The AI buildout is real and defensible with capex approaching $1 trillion by 2028. Big tech is attractively priced with reinforced moats following ROI concerns. Extreme single-stock dispersion creates opportunities amid neutral near-term outlook and structurally declining rate environment. | - | ||||||
| +10.9% | +1.9% | GreensKeeper's concentrated value portfolio surged 10.9% in Q2 as markets rotated back to valuations. ICON exemplified the strategy: aggressively buying a quality business at a 15% free cash flow yield during peak pessimism, then capturing a 90% gain as uncertainty receded. Richemont's pricing discipline, Alphabet's AI-enhanced search growth, and Elevance's margin recovery demonstrate the portfolio's focus on compounding high-quality franchises trading at attractive valuations. Full Quick Take GreensKeeper's concentrated value portfolio surged 10.9% in Q2 as markets rotated back to valuations. ICON exemplified the strategy: aggressively buying a quality business at a 15% free cash flow yield during peak pessimism, then capturing a 90% gain as uncertainty receded. Richemont's pricing discipline, Alphabet's AI-enhanced search growth, and Elevance's margin recovery demonstrate the portfolio's focus on compounding high-quality franchises trading at attractive valuations. | |||||||
| - | - | The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. Full Quick Take The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. | |||||||
| +7.0% | -5.9% | The fund returned 7.03% in Q2 2026 but lagged the 15.49% benchmark as AI-related momentum drove extreme factor performance favoring growth over value. The managers maintain 30 concentrated positions in quality companies trading at discounts to intrinsic value, with an estimated price-to-value in the upper-70s. Despite near-term underperformance, they believe their disciplined value approach will deliver adequate multi-year returns as extremes normalize. Full Quick Take The fund returned 7.03% in Q2 2026 but lagged the 15.49% benchmark as AI-related momentum drove extreme factor performance favoring growth over value. The managers maintain 30 concentrated positions in quality companies trading at discounts to intrinsic value, with an estimated price-to-value in the upper-70s. Despite near-term underperformance, they believe their disciplined value approach will deliver adequate multi-year returns as extremes normalize. | - | ||||||
| +10.7% | +13.4% | London Company's quality-focused large cap strategy underperformed in Q2 as high-beta AI and semiconductor names outside their quality threshold drove market gains. The portfolio benefited from semiconductor holdings Entegris and Texas Instruments plus Alphabet's AI-driven cloud strength. Despite constructive earnings and AI productivity outlook, the manager warns of fragile hyperscaler economics, elevated valuations, and historic concentration, expecting modest returns ahead while maintaining conviction in quality and downside protection. Full Quick Take London Company's quality-focused large cap strategy underperformed in Q2 as high-beta AI and semiconductor names outside their quality threshold drove market gains. The portfolio benefited from semiconductor holdings Entegris and Texas Instruments plus Alphabet's AI-driven cloud strength. Despite constructive earnings and AI productivity outlook, the manager warns of fragile hyperscaler economics, elevated valuations, and historic concentration, expecting modest returns ahead while maintaining conviction in quality and downside protection. | |||||||
| +15.2% | +1.7% | TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates. Full Quick Take TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates. | |||||||
| +20.0% | +11.6% | Parnassus Mid Cap Growth delivered 20.04% in Q2 2026, crushing the benchmark by 549 basis points on AI-driven semiconductor strength. The managers repositioned toward idiosyncratic growth stories, adding AI infrastructure plays while exiting disruption-vulnerable software names. With 31% in Technology and 28% in Industrials, the portfolio balances AI momentum against broadening growth opportunities as manufacturing recovers and economic expansion potentially extends beyond AI in H2 2026. Full Quick Take Parnassus Mid Cap Growth delivered 20.04% in Q2 2026, crushing the benchmark by 549 basis points on AI-driven semiconductor strength. The managers repositioned toward idiosyncratic growth stories, adding AI infrastructure plays while exiting disruption-vulnerable software names. With 31% in Technology and 28% in Industrials, the portfolio balances AI momentum against broadening growth opportunities as manufacturing recovers and economic expansion potentially extends beyond AI in H2 2026. | - | ||||||
| - | - | SoftBank is executing an aggressive strategy to dominate the ASI era, investing $64.6 billion cumulatively in OpenAI while building massive AI infrastructure (15 GW data centers globally) and consolidating semiconductor capabilities through Arm and Ampere. Fiscal 2025 delivered record ¥5.0 trillion net income driven by ¥6.7 trillion OpenAI-related gains. Management targets ¥1 quadrillion NAV by 2042, expressing extreme conviction that the AI revolution has only just begun. Full Quick Take SoftBank is executing an aggressive strategy to dominate the ASI era, investing $64.6 billion cumulatively in OpenAI while building massive AI infrastructure (15 GW data centers globally) and consolidating semiconductor capabilities through Arm and Ampere. Fiscal 2025 delivered record ¥5.0 trillion net income driven by ¥6.7 trillion OpenAI-related gains. Management targets ¥1 quadrillion NAV by 2042, expressing extreme conviction that the AI revolution has only just begun. | |||||||
| +8.3% | +1.0% | Harris Associates' International Strategy underperformed in Q2 2026 despite strong contributions from AI-driven semiconductor and cloud positions. Samsung benefited from exceptional memory demand while Alibaba and SAP showed strong cloud growth. The manager opportunistically initiated Bureau Veritas at decade-low multiples following transitory headwinds. BMW and Alibaba e-commerce weakness detracted. The strategy maintains disciplined focus on competitive advantages and intrinsic value. Full Quick Take Harris Associates' International Strategy underperformed in Q2 2026 despite strong contributions from AI-driven semiconductor and cloud positions. Samsung benefited from exceptional memory demand while Alibaba and SAP showed strong cloud growth. The manager opportunistically initiated Bureau Veritas at decade-low multiples following transitory headwinds. BMW and Alibaba e-commerce weakness detracted. The strategy maintains disciplined focus on competitive advantages and intrinsic value. | |||||||
| +10.0% | +5.4% | The fund returned 10.3% gross in Q2 2026, outperforming the 9.8% benchmark, driven by semiconductor and industrial holdings benefiting from AI data center demand. The manager is positioning for physical AI applications in robotics and automation, adding Japanese quality-growth companies at improved valuations including Harmonic Drive Systems, Japan Elevator Service, and Rakus. Year-to-date performance of 5.9% trails the index's 9.4% return. Full Quick Take The fund returned 10.3% gross in Q2 2026, outperforming the 9.8% benchmark, driven by semiconductor and industrial holdings benefiting from AI data center demand. The manager is positioning for physical AI applications in robotics and automation, adding Japanese quality-growth companies at improved valuations including Harmonic Drive Systems, Japan Elevator Service, and Rakus. Year-to-date performance of 5.9% trails the index's 9.4% return. | |||||||
| - | +4.2% | GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. Full Quick Take GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. | |||||||
| - | - | Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point. Full Quick Take Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point. | |||||||
| +3.0% | - | The Fund underperformed as AI semiconductor momentum drove concentrated market returns, with three stocks tripling and accounting for 17% of index gains. The manager added to Nvidia at attractive valuations while exiting Salesforce on AI disruption concerns. Proceeds funded quality non-AI businesses trading below fair value. The portfolio balances AI exposure through TSMC, Nvidia and hyperscalers against valuation discipline, targeting patient capital appreciation. Full Quick Take The Fund underperformed as AI semiconductor momentum drove concentrated market returns, with three stocks tripling and accounting for 17% of index gains. The manager added to Nvidia at attractive valuations while exiting Salesforce on AI disruption concerns. Proceeds funded quality non-AI businesses trading below fair value. The portfolio balances AI exposure through TSMC, Nvidia and hyperscalers against valuation discipline, targeting patient capital appreciation. | |||||||
| +39.0% | +38.4% | Lord Abbett Developing Growth Fund delivered 39% returns in Q2 2026, crushing its benchmark through concentrated bets on AI infrastructure, semiconductors, and defense technology. The manager sees earnings growth driving markets higher but demands selectivity, favoring quality companies with secular tailwinds and strong balance sheets over leveraged cyclicals. AI adoption across semiconductors, cloud, and industrials remains the core thesis, with defense technology emerging as a new conviction area. Full Quick Take Lord Abbett Developing Growth Fund delivered 39% returns in Q2 2026, crushing its benchmark through concentrated bets on AI infrastructure, semiconductors, and defense technology. The manager sees earnings growth driving markets higher but demands selectivity, favoring quality companies with secular tailwinds and strong balance sheets over leveraged cyclicals. AI adoption across semiconductors, cloud, and industrials remains the core thesis, with defense technology emerging as a new conviction area. | - | ||||||
| - | - | CrossingBridge Advisors remains deeply skeptical of the AI infrastructure boom, drawing parallels to historical boom-bust cycles that destroyed investor capital despite technological importance. They increased investment grade allocation and dry powder as spreads tightened, while selectively investing in Norwegian data center debt, Oracle bonds at dislocated spreads, and event-driven credits including Warner Bros Discovery, Spirit Airlines, and Evoke. Returns remain grounded in economics, not visions. Full Quick Take CrossingBridge Advisors remains deeply skeptical of the AI infrastructure boom, drawing parallels to historical boom-bust cycles that destroyed investor capital despite technological importance. They increased investment grade allocation and dry powder as spreads tightened, while selectively investing in Norwegian data center debt, Oracle bonds at dislocated spreads, and event-driven credits including Warner Bros Discovery, Spirit Airlines, and Evoke. Returns remain grounded in economics, not visions. | |||||||
| +50.3% | - | Columbia Seligman Global Technology Fund delivered 50.34% returns in Q2 2026, crushing its benchmark by 17 percentage points through concentrated bets on semiconductor equipment makers and AI infrastructure enablers. The fund's largest position Bloom Energy surged on data-center power demand, while overweights in Lam Research, Applied Materials, and Western Digital capitalized on the AI buildout cycle. Management sees AI spending in early innings with multi-year runway ahead. Full Quick Take Columbia Seligman Global Technology Fund delivered 50.34% returns in Q2 2026, crushing its benchmark by 17 percentage points through concentrated bets on semiconductor equipment makers and AI infrastructure enablers. The fund's largest position Bloom Energy surged on data-center power demand, while overweights in Lam Research, Applied Materials, and Western Digital capitalized on the AI buildout cycle. Management sees AI spending in early innings with multi-year runway ahead. | |||||||
| +10.4% | -10.7% | Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. Full Quick Take Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. | |||||||
| +43.5% | +40.4% | The fund delivered strong absolute returns but underperformed as its selective semiconductor positioning lagged an erratic rally concentrated in lower-quality names. Asian technology holdings drove performance while software detracted. The manager reduced hyperscaler and speculative semiconductor exposure, pivoting toward quality leaders like Nvidia and enterprise software positioned for AI industrialization. Medium-term AI outlook remains constructive but near-term positioning emphasizes selectivity given valuation excess. Full Quick Take The fund delivered strong absolute returns but underperformed as its selective semiconductor positioning lagged an erratic rally concentrated in lower-quality names. Asian technology holdings drove performance while software detracted. The manager reduced hyperscaler and speculative semiconductor exposure, pivoting toward quality leaders like Nvidia and enterprise software positioned for AI industrialization. Medium-term AI outlook remains constructive but near-term positioning emphasizes selectivity given valuation excess. | - | ||||||
| +9.0% | -5.7% | Vulcan owns exceptional businesses at 50 cents on the dollar that remain deeply out of favor while values compound steadily. The manager added three high-quality software businesses—Veeva, ServiceNow, and Equifax—at significant discounts driven by misunderstood AI disruption fears. These companies possess proprietary data and mission-critical platforms that make them AI beneficiaries, not victims. The CIO personally added capital, viewing current valuations as a compelling long-term opportunity. Full Quick Take Vulcan owns exceptional businesses at 50 cents on the dollar that remain deeply out of favor while values compound steadily. The manager added three high-quality software businesses—Veeva, ServiceNow, and Equifax—at significant discounts driven by misunderstood AI disruption fears. These companies possess proprietary data and mission-critical platforms that make them AI beneficiaries, not victims. The CIO personally added capital, viewing current valuations as a compelling long-term opportunity. | |||||||
| +10.5% | -10.6% | Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. Full Quick Take Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. | |||||||
| +8.5% | 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. | |||||||
| +29.6% | +14.8% | The fund returned 29.56% in Q2 2026, outperforming its benchmark by focusing on small and mid cap companies enabling AI infrastructure as the technology enters its agentic phase. Record capital spending is flowing into data center ecosystem companies building, servicing, and powering compute capacity. Top contributors included infrastructure services, semiconductor storage solutions, and cloud providers purpose-built for AI workloads. The fund maintains concentrated exposure to this accelerating demand cycle. Full Quick Take The fund returned 29.56% in Q2 2026, outperforming its benchmark by focusing on small and mid cap companies enabling AI infrastructure as the technology enters its agentic phase. Record capital spending is flowing into data center ecosystem companies building, servicing, and powering compute capacity. Top contributors included infrastructure services, semiconductor storage solutions, and cloud providers purpose-built for AI workloads. The fund maintains concentrated exposure to this accelerating demand cycle. | |||||||
| - | +11.0% | Ironvine rotated capital from semiconductors into Meta and SAP during Q2 2026 as AI infrastructure valuations stretched. Meta's advertising platform offers compelling AI use cases with powerful data advantages. SAP's cloud migration and embedded enterprise position create opportunity despite market skepticism. Hyperscaler spending creates wide outcome ranges. The firm maintains conviction that Microsoft and Meta will successfully navigate this technological transition despite near-term market punishment. Full Quick Take Ironvine rotated capital from semiconductors into Meta and SAP during Q2 2026 as AI infrastructure valuations stretched. Meta's advertising platform offers compelling AI use cases with powerful data advantages. SAP's cloud migration and embedded enterprise position create opportunity despite market skepticism. Hyperscaler spending creates wide outcome ranges. The firm maintains conviction that Microsoft and Meta will successfully navigate this technological transition despite near-term market punishment. | |||||||
| +17.6% | +4.6% | Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. Full Quick Take Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. | - | ||||||
| +30.1% | +21.8% | Pernas Portfolio returned 30% in Q2, outperforming indexes substantially. Manager sees an extraordinary multi-year opportunity for active managers to beat the S&P 500 due to index concentration in richly valued mega-caps forced into an AI arms race. Hyperscalers committing $750 billion in AI spending creates productivity spillovers. Portfolio positioned in smaller companies that benefit from AI infrastructure without funding it, focusing on those converting AI into superior business economics. Full Quick Take Pernas Portfolio returned 30% in Q2, outperforming indexes substantially. Manager sees an extraordinary multi-year opportunity for active managers to beat the S&P 500 due to index concentration in richly valued mega-caps forced into an AI arms race. Hyperscalers committing $750 billion in AI spending creates productivity spillovers. Portfolio positioned in smaller companies that benefit from AI infrastructure without funding it, focusing on those converting AI into superior business economics. | - |
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