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 |
|---|---|---|---|---|---|---|---|---|---|
| 0.0% | +0.5% | Steyn Capital protected capital in a volatile quarter dominated by Middle East conflict, gaining 0.02% while the market fell 2.36%. Strong stock selection in Grindrod, Sun International, and AECI offset weakness in gold and PGM holdings. The manager actively reduced exposure during peak geopolitical uncertainty then redeployed as risks receded. South Africa's positive outlook is deferred by inflation pressures but remains intact. Full Quick Take Steyn Capital protected capital in a volatile quarter dominated by Middle East conflict, gaining 0.02% while the market fell 2.36%. Strong stock selection in Grindrod, Sun International, and AECI offset weakness in gold and PGM holdings. The manager actively reduced exposure during peak geopolitical uncertainty then redeployed as risks receded. South Africa's positive outlook is deferred by inflation pressures but remains intact. | - | ||||||
| -15.6% | +0.5% | - | LENS fell 15.37% in Q2 2026 as Iran war volatility triggered commodity consolidation, but the manager sees this as a healthy reset within the Return to Tangibles secular bull market. Energy security concerns from the Strait of Hormuz closure will drive strategic oil demand, while unsustainable fiscal deficits and central bank gold buying support precious metals. The commodity super-cycle has only just begun. Full Quick Take LENS fell 15.37% in Q2 2026 as Iran war volatility triggered commodity consolidation, but the manager sees this as a healthy reset within the Return to Tangibles secular bull market. Energy security concerns from the Strait of Hormuz closure will drive strategic oil demand, while unsustainable fiscal deficits and central bank gold buying support precious metals. The commodity super-cycle has only just begun. | - | |||||
| +4.2% | +6.0% | - | Grey Owl All-Season Strategy posted +4.2% in Q2 and +6.0% year-to-date, outperforming cash by 500 basis points. AI infrastructure surged then corrected while small caps rallied 22.6%. Inflation remains stubbornly high with flat GDP growth ahead. The portfolio maintains balanced all-season positioning with US equity overweight, no commodity exposure, and risk spread across growth and inflation factors rather than concentrated in equities. Full Quick Take Grey Owl All-Season Strategy posted +4.2% in Q2 and +6.0% year-to-date, outperforming cash by 500 basis points. AI infrastructure surged then corrected while small caps rallied 22.6%. Inflation remains stubbornly high with flat GDP growth ahead. The portfolio maintains balanced all-season positioning with US equity overweight, no commodity exposure, and risk spread across growth and inflation factors rather than concentrated in equities. | - | |||||
| +6.5% | -5.4% | Bell Global Equities underperformed in Q2 2026 as extreme momentum concentration overwhelmed its quality-focused approach. The fund added semiconductor equipment and AI infrastructure plays while maintaining valuation discipline. Portfolio holdings now trade at 25% discounts to historical averages despite resilient fundamentals. Management views the current quality dislocation as among the most extreme observed and believes the portfolio is positioned for attractive long-term returns as fundamentals regain prominence. Full Quick Take Bell Global Equities underperformed in Q2 2026 as extreme momentum concentration overwhelmed its quality-focused approach. The fund added semiconductor equipment and AI infrastructure plays while maintaining valuation discipline. Portfolio holdings now trade at 25% discounts to historical averages despite resilient fundamentals. Management views the current quality dislocation as among the most extreme observed and believes the portfolio is positioned for attractive long-term returns as fundamentals regain prominence. | |||||||
| +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. | |||||||
| +7.1% | - | Forager deliberately sat out the AI bubble, returning negative 5.7% while markets soared on euphoria the manager views as unsustainable. The fund exited AI beneficiaries like Comfort Systems as valuations became too steep and cut the Fiserv mistake after management instability confirmed deeper problems. The portfolio is now concentrated in mispriced opportunities including Japanese software and European banks, positioned to profit when AI mania ends and value reasserts itself. Full Quick Take Forager deliberately sat out the AI bubble, returning negative 5.7% while markets soared on euphoria the manager views as unsustainable. The fund exited AI beneficiaries like Comfort Systems as valuations became too steep and cut the Fiserv mistake after management instability confirmed deeper problems. The portfolio is now concentrated in mispriced opportunities including Japanese software and European banks, positioned to profit when AI mania ends and value reasserts itself. | |||||||
| -1.8% | - | Forager Australian Shares fell 10.8% as the AI bubble inflated and the fund avoided overvalued tech. The manager sees this as a 2000-style sector bubble creating opportunities in ignored value stocks. Major mistakes in EML Payments offset wins from Cuscal and takeovers. The portfolio is concentrated in dumped software and cash-generative businesses, positioned for reversal when the bubble pops. Full Quick Take Forager Australian Shares fell 10.8% as the AI bubble inflated and the fund avoided overvalued tech. The manager sees this as a 2000-style sector bubble creating opportunities in ignored value stocks. Major mistakes in EML Payments offset wins from Cuscal and takeovers. The portfolio is concentrated in dumped software and cash-generative businesses, positioned for reversal when the bubble pops. | |||||||
| - | - | - | Q2 2026 saw the S&P 500 surge 14.9%, its best quarter in six years, driven by AI and semiconductor strength, with Technology up 31.6% and semiconductors gaining 49.5%. Energy reversed sharply, falling 13.5% on declining oil prices. Market leadership narrowed to record lows despite strong headline returns. Emerging Markets led globally, up 23.4%, while a hawkish Fed pivot on rising inflation introduces uncertainty ahead. Full Quick Take Q2 2026 saw the S&P 500 surge 14.9%, its best quarter in six years, driven by AI and semiconductor strength, with Technology up 31.6% and semiconductors gaining 49.5%. Energy reversed sharply, falling 13.5% on declining oil prices. Market leadership narrowed to record lows despite strong headline returns. Emerging Markets led globally, up 23.4%, while a hawkish Fed pivot on rising inflation introduces uncertainty ahead. | - | |||||
| - | - | - | 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. | - | |||||
| +19.0% | +19.0% | - | LENS delivered 18.62% as Middle East war triggered energy supply shock, validating the Return to Tangibles thesis. Energy leadership emerged while gold consolidated after historic run. Manager views crisis as catalyst for secular commodity super-cycle acceleration. Structural forces of inflation, fiscal risks, and geopolitical tensions support continued tangible asset outperformance versus traditional 60/40 portfolios. Full Quick Take LENS delivered 18.62% as Middle East war triggered energy supply shock, validating the Return to Tangibles thesis. Energy leadership emerged while gold consolidated after historic run. Manager views crisis as catalyst for secular commodity super-cycle acceleration. Structural forces of inflation, fiscal risks, and geopolitical tensions support continued tangible asset outperformance versus traditional 60/40 portfolios. | - | |||||
| -48.0% | -48.0% | Fidelity's 2055 target-date fund declined 0.48% in Q1 but outperformed through active allocation favoring commodities and non-U.S. equities. Technology holdings drove outperformance while software and industrial positions detracted. The fund is implementing updated allocations over 6-12 months, maintaining commodity overweights amid persistent inflation concerns and expanding business cycles. Full Quick Take Fidelity's 2055 target-date fund declined 0.48% in Q1 but outperformed through active allocation favoring commodities and non-U.S. equities. Technology holdings drove outperformance while software and industrial positions detracted. The fund is implementing updated allocations over 6-12 months, maintaining commodity overweights amid persistent inflation concerns and expanding business cycles. | - | ||||||
| - | - | - | The post-Cold War investment paradigm has ended, requiring portfolios built for higher geopolitical risk, inflation regime dynamics, and private credit structural problems. Traditional 60/40 portfolios failed in Q1 2026 while commodities and trend-following strategies outperformed as designed. Evolve is launching a private markets fund to capitalize on private credit dislocations and secondary market opportunities. Full Quick Take The post-Cold War investment paradigm has ended, requiring portfolios built for higher geopolitical risk, inflation regime dynamics, and private credit structural problems. Traditional 60/40 portfolios failed in Q1 2026 while commodities and trend-following strategies outperformed as designed. Evolve is launching a private markets fund to capitalize on private credit dislocations and secondary market opportunities. | - | |||||
| - | - | - | The Iran war has disrupted markets with oil up 40% and stocks down 10%, but political pressures from upcoming midterms will force rapid resolution. With Trump facing 57% disapproval and a thin House majority, ending the conflict is politically essential. Once resolved, energy normalization and strong earnings fundamentals should drive market recovery. Full Quick Take The Iran war has disrupted markets with oil up 40% and stocks down 10%, but political pressures from upcoming midterms will force rapid resolution. With Trump facing 57% disapproval and a thin House majority, ending the conflict is politically essential. Once resolved, energy normalization and strong earnings fundamentals should drive market recovery. | - | |||||
| -14.0% | -14.0% | 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. | |||||||
| -15.4% | -15.4% | - | Geopolitical shock triggered massive energy surge and stagflation fears, validating anti-fragile positioning in commodities, non-US markets, and real assets over traditional allocations. Fund outperformed peers through disciplined diversification away from US mega-cap concentration. Structural shifts toward energy independence and defense spending create durable investment themes while Fed policy becomes increasingly accommodative to fiscal needs. Full Quick Take Geopolitical shock triggered massive energy surge and stagflation fears, validating anti-fragile positioning in commodities, non-US markets, and real assets over traditional allocations. Fund outperformed peers through disciplined diversification away from US mega-cap concentration. Structural shifts toward energy independence and defense spending create durable investment themes while Fed policy becomes increasingly accommodative to fiscal needs. | - | |||||
| - | - | - | TEAM maintained defensive positioning through Q1 geopolitical crisis, keeping multi asset strategies positive year-to-date. Direct oil and soft commodity exposure provided effective hedging against 83% oil price surge from Iran conflict. Healthy cash levels and systematic process navigate ongoing uncertainty while positioning for potential ceasefire upside and continued inflation pressures. Full Quick Take TEAM maintained defensive positioning through Q1 geopolitical crisis, keeping multi asset strategies positive year-to-date. Direct oil and soft commodity exposure provided effective hedging against 83% oil price surge from Iran conflict. Healthy cash levels and systematic process navigate ongoing uncertainty while positioning for potential ceasefire upside and continued inflation pressures. | - | |||||
| - | - | Q1 2026 delivered a stark Value rotation as Iran conflict drove oil up 77% and Energy to multi-decade highs. Growth stocks collapsed while defensive sectors gained amid stagflation fears. Commodities extended their bull run with broad-based strength. Fed rate cuts now delayed, creating challenging backdrop for equities despite recent resilience. Full Quick Take Q1 2026 delivered a stark Value rotation as Iran conflict drove oil up 77% and Energy to multi-decade highs. Growth stocks collapsed while defensive sectors gained amid stagflation fears. Commodities extended their bull run with broad-based strength. Fed rate cuts now delayed, creating challenging backdrop for equities despite recent resilience. | - | ||||||
| - | - | Horizon Kinetics positions in permanent, rare assets benefiting from market structure discounts. Their royalty holdings are benefiting from the commodities recovery that began in 2025. The firm emphasizes income strategies including CLO investments and highlights how AI infrastructure demands are driving massive requirements for physical resources like steel, copper, and natural gas. Full Quick Take Horizon Kinetics positions in permanent, rare assets benefiting from market structure discounts. Their royalty holdings are benefiting from the commodities recovery that began in 2025. The firm emphasizes income strategies including CLO investments and highlights how AI infrastructure demands are driving massive requirements for physical resources like steel, copper, and natural gas. | |||||||
| +1.0% | +1.0% | Sigil Core outperformed Bitcoin by 21.56% despite -3.88% Q1 return amid Middle East turmoil. Fund shifting from defensive 40% risk-off positioning to net buyer, deploying into select crypto assets as risks appear priced in. Manager embraces volatility as opportunity rather than risk, expecting bumpy summer with selective crypto outperformance while broader markets bleed. Full Quick Take Sigil Core outperformed Bitcoin by 21.56% despite -3.88% Q1 return amid Middle East turmoil. Fund shifting from defensive 40% risk-off positioning to net buyer, deploying into select crypto assets as risks appear priced in. Manager embraces volatility as opportunity rather than risk, expecting bumpy summer with selective crypto outperformance while broader markets bleed. | - | ||||||
| - | - | Sigil Core outperformed Bitcoin by 21.56% despite -3.88% Q1 return amid Middle East turmoil. Fund shifting from defensive 40% risk-off positioning to net buyer, deploying into select crypto assets as risks appear priced in. Manager embraces volatility as opportunity rather than risk, expecting bumpy summer with selective crypto outperformance while broader markets bleed. Full Quick Take Sigil Core outperformed Bitcoin by 21.56% despite -3.88% Q1 return amid Middle East turmoil. Fund shifting from defensive 40% risk-off positioning to net buyer, deploying into select crypto assets as risks appear priced in. Manager embraces volatility as opportunity rather than risk, expecting bumpy summer with selective crypto outperformance while broader markets bleed. | - | ||||||
| - | +11.0% | The fund targets long-term compounding growth by investing in leading global companies aligned with the expansion of the global middle class. Amid extreme tech volatility and fully priced tech valuations, the manager is shifting capital into food, energy, and logistics, while anticipating that Western rearmament will act as a major catalyst for industrial activity and future tech demand. Full Quick Take The fund targets long-term compounding growth by investing in leading global companies aligned with the expansion of the global middle class. Amid extreme tech volatility and fully priced tech valuations, the manager is shifting capital into food, energy, and logistics, while anticipating that Western rearmament will act as a major catalyst for industrial activity and future tech demand. | - | ||||||
| +1.0% | -12.6% | Black Bear Value Fund suffered a 12.6% loss in 2025 due to a growth-led market rally, but the manager remains highly confident, declaring the portfolio of deeply undervalued cash gushers and targeted shorts to be a 'coiled spring' poised for rapid recovery. Full Quick Take Black Bear Value Fund suffered a 12.6% loss in 2025 due to a growth-led market rally, but the manager remains highly confident, declaring the portfolio of deeply undervalued cash gushers and targeted shorts to be a 'coiled spring' poised for rapid recovery. | |||||||
| - | +20.3% | - | Standard Wealth generated a stellar 20.3% return in 2025 but has adopted a defensive, cautious posture for 2026 due to extreme equity valuations, structural inflation risks, and overextended expectations for AI monetization. Full Quick Take Standard Wealth generated a stellar 20.3% return in 2025 but has adopted a defensive, cautious posture for 2026 due to extreme equity valuations, structural inflation risks, and overextended expectations for AI monetization. | - | |||||
| +21.0% | +1.7% | Resource and Commodities Sector Upcycle, Digital Advertising and Ad-Tech Transition, Additional Keywords & Themes | Atrium's covered stocks posted a strong 21% gain in Q4/25, fueled by robust commodity prices and a wave of strategic acquisitions, drilling successes, and PEA milestones. Full Quick Take Atrium's covered stocks posted a strong 21% gain in Q4/25, fueled by robust commodity prices and a wave of strategic acquisitions, drilling successes, and PEA milestones. | - | |||||
| +35.0% | +13.9% | T. Bailey portfolios finished a strong 2025 on a high, driven by commodities and selective equities. Looking into 2026, the manager favors active stock-picking and global diversification outside the US to navigate policy divergence and structural volatility. Full Quick Take T. Bailey portfolios finished a strong 2025 on a high, driven by commodities and selective equities. Looking into 2026, the manager favors active stock-picking and global diversification outside the US to navigate policy divergence and structural volatility. | |||||||
| +35.0% | +13.9% | T. Bailey closed out 2025 with strong performance, navigating emerging AI infrastructure skepticism and global central bank divergence by active reallocation into Japanese equities, EM, and selective UK value holdings. Full Quick Take T. Bailey closed out 2025 with strong performance, navigating emerging AI infrastructure skepticism and global central bank divergence by active reallocation into Japanese equities, EM, and selective UK value holdings. | - | ||||||
| - | - | - | Stagflation presents a unique challenge as both equities and fixed income tend to underperform simultaneously. To preserve purchasing power and manage risk, institutional investors should selectively introduce lowly correlated assets—including precious metals, commodities, TIPS, floating rate debt, and defensive equities—into a diversified, multi-regime asset allocation framework designed for long-term resilience. Full Quick Take Stagflation presents a unique challenge as both equities and fixed income tend to underperform simultaneously. To preserve purchasing power and manage risk, institutional investors should selectively introduce lowly correlated assets—including precious metals, commodities, TIPS, floating rate debt, and defensive equities—into a diversified, multi-regime asset allocation framework designed for long-term resilience. | - | |||||
| - | +17.5% | AFC Asia Frontier Fund delivered an estimated +17.5% return in 2025, its third consecutive double-digit year. The fund enters 2026 in a market 'sweet spot' defined by highly depressed valuations (6.7x P/E) and robust macro tailwinds. Full Quick Take AFC Asia Frontier Fund delivered an estimated +17.5% return in 2025, its third consecutive double-digit year. The fund enters 2026 in a market 'sweet spot' defined by highly depressed valuations (6.7x P/E) and robust macro tailwinds. | - | ||||||
| - | +32.7% | - | Capicraft's Global Creator Fund delivered a strong 32.66% USD return in 2025. The manager remains constructive on real assets, precious metals, and oil, while warning of underperformance risks in expensive US tech-dominated indices. Full Quick Take Capicraft's Global Creator Fund delivered a strong 32.66% USD return in 2025. The manager remains constructive on real assets, precious metals, and oil, while warning of underperformance risks in expensive US tech-dominated indices. | - | |||||
| -6.7% | +47.0% | Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling founders and rotate commodity profits into high-conviction software compounders. Full Quick Take Despite a tough quarter driven by pullbacks in core holdings like Lovisa and Eagers, Ganes remains highly constructive on its portfolio, choosing to back aligned, non-selling founders and rotate commodity profits into high-conviction software compounders. | - | ||||||
| +5.7% | +40.7% | The fund delivered an impressive 40.69% 1-year return, driven by AI-fueled semiconductor strength and commodities. The managers are actively capitalizing on deep EM valuation discounts, adding to structural growth leaders while trimming extended holdings. Full Quick Take The fund delivered an impressive 40.69% 1-year return, driven by AI-fueled semiconductor strength and commodities. The managers are actively capitalizing on deep EM valuation discounts, adding to structural growth leaders while trimming extended holdings. | - | ||||||
| - | - | Commodities & Precious Metals Outperformance, China Economic Stimulus and Travel Recovery, Additional Keywords & Themes | Renaissance's International Small Cap strategy outperformed in Q4 2025, actively rotating capital out of margin-strained payments and food producers into high-momentum gold miners and Chinese aviation IT infrastructure. Full Quick Take Renaissance's International Small Cap strategy outperformed in Q4 2025, actively rotating capital out of margin-strained payments and food producers into high-momentum gold miners and Chinese aviation IT infrastructure. | - | |||||
| +7.8% | +38.3% | US Rail Infrastructure Consolidation, European Banking Structural Transition, Additional Keywords & Themes | PM Capital delivers strong quarterly outperformance driven by structural tailwinds in commodities and European banking, while actively rotating into high-moat industrials and healthcare. Full Quick Take PM Capital delivers strong quarterly outperformance driven by structural tailwinds in commodities and European banking, while actively rotating into high-moat industrials and healthcare. | ||||||
| +7.8% | +38.3% | PM Capital delivered strong returns of 7.8% for the quarter, capitalizing on copper, gold, and European banks, while actively recycling capital into newly-initiated value opportunities like Union Pacific. Full Quick Take PM Capital delivered strong returns of 7.8% for the quarter, capitalizing on copper, gold, and European banks, while actively recycling capital into newly-initiated value opportunities like Union Pacific. | - | ||||||
| +7.8% | +38.3% | PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new opportunities like Union Pacific and Siemens Healthineers. Full Quick Take PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new opportunities like Union Pacific and Siemens Healthineers. | - | ||||||
| +9.2% | +8.1% | The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and secularly resilient IT holdings. Full Quick Take The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and secularly resilient IT holdings. | - | ||||||
| +13.3% | +28.7% | L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic names into highly asymmetric offshore value opportunities. Full Quick Take L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic names into highly asymmetric offshore value opportunities. | |||||||
| +13.2% | - | Shelton Emerging Markets Fund outperformed by 250bp in Q3 2025, driven by AI-accelerated technology holdings and commodity revival. The fund captures structural growth across Asia's tech supply chain while benefiting from global AI investment and firming commodity demand. Despite EV competition headwinds, the outlook remains constructive with supportive monetary policy and attractive valuations versus developed markets. Full Quick Take Shelton Emerging Markets Fund outperformed by 250bp in Q3 2025, driven by AI-accelerated technology holdings and commodity revival. The fund captures structural growth across Asia's tech supply chain while benefiting from global AI investment and firming commodity demand. Despite EV competition headwinds, the outlook remains constructive with supportive monetary policy and attractive valuations versus developed markets. | - | ||||||
| +11.2% | +27.4% | The Active M Emerging Markets Equity Fund gained 11.20% in Q3 2025, outperforming its benchmark thanks to strong semiconductor positioning, despite being held back by an underweight in China. Full Quick Take The Active M Emerging Markets Equity Fund gained 11.20% in Q3 2025, outperforming its benchmark thanks to strong semiconductor positioning, despite being held back by an underweight in China. | - | ||||||
| +10.0% | - | PM Capital posted a strong quarter driven by gold, copper, and European banks, while actively trimming fully valued assets to maintain strict valuation discipline amid cautionary market sentiment. Full Quick Take PM Capital posted a strong quarter driven by gold, copper, and European banks, while actively trimming fully valued assets to maintain strict valuation discipline amid cautionary market sentiment. | - | ||||||
| +24.0% | - | Fawkes Capital returned +5.2% in July, driven by constructive thematic plays across AI infrastructure, defense, and niche commodities. The fund has introduced an asymmetric play on Chinese AI development via cheap Malaysian utilities and backup generator manufacturers. Full Quick Take Fawkes Capital returned +5.2% in July, driven by constructive thematic plays across AI infrastructure, defense, and niche commodities. The fund has introduced an asymmetric play on Chinese AI development via cheap Malaysian utilities and backup generator manufacturers. | |||||||
| +15.3% | - | VG1 posted a strong +15.3% return for the quarter, driven by secular growth trends in AI, European cyclicals, and commodities, alongside proactive portfolio adjustments and active capital buybacks. Full Quick Take VG1 posted a strong +15.3% return for the quarter, driven by secular growth trends in AI, European cyclicals, and commodities, alongside proactive portfolio adjustments and active capital buybacks. | |||||||
| +24.0% | - | Azvalor is adopting a highly defensive, contrarian posture, preparing for a potential market correction by rotating out of expensive indices and into undervalued assets like commodities, emerging markets, and small value. Full Quick Take Azvalor is adopting a highly defensive, contrarian posture, preparing for a potential market correction by rotating out of expensive indices and into undervalued assets like commodities, emerging markets, and small value. | - | ||||||
| +7.4% | +6.9% | Appalaches Core LO returned 7.4% in Q2 2025, capitalizing on the April drawdown to buy semiconductor leaders and establishing a core new position in Eagle Materials (EXP) to exploit structural pricing power in US cement and wallboard. Full Quick Take Appalaches Core LO returned 7.4% in Q2 2025, capitalizing on the April drawdown to buy semiconductor leaders and establishing a core new position in Eagle Materials (EXP) to exploit structural pricing power in US cement and wallboard. | - | ||||||
| +8.1% | +22.1% | PM Capital delivered 8.1% quarterly returns focusing on undervalued European banks and commodities. European banks trade at 8x earnings versus peers, positioned for infrastructure-driven recovery. Commodity holdings benefit from supply constraints and trade tensions. Key winners included AIB Group, Newmont, and Macau gaming stocks. Fund increased net invested position to 85% during April volatility, maintaining patient approach to multi-year themes. Full Quick Take PM Capital delivered 8.1% quarterly returns focusing on undervalued European banks and commodities. European banks trade at 8x earnings versus peers, positioned for infrastructure-driven recovery. Commodity holdings benefit from supply constraints and trade tensions. Key winners included AIB Group, Newmont, and Macau gaming stocks. Fund increased net invested position to 85% during April volatility, maintaining patient approach to multi-year themes. | - | ||||||
| - | - | - | Ameliora remains cautious on US assets due to structural debt burdens, extreme market greed, and recession signals, shifting its preference toward European equities, gold, and long-term themes in Japan and India. Full Quick Take Ameliora remains cautious on US assets due to structural debt burdens, extreme market greed, and recession signals, shifting its preference toward European equities, gold, and long-term themes in Japan and India. | - | |||||
| - | - | The commodity supercycle has begun as U.S. shale peaks and the global carry trade unwinds. Platinum group metals offer extraordinary upside after 16-year bear markets, while natural gas prices could double as production declines meet surging LNG demand. Gold's bull market continues with central bank support. Maximum pessimism creates compelling entry points across natural resource equities. Full Quick Take The commodity supercycle has begun as U.S. shale peaks and the global carry trade unwinds. Platinum group metals offer extraordinary upside after 16-year bear markets, while natural gas prices could double as production declines meet surging LNG demand. Gold's bull market continues with central bank support. Maximum pessimism creates compelling entry points across natural resource equities. | - | ||||||
| +5.4% | +3.2% | - | Frontaura's frontier market strategy delivered 5.36% in Q1 despite tariff volatility, maintaining disciplined value approach with 6.0x PE portfolio. Limited US export exposure provides natural hedge against trade war impacts. Quality Value Score of 71 projects strong forward returns while geographic diversification across commodity producers and importers creates balanced risk profile in uncertain macro environment. Full Quick Take Frontaura's frontier market strategy delivered 5.36% in Q1 despite tariff volatility, maintaining disciplined value approach with 6.0x PE portfolio. Limited US export exposure provides natural hedge against trade war impacts. Quality Value Score of 71 projects strong forward returns while geographic diversification across commodity producers and importers creates balanced risk profile in uncertain macro environment. | - | |||||
| - | - | Horizon Kinetics capitalizes on AI-driven data center boom by owning resource suppliers rather than technology consumers. Massive infrastructure spending creates unprecedented demand for natural gas, water, and steel while indexation concentrates capital in consumers. Portfolio includes water, energy royalties, and distressed utilities positioned for recovery. Strategy exploits supply/demand imbalances in limiting-factor commodities essential for data center expansion. Full Quick Take Horizon Kinetics capitalizes on AI-driven data center boom by owning resource suppliers rather than technology consumers. Massive infrastructure spending creates unprecedented demand for natural gas, water, and steel while indexation concentrates capital in consumers. Portfolio includes water, energy royalties, and distressed utilities positioned for recovery. Strategy exploits supply/demand imbalances in limiting-factor commodities essential for data center expansion. | - | ||||||
| - | - | - | Global markets declined 2.0% as US trade policy shifts drove capital rotation from US to Europe. Tariff escalation fueled stagflation fears with Fed cutting growth forecasts while hiking inflation estimates. Europe outperformed on fiscal stimulus with Germany's €1 trillion spending plan. Commodities rallied on safe-haven demand while China surged on AI optimism despite broader technology sector weakness. Full Quick Take Global markets declined 2.0% as US trade policy shifts drove capital rotation from US to Europe. Tariff escalation fueled stagflation fears with Fed cutting growth forecasts while hiking inflation estimates. Europe outperformed on fiscal stimulus with Germany's €1 trillion spending plan. Commodities rallied on safe-haven demand while China surged on AI optimism despite broader technology sector weakness. | - |
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