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 |
|---|---|---|---|---|---|---|---|---|---|
| +17.7% | +12.1% | Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. Full Quick Take Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. | - | ||||||
| - | - | - | Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. Full Quick Take Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. | - | |||||
| +8.8% | +10.7% | Auxier positions in AI infrastructure providers earning strong profits supplying vital hardware and connectivity rather than hyperscalers chasing uncertain AI model profitability. The fund warns margin debt surging 50% to $1.53 trillion and leveraged single-stock ETFs create extreme liquidation risk. Technology debt issuance quadrupled to fund AI buildout with 20-30 year bonds financing potentially obsolete data centers. The fund favors enduring businesses with large moats, minimal capital needs, and strong returns resisting market disruptions. Full Quick Take Auxier positions in AI infrastructure providers earning strong profits supplying vital hardware and connectivity rather than hyperscalers chasing uncertain AI model profitability. The fund warns margin debt surging 50% to $1.53 trillion and leveraged single-stock ETFs create extreme liquidation risk. Technology debt issuance quadrupled to fund AI buildout with 20-30 year bonds financing potentially obsolete data centers. The fund favors enduring businesses with large moats, minimal capital needs, and strong returns resisting market disruptions. | |||||||
| +8.4% | +4.9% | The Aristotle International Equity Fund underperformed benchmarks in Q2 2026 despite strong contributions from Samsung Electronics and Techtronic Industries, driven by AI infrastructure demand and power tool ecosystem expansion. The fund rotated from Unilever into Magnum Ice Cream, seeking better value creation under dedicated management. Geopolitical tensions and inflation pressures persist, but the manager maintains focus on high-quality businesses with strong competitive positions and identifiable catalysts rather than macro positioning. Full Quick Take The Aristotle International Equity Fund underperformed benchmarks in Q2 2026 despite strong contributions from Samsung Electronics and Techtronic Industries, driven by AI infrastructure demand and power tool ecosystem expansion. The fund rotated from Unilever into Magnum Ice Cream, seeking better value creation under dedicated management. Geopolitical tensions and inflation pressures persist, but the manager maintains focus on high-quality businesses with strong competitive positions and identifiable catalysts rather than macro positioning. | |||||||
| +2.4% | -0.2% | - | Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| - | +2.1% | Rozendal's Global Fund lagged in H1 2026 by avoiding the AI mania that drove tech 30% higher, while the Iran war disrupted oil and precious metals markets. Three successful investment cycles closed: Meta at 31% annualized, silver at 20%+, and Curro at 22-24%. The manager maintains disciplined valuation focus despite momentum-driven markets favoring speculation over fundamentals. Full Quick Take Rozendal's Global Fund lagged in H1 2026 by avoiding the AI mania that drove tech 30% higher, while the Iran war disrupted oil and precious metals markets. Three successful investment cycles closed: Meta at 31% annualized, silver at 20%+, and Curro at 22-24%. The manager maintains disciplined valuation focus despite momentum-driven markets favoring speculation over fundamentals. | |||||||
| +18.7% | +1.2% | International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. Full Quick Take International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. | |||||||
| +5.7% | - | Spheria underperformed in Q2 2026 as AI narrative dominance and extreme market concentration penalized valuation discipline. SharkNinja's innovation-driven consumer strength offset Santos's oil price weakness. The manager views markets as overextended on narrative versus fundamentals, with rates deteriorating and concentration creating fragility. Strict adherence to discounted cash flow discipline continues despite headwinds, targeting mispriced quality businesses with pricing power overlooked by thematic momentum. Full Quick Take Spheria underperformed in Q2 2026 as AI narrative dominance and extreme market concentration penalized valuation discipline. SharkNinja's innovation-driven consumer strength offset Santos's oil price weakness. The manager views markets as overextended on narrative versus fundamentals, with rates deteriorating and concentration creating fragility. Strict adherence to discounted cash flow discipline continues despite headwinds, targeting mispriced quality businesses with pricing power overlooked by thematic momentum. | |||||||
| +1.5% | +2.2% | PM Capital Enhanced Yield Fund delivered 1.5% in Q2 2026, driven by strategic fixed interest rate positioning that capitalized on declining bond yields as inflation fears eased. The fund added high-quality banking and infrastructure exposures at attractive 5.5-6.1% yields during volatility. Holdings in resilient non-discretionary consumer businesses like Woolworths and Tesco outperformed. Significant dry powder remains for deployment as markets consolidate. Full Quick Take PM Capital Enhanced Yield Fund delivered 1.5% in Q2 2026, driven by strategic fixed interest rate positioning that capitalized on declining bond yields as inflation fears eased. The fund added high-quality banking and infrastructure exposures at attractive 5.5-6.1% yields during volatility. Holdings in resilient non-discretionary consumer businesses like Woolworths and Tesco outperformed. Significant dry powder remains for deployment as markets consolidate. | - | ||||||
| +18.2% | +19.7% | - | Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. Full Quick Take Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. | - | |||||
| +13.0% | +7.9% | - | Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. Full Quick Take Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. | - | |||||
| +4.0% | - | Consumer brands are thriving beneath a surface of extreme negative sentiment. The fund's holdings grew sales 13% and profits 19% despite being left behind by a semiconductor-driven rally. With jobs improving, oil prices normalizing, and fiscal support increasing, the gap between depressed valuations and strong fundamentals presents compelling opportunity. Market concentration in AI and semiconductors appears unsustainable. Full Quick Take Consumer brands are thriving beneath a surface of extreme negative sentiment. The fund's holdings grew sales 13% and profits 19% despite being left behind by a semiconductor-driven rally. With jobs improving, oil prices normalizing, and fiscal support increasing, the gap between depressed valuations and strong fundamentals presents compelling opportunity. Market concentration in AI and semiconductors appears unsustainable. | |||||||
| +36.0% | +29.7% | Buckley Capital returned 36% in Q2 2026 through disciplined capital recycling, exiting Dave at peak valuations and Root after industry headwinds deepened, while maintaining conviction in Liquidia ahead of a catalyst and initiating positions in mispriced Celsius and Light & Wonder. The small-cap portfolio is concentrated in businesses with improving fundamentals and identifiable catalysts where the market underestimates normalized earnings power, positioned for continued compounding. Full Quick Take Buckley Capital returned 36% in Q2 2026 through disciplined capital recycling, exiting Dave at peak valuations and Root after industry headwinds deepened, while maintaining conviction in Liquidia ahead of a catalyst and initiating positions in mispriced Celsius and Light & Wonder. The small-cap portfolio is concentrated in businesses with improving fundamentals and identifiable catalysts where the market underestimates normalized earnings power, positioned for continued compounding. | |||||||
| +2.5% | +2.4% | - | Angel Oak High Yield Opportunities ETF outperformed in Q2 2026, benefiting from AI-driven economic resilience and strong corporate earnings. The fund maintains a constructive but cautious stance, favoring homeowner credit and investment-grade securitized debt over lower-quality corporate bonds. Management is trimming out-of-index exposure and emphasizing higher-quality issuers with strong fundamentals as credit spreads approach post-GFC tights and consumer strain emerges. Full Quick Take Angel Oak High Yield Opportunities ETF outperformed in Q2 2026, benefiting from AI-driven economic resilience and strong corporate earnings. The fund maintains a constructive but cautious stance, favoring homeowner credit and investment-grade securitized debt over lower-quality corporate bonds. Management is trimming out-of-index exposure and emphasizing higher-quality issuers with strong fundamentals as credit spreads approach post-GFC tights and consumer strain emerges. | - | |||||
| +13.3% | +5.6% | Vulcan Small Cap returned 13.3% net in Q2 2026 despite price to value ratios remaining flat. The strategy added Badger Meter and TPG at significant discounts driven by market overreactions. MillerKnoll, Fortune Brands, and Littelfuse contributed materially. The portfolio owns exceptional small cap businesses at roughly 50 cents on the dollar with values compounding steadily, creating compelling long-term opportunities for patient capital. Full Quick Take Vulcan Small Cap returned 13.3% net in Q2 2026 despite price to value ratios remaining flat. The strategy added Badger Meter and TPG at significant discounts driven by market overreactions. MillerKnoll, Fortune Brands, and Littelfuse contributed materially. The portfolio owns exceptional small cap businesses at roughly 50 cents on the dollar with values compounding steadily, creating compelling long-term opportunities for patient capital. | |||||||
| +8.9% | +7.4% | The Fund underperformed in Q2 as China's onshore market concentrated in expensive AI stocks. The managers maintain valuation discipline, avoiding the most expensive technology names despite strong recent performance. The portfolio trades at a 6% discount to the market and offers exposure to AI infrastructure through cheaper industrial holdings and to long-term consumer growth through undervalued discretionary names. Current positioning prioritizes sustainable cash flow growth over multiple expansion. Full Quick Take The Fund underperformed in Q2 as China's onshore market concentrated in expensive AI stocks. The managers maintain valuation discipline, avoiding the most expensive technology names despite strong recent performance. The portfolio trades at a 6% discount to the market and offers exposure to AI infrastructure through cheaper industrial holdings and to long-term consumer growth through undervalued discretionary names. Current positioning prioritizes sustainable cash flow growth over multiple expansion. | |||||||
| +17.5% | +6.9% | Brown Advisory's Mid-Cap Growth Strategy outperformed by 300 basis points in Q2 2026, driven by AI infrastructure suppliers including Marvell Technology which returned 166% before being sold on valuation. The manager executed high portfolio turnover, adding eighteen new positions across data center hardware, software, and consumer services while maintaining discipline around price targets. Market leadership continued broadening beyond mega-cap tech as anticipated in recent letters. Full Quick Take Brown Advisory's Mid-Cap Growth Strategy outperformed by 300 basis points in Q2 2026, driven by AI infrastructure suppliers including Marvell Technology which returned 166% before being sold on valuation. The manager executed high portfolio turnover, adding eighteen new positions across data center hardware, software, and consumer services while maintaining discipline around price targets. Market leadership continued broadening beyond mega-cap tech as anticipated in recent letters. | |||||||
| +4.9% | - | American Century Equity Income underperformed in Q2 2026 as AI-driven semiconductor stocks surged while the fund maintained its defensive, quality-focused positioning. Lack of exposure to Micron and Intel drove underperformance as memory markets recovered. The team holds conviction in higher-quality companies across consumer staples and health care, maintaining significant underweights to information technology on valuation concerns despite adding selective exposure including Apple. Full Quick Take American Century Equity Income underperformed in Q2 2026 as AI-driven semiconductor stocks surged while the fund maintained its defensive, quality-focused positioning. Lack of exposure to Micron and Intel drove underperformance as memory markets recovered. The team holds conviction in higher-quality companies across consumer staples and health care, maintaining significant underweights to information technology on valuation concerns despite adding selective exposure including Apple. | - | ||||||
| - | -9.4% | Auscap delivered 7.8% in June despite YTD headwinds from consumer discretionary volatility. On-the-ground UK research increased conviction in Nick Scali (32% like-for-like growth, 60+ store potential) and Lovisa (benefiting from Claire's 590-store closure). Manager practices time horizon arbitrage, buying quality growth businesses at attractive valuations during short-term dislocations. Portfolio emphasizes management execution over macro factors, with strong international expansion themes. Full Quick Take Auscap delivered 7.8% in June despite YTD headwinds from consumer discretionary volatility. On-the-ground UK research increased conviction in Nick Scali (32% like-for-like growth, 60+ store potential) and Lovisa (benefiting from Claire's 590-store closure). Manager practices time horizon arbitrage, buying quality growth businesses at attractive valuations during short-term dislocations. Portfolio emphasizes management execution over macro factors, with strong international expansion themes. | |||||||
| +13.6% | - | Ariel Fund returned 13.59% in Q2 2026, underperforming benchmarks despite strong market gains. The fund added entertainment positions MSGE and SPHR on resilient demand and venue expansion opportunities, initiated healthcare and insurance positions HAE and RLI, while Core Laboratories and Carlyle Group detracted on energy headwinds and private credit concerns. The manager maintains valuation discipline and long-term focus amid concentrated market leadership and geopolitical uncertainty. Full Quick Take Ariel Fund returned 13.59% in Q2 2026, underperforming benchmarks despite strong market gains. The fund added entertainment positions MSGE and SPHR on resilient demand and venue expansion opportunities, initiated healthcare and insurance positions HAE and RLI, while Core Laboratories and Carlyle Group detracted on energy headwinds and private credit concerns. The manager maintains valuation discipline and long-term focus amid concentrated market leadership and geopolitical uncertainty. | |||||||
| - | +13.6% | Frank Value Fund pursues catalyst-unlocking value in mid-caps trading at 10x earnings, deliberately avoiding the AI Big 10 concentration that mirrors 2000 bubble dynamics. The fund retained large consumer staples positions and added healthcare and defense contractors where depressed valuations enable 10%+ annual capital returns through buybacks. The 66% tech-staples performance gap creates compelling opportunity as management teams accelerate earnings growth, offering simpler bets than complex AI infrastructure unknowns. Full Quick Take Frank Value Fund pursues catalyst-unlocking value in mid-caps trading at 10x earnings, deliberately avoiding the AI Big 10 concentration that mirrors 2000 bubble dynamics. The fund retained large consumer staples positions and added healthcare and defense contractors where depressed valuations enable 10%+ annual capital returns through buybacks. The 66% tech-staples performance gap creates compelling opportunity as management teams accelerate earnings growth, offering simpler bets than complex AI infrastructure unknowns. | - | ||||||
| +12.8% | -13.2% | Cedar Grove returned 12.8% in Q2 2026, rebounding from Q1 losses by diversifying into 16 positions across healthcare, biotech, and consumer sectors while aggressively shorting overvalued names. The manager explicitly avoids the AI momentum trade, instead focusing on unloved small-cap fundamentals including telehealth leader HIMS, gene therapy plays, and grid modernization. Patience and long-term discipline anchor the strategy amid market volatility. Full Quick Take Cedar Grove returned 12.8% in Q2 2026, rebounding from Q1 losses by diversifying into 16 positions across healthcare, biotech, and consumer sectors while aggressively shorting overvalued names. The manager explicitly avoids the AI momentum trade, instead focusing on unloved small-cap fundamentals including telehealth leader HIMS, gene therapy plays, and grid modernization. Patience and long-term discipline anchor the strategy amid market volatility. | |||||||
| - | - | - | Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals. Full Quick Take Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals. | - | |||||
| - | - | Extreme equity concentration and aggressive AI capital spending have driven market valuations to unsustainable peaks. As hyperscaler cash flows deteriorate and heavy depreciation sets in, technology earnings face substantial downward pressure. Portfolios are actively paring technology exposure in favor of molecular medicine, automation, and non-U.S. equities benefiting from lower valuations and post-conflict stabilization. Full Quick Take Extreme equity concentration and aggressive AI capital spending have driven market valuations to unsustainable peaks. As hyperscaler cash flows deteriorate and heavy depreciation sets in, technology earnings face substantial downward pressure. Portfolios are actively paring technology exposure in favor of molecular medicine, automation, and non-U.S. equities benefiting from lower valuations and post-conflict stabilization. | |||||||
| - | - | Matrix delivered strong Q2 returns as markets rallied 15.2%, but remains cautiously optimistic given elevated valuations at 20x earnings. The manager actively rotated the portfolio, trimming overweighted Financials and Technology winners while adding to lagging Consumer Staples and Healthcare names. Portfolios are positioned to benefit from anticipated market broadening beyond concentrated leadership, owning attractively valued companies poised to lead in upcoming periods despite expected volatility. Full Quick Take Matrix delivered strong Q2 returns as markets rallied 15.2%, but remains cautiously optimistic given elevated valuations at 20x earnings. The manager actively rotated the portfolio, trimming overweighted Financials and Technology winners while adding to lagging Consumer Staples and Healthcare names. Portfolios are positioned to benefit from anticipated market broadening beyond concentrated leadership, owning attractively valued companies poised to lead in upcoming periods despite expected volatility. | - | ||||||
| - | - | Portfolio pivoted from technology to biotechnology with Eli Lilly as largest position on GLP-1 growth, while maintaining AI exposure across infrastructure and chips. Inflation at 4.2% driving Fed toward rate hikes. Liquidated gold, repositioned bonds for rising rates. Sees 10% S&P 500 upside but concerned about AI investment speed, IPO supply, and excessive optimism. Added undervalued software names after indiscriminate selling. Full Quick Take Portfolio pivoted from technology to biotechnology with Eli Lilly as largest position on GLP-1 growth, while maintaining AI exposure across infrastructure and chips. Inflation at 4.2% driving Fed toward rate hikes. Liquidated gold, repositioned bonds for rising rates. Sees 10% S&P 500 upside but concerned about AI investment speed, IPO supply, and excessive optimism. Added undervalued software names after indiscriminate selling. | |||||||
| +12.5% | +7.7% | Middle Coast Investing returned 12.5% in Q2 2026 as markets traded on baskets rather than fundamentals. Semiconductors and data center stocks soared while hyperscalers faced AI profitability doubts. The manager trimmed winners, added CDW and S&P Global at attractive valuations, and reduced cash to 13.7%. Despite strong company-specific results, stocks traded on sector sentiment. The portfolio maintains concentrated exposure to aerospace, travel, and financials with disciplined valuation focus. Full Quick Take Middle Coast Investing returned 12.5% in Q2 2026 as markets traded on baskets rather than fundamentals. Semiconductors and data center stocks soared while hyperscalers faced AI profitability doubts. The manager trimmed winners, added CDW and S&P Global at attractive valuations, and reduced cash to 13.7%. Despite strong company-specific results, stocks traded on sector sentiment. The portfolio maintains concentrated exposure to aerospace, travel, and financials with disciplined valuation focus. | |||||||
| -2.7% | -2.7% | Minot Light delivered -2.7% in Q1 2026 amid macro volatility and adverse sector rotation away from healthcare and consumer discretionary holdings. Despite near-term headwinds, managers express increased confidence in their small/micro-cap strategy, highlighting strong fundamentals in names like Bob's Discount Furniture and ImmuCell. They expect sector rotations to eventually mean-revert, creating strong tailwinds for current out-of-favor positions. Full Quick Take Minot Light delivered -2.7% in Q1 2026 amid macro volatility and adverse sector rotation away from healthcare and consumer discretionary holdings. Despite near-term headwinds, managers express increased confidence in their small/micro-cap strategy, highlighting strong fundamentals in names like Bob's Discount Furniture and ImmuCell. They expect sector rotations to eventually mean-revert, creating strong tailwinds for current out-of-favor positions. | |||||||
| +3.0% | +3.0% | Alluvial Fund delivered 3.0% returns in Q1 2026 despite Iran War volatility, benefiting from defensive positioning and the Peakstone REIT acquisition. The manager sees recent small-cap euphoria as premature but remains focused on deeply undervalued securities with predictable cash flows, holding cash for opportunities while continuing the successful strategy of investing in unpopular, overlooked businesses. Full Quick Take Alluvial Fund delivered 3.0% returns in Q1 2026 despite Iran War volatility, benefiting from defensive positioning and the Peakstone REIT acquisition. The manager sees recent small-cap euphoria as premature but remains focused on deeply undervalued securities with predictable cash flows, holding cash for opportunities while continuing the successful strategy of investing in unpopular, overlooked businesses. | - | ||||||
| -29.1% | -29.1% | HMC Capital Partners Fund I fell 29.1% quarterly due to rate hikes and geopolitical tensions hitting Real Estate and Consumer Discretionary holdings. The concentrated fund maintains three core positions - Lendlease, Baby Bunting, and Ingenia - while holding $100 million cash to capitalize on market dislocations. Long-term focus on unlocking trapped value through active engagement continues despite near-term volatility. Full Quick Take HMC Capital Partners Fund I fell 29.1% quarterly due to rate hikes and geopolitical tensions hitting Real Estate and Consumer Discretionary holdings. The concentrated fund maintains three core positions - Lendlease, Baby Bunting, and Ingenia - while holding $100 million cash to capitalize on market dislocations. Long-term focus on unlocking trapped value through active engagement continues despite near-term volatility. | |||||||
| -11.9% | -11.9% | Contrarius repositioned toward AI-Proof Consumer Staples and select AI-Winners, accepting Q1 underperformance for long-term value. Diageo exemplifies the strategy: irreplaceable brands trading at 12x earnings versus 20x+ historically. New CEO executing turnaround while structural tailwinds from premiumization and emerging market demographics remain intact. Current challenges viewed as cyclical opportunities for patient capital. Full Quick Take Contrarius repositioned toward AI-Proof Consumer Staples and select AI-Winners, accepting Q1 underperformance for long-term value. Diageo exemplifies the strategy: irreplaceable brands trading at 12x earnings versus 20x+ historically. New CEO executing turnaround while structural tailwinds from premiumization and emerging market demographics remain intact. Current challenges viewed as cyclical opportunities for patient capital. | - | ||||||
| - | - | - | Despite first-quarter volatility driven by geopolitical tensions, shifting monetary policy, and fears of AI-driven business model disruption, the economic outlook remains resilient, particularly in the US. Investors should focus on long-term asset allocation and distinguish temporary technology rotation from demand destruction, rather than succumbing to panic-driven selling amidst stagflation fears or consumer bifurcation. Full Quick Take Despite first-quarter volatility driven by geopolitical tensions, shifting monetary policy, and fears of AI-driven business model disruption, the economic outlook remains resilient, particularly in the US. Investors should focus on long-term asset allocation and distinguish temporary technology rotation from demand destruction, rather than succumbing to panic-driven selling amidst stagflation fears or consumer bifurcation. | - | |||||
| +4.7% | +4.7% | Energy Supply Disruptions & LNG Shock, AI Hype vs. True Economic Value, Additional Keywords & Themes | Umatiya Investment Group prioritizes long-term compounding over short-term results, achieving a 4.73% net return in Q1 2026. Facing elevated valuations and a severe global energy supply shock, the manager has raised cash to 20% and restricted consumer exposure. The fund maintains a disciplined, price-sensitive stance, recently exiting Shift4 Payments while avoiding richly priced AI hype. Full Quick Take Umatiya Investment Group prioritizes long-term compounding over short-term results, achieving a 4.73% net return in Q1 2026. Facing elevated valuations and a severe global energy supply shock, the manager has raised cash to 20% and restricted consumer exposure. The fund maintains a disciplined, price-sensitive stance, recently exiting Shift4 Payments while avoiding richly priced AI hype. | ||||||
| - | - | The ClearBridge Mid Cap Strategy underperformed the Russell Midcap Index in Q1 2026 due to AI-disruption concerns in IT and healthcare, prompting active portfolio reshaping into higher-conviction industrial and consumer discretionary holdings. Full Quick Take The ClearBridge Mid Cap Strategy underperformed the Russell Midcap Index in Q1 2026 due to AI-disruption concerns in IT and healthcare, prompting active portfolio reshaping into higher-conviction industrial and consumer discretionary holdings. | |||||||
| - | - | AI Disruption and Obsolescence Risk, Market Rotation and Broadening Returns, Additional Keywords & Themes | The ClearBridge Small Cap Growth Strategy outperformed its benchmark in a highly volatile Q1 2026 by leveraging strong stock selection in industrials and defensively navigating the polarized winners and losers of the AI capex cycle. Full Quick Take The ClearBridge Small Cap Growth Strategy outperformed its benchmark in a highly volatile Q1 2026 by leveraging strong stock selection in industrials and defensively navigating the polarized winners and losers of the AI capex cycle. | - | |||||
| +1.5% | +36.0% | The Artisan International Fund posted a strong 36.03% return in 2025, beating major international benchmarks, and is currently rotating capital from high-performing defense names into electrification and defensive consumer staples to maintain balanced risk-adjusted growth. Full Quick Take The Artisan International Fund posted a strong 36.03% return in 2025, beating major international benchmarks, and is currently rotating capital from high-performing defense names into electrification and defensive consumer staples to maintain balanced risk-adjusted growth. | |||||||
| - | - | - | The current market presents conflicting signals with slowing economic indicators and near-record equity highs. Rather than reacting to short-term volatility or making predictions, investors should focus on long-term perspective and disciplined financial planning. Full Quick Take The current market presents conflicting signals with slowing economic indicators and near-record equity highs. Rather than reacting to short-term volatility or making predictions, investors should focus on long-term perspective and disciplined financial planning. | - | |||||
| - | - | - | Brasada highlights a stark disconnect between depressed consumer sentiment and strong economic reality. Despite a recent 19% tariff-driven correction, the market's rapid recovery underscores its resilience. Brasada remains constructive on equities as the Federal Reserve cuts rates, but avoids over-concentrating in mega-cap AI stocks, expecting market leadership to broaden. Full Quick Take Brasada highlights a stark disconnect between depressed consumer sentiment and strong economic reality. Despite a recent 19% tariff-driven correction, the market's rapid recovery underscores its resilience. Brasada remains constructive on equities as the Federal Reserve cuts rates, but avoids over-concentrating in mega-cap AI stocks, expecting market leadership to broaden. | - | |||||
| +3.0% | +8.0% | Diameter's 4Q25 letter candidly details a painful distressed loss in First Brands due to fraud, while outlining a cautious but active 2026 playbook focused on bespoke capital solutions, AI power-infrastructure constraints, and rising risks in the asset-backed finance market. Full Quick Take Diameter's 4Q25 letter candidly details a painful distressed loss in First Brands due to fraud, while outlining a cautious but active 2026 playbook focused on bespoke capital solutions, AI power-infrastructure constraints, and rising risks in the asset-backed finance market. | |||||||
| +13.3% | +10.2% | The BNY Mellon Appreciation Fund underperformed the S&P 500 in Q4 2025 (1.33% vs. 2.66%) due to weak selection in tech and industrials, with the manager maintaining a cautious stance focused on cycle-tested compounders. Full Quick Take The BNY Mellon Appreciation Fund underperformed the S&P 500 in Q4 2025 (1.33% vs. 2.66%) due to weak selection in tech and industrials, with the manager maintaining a cautious stance focused on cycle-tested compounders. | - | ||||||
| - | - | - | Despite persistent macro hurdles like a government shutdown, rising unemployment, and declining consumer sentiment, the market delivered strong returns in 2025. Entering 2026, Patient Capital Management remains constructive, viewing elevated market skepticism and AI-bubble anxieties as contrarian positive indicators that, combined with resilient consumer spending, support a favorable environment for further equity gains. Full Quick Take Despite persistent macro hurdles like a government shutdown, rising unemployment, and declining consumer sentiment, the market delivered strong returns in 2025. Entering 2026, Patient Capital Management remains constructive, viewing elevated market skepticism and AI-bubble anxieties as contrarian positive indicators that, combined with resilient consumer spending, support a favorable environment for further equity gains. | - | |||||
| - | - | - | Aptus advocates for remaining fully invested through balanced global equity exposure and strategic index hedging, viewing the current AI-driven expansion as a fundamentally sound, corporate-funded productivity boom rather than an asset bubble. Full Quick Take Aptus advocates for remaining fully invested through balanced global equity exposure and strategic index hedging, viewing the current AI-driven expansion as a fundamentally sound, corporate-funded productivity boom rather than an asset bubble. | - | |||||
| - | +8.0% | The Fundsmith Equity Fund rose 0.8% in 2025, lagging the index due to mega-cap tech concentration, passive momentum flows, and a weak dollar. Manager Terry Smith refuses to chase momentum, maintaining strict active quality discipline and shifting capital toward resilient healthcare and enterprise software. Full Quick Take The Fundsmith Equity Fund rose 0.8% in 2025, lagging the index due to mega-cap tech concentration, passive momentum flows, and a weak dollar. Manager Terry Smith refuses to chase momentum, maintaining strict active quality discipline and shifting capital toward resilient healthcare and enterprise software. | |||||||
| - | - | HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating toward cyclical, value, and international sectors. Full Quick Take HORAN Wealth projects the bull market will continue in 2026, fueled by an estimated 15.6% growth in S&P 500 earnings and Federal Reserve rate cuts, with market leadership rotating toward cyclical, value, and international sectors. | - | ||||||
| +34.5% | +5.8% | TimesSquare's U.S. Small Cap Growth Strategy rebounded strongly in 4Q25, returning 3.45% (Net) and outperforming its benchmark through active rotation and fundamental stock picking. Full Quick Take TimesSquare's U.S. Small Cap Growth Strategy rebounded strongly in 4Q25, returning 3.45% (Net) and outperforming its benchmark through active rotation and fundamental stock picking. | |||||||
| -18.0% | +14.5% | Broadleaf closes out 2025 with double-digit full-year gains, brushing off short-term Q4 underperformance and bubble fears to double down on the long-term secular growth potential of AI and rising corporate capex. Full Quick Take Broadleaf closes out 2025 with double-digit full-year gains, brushing off short-term Q4 underperformance and bubble fears to double down on the long-term secular growth potential of AI and rising corporate capex. | - | ||||||
| - | - | - | Harris | Oakmark is maintaining a conservative stance in fixed income, warning that historically tight credit spreads conceal hidden macro and private credit risks. They are patiently waiting for price dislocations to deploy capital into selective, high-quality corporate and securitized opportunities. Full Quick Take Harris | Oakmark is maintaining a conservative stance in fixed income, warning that historically tight credit spreads conceal hidden macro and private credit risks. They are patiently waiting for price dislocations to deploy capital into selective, high-quality corporate and securitized opportunities. | - | |||||
| +8.7% | +35.4% | Polaris International Equity Composite posted an impressive 35.37% net return in 2025, capitalizing on an international market leadership turnaround and executing a disciplined 'value meets momentum' playbook. Full Quick Take Polaris International Equity Composite posted an impressive 35.37% net return in 2025, capitalizing on an international market leadership turnaround and executing a disciplined 'value meets momentum' playbook. | |||||||
| -4.2% | -6.9% | Macro and Regulatory Policy, AI Infrastructure and Capital Spending Boom, Additional Keywords & Themes | Madison Small Cap Fund struggled in 2025 as the market favored speculative, unprofitable assets over fundamental quality. The fund capitalized on the valuation disconnect in Q4 to aggressively rotate into high-conviction, durable compounders. Full Quick Take Madison Small Cap Fund struggled in 2025 as the market favored speculative, unprofitable assets over fundamental quality. The fund capitalized on the valuation disconnect in Q4 to aggressively rotate into high-conviction, durable compounders. | ||||||
| -1.6% | +16.1% | AI Hype and Software Overreaction, Quality-Growth vs. Speculative Momentum, Additional Keywords & Themes | The portfolio underperformed its benchmark in 2025 due to a market environment that favored speculative momentum over company quality. However, the managers maintain a disciplined focus on quality-growth compounders, utilizing short-term price weakness to selectively add to high-conviction positions. Full Quick Take The portfolio underperformed its benchmark in 2025 due to a market environment that favored speculative momentum over company quality. However, the managers maintain a disciplined focus on quality-growth compounders, utilizing short-term price weakness to selectively add to high-conviction positions. | - |
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
Q1 2026
Q1 2026
Q1 2026
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
