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 managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. Full Quick Take The managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. | - | |||||
| +2.9% | +4.0% | Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus. Full Quick Take Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus. | - | ||||||
| - | -2.3% | Bonhoeffer Fund lost 2.3% in 1H 2026 while continuing to rotate from slower-growth firms into durable compounders in distribution, community banks, and homebuilders. The portfolio targets deep value with growth, seeking 30-40% expected returns from firms trading at high single-digit forward earnings multiples. Distribution holdings benefit from copper demand for data centers and EVs. Community banks deliver 15%+ earnings growth through SBA lending despite near-term policy headwinds. Full Quick Take Bonhoeffer Fund lost 2.3% in 1H 2026 while continuing to rotate from slower-growth firms into durable compounders in distribution, community banks, and homebuilders. The portfolio targets deep value with growth, seeking 30-40% expected returns from firms trading at high single-digit forward earnings multiples. Distribution holdings benefit from copper demand for data centers and EVs. Community banks deliver 15%+ earnings growth through SBA lending despite near-term policy headwinds. | |||||||
| - | - | Robotti sees AI's physical appetite creating opportunity in overlooked infrastructure. While AI platforms trade at extreme valuations, the power, materials, and energy required to support them remain undervalued after years of underinvestment. The manager owns real assets through public companies at discounts: offshore energy consolidating with pricing power, North American industrials benefiting from cheap gas, and building products serving demographic housing demand. Recognition lags fundamentals but arrives quickly. Full Quick Take Robotti sees AI's physical appetite creating opportunity in overlooked infrastructure. While AI platforms trade at extreme valuations, the power, materials, and energy required to support them remain undervalued after years of underinvestment. The manager owns real assets through public companies at discounts: offshore energy consolidating with pricing power, North American industrials benefiting from cheap gas, and building products serving demographic housing demand. Recognition lags fundamentals but arrives quickly. | - | ||||||
| - | +3.5% | MJG returned 3.45% in H1 2026 after an exceptional 2025, maintaining decade-long outperformance at 21.9% annualized. Precious metals collapsed 28-52% from January peaks as anticipated, validating defensive positioning. Copper remains the largest weighting at 34% with strong fundamentals despite equity underperformance. Cash increased to 22%, the highest since inception, positioning for potential broad weakness while preserving deployment capacity. The proven people-first, bottom-up approach continues unchanged. Full Quick Take MJG returned 3.45% in H1 2026 after an exceptional 2025, maintaining decade-long outperformance at 21.9% annualized. Precious metals collapsed 28-52% from January peaks as anticipated, validating defensive positioning. Copper remains the largest weighting at 34% with strong fundamentals despite equity underperformance. Cash increased to 22%, the highest since inception, positioning for potential broad weakness while preserving deployment capacity. The proven people-first, bottom-up approach continues unchanged. | |||||||
| -5.2% | +10.7% | Massif Capital argues geopolitics has shifted from exogenous shock to endogenous pricing variable, with geography now mattering more than geology in commodity markets. Q2's doubled volatility reflects this regime change, with Iranian diplomacy moving Norwegian energy stocks more than fundamentals and trade policy driving copper names more than drill results. Portfolio positioned for dispersion through critical minerals in allied jurisdictions and un-weaponizable real assets, deliberately taking single-node risks while avoiding financial overlays. Full Quick Take Massif Capital argues geopolitics has shifted from exogenous shock to endogenous pricing variable, with geography now mattering more than geology in commodity markets. Q2's doubled volatility reflects this regime change, with Iranian diplomacy moving Norwegian energy stocks more than fundamentals and trade policy driving copper names more than drill results. Portfolio positioned for dispersion through critical minerals in allied jurisdictions and un-weaponizable real assets, deliberately taking single-node risks while avoiding financial overlays. | |||||||
| +18.9% | +27.8% | Signia's concentrated small cap value portfolio returned 27.82% net in H1 2026, outperforming the Russell 2000 Value by 482 basis points. The managers successfully navigated geopolitical oil shocks by trimming energy winners and rotating into compelling turnarounds like Cracker Barrel and Itron. They see a historic market rotation from mega caps to small caps underway, positioning the strategy for continued outperformance. Full Quick Take Signia's concentrated small cap value portfolio returned 27.82% net in H1 2026, outperforming the Russell 2000 Value by 482 basis points. The managers successfully navigated geopolitical oil shocks by trimming energy winners and rotating into compelling turnarounds like Cracker Barrel and Itron. They see a historic market rotation from mega caps to small caps underway, positioning the strategy for continued outperformance. | |||||||
| - | +7.8% | Global Alpha's portfolio trades at an unprecedented discount to the market despite delivering strong fundamental growth and higher expected earnings. The strategy maintains concentrated exposure to AI leaders NVIDIA and TSMC while building breadth across emerging market champions, industry consolidators, and mispriced software businesses. The valuation disconnect creates substantial upside potential as the market's mono-thematic focus on AI hardware eventually broadens to recognize quality growth across multiple drivers. Full Quick Take Global Alpha's portfolio trades at an unprecedented discount to the market despite delivering strong fundamental growth and higher expected earnings. The strategy maintains concentrated exposure to AI leaders NVIDIA and TSMC while building breadth across emerging market champions, industry consolidators, and mispriced software businesses. The valuation disconnect creates substantial upside potential as the market's mono-thematic focus on AI hardware eventually broadens to recognize quality growth across multiple drivers. | |||||||
| - | - | Avenue Investment warns that AI capital spending and government debt are reaching unsustainable levels comparable to historical manias, yet maintains exposure to beneficiaries like Toromont Industries, which secured CAD$1 billion in data center power system orders. Rising 30-year rates at 20-year highs pose significant economic risk. The manager holds overweight gold as a hedge against ballooning government debt and added copper exposure through Magna Mining while exiting Tractor Supply. Full Quick Take Avenue Investment warns that AI capital spending and government debt are reaching unsustainable levels comparable to historical manias, yet maintains exposure to beneficiaries like Toromont Industries, which secured CAD$1 billion in data center power system orders. Rising 30-year rates at 20-year highs pose significant economic risk. The manager holds overweight gold as a hedge against ballooning government debt and added copper exposure through Magna Mining while exiting Tractor Supply. | |||||||
| +4.9% | - | PM Capital Australian Companies Fund delivered 4.9% in Q2 2026, driven by European banks, Irish homebuilders, and a Capstone Copper recovery. The manager actively trimmed copper holdings on valuation concerns despite strong fundamentals, while initiating CSL at attractive multiples. Persistent inflation, AI investment boom parallels to the dot.com era, and government spending remain key risks. The portfolio targets materially undervalued businesses positioned for valuation normalization. Full Quick Take PM Capital Australian Companies Fund delivered 4.9% in Q2 2026, driven by European banks, Irish homebuilders, and a Capstone Copper recovery. The manager actively trimmed copper holdings on valuation concerns despite strong fundamentals, while initiating CSL at attractive multiples. Persistent inflation, AI investment boom parallels to the dot.com era, and government spending remain key risks. The portfolio targets materially undervalued businesses positioned for valuation normalization. | |||||||
| +10.7% | - | PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. Full Quick Take PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. | |||||||
| +12.7% | +12.5% | L1 Capital delivered 12.7% in Q2 2026 through concentrated positions in quality value stocks trading at 10x P/E with double-digit growth. Strong performance from Qantas, BlueScope, James Hardie, Hudbay and Goodman offset commodity weakness. The manager added to copper, construction materials, travel and gold during market volatility while trimming infrastructure and oil & gas. Portfolio positioned in commodities, construction materials and infrastructure with compelling valuations and medium-term upside. Full Quick Take L1 Capital delivered 12.7% in Q2 2026 through concentrated positions in quality value stocks trading at 10x P/E with double-digit growth. Strong performance from Qantas, BlueScope, James Hardie, Hudbay and Goodman offset commodity weakness. The manager added to copper, construction materials, travel and gold during market volatility while trimming infrastructure and oil & gas. Portfolio positioned in commodities, construction materials and infrastructure with compelling valuations and medium-term upside. | |||||||
| -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. | - | |||||
| +13.7% | - | T. Bailey Global Thematic returned 13.7% in Q2 as markets began questioning AI infrastructure valuations following Broadcom's guidance miss. The Fund is shifting AI exposure toward technology beneficiaries while emphasizing themes with proven cash flows in healthcare, insurance, and commodities. With 6.3% cash and positioning in grounded valuations, managers distinguish between companies earning their multiples versus those dependent on future promises. Full Quick Take T. Bailey Global Thematic returned 13.7% in Q2 as markets began questioning AI infrastructure valuations following Broadcom's guidance miss. The Fund is shifting AI exposure toward technology beneficiaries while emphasizing themes with proven cash flows in healthcare, insurance, and commodities. With 6.3% cash and positioning in grounded valuations, managers distinguish between companies earning their multiples versus those dependent on future promises. | - | ||||||
| +1.3% | +8.6% | Third Avenue Value Fund underperformed in Q2 2026 as markets chased semiconductors and AI while the Fund stayed disciplined in out-of-favor tangible asset plays. Core holdings in offshore energy services, copper mining, and Japanese industrials offer deep value with catalysts including energy security trends, supply shortages, and corporate restructurings. Two takeover bids validated the asset-backed approach. Manager sees multiple paths to wealth creation from current discounted positioning. Full Quick Take Third Avenue Value Fund underperformed in Q2 2026 as markets chased semiconductors and AI while the Fund stayed disciplined in out-of-favor tangible asset plays. Core holdings in offshore energy services, copper mining, and Japanese industrials offer deep value with catalysts including energy security trends, supply shortages, and corporate restructurings. Two takeover bids validated the asset-backed approach. Manager sees multiple paths to wealth creation from current discounted positioning. | |||||||
| +25.3% | - | Tectonic delivered 25.3% in Q2 2026, driven by Firmus revaluation to USD 8.5 billion ahead of October IPO. Listed portfolio underperformed as resources rotation failed to materialize while capital flowed to US tech. Manager maintains conviction in resources thesis despite near-term weakness. Interactive Brokers, Sandfire, and Sea Limited contributed positively. BYD declined 32% on China EV pricing pressure. Fund remains closed to new applications ahead of Firmus IPO. Full Quick Take Tectonic delivered 25.3% in Q2 2026, driven by Firmus revaluation to USD 8.5 billion ahead of October IPO. Listed portfolio underperformed as resources rotation failed to materialize while capital flowed to US tech. Manager maintains conviction in resources thesis despite near-term weakness. Interactive Brokers, Sandfire, and Sea Limited contributed positively. BYD declined 32% on China EV pricing pressure. Fund remains closed to new applications ahead of Firmus IPO. | |||||||
| - | - | - | Emerging market debt positioned for continued outperformance in 2026 as soaring gold and copper prices create powerful tailwinds for commodity-exporting economies. Gold's 68% surge and copper's 40% rally strengthen exports, fiscal revenues, and currencies across key markets including Ghana, Chile, Zambia, and Uzbekistan, supported by structural demand from energy transition and AI infrastructure expansion. Full Quick Take Emerging market debt positioned for continued outperformance in 2026 as soaring gold and copper prices create powerful tailwinds for commodity-exporting economies. Gold's 68% surge and copper's 40% rally strengthen exports, fiscal revenues, and currencies across key markets including Ghana, Chile, Zambia, and Uzbekistan, supported by structural demand from energy transition and AI infrastructure expansion. | - | |||||
| +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. | - | |||||
| - | - | WestEnd's industrial and energy-focused portfolio outperformed by 9% in Q1 2026, led by aluminum, uranium, and natural gas holdings. The manager raised cash by trimming expensive growth names and exiting software positions ahead of AI disruption. Despite Iran tensions, earnings growth remains strong and the AI theme increasingly favors energy infrastructure over software. Full Quick Take WestEnd's industrial and energy-focused portfolio outperformed by 9% in Q1 2026, led by aluminum, uranium, and natural gas holdings. The manager raised cash by trimming expensive growth names and exiting software positions ahead of AI disruption. Despite Iran tensions, earnings growth remains strong and the AI theme increasingly favors energy infrastructure over software. | - | ||||||
| +5.1% | +5.1% | Polaris International outperformed by 6+ percentage points as geopolitical crisis reshaped markets. Energy and materials led gains from commodity disruptions while AI created both opportunities in memory chips and disruption fears in services. Manager sees current volatility validating international diversification thesis as U.S.-only strategies lose appeal. Full Quick Take Polaris International outperformed by 6+ percentage points as geopolitical crisis reshaped markets. Energy and materials led gains from commodity disruptions while AI created both opportunities in memory chips and disruption fears in services. Manager sees current volatility validating international diversification thesis as U.S.-only strategies lose appeal. | - | ||||||
| - | - | ClearBridge Growth Strategy modestly underperformed in Q1 2026 due to volatile macro conditions and Middle East conflict. The portfolio has evolved toward better balance between steady compounders and disruptive growth, with managers using volatility to add quality names while reducing software exposure. Defense, data center infrastructure, and logistics holdings outperformed amid sector rotation. Full Quick Take ClearBridge Growth Strategy modestly underperformed in Q1 2026 due to volatile macro conditions and Middle East conflict. The portfolio has evolved toward better balance between steady compounders and disruptive growth, with managers using volatility to add quality names while reducing software exposure. Defense, data center infrastructure, and logistics holdings outperformed amid sector rotation. | - | ||||||
| -5.1% | -5.1% | Baillie Gifford positions their International Alpha Fund as better than ever despite recent underperformance, with the lowest valuation premium since 2010. They've actively adapted to structural shifts by adding exposure to copper miners, energy companies, and AI enablers while exiting software names facing disruption. The fund benefits from faster growth, attractive valuations, and enhanced resilience heading into a complex global environment. Full Quick Take Baillie Gifford positions their International Alpha Fund as better than ever despite recent underperformance, with the lowest valuation premium since 2010. They've actively adapted to structural shifts by adding exposure to copper miners, energy companies, and AI enablers while exiting software names facing disruption. The fund benefits from faster growth, attractive valuations, and enhanced resilience heading into a complex global environment. | - | ||||||
| -8.0% | -8.0% | International value strategy underperformed in Q1 2026 despite strong semiconductor and mining contributions. Manager actively repositioned portfolio with six new initiations, focusing on companies trading at significant discounts to intrinsic value. Believes current market volatility and short-term noise create opportunities for disciplined investors emphasizing long-term business fundamentals over headlines. Full Quick Take International value strategy underperformed in Q1 2026 despite strong semiconductor and mining contributions. Manager actively repositioned portfolio with six new initiations, focusing on companies trading at significant discounts to intrinsic value. Believes current market volatility and short-term noise create opportunities for disciplined investors emphasizing long-term business fundamentals over headlines. | |||||||
| - | - | The managers believe oil has entered a major bull market as the Strait of Hormuz closure exposes years of inadequate investment and faltering shale growth, targeting $120-150 oil. They expect precious metals to correct significantly after triggering sell signals. The firm has pivoted from gold into energy investments, viewing this as a structural shift rather than temporary disruption. Full Quick Take The managers believe oil has entered a major bull market as the Strait of Hormuz closure exposes years of inadequate investment and faltering shale growth, targeting $120-150 oil. They expect precious metals to correct significantly after triggering sell signals. The firm has pivoted from gold into energy investments, viewing this as a structural shift rather than temporary disruption. | - | ||||||
| - | - | Baillie Gifford Global Alpha is repositioning for capital-intensive growth driven by AI infrastructure buildout, adding energy, banking, and materials exposure while maintaining conviction in operational platforms like DoorDash and Shopify despite AI disruption fears. The fund sees opportunity in physical bottlenecks and supply constraints, broadening beyond traditional capital-light technology to capture emerging growth drivers across multiple scenarios. Full Quick Take Baillie Gifford Global Alpha is repositioning for capital-intensive growth driven by AI infrastructure buildout, adding energy, banking, and materials exposure while maintaining conviction in operational platforms like DoorDash and Shopify despite AI disruption fears. The fund sees opportunity in physical bottlenecks and supply constraints, broadening beyond traditional capital-light technology to capture emerging growth drivers across multiple scenarios. | - | ||||||
| - | - | Goehring & Rozencwajg advises reducing gold/silver exposure to rotate into oil and gas, while maintaining structural long positions in uranium and turning bearish on oversupplied copper. Full Quick Take Goehring & Rozencwajg advises reducing gold/silver exposure to rotate into oil and gas, while maintaining structural long positions in uranium and turning bearish on oversupplied copper. | - | ||||||
| +9.6% | +50.0% | Massif Capital achieved an outstanding 50% net return in 2025 through highly concentrated positions in gold and copper. Looking forward, the manager is repositioning for a structural higher-rate regime by expanding from mining into wind power, defense, and specialty chemicals. Full Quick Take Massif Capital achieved an outstanding 50% net return in 2025 through highly concentrated positions in gold and copper. Looking forward, the manager is repositioning for a structural higher-rate regime by expanding from mining into wind power, defense, and specialty chemicals. | |||||||
| +7.5% | +35.5% | Copper Supply Constraints & Secular Electrification, Resource Conversion, Additional Keywords & Themes | Third Avenue Value Fund capped off a stellar 2025 with a 35.46% YTD return, driven by mining and European bank re-ratings. The manager is actively reallocating capital into newly initiated positions like T.S. Lines and continuing to target undervalued asset-heavy plays with 'resource conversion' catalysts. Full Quick Take Third Avenue Value Fund capped off a stellar 2025 with a 35.46% YTD return, driven by mining and European bank re-ratings. The manager is actively reallocating capital into newly initiated positions like T.S. Lines and continuing to target undervalued asset-heavy plays with 'resource conversion' catalysts. | - | |||||
| - | +16.9% | FCL Capital argues that the belief in risk-free returns via local fixed income is a long-term trap, advocating instead for real assets, a basket of copper miners to play the AI/electrification boom, and cutting-edge fintech such as prediction markets. Full Quick Take FCL Capital argues that the belief in risk-free returns via local fixed income is a long-term trap, advocating instead for real assets, a basket of copper miners to play the AI/electrification boom, and cutting-edge fintech such as prediction markets. | - | ||||||
| +4.0% | +26.0% | Devon Funds delivers consistent returns in December 2025, using market volatility to add to high-conviction holdings while maintaining a rigorous approach to ESG integration and active corporate engagement. Full Quick Take Devon Funds delivers consistent returns in December 2025, using market volatility to add to high-conviction holdings while maintaining a rigorous approach to ESG integration and active corporate engagement. | - | ||||||
| +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. | - | ||||||
| - | - | PM Capital's Global Companies Fund rose 10% in Q3 2025, outperforming markets through disciplined exposure to undervalued cyclicals. Gold and copper positions drove returns as commodity fundamentals improved and supply disruptions emerged. European banks continued re-rating on infrastructure spending optimism. Portfolio remains positioned away from consensus in valuation-supported areas after harvesting gains from fully-realised theses. Full Quick Take PM Capital's Global Companies Fund rose 10% in Q3 2025, outperforming markets through disciplined exposure to undervalued cyclicals. Gold and copper positions drove returns as commodity fundamentals improved and supply disruptions emerged. European banks continued re-rating on infrastructure spending optimism. Portfolio remains positioned away from consensus in valuation-supported areas after harvesting gains from fully-realised theses. | - | ||||||
| +10.0% | - | PM Capital's Global Companies Fund rose 10% in Q3 2025, outperforming markets through disciplined value investing in undervalued cyclicals. Strong contributions from gold miners benefiting from record prices and copper producers amid supply disruptions. European banks delivered robust returns despite attractive valuations. Fund maintains differentiated positioning focused on quality businesses trading at bottom-quartile valuations. Full Quick Take PM Capital's Global Companies Fund rose 10% in Q3 2025, outperforming markets through disciplined value investing in undervalued cyclicals. Strong contributions from gold miners benefiting from record prices and copper producers amid supply disruptions. European banks delivered robust returns despite attractive valuations. Fund maintains differentiated positioning focused on quality businesses trading at bottom-quartile valuations. | - | ||||||
| +10.0% | - | PM Capital's Global Companies Fund rose 10% in September, outperforming markets through disciplined exposure to undervalued cyclicals. Gold and copper holdings drove returns as commodity fundamentals improved, while European banks continued re-rating and Macau gaming recovered. The manager maintains contrarian positioning in value opportunities despite market recovery to all-time highs. Full Quick Take PM Capital's Global Companies Fund rose 10% in September, outperforming markets through disciplined exposure to undervalued cyclicals. Gold and copper holdings drove returns as commodity fundamentals improved, while European banks continued re-rating and Macau gaming recovered. The manager maintains contrarian positioning in value opportunities despite market recovery to all-time highs. | - | ||||||
| - | - | PM Capital's Global Companies Fund outperformed in Q1 FY2026 through disciplined exposure to undervalued cyclical sectors. Gold and copper positions drove returns as commodity fundamentals strengthened, while European banks and Macau gaming recovered strongly. The fund maintains contrarian positioning in areas with valuation support, avoiding overvalued megatrend narratives despite market strength extending from April lows. Full Quick Take PM Capital's Global Companies Fund outperformed in Q1 FY2026 through disciplined exposure to undervalued cyclical sectors. Gold and copper positions drove returns as commodity fundamentals strengthened, while European banks and Macau gaming recovered strongly. The fund maintains contrarian positioning in areas with valuation support, avoiding overvalued megatrend narratives despite market strength extending from April lows. | - | ||||||
| +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. | |||||||
| +14.8% | +27.2% | The abrdn Emerging Markets Fund outperformed its benchmark by 350 bps in Q3 2025, returning 14.83% due to strong AI-related stock selection in China and Taiwan, and remains constructive on EM going forward. Full Quick Take The abrdn Emerging Markets Fund outperformed its benchmark by 350 bps in Q3 2025, returning 14.83% due to strong AI-related stock selection in China and Taiwan, and remains constructive on EM going forward. | - | ||||||
| - | - | Signia Capital Management's Small-Micro Value strategy delivered 30.27% annualized returns over 5 years, ranking top 1% among US equity strategies. The firm targets mispriced small-cap securities with company-specific catalysts, focusing on copper, energy infrastructure, and datacenter power themes. Strong performance driven by disciplined value approach in inefficient small-cap markets with significant opportunity set. Full Quick Take Signia Capital Management's Small-Micro Value strategy delivered 30.27% annualized returns over 5 years, ranking top 1% among US equity strategies. The firm targets mispriced small-cap securities with company-specific catalysts, focusing on copper, energy infrastructure, and datacenter power themes. Strong performance driven by disciplined value approach in inefficient small-cap markets with significant opportunity set. | - | ||||||
| +10.0% | - | PM Capital delivered 10% quarterly returns through disciplined value investing in undervalued cyclicals. Strong performance from gold miners Newmont and Northern Star, plus European banks like Caixabank, offset Freeport-McMoRan's Grasberg mine issues. Fund maintains contrarian positioning in commodities and banking while exiting positions where fair value achieved. Manager emphasizes 40-year track record of investing differently from consensus. Full Quick Take PM Capital delivered 10% quarterly returns through disciplined value investing in undervalued cyclicals. Strong performance from gold miners Newmont and Northern Star, plus European banks like Caixabank, offset Freeport-McMoRan's Grasberg mine issues. Fund maintains contrarian positioning in commodities and banking while exiting positions where fair value achieved. Manager emphasizes 40-year track record of investing differently from consensus. | - | ||||||
| - | +54.0% | MJG Capital delivered 35.77% first-half returns as natural resources positioned for outperformance amid unsustainable US equity market concentration. Portfolio benefits from copper exposure, PGM price recovery, and crypto capital entering mining via Tether's Elemental Altus investment. Manager maintains disciplined bottom-up approach targeting quality management teams and assets, expecting continued alpha generation as investment capital rotates toward neglected sectors. Full Quick Take MJG Capital delivered 35.77% first-half returns as natural resources positioned for outperformance amid unsustainable US equity market concentration. Portfolio benefits from copper exposure, PGM price recovery, and crypto capital entering mining via Tether's Elemental Altus investment. Manager maintains disciplined bottom-up approach targeting quality management teams and assets, expecting continued alpha generation as investment capital rotates toward neglected sectors. | - | ||||||
| - | - | MJG Capital delivered 35.77% returns in H1 2025, outperforming through concentrated natural resource investing. The fund's copper and gold focus benefits from shifting capital flows away from overvalued US equities. Tether's crypto capital entry into mining via Elemental Altus signals broader institutional interest. Strong performance from Kenorland and Bravo Mining validates the people-first investment approach in neglected asset classes. Full Quick Take MJG Capital delivered 35.77% returns in H1 2025, outperforming through concentrated natural resource investing. The fund's copper and gold focus benefits from shifting capital flows away from overvalued US equities. Tether's crypto capital entry into mining via Elemental Altus signals broader institutional interest. Strong performance from Kenorland and Bravo Mining validates the people-first investment approach in neglected asset classes. | - | ||||||
| - | -7.0% | The strategy continues to capture strong structural upside through dominant semiconductor holdings while prudently recycling profits into overlooked Chinese industrial giants and temporarily depressed Brazilian compounders. The manager maintains a highly constructive view, emphasizing that emerging markets are deeply under-owned despite housing the world's most vital technological and logistical infrastructure. Full Quick Take The strategy continues to capture strong structural upside through dominant semiconductor holdings while prudently recycling profits into overlooked Chinese industrial giants and temporarily depressed Brazilian compounders. The manager maintains a highly constructive view, emphasizing that emerging markets are deeply under-owned despite housing the world's most vital technological and logistical infrastructure. | |||||||
| +12.4% | - | Polaris International Equity outperformed on geopolitical de-escalation and South Korean market reforms. Travel recovery, semiconductor strength, and broad international diversification drove returns. The manager sees compelling value in European and emerging markets as investors rotate away from overvalued U.S. growth stocks toward more diversified global exposure. Full Quick Take Polaris International Equity outperformed on geopolitical de-escalation and South Korean market reforms. Travel recovery, semiconductor strength, and broad international diversification drove returns. The manager sees compelling value in European and emerging markets as investors rotate away from overvalued U.S. growth stocks toward more diversified global exposure. | - | ||||||
| +19.2% | +6.9% | Signia Small-Micro Cap Value achieved a strong 6.86% net YTD return, outperforming benchmarks by taking advantage of Q2 market volatility to rotate capital into high-upside catalyst plays like VPG and copper miner TGB. Full Quick Take Signia Small-Micro Cap Value achieved a strong 6.86% net YTD return, outperforming benchmarks by taking advantage of Q2 market volatility to rotate capital into high-upside catalyst plays like VPG and copper miner TGB. | |||||||
| - | - | 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. | - | ||||||
| -2.1% | - | Massif Capital's real assets strategy is positioned for a world where geopolitical tensions and trade wars drive massive investment in natural resources and critical infrastructure. The portfolio benefits from European energy security needs through North Sea producers and navigates metals market disruptions from US-China trade conflicts. Recent volatility reflects the transition from globalization to resource nationalism. Full Quick Take Massif Capital's real assets strategy is positioned for a world where geopolitical tensions and trade wars drive massive investment in natural resources and critical infrastructure. The portfolio benefits from European energy security needs through North Sea producers and navigates metals market disruptions from US-China trade conflicts. Recent volatility reflects the transition from globalization to resource nationalism. | - | ||||||
| - | - | T. Bailey navigated Q1 2025 volatility by leveraging diversification beyond US markets, benefiting from European defense spending surge and commodity strength. Increased European exposure while trimming expensive US tech as AI disruption prompted valuation reassessment. Multi-asset funds delivered 2-3% returns despite trade policy uncertainty. Maintains defensive positioning with 45-55% in cash, debt, and alternatives while seeking non-US opportunities. Full Quick Take T. Bailey navigated Q1 2025 volatility by leveraging diversification beyond US markets, benefiting from European defense spending surge and commodity strength. Increased European exposure while trimming expensive US tech as AI disruption prompted valuation reassessment. Multi-asset funds delivered 2-3% returns despite trade policy uncertainty. Maintains defensive positioning with 45-55% in cash, debt, and alternatives while seeking non-US opportunities. | - | ||||||
| - | - | T. Bailey navigated Q1 2025 volatility through global diversification, benefiting from European defense spending surge and commodity strength while trimming expensive US tech. Trump's escalating tariff policies create significant macro risks with 60% recession probability, but the firm maintains defensive positioning and sees opportunities in undervalued non-US markets when stability returns. Full Quick Take T. Bailey navigated Q1 2025 volatility through global diversification, benefiting from European defense spending surge and commodity strength while trimming expensive US tech. Trump's escalating tariff policies create significant macro risks with 60% recession probability, but the firm maintains defensive positioning and sees opportunities in undervalued non-US markets when stability returns. | - | ||||||
| - | - | T. Bailey funds outperformed through diversification as European markets led global equities higher on massive fiscal stimulus while Trump's tariff policies destabilized US markets. Commodities surged with gold hitting records and copper up 20%. The firm increased European exposure, trimmed expensive US tech, and added volatility protection while maintaining defensive positioning across cash, debt, and absolute return strategies. Full Quick Take T. Bailey funds outperformed through diversification as European markets led global equities higher on massive fiscal stimulus while Trump's tariff policies destabilized US markets. Commodities surged with gold hitting records and copper up 20%. The firm increased European exposure, trimmed expensive US tech, and added volatility protection while maintaining defensive positioning across cash, debt, and absolute return strategies. | - | ||||||
| - | - | T. Bailey navigated Q1 2025 volatility from Trump tariff policies by leveraging diversification across European equities, commodities, and absolute return strategies. European markets outperformed on substantial fiscal stimulus while US tech faced pressure from new AI models. The firm increased European exposure, trimmed expensive US tech, and maintained defensive positioning amid ongoing trade tensions and inflation concerns. Full Quick Take T. Bailey navigated Q1 2025 volatility from Trump tariff policies by leveraging diversification across European equities, commodities, and absolute return strategies. European markets outperformed on substantial fiscal stimulus while US tech faced pressure from new AI models. The firm increased European exposure, trimmed expensive US tech, and maintained defensive positioning amid ongoing trade tensions and inflation concerns. | - |
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