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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. Full Quick Take AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. | |||||||
| +0.9% | +1.0% | Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. Full Quick Take Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. | |||||||
| - | - | - | L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. Full Quick Take L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. | - | |||||
| +2.8% | - | - | Lord Abbett Floating Rate Fund outperformed its benchmark by 87 basis points in Q2 2026, driven by strong CCC-rated credit selection in Consumer Durables and Telecommunications. The manager remains constructive on leveraged loans despite rising defaults, targeting high-carry opportunities amid hawkish Fed policy and resilient US growth. Portfolio maintains balanced sector exposure with selective overweights to Utilities, Materials, and Telecom while monitoring inflation and labor market risks. Full Quick Take Lord Abbett Floating Rate Fund outperformed its benchmark by 87 basis points in Q2 2026, driven by strong CCC-rated credit selection in Consumer Durables and Telecommunications. The manager remains constructive on leveraged loans despite rising defaults, targeting high-carry opportunities amid hawkish Fed policy and resilient US growth. Portfolio maintains balanced sector exposure with selective overweights to Utilities, Materials, and Telecom while monitoring inflation and labor market risks. | - | |||||
| +5.5% | +5.2% | Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. Full Quick Take Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. | |||||||
| +2.9% | - | - | Lord Abbett High Yield Fund outperformed in Q2 2026 by focusing on higher-quality carry and AI-beneficiary credits while reducing Energy and CCC exposure. Despite Fed hawkishness and geopolitical tensions elevating inflation concerns, the manager remains constructive on high yield fundamentals given solid earnings and elevated credit quality. The Fund shifted toward shorter duration, higher-quality exposure while maintaining selective down-in-quality positions based on longer-term U.S. economic resilience. Full Quick Take Lord Abbett High Yield Fund outperformed in Q2 2026 by focusing on higher-quality carry and AI-beneficiary credits while reducing Energy and CCC exposure. Despite Fed hawkishness and geopolitical tensions elevating inflation concerns, the manager remains constructive on high yield fundamentals given solid earnings and elevated credit quality. The Fund shifted toward shorter duration, higher-quality exposure while maintaining selective down-in-quality positions based on longer-term U.S. economic resilience. | - | |||||
| - | - | - | Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. Full Quick Take Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. | - | |||||
| +1.9% | - | - | Columbia Strategic Income outperformed in Q2 2026 as shorter duration positioning benefited from rising yields amid persistent inflation. The team sees limited value in investment-grade corporates at tight spreads but finds compelling opportunities in AAA/AA non-agency mortgage-backed securities offering superior yields. With uncertainty elevated around Fed policy and inflation durability, the portfolio maintains high-quality structured credit exposure with flexibility to deploy capital when valuations improve. Full Quick Take Columbia Strategic Income outperformed in Q2 2026 as shorter duration positioning benefited from rising yields amid persistent inflation. The team sees limited value in investment-grade corporates at tight spreads but finds compelling opportunities in AAA/AA non-agency mortgage-backed securities offering superior yields. With uncertainty elevated around Fed policy and inflation durability, the portfolio maintains high-quality structured credit exposure with flexibility to deploy capital when valuations improve. | - | |||||
| +2.2% | +1.5% | - | Franklin High Income Fund delivered 2.19% in Q2 2026 as resilient corporate fundamentals and active capital markets supported high-yield bonds despite hawkish Fed commentary. Default rates remain below historical averages at 2.67%, while fund inflows totaled $2.3 billion in June. The fund maintains a constructive outlook with ratings-quality positioning favoring Ca and B bonds, though spreads are fair but not compelling and caution on deeply distressed credits persists. Full Quick Take Franklin High Income Fund delivered 2.19% in Q2 2026 as resilient corporate fundamentals and active capital markets supported high-yield bonds despite hawkish Fed commentary. Default rates remain below historical averages at 2.67%, while fund inflows totaled $2.3 billion in June. The fund maintains a constructive outlook with ratings-quality positioning favoring Ca and B bonds, though spreads are fair but not compelling and caution on deeply distressed credits persists. | - | |||||
| +7.7% | - | Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. Full Quick Take Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. | |||||||
| +0.4% | +1.1% | - | Easterly Income Opportunities Fund underperformed in Q2 2026 as rising rates offset carry, but maintains conviction in structured credit opportunities. The fund is reallocating from CMBS to higher-quality RMBS while consumer credit bifurcation creates selective opportunities. AI infrastructure investment drives economic growth while the Fed adopts a hawkish stance. Corporate Structured Notes offer compelling relative value despite yield curve headwinds. Active security selection remains critical as credit differentiation increases. Full Quick Take Easterly Income Opportunities Fund underperformed in Q2 2026 as rising rates offset carry, but maintains conviction in structured credit opportunities. The fund is reallocating from CMBS to higher-quality RMBS while consumer credit bifurcation creates selective opportunities. AI infrastructure investment drives economic growth while the Fed adopts a hawkish stance. Corporate Structured Notes offer compelling relative value despite yield curve headwinds. Active security selection remains critical as credit differentiation increases. | - | |||||
| - | +7.6% | - | Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices. Manager expects gold to become the primary liquid haven as Treasury confidence deteriorates, with fiscal dynamics, record equity valuations, and China risks creating a severe global downturn catalyst. Full Quick Take Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices. Manager expects gold to become the primary liquid haven as Treasury confidence deteriorates, with fiscal dynamics, record equity valuations, and China risks creating a severe global downturn catalyst. | - | |||||
| +6.3% | +3.2% | - | The Fund delivered 6.32% in Q2 2026 by capturing a 100+ basis point rally in credit spreads while its floating-rate structure benefited from rising base rates. With 363 diversified obligors, minimal duration, and a 6.06% pro-forma yield, the strategy is engineered to harvest credit risk premiums at half the volatility of equities. Managers view current spread compression as setting up future deployment opportunities. Full Quick Take The Fund delivered 6.32% in Q2 2026 by capturing a 100+ basis point rally in credit spreads while its floating-rate structure benefited from rising base rates. With 363 diversified obligors, minimal duration, and a 6.06% pro-forma yield, the strategy is engineered to harvest credit risk premiums at half the volatility of equities. Managers view current spread compression as setting up future deployment opportunities. | - | |||||
| +0.4% | +0.5% | - | FPA New Income maintains maximum defensiveness with 97% High Quality exposure as credit spreads hit historically tight levels. The fund extended duration to capture attractive risk-free rates at decade highs and initiated TIPS for the first time in 20 years. With spreads in the 1st-4th percentile providing inadequate compensation for credit risk, the manager is positioned to protect capital while waiting for better opportunities to deploy into Credit. Full Quick Take FPA New Income maintains maximum defensiveness with 97% High Quality exposure as credit spreads hit historically tight levels. The fund extended duration to capture attractive risk-free rates at decade highs and initiated TIPS for the first time in 20 years. With spreads in the 1st-4th percentile providing inadequate compensation for credit risk, the manager is positioned to protect capital while waiting for better opportunities to deploy into Credit. | - | |||||
| +0.8% | +0.5% | - | BlackRock Core Bond Fund delivered 0.89% in Q2 2026 through overweight duration positioning in the front to belly of the U.S. curve, securitized asset exposure, and emerging market debt additions. The fund reduced corporate beta at historically tight credit spreads, favoring high-quality securitized assets for spread exposure while adding European and emerging market rates given attractive valuations and carry opportunities. Full Quick Take BlackRock Core Bond Fund delivered 0.89% in Q2 2026 through overweight duration positioning in the front to belly of the U.S. curve, securitized asset exposure, and emerging market debt additions. The fund reduced corporate beta at historically tight credit spreads, favoring high-quality securitized assets for spread exposure while adding European and emerging market rates given attractive valuations and carry opportunities. | - | |||||
| +1.9% | +1.7% | - | The Touchstone Ares Credit Opportunities Fund maintains risk-neutral positioning in leveraged credit markets, balancing supportive macroeconomic fundamentals against historically tight credit spreads. The Fund underperformed its benchmark in Q2 2026 due to credit selection in single-B and CCC-rated cohorts. The manager expects a coupon clip environment ahead, with income generation as the primary return driver while remaining disciplined in credit selection. Full Quick Take The Touchstone Ares Credit Opportunities Fund maintains risk-neutral positioning in leveraged credit markets, balancing supportive macroeconomic fundamentals against historically tight credit spreads. The Fund underperformed its benchmark in Q2 2026 due to credit selection in single-B and CCC-rated cohorts. The manager expects a coupon clip environment ahead, with income generation as the primary return driver while remaining disciplined in credit selection. | - | |||||
| +0.5% | +0.5% | - | TCW Core Fixed Income underperformed in Q2 2026 on hawkish Fed repricing but maintains conviction that rate hikes are unlikely. The fund favors securitized credit over richly-priced corporate bonds, overweighting agency MBS, non-agency MBS, and senior CMBS tranches while maintaining modest duration overweight in intermediate maturities. Corporate credit positioning is defensive, emphasizing regulated utilities, banks, and borrowers with low AI obsolescence risk. Full Quick Take TCW Core Fixed Income underperformed in Q2 2026 on hawkish Fed repricing but maintains conviction that rate hikes are unlikely. The fund favors securitized credit over richly-priced corporate bonds, overweighting agency MBS, non-agency MBS, and senior CMBS tranches while maintaining modest duration overweight in intermediate maturities. Corporate credit positioning is defensive, emphasizing regulated utilities, banks, and borrowers with low AI obsolescence risk. | - | |||||
| - | - | CrossingBridge Advisors remains deeply skeptical of the AI infrastructure boom, drawing parallels to historical boom-bust cycles that destroyed investor capital despite technological importance. They increased investment grade allocation and dry powder as spreads tightened, while selectively investing in Norwegian data center debt, Oracle bonds at dislocated spreads, and event-driven credits including Warner Bros Discovery, Spirit Airlines, and Evoke. Returns remain grounded in economics, not visions. Full Quick Take CrossingBridge Advisors remains deeply skeptical of the AI infrastructure boom, drawing parallels to historical boom-bust cycles that destroyed investor capital despite technological importance. They increased investment grade allocation and dry powder as spreads tightened, while selectively investing in Norwegian data center debt, Oracle bonds at dislocated spreads, and event-driven credits including Warner Bros Discovery, Spirit Airlines, and Evoke. Returns remain grounded in economics, not visions. | |||||||
| +1.6% | +2.5% | - | Angel Oak Multi-Strategy Income Fund outperformed its benchmark by 95 bps in Q2 2026, returning 1.62% through core overweight allocations to non-agency RMBS, agency MBS, and ABS. The Fund opportunistically added CLO and corporate credit exposure during market dislocations, with CLOs delivering the strongest sector returns. Management expects increased credit dispersion ahead and maintains limited exposure to vulnerable segments while favoring high-quality securitized credit. Full Quick Take Angel Oak Multi-Strategy Income Fund outperformed its benchmark by 95 bps in Q2 2026, returning 1.62% through core overweight allocations to non-agency RMBS, agency MBS, and ABS. The Fund opportunistically added CLO and corporate credit exposure during market dislocations, with CLOs delivering the strongest sector returns. Management expects increased credit dispersion ahead and maintains limited exposure to vulnerable segments while favoring high-quality securitized credit. | - | |||||
| +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. | - | |||||
| +1.8% | +1.9% | BBH Intermediate Municipal Bond Fund outperformed its benchmark by 9 bps in Q2 2026, driven by niche sector exposure and non-standard structures including prepaid energy bonds backed by Alphabet and Citigroup. Despite strong municipal market technicals from record fund inflows, the manager views credit past its peak given healthcare and higher education headwinds from federal policy changes. Opportunity remains in less-crowded market segments offering attractive risk-adjusted yields. Full Quick Take BBH Intermediate Municipal Bond Fund outperformed its benchmark by 9 bps in Q2 2026, driven by niche sector exposure and non-standard structures including prepaid energy bonds backed by Alphabet and Citigroup. Despite strong municipal market technicals from record fund inflows, the manager views credit past its peak given healthcare and higher education headwinds from federal policy changes. Opportunity remains in less-crowded market segments offering attractive risk-adjusted yields. | - | ||||||
| +1.1% | +0.9% | - | The fund outperformed in Q2 2026 through overweight credit positions as spreads tightened on Middle East optimism. New Fed Chair Warsh's hawkish pivot and reduced transparency prompted neutral duration positioning ahead of expected volatility. Managers rotated from agency MBS and Treasuries into investment-grade corporates and securitized assets, seeing compelling risk-adjusted returns in nonagency residential MBS. Elevated yields and stable credit fundamentals support a constructive bond market outlook. Full Quick Take The fund outperformed in Q2 2026 through overweight credit positions as spreads tightened on Middle East optimism. New Fed Chair Warsh's hawkish pivot and reduced transparency prompted neutral duration positioning ahead of expected volatility. Managers rotated from agency MBS and Treasuries into investment-grade corporates and securitized assets, seeing compelling risk-adjusted returns in nonagency residential MBS. Elevated yields and stable credit fundamentals support a constructive bond market outlook. | - | |||||
| +1.2% | +1.2% | - | Thornburg Strategic Income outperformed in Q2 2026 by maintaining shorter duration as new Fed Chair Warsh pivoted hawkish and oil spiked to $118 on Iran conflict before retreating. The portfolio's defensive positioning and BBB/BB overweights captured spread tightening while avoiding rate pain. Managers see yields staying elevated on sticky 3.4% inflation and tight credit spreads offering little cushion for disappointment. Full Quick Take Thornburg Strategic Income outperformed in Q2 2026 by maintaining shorter duration as new Fed Chair Warsh pivoted hawkish and oil spiked to $118 on Iran conflict before retreating. The portfolio's defensive positioning and BBB/BB overweights captured spread tightening while avoiding rate pain. Managers see yields staying elevated on sticky 3.4% inflation and tight credit spreads offering little cushion for disappointment. | - | |||||
| - | - | Manager rejects binary AI predictions, instead seeking fixed income investments that succeed across multiple scenarios. Owns Meta and Oracle bonds for their diversified paths to AI value without betting on specific outcomes. Selectively invests in protected single-tenant data center bonds. Explicitly avoids leveraged NeoCloud issuers as marginal compute suppliers, viewing insufficient yield compensation for potential capital loss if infrastructure demand normalizes. Full Quick Take Manager rejects binary AI predictions, instead seeking fixed income investments that succeed across multiple scenarios. Owns Meta and Oracle bonds for their diversified paths to AI value without betting on specific outcomes. Selectively invests in protected single-tenant data center bonds. Explicitly avoids leveraged NeoCloud issuers as marginal compute suppliers, viewing insufficient yield compensation for potential capital loss if infrastructure demand normalizes. | |||||||
| +0.7% | -0.8% | - | Robinson Opportunistic Income Fund identified an arbitrage opportunity in private credit CEFs trading at discounts comparable to the Great Financial Crisis and moved to overweight despite near-term underperformance. New Fed Chairman Warsh's hawkish stance shifted expectations to rate hikes, benefiting the Fund's floating rate exposure. Long-term fiscal deficit concerns support the strategy of being long corporate credit and short Treasuries. Full Quick Take Robinson Opportunistic Income Fund identified an arbitrage opportunity in private credit CEFs trading at discounts comparable to the Great Financial Crisis and moved to overweight despite near-term underperformance. New Fed Chairman Warsh's hawkish stance shifted expectations to rate hikes, benefiting the Fund's floating rate exposure. Long-term fiscal deficit concerns support the strategy of being long corporate credit and short Treasuries. | - | |||||
| - | - | - | Oaktree sees accelerating credit market dispersion with healthy borrowers accessing capital easily while distressed names face severe pressure. CCC loans yield 25% amid refinancing concerns, software sector faces AI-driven repricing, and direct lending shows structural stress. This creates opportunities for skilled managers to avoid losers in performing strategies and target dislocations opportunistically. Full Quick Take Oaktree sees accelerating credit market dispersion with healthy borrowers accessing capital easily while distressed names face severe pressure. CCC loans yield 25% amid refinancing concerns, software sector faces AI-driven repricing, and direct lending shows structural stress. This creates opportunities for skilled managers to avoid losers in performing strategies and target dislocations opportunistically. | - | |||||
| -90.0% | -90.0% | Credit fund navigated March 2026's Iran conflict-driven energy shock through tactical short positioning on oil-sensitive issuers and reduced financial AT1 exposure. While broad market stress weighed on long positions, strategic shorts in industrials and financials provided partial offset. Manager opportunistically harvested gains in Sabre following strategic interest, demonstrating active risk management during volatile geopolitical environment. Full Quick Take Credit fund navigated March 2026's Iran conflict-driven energy shock through tactical short positioning on oil-sensitive issuers and reduced financial AT1 exposure. While broad market stress weighed on long positions, strategic shorts in industrials and financials provided partial offset. Manager opportunistically harvested gains in Sabre following strategic interest, demonstrating active risk management during volatile geopolitical environment. | - | ||||||
| - | - | - | PGIM High Yield outperformed during Q1 spread widening despite geopolitical tensions and AI disruption fears. Fund maintains constructive 2026 outlook based on solid credit fundamentals and muted issuance. Positioned defensively with short-duration overweight and quality bias while targeting relative value opportunities from market dislocations. Full Quick Take PGIM High Yield outperformed during Q1 spread widening despite geopolitical tensions and AI disruption fears. Fund maintains constructive 2026 outlook based on solid credit fundamentals and muted issuance. Positioned defensively with short-duration overweight and quality bias while targeting relative value opportunities from market dislocations. | - | |||||
| -1.5% | -1.5% | - | Oil shock hits already distressed U.S. economy with weak employment growth, rising financial stress, and fragile balance sheets. Unlike past episodes, U.S. energy self-sufficiency provides some buffer. Fed unlikely to tighten against supply-driven inflation given economic fragility. Treasury yields expected to rise as inflation signals emerge faster than real economic deterioration. Full Quick Take Oil shock hits already distressed U.S. economy with weak employment growth, rising financial stress, and fragile balance sheets. Unlike past episodes, U.S. energy self-sufficiency provides some buffer. Fed unlikely to tighten against supply-driven inflation given economic fragility. Treasury yields expected to rise as inflation signals emerge faster than real economic deterioration. | - | |||||
| +30.0% | +30.0% | Purpose Credit Opportunities Fund navigated March volatility with defensive positioning while adding energy exposure through Gran Tierra bonds and Enbridge preferreds. The team reduced consumer credit risk amid rising inflation and oil prices, maintaining mid-6% yield with conservative stance. Strong five-year outperformance continues through disciplined credit selection. Full Quick Take Purpose Credit Opportunities Fund navigated March volatility with defensive positioning while adding energy exposure through Gran Tierra bonds and Enbridge preferreds. The team reduced consumer credit risk amid rising inflation and oil prices, maintaining mid-6% yield with conservative stance. Strong five-year outperformance continues through disciplined credit selection. | - | ||||||
| - | - | - | Marcuard Heritage sees continued global economic resilience despite trade frictions, maintaining constructive positioning while emphasizing capital preservation. The firm favors credit investments offering 7-9% yields and views rising volatility as opportunity for active management alpha generation. Key focus is whether 2026 earnings can justify elevated equity valuations in a structurally higher inflation environment driven by fiscal deficits and protectionism. Full Quick Take Marcuard Heritage sees continued global economic resilience despite trade frictions, maintaining constructive positioning while emphasizing capital preservation. The firm favors credit investments offering 7-9% yields and views rising volatility as opportunity for active management alpha generation. Key focus is whether 2026 earnings can justify elevated equity valuations in a structurally higher inflation environment driven by fiscal deficits and protectionism. | - | |||||
| +40.0% | +40.0% | - | Thornburg Strategic Income outperformed by 19 basis points in Q1 2026 as Middle East conflict drove oil above $100 and repriced Fed policy expectations. Credit markets showed strain with private credit concerns and AI-driven software repricing. Portfolio deployed liquidity into quality credit as spreads widened, maintaining defensive positioning with dry powder for future opportunities. Full Quick Take Thornburg Strategic Income outperformed by 19 basis points in Q1 2026 as Middle East conflict drove oil above $100 and repriced Fed policy expectations. Credit markets showed strain with private credit concerns and AI-driven software repricing. Portfolio deployed liquidity into quality credit as spreads widened, maintaining defensive positioning with dry powder for future opportunities. | - | |||||
| - | - | Ninepoint maintains defensive fixed income positioning amid Middle East energy crisis driving inflation and potential Fed rate hikes. Record corporate bond issuance from AI companies pressures credit spreads. The team uses low duration and derivatives to navigate volatility while maintaining 5-6% portfolio yields through selective security sourcing. Full Quick Take Ninepoint maintains defensive fixed income positioning amid Middle East energy crisis driving inflation and potential Fed rate hikes. Record corporate bond issuance from AI companies pressures credit spreads. The team uses low duration and derivatives to navigate volatility while maintaining 5-6% portfolio yields through selective security sourcing. | - | ||||||
| - | - | - | Gramercy's emerging markets debt fund weathered March 2026 Middle East conflict through strategic positioning. Underweight Asia allocation and absence of Turkish exposure provided protection, while distressed Brazilian corporates contributed positively. Local currency positions and duration-sensitive investments detracted as energy price surge rekindled inflation concerns and drove Treasury yields higher across the curve. Full Quick Take Gramercy's emerging markets debt fund weathered March 2026 Middle East conflict through strategic positioning. Underweight Asia allocation and absence of Turkish exposure provided protection, while distressed Brazilian corporates contributed positively. Local currency positions and duration-sensitive investments detracted as energy price surge rekindled inflation concerns and drove Treasury yields higher across the curve. | - | |||||
| - | - | - | GMO sees stark valuation divergence in emerging debt with hard currency credit rich and local currency debt very attractive. Excess credit spreads at 121 bps suggest negative returns ahead while EM rates and FX offer compelling value in top quartiles. Blended portfolios tilted maximum 70% local currency given extreme relative valuations. Full Quick Take GMO sees stark valuation divergence in emerging debt with hard currency credit rich and local currency debt very attractive. Excess credit spreads at 121 bps suggest negative returns ahead while EM rates and FX offer compelling value in top quartiles. Blended portfolios tilted maximum 70% local currency given extreme relative valuations. | - | |||||
| - | - | - | 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. | - | |||||
| +9.2% | +6.7% | The Brandes Core Plus Fixed Income Fund returned 0.92% in Q4 2025, underperforming its benchmark. Due to tight credit spreads, sticky inflation, and stress in private credit, the fund is positioned defensively with short duration and a large Treasury cushion. Full Quick Take The Brandes Core Plus Fixed Income Fund returned 0.92% in Q4 2025, underperforming its benchmark. Due to tight credit spreads, sticky inflation, and stress in private credit, the fund is positioned defensively with short duration and a large Treasury cushion. | - | ||||||
| +19.3% | +8.4% | The Easterly Income Opportunities Fund outperformed its benchmark in Q4 2025, returning 1.93% net. The fund is actively rotating assets from CMBS into RMBS and high-multiple structured notes to position for continued interest rate curve steepening. Full Quick Take The Easterly Income Opportunities Fund outperformed its benchmark in Q4 2025, returning 1.93% net. The fund is actively rotating assets from CMBS into RMBS and high-multiple structured notes to position for continued interest rate curve steepening. | - | ||||||
| - | - | - | Confluence expects near-trend US GDP growth and no recession over the next three years, leading them to favor domestic large caps and intermediate-maturity fixed income while holding gold to hedge geopolitical risks. Full Quick Take Confluence expects near-trend US GDP growth and no recession over the next three years, leading them to favor domestic large caps and intermediate-maturity fixed income while holding gold to hedge geopolitical risks. | - | |||||
| - | - | UBS delivered exceptional Q3 2025 results with 47% profit growth to $2.8bn, driven by strong performance across divisions and successful Credit Suisse integration progress. The firm achieved $10bn in cost savings while maintaining robust capital ratios and advancing de-risking efforts. Strong client flows and market performance support continued momentum toward 2026 financial targets. Full Quick Take UBS delivered exceptional Q3 2025 results with 47% profit growth to $2.8bn, driven by strong performance across divisions and successful Credit Suisse integration progress. The firm achieved $10bn in cost savings while maintaining robust capital ratios and advancing de-risking efforts. Strong client flows and market performance support continued momentum toward 2026 financial targets. | - | ||||||
| +1.9% | +6.3% | - | Easterly's structured credit fund delivered 1.92% returns in Q3 2025, focusing on RMBS and CMBS while maintaining conservative positioning. Non-Agency RMBS remains strong on housing fundamentals, while CMBS shows office sector stress. ABS faced fraud-related turbulence. With 20% cash reserves and A-rated portfolio, the fund is positioned for opportunities amid Fed easing cycle. Full Quick Take Easterly's structured credit fund delivered 1.92% returns in Q3 2025, focusing on RMBS and CMBS while maintaining conservative positioning. Non-Agency RMBS remains strong on housing fundamentals, while CMBS shows office sector stress. ABS faced fraud-related turbulence. With 20% cash reserves and A-rated portfolio, the fund is positioned for opportunities amid Fed easing cycle. | - | |||||
| +3.1% | - | - | Robinson Opportunistic Income Fund outperformed in Q3 by investing in discounted credit CEFs while hedging risk. The manager reduced rate-sensitive bank loans ahead of Fed cuts and increased inflation protection. Despite strong markets, stretched valuations in both equity and credit concern the manager, though the Fund offers attractive income and discount upside potential. Full Quick Take Robinson Opportunistic Income Fund outperformed in Q3 by investing in discounted credit CEFs while hedging risk. The manager reduced rate-sensitive bank loans ahead of Fed cuts and increased inflation protection. Despite strong markets, stretched valuations in both equity and credit concern the manager, though the Fund offers attractive income and discount upside potential. | - | |||||
| - | - | - | Thornburg Strategic Income outperformed by 38bp in Q2 despite tariff-driven volatility that spiked Treasury yields and credit spreads. Fed held rates steady while managers maintained longer duration, higher quality positioning. Strong sector allocation and credit selection drove outperformance, particularly in BBB/BB corporates. Team remains positioned to capitalize on future volatility through active duration and credit management. Full Quick Take Thornburg Strategic Income outperformed by 38bp in Q2 despite tariff-driven volatility that spiked Treasury yields and credit spreads. Fed held rates steady while managers maintained longer duration, higher quality positioning. Strong sector allocation and credit selection drove outperformance, particularly in BBB/BB corporates. Team remains positioned to capitalize on future volatility through active duration and credit management. | - | |||||
| - | - | - | PGIM Core Bond Fund outperformed in Q2 as fixed income bull market continued driven by yield accrual and spread compression. Fund maintains overweight CLOs and CMBS, underweight investment grade corporates. Expects stable to declining rates supporting bonds overall, with Fed delivering two more cuts. Positioned defensively in credit favoring high-quality securities given late-cycle dynamics. Full Quick Take PGIM Core Bond Fund outperformed in Q2 as fixed income bull market continued driven by yield accrual and spread compression. Fund maintains overweight CLOs and CMBS, underweight investment grade corporates. Expects stable to declining rates supporting bonds overall, with Fed delivering two more cuts. Positioned defensively in credit favoring high-quality securities given late-cycle dynamics. | - | |||||
| -3.7% | - | Third Point reduced exposures to multi-year lows amid trade policy volatility, shifting toward event-driven strategies while preserving dry powder. The Liberation Day tariff selloff created opportunities the manager expects to capitalize on, similar to historical credit dislocations that generated 52% average returns. Defensive positioning in mortgages and new private credit capabilities through Birch Grove acquisition strengthen the platform. Full Quick Take Third Point reduced exposures to multi-year lows amid trade policy volatility, shifting toward event-driven strategies while preserving dry powder. The Liberation Day tariff selloff created opportunities the manager expects to capitalize on, similar to historical credit dislocations that generated 52% average returns. Defensive positioning in mortgages and new private credit capabilities through Birch Grove acquisition strengthen the platform. | - | ||||||
| +2.4% | +2.4% | Kupperman delivered 2.44% net returns in Q1 but dramatically de-risked following Liberation Day due to trade war concerns triggering a potential credit crisis. He maintains selective exposure to offshore energy services, emerging markets, and migration plays while positioning the Event-Driven book to benefit from volatility until better deployment opportunities emerge. Full Quick Take Kupperman delivered 2.44% net returns in Q1 but dramatically de-risked following Liberation Day due to trade war concerns triggering a potential credit crisis. He maintains selective exposure to offshore energy services, emerging markets, and migration plays while positioning the Event-Driven book to benefit from volatility until better deployment opportunities emerge. | |||||||
| - | - | - | Trump's tariff strategy aims to demolish unsustainable post-WWII trade structures built on excessive credit creation. Gold at $3,200/oz remains undervalued as the ultimate monetary asset, positioned to benefit from the collapse of fiat currencies and return to sound money principles. The greatest credit bubble in history faces potential uncontrolled unwind with central banks too weak to intervene successfully. Full Quick Take Trump's tariff strategy aims to demolish unsustainable post-WWII trade structures built on excessive credit creation. Gold at $3,200/oz remains undervalued as the ultimate monetary asset, positioned to benefit from the collapse of fiat currencies and return to sound money principles. The greatest credit bubble in history faces potential uncontrolled unwind with central banks too weak to intervene successfully. | - | |||||
| - | +0.5% | Purpose Credit Opportunities Fund capitalizes on credit market dislocations, with high-yield spreads widening to 463bp over Treasuries creating equity-like return opportunities. Key holdings include Hudson Pacific Properties bonds at mid-teens yield and Enbridge preferred equity at 8% IRR. Despite Trump trade policy volatility, the team expects normalization and maintains selective deployment in conviction positions. Full Quick Take Purpose Credit Opportunities Fund capitalizes on credit market dislocations, with high-yield spreads widening to 463bp over Treasuries creating equity-like return opportunities. Key holdings include Hudson Pacific Properties bonds at mid-teens yield and Enbridge preferred equity at 8% IRR. Despite Trump trade policy volatility, the team expects normalization and maintains selective deployment in conviction positions. | - | ||||||
| +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. | - | |||||
| - | - | - | UBS Asset Management navigates post-Liberation Day market uncertainty with tactical hedge fund allocation adjustments. Q1 performance was modestly positive driven by trading and relative value strategies. The firm increases discretionary macro exposure while reducing credit and MBS allocations as recession risks rise. Despite near-term tariff headwinds, UBS expects improved conditions in H2 2025 from policy benefits and lower rates. Full Quick Take UBS Asset Management navigates post-Liberation Day market uncertainty with tactical hedge fund allocation adjustments. Q1 performance was modestly positive driven by trading and relative value strategies. The firm increases discretionary macro exposure while reducing credit and MBS allocations as recession risks rise. Despite near-term tariff headwinds, UBS expects improved conditions in H2 2025 from policy benefits and lower rates. | - |
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