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 |
|---|---|---|---|---|---|---|---|---|---|
| +26.6% | +20.4% | Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. Full Quick Take Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. | |||||||
| +5.7% | - | Vision Capital underperformed in Q2 by avoiding the memory and AI supply chain rally that drove S&P 500 gains. Manager deployed capital into 10 existing positions during drawdowns while exiting Lululemon and Paycom. Portfolio holds 25 high-quality growth companies with 29% revenue growth and 27% FCF margins. Manager rejects bottleneck investing, preferring durable platform businesses positioned for long-term secular growth across payments, e-commerce, and cloud infrastructure. Full Quick Take Vision Capital underperformed in Q2 by avoiding the memory and AI supply chain rally that drove S&P 500 gains. Manager deployed capital into 10 existing positions during drawdowns while exiting Lululemon and Paycom. Portfolio holds 25 high-quality growth companies with 29% revenue growth and 27% FCF margins. Manager rejects bottleneck investing, preferring durable platform businesses positioned for long-term secular growth across payments, e-commerce, and cloud infrastructure. | - | ||||||
| +1.6% | - | - | Sigil Stable delivered 1.63% net yield with 2.52 Sharpe in Q2 by pivoting 70%+ into private allocations while avoiding $577M in DeFi exploits. Profited from SpaceX pre-IPO perps that outpriced underwriters and exited MicroStrategy STRC before collapse. DeFi security crisis forces ecosystem evolution but perpetual DEXes remain secular growth driver. Scaling private deals and pre-IPO exposure into institutional adoption wave. Full Quick Take Sigil Stable delivered 1.63% net yield with 2.52 Sharpe in Q2 by pivoting 70%+ into private allocations while avoiding $577M in DeFi exploits. Profited from SpaceX pre-IPO perps that outpriced underwriters and exited MicroStrategy STRC before collapse. DeFi security crisis forces ecosystem evolution but perpetual DEXes remain secular growth driver. Scaling private deals and pre-IPO exposure into institutional adoption wave. | - | |||||
| +14.1% | - | Sigil Core outperformed Bitcoin by 33% in Q2 2026 on concentrated bets in perpetual DEXes Hyperliquid and Lighter, while broader crypto faced DeFi exploits and MicroStrategy selling pressure. Infrastructure has matured to institutional-grade with favorable regulatory shifts positioning crypto for the next $1T from institutions rather than retail. Perpetual DEXes and privacy assets represent secular multi-cycle opportunities despite near-term market challenges. Full Quick Take Sigil Core outperformed Bitcoin by 33% in Q2 2026 on concentrated bets in perpetual DEXes Hyperliquid and Lighter, while broader crypto faced DeFi exploits and MicroStrategy selling pressure. Infrastructure has matured to institutional-grade with favorable regulatory shifts positioning crypto for the next $1T from institutions rather than retail. Perpetual DEXes and privacy assets represent secular multi-cycle opportunities despite near-term market challenges. | |||||||
| +24.6% | +11.6% | Baron Fifth Avenue Growth Fund delivered 24.6% in Q2 2026, driven by SpaceX's transformative IPO and AI hosting deals, semiconductor strength from NVIDIA and TSMC, and accelerating AI adoption across CrowdStrike, Datadog, and Snowflake. The manager views SpaceX as the ultimate N=1 opportunity at the intersection of AI and space economy. Portfolio fundamentals drove returns with valuations remaining 10.5% below five-year averages, supporting continued long-term conviction. Full Quick Take Baron Fifth Avenue Growth Fund delivered 24.6% in Q2 2026, driven by SpaceX's transformative IPO and AI hosting deals, semiconductor strength from NVIDIA and TSMC, and accelerating AI adoption across CrowdStrike, Datadog, and Snowflake. The manager views SpaceX as the ultimate N=1 opportunity at the intersection of AI and space economy. Portfolio fundamentals drove returns with valuations remaining 10.5% below five-year averages, supporting continued long-term conviction. | |||||||
| +41.2% | +25.2% | Bailard Technology delivered 41% in Q2 by aggressively positioning into AI infrastructure hardware and semiconductors while rotating out of application software. Memory, semicap equipment, cybersecurity, and observability drove outperformance as AI deployment accelerated. The team views hardware as the cleanest AI expression and favors middle-stack infrastructure software over applications facing pricing pressure from AI-native competitors. Portfolio remains concentrated with minimal cash. Full Quick Take Bailard Technology delivered 41% in Q2 by aggressively positioning into AI infrastructure hardware and semiconductors while rotating out of application software. Memory, semicap equipment, cybersecurity, and observability drove outperformance as AI deployment accelerated. The team views hardware as the cleanest AI expression and favors middle-stack infrastructure software over applications facing pricing pressure from AI-native competitors. Portfolio remains concentrated with minimal cash. | |||||||
| +26.9% | +7.8% | Sands Capital Technology Innovators is positioned for the AI infrastructure buildout through concentrated exposure to semiconductor manufacturing, memory, and AI chips. The emergence of agentic AI is driving persistent demand for compute, memory, and storage. The fund added CPU, inference, and circuit board exposure while reducing consumer internet positions. Top contributors included Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, benefiting from structural memory shortages and AI infrastructure demand. Full Quick Take Sands Capital Technology Innovators is positioned for the AI infrastructure buildout through concentrated exposure to semiconductor manufacturing, memory, and AI chips. The emergence of agentic AI is driving persistent demand for compute, memory, and storage. The fund added CPU, inference, and circuit board exposure while reducing consumer internet positions. Top contributors included Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, benefiting from structural memory shortages and AI infrastructure demand. | |||||||
| - | +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. | |||||||
| +12.6% | +10.4% | The London Company Small Cap returned 12.6% net in Q2 but underperformed the Russell 2000's 21.5% as markets rewarded high-beta momentum over quality fundamentals. The manager maintains conviction in durable, high-quality businesses positioned to compound over full cycles. They express caution on elevated valuations, fragile AI capex with negative hyperscaler free cash flow, and historic index concentration, expecting more modest returns ahead and positioning for mean reversion toward fundamentals-driven performance. Full Quick Take The London Company Small Cap returned 12.6% net in Q2 but underperformed the Russell 2000's 21.5% as markets rewarded high-beta momentum over quality fundamentals. The manager maintains conviction in durable, high-quality businesses positioned to compound over full cycles. They express caution on elevated valuations, fragile AI capex with negative hyperscaler free cash flow, and historic index concentration, expecting more modest returns ahead and positioning for mean reversion toward fundamentals-driven performance. | |||||||
| - | - | Voya MidCap Opportunities outperformed in Q2 2026 as markets rebounded sharply and leadership broadened beyond mega caps. AI infrastructure spending drove semiconductor and software gains, with MaxLinear, CrowdStrike, and Onto Innovation contributing. Defense and retail positions detracted. The managers expect continued broadening if earnings growth holds, though markets will become more selective on fundamentals as valuations remain elevated and equity supply increases. Full Quick Take Voya MidCap Opportunities outperformed in Q2 2026 as markets rebounded sharply and leadership broadened beyond mega caps. AI infrastructure spending drove semiconductor and software gains, with MaxLinear, CrowdStrike, and Onto Innovation contributing. Defense and retail positions detracted. The managers expect continued broadening if earnings growth holds, though markets will become more selective on fundamentals as valuations remain elevated and equity supply increases. | - | ||||||
| +15.2% | +1.7% | TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates. Full Quick Take TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates. | |||||||
| +11.8% | +7.8% | The London Company SMID Cap returned 11.8% net in Q2 but lagged the Russell 2500's 20.3% gain as momentum trumped quality. Semiconductors and AI infrastructure drove the rally, benefiting holdings like Entegris and Qualys. The manager made no trades, maintaining conviction in durable businesses despite near-term underperformance. Outlook is constructive but cautious given fragile AI capex dynamics, elevated valuations, and sticky inflation limiting Fed flexibility. Full Quick Take The London Company SMID Cap returned 11.8% net in Q2 but lagged the Russell 2500's 20.3% gain as momentum trumped quality. Semiconductors and AI infrastructure drove the rally, benefiting holdings like Entegris and Qualys. The manager made no trades, maintaining conviction in durable businesses despite near-term underperformance. Outlook is constructive but cautious given fragile AI capex dynamics, elevated valuations, and sticky inflation limiting Fed flexibility. | - | ||||||
| +12.2% | +5.3% | Core Leaders returned 12.24% in Q2 but lagged the S&P 500's 15.20% due to underweight semiconductor exposure during an 88% sector rally. The managers view unprecedented investor crowding and 11x sales valuations as unsustainable despite strong AI infrastructure fundamentals. They trimmed winners like Marvell and UnitedHealth while adding defensive quality positions including Constellation Energy and Berkshire Hathaway. The team maintains discipline on intrinsic value investing, expecting eventual market broadening to favor their quality-focused approach. Full Quick Take Core Leaders returned 12.24% in Q2 but lagged the S&P 500's 15.20% due to underweight semiconductor exposure during an 88% sector rally. The managers view unprecedented investor crowding and 11x sales valuations as unsustainable despite strong AI infrastructure fundamentals. They trimmed winners like Marvell and UnitedHealth while adding defensive quality positions including Constellation Energy and Berkshire Hathaway. The team maintains discipline on intrinsic value investing, expecting eventual market broadening to favor their quality-focused approach. | |||||||
| +39.2% | - | Columbia Global Technology Growth Fund surged 39.25% in Q2 2026, outperforming on concentrated AI infrastructure positioning. The quarter delivered decisive validation of the AI supercycle thesis as semiconductor and memory companies reported superlative earnings with tangible revenue and margin expansion. Micron tripled revenue year-over-year while Lam Research raised industry forecasts. The widening divergence between AI infrastructure winners and disrupted software businesses became impossible to ignore as traditional SaaS models face structural repricing. Full Quick Take Columbia Global Technology Growth Fund surged 39.25% in Q2 2026, outperforming on concentrated AI infrastructure positioning. The quarter delivered decisive validation of the AI supercycle thesis as semiconductor and memory companies reported superlative earnings with tangible revenue and margin expansion. Micron tripled revenue year-over-year while Lam Research raised industry forecasts. The widening divergence between AI infrastructure winners and disrupted software businesses became impossible to ignore as traditional SaaS models face structural repricing. | |||||||
| +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. | |||||||
| - | +6.1% | Mairs & Power Balanced Fund returned 6.14% in H1 2026, slightly trailing its benchmark as markets broadened beyond megacaps on strong earnings. The fund added cybersecurity, waste management, and automation plays while exiting names losing competitive advantage. Managers position as downstream AI beneficiaries rather than chasing cyclical hardware, seeing productivity gains offsetting sticky inflation risks. Disciplined focus on durable franchises at reasonable valuations drives their conviction through volatility. Full Quick Take Mairs & Power Balanced Fund returned 6.14% in H1 2026, slightly trailing its benchmark as markets broadened beyond megacaps on strong earnings. The fund added cybersecurity, waste management, and automation plays while exiting names losing competitive advantage. Managers position as downstream AI beneficiaries rather than chasing cyclical hardware, seeing productivity gains offsetting sticky inflation risks. Disciplined focus on durable franchises at reasonable valuations drives their conviction through volatility. | |||||||
| +21.9% | - | Ithaka outperformed by 500bps in Q2 2026 as concentrated AI infrastructure bets delivered exceptional returns. AMD surged 182% on agentic AI tailwinds while cybersecurity holdings benefited from recognition that AI expands attack surfaces. Market concentration remains extreme with 60% of S&P earnings growth from AI. Physical infrastructure bottlenecks and AI monetization scrutiny present key risks ahead. Full Quick Take Ithaka outperformed by 500bps in Q2 2026 as concentrated AI infrastructure bets delivered exceptional returns. AMD surged 182% on agentic AI tailwinds while cybersecurity holdings benefited from recognition that AI expands attack surfaces. Market concentration remains extreme with 60% of S&P earnings growth from AI. Physical infrastructure bottlenecks and AI monetization scrutiny present key risks ahead. | |||||||
| +17.5% | +6.5% | Emerald returned 17.5% in Q2 on semiconductor and cybersecurity strength, but warns of bubble risks in speculative AI names. The manager stays fully invested in high-quality AI beneficiaries, viewing cybersecurity as a major winner and enterprise software leaders as orchestration layers rather than disruption victims. Quality growth stocks offer compelling value after dramatic de-rating on unwarranted AI fears. Multi-year AI adoption runway supports staying the course. Full Quick Take Emerald returned 17.5% in Q2 on semiconductor and cybersecurity strength, but warns of bubble risks in speculative AI names. The manager stays fully invested in high-quality AI beneficiaries, viewing cybersecurity as a major winner and enterprise software leaders as orchestration layers rather than disruption victims. Quality growth stocks offer compelling value after dramatic de-rating on unwarranted AI fears. Multi-year AI adoption runway supports staying the course. | |||||||
| - | - | Titan Wealth's multi-manager strategies delivered exceptional first-half returns driven by concentrated AI and semiconductor exposure, with technology up 33% and emerging markets outperforming by 10 percentage points. Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA. Recently added healthcare to diversify concentration risk while expecting markets to grind higher despite elevated valuations and sticky inflation. Full Quick Take Titan Wealth's multi-manager strategies delivered exceptional first-half returns driven by concentrated AI and semiconductor exposure, with technology up 33% and emerging markets outperforming by 10 percentage points. Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA. Recently added healthcare to diversify concentration risk while expecting markets to grind higher despite elevated valuations and sticky inflation. | |||||||
| - | - | ClearBridge Mid Cap Growth outperformed in Q2 2026 by identifying durable value in AI infrastructure bottlenecks like memory and data connectivity while capturing industrial recovery in equipment rental and modular space. The Strategy added AI beneficiaries Lumentum and Sterling Infrastructure alongside nuclear and biotech opportunities, balancing exposure across the generational AI investment cycle and emerging cyclical recovery rather than chasing benchmark shifts. Full Quick Take ClearBridge Mid Cap Growth outperformed in Q2 2026 by identifying durable value in AI infrastructure bottlenecks like memory and data connectivity while capturing industrial recovery in equipment rental and modular space. The Strategy added AI beneficiaries Lumentum and Sterling Infrastructure alongside nuclear and biotech opportunities, balancing exposure across the generational AI investment cycle and emerging cyclical recovery rather than chasing benchmark shifts. | - | ||||||
| - | - | ClearBridge Small Cap Growth posted strong 21% gross returns but underperformed the benchmark's 25.6% gain as AI enthusiasm drove exceptional semiconductor performance. The Strategy benefited from AI-exposed holdings in semiconductors and data center infrastructure but faced headwinds from software disruption concerns and idiosyncratic health care weakness. Managers added 13 positions during a large Russell rebalance, positioning for the next phase of AI adoption beyond infrastructure. Full Quick Take ClearBridge Small Cap Growth posted strong 21% gross returns but underperformed the benchmark's 25.6% gain as AI enthusiasm drove exceptional semiconductor performance. The Strategy benefited from AI-exposed holdings in semiconductors and data center infrastructure but faced headwinds from software disruption concerns and idiosyncratic health care weakness. Managers added 13 positions during a large Russell rebalance, positioning for the next phase of AI adoption beyond infrastructure. | - | ||||||
| - | - | ClearBridge Growth Strategy delivered double-digit returns but lagged its mid cap growth benchmark in Q2 2026 as momentum-driven markets favored high-beta AI semiconductor and hardware names the portfolio did not own. Managers used Russell reconstitution volatility to upgrade holdings, adding Cloudflare and MasTec while exiting lower-conviction positions. Portfolio remains balanced across AI infrastructure, cybersecurity, cloud, and quality compounders with strong free cash flow generation. Full Quick Take ClearBridge Growth Strategy delivered double-digit returns but lagged its mid cap growth benchmark in Q2 2026 as momentum-driven markets favored high-beta AI semiconductor and hardware names the portfolio did not own. Managers used Russell reconstitution volatility to upgrade holdings, adding Cloudflare and MasTec while exiting lower-conviction positions. Portfolio remains balanced across AI infrastructure, cybersecurity, cloud, and quality compounders with strong free cash flow generation. | - | ||||||
| +11.3% | +3.5% | The fund delivered 11.29% in Q2 2026, outperforming on strength in AI-related infrastructure, semiconductors, and EV charging. After a lost decade, UK small caps trade below long-term averages with stabilizing earnings. The managers see catalysts in political stability, deregulation, and M&A interest. Portfolio positioning emphasizes cash-generative growth businesses capable of withstanding uncertainty while capturing recovery upside. Full Quick Take The fund delivered 11.29% in Q2 2026, outperforming on strength in AI-related infrastructure, semiconductors, and EV charging. After a lost decade, UK small caps trade below long-term averages with stabilizing earnings. The managers see catalysts in political stability, deregulation, and M&A interest. Portfolio positioning emphasizes cash-generative growth businesses capable of withstanding uncertainty while capturing recovery upside. | - | ||||||
| - | - | Manager aggressively bought application software in H1 2026 at 2-3x sales, down from 8-12x, seeing 30-40%+ IRRs as market indiscriminately sold on AI fears. Portfolio focuses on essential utility software like Workiva (SEC reporting near-monopoly at 2.6x sales, 31% IRR) positioned to benefit from AI rather than be disrupted. Conducted 105 expert calls to validate thesis that nuance between winners and losers is being missed. Full Quick Take Manager aggressively bought application software in H1 2026 at 2-3x sales, down from 8-12x, seeing 30-40%+ IRRs as market indiscriminately sold on AI fears. Portfolio focuses on essential utility software like Workiva (SEC reporting near-monopoly at 2.6x sales, 31% IRR) positioned to benefit from AI rather than be disrupted. Conducted 105 expert calls to validate thesis that nuance between winners and losers is being missed. | |||||||
| - | - | Starboard Value sees Dynatrace as misunderstood software platform positioned to benefit from AI adoption rather than face disruption. Despite strong competitive position in observability market, shares have significantly underperformed due to margin concerns. Firm targets 500bps margin expansion through operational improvements while advocating aggressive share buybacks at attractive valuations, expecting doubled free cash flow by FY2029. Full Quick Take Starboard Value sees Dynatrace as misunderstood software platform positioned to benefit from AI adoption rather than face disruption. Despite strong competitive position in observability market, shares have significantly underperformed due to margin concerns. Firm targets 500bps margin expansion through operational improvements while advocating aggressive share buybacks at attractive valuations, expecting doubled free cash flow by FY2029. | |||||||
| -7.0% | -7.0% | Baron Discovery Fund underperformed due to AI disruption fears hitting software holdings despite strong earnings. Managers maintain conviction in software companies with competitive moats beyond code, adding to positions at attractive valuations. They expect catalysts including M&A activity and cybersecurity needs to drive outperformance as markets recognize value dispersion in software. Full Quick Take Baron Discovery Fund underperformed due to AI disruption fears hitting software holdings despite strong earnings. Managers maintain conviction in software companies with competitive moats beyond code, adding to positions at attractive valuations. They expect catalysts including M&A activity and cybersecurity needs to drive outperformance as markets recognize value dispersion in software. | - | ||||||
| -7.9% | -7.9% | Meridian Hedged Equity outperformed during Q1 2026's geopolitical volatility, gaining 0.08% versus the S&P 500's -4.33% decline. Energy holdings like Chevron benefited from oil price surges while technology positions faced rotation pressure despite strong fundamentals. The fund's hedged approach and focus on high-quality companies with strong balance sheets proved effective in managing downside risk during the uncertain environment. Full Quick Take Meridian Hedged Equity outperformed during Q1 2026's geopolitical volatility, gaining 0.08% versus the S&P 500's -4.33% decline. Energy holdings like Chevron benefited from oil price surges while technology positions faced rotation pressure despite strong fundamentals. The fund's hedged approach and focus on high-quality companies with strong balance sheets proved effective in managing downside risk during the uncertain environment. | |||||||
| - | - | Jacob Funds suffered a difficult quarter due to AI disruption fears and geopolitical tensions, but the manager sees this as creating attractive entry points into agentic AI beneficiaries. The fund aggressively added positions in Circle, CrowdStrike, Reddit, and Robinhood, betting on the transition from passive AI to autonomous task completion at machine speed. Full Quick Take Jacob Funds suffered a difficult quarter due to AI disruption fears and geopolitical tensions, but the manager sees this as creating attractive entry points into agentic AI beneficiaries. The fund aggressively added positions in Circle, CrowdStrike, Reddit, and Robinhood, betting on the transition from passive AI to autonomous task completion at machine speed. | |||||||
| -8.2% | -8.2% | Minotaur fell 7.8% in March as memory, defense, and software positions declined simultaneously despite strong fundamentals. The manager added to memory stocks now trading at 3.5x earnings with supply locked through 2026, initiated cybersecurity positions, and exited weak holdings. Core thesis remains intact with better entry points created. Full Quick Take Minotaur fell 7.8% in March as memory, defense, and software positions declined simultaneously despite strong fundamentals. The manager added to memory stocks now trading at 3.5x earnings with supply locked through 2026, initiated cybersecurity positions, and exited weak holdings. Core thesis remains intact with better entry points created. | - | ||||||
| -9.4% | -9.4% | Growth equity strategy down 9.4% in volatile Q1 marked by AI fears and Iran war. Manager trimmed semiconductor winners, added beaten-down software quality at attractive valuations. Maintains conviction that enterprise software with deep IT integration benefits from AI rather than faces disruption. Focus on quality growth companies positioned for long-term AI adoption cycle. Full Quick Take Growth equity strategy down 9.4% in volatile Q1 marked by AI fears and Iran war. Manager trimmed semiconductor winners, added beaten-down software quality at attractive valuations. Maintains conviction that enterprise software with deep IT integration benefits from AI rather than faces disruption. Focus on quality growth companies positioned for long-term AI adoption cycle. | - | ||||||
| +1.0% | +21.6% | Sands Capital Emerging Markets Growth underperformed in Q4 2025 due to transient e-commerce headwinds, but actively rotated capital out of low-margin or macro-sensitive holdings into high-conviction Chinese tech giants like Alibaba and DiDi Global. Full Quick Take Sands Capital Emerging Markets Growth underperformed in Q4 2025 due to transient e-commerce headwinds, but actively rotated capital out of low-margin or macro-sensitive holdings into high-conviction Chinese tech giants like Alibaba and DiDi Global. | - | ||||||
| -18.0% | +10.2% | Sands Capital lagged the benchmark in 2025 due to multiple compression across its high-conviction holdings despite robust fundamental earnings growth. The firm actively rotated capital into direct AI beneficiaries and secular themes like defense, robotics, and energy infrastructure. Full Quick Take Sands Capital lagged the benchmark in 2025 due to multiple compression across its high-conviction holdings despite robust fundamental earnings growth. The firm actively rotated capital into direct AI beneficiaries and secular themes like defense, robotics, and energy infrastructure. | - | ||||||
| -5.4% | +15.5% | Sands Capital's Select Growth strategy underperformed in Q4 2025 due to acute multiple compression, prompting a strategic portfolio rotation out of vulnerable software models and into high-conviction physical infrastructure enablers like Carpenter Technology and Quanta Services. Full Quick Take Sands Capital's Select Growth strategy underperformed in Q4 2025 due to acute multiple compression, prompting a strategic portfolio rotation out of vulnerable software models and into high-conviction physical infrastructure enablers like Carpenter Technology and Quanta Services. | - | ||||||
| -6.3% | +14.7% | Sands Capital's Technology Innovators underperformed in Q4 2025 due to valuation compression and an underweight to Apple and Alphabet, but the manager has reallocated capital to high-conviction AI and infrastructure compounders, entering 2026 with strong confidence in secular tech themes. Full Quick Take Sands Capital's Technology Innovators underperformed in Q4 2025 due to valuation compression and an underweight to Apple and Alphabet, but the manager has reallocated capital to high-conviction AI and infrastructure compounders, entering 2026 with strong confidence in secular tech themes. | - | ||||||
| +11.0% | - | Titan Wealth capitalized on strong Q3 performance, delivering 11% in their Global Blue Chip strategy via robust AI thematic positioning, while incrementally shifting toward a 'barbell' allocation to manage US indexing concentration risks. Full Quick Take Titan Wealth capitalized on strong Q3 performance, delivering 11% in their Global Blue Chip strategy via robust AI thematic positioning, while incrementally shifting toward a 'barbell' allocation to manage US indexing concentration risks. | - | ||||||
| - | - | Brown Advisory's Mid-Cap Growth strategy underperformed modestly in Q3, returning 2.2% net versus 3% for the benchmark. Strong AI-exposed holdings drove gains, but elevated valuations prompted profit-taking. New positions in Cardinal Health, DraftKings, and Parsons reflect focus on secular growth themes. Portfolio expanded to 61 names while maintaining disciplined approach to compounding growth companies. Full Quick Take Brown Advisory's Mid-Cap Growth strategy underperformed modestly in Q3, returning 2.2% net versus 3% for the benchmark. Strong AI-exposed holdings drove gains, but elevated valuations prompted profit-taking. New positions in Cardinal Health, DraftKings, and Parsons reflect focus on secular growth themes. Portfolio expanded to 61 names while maintaining disciplined approach to compounding growth companies. | |||||||
| - | - | Green Alpha's Next Economy Index outperformed by investing in companies solving systemic risks from AI power demands to cybersecurity threats. The fund holds technology leaders like Cloudflare, Broadcom, and XPeng that are building essential infrastructure for a sustainable economy. Three catalysts drive the outlook: AI infrastructure buildout, China trade arbitrage, and resource scarcity making efficiency solutions mandatory. Full Quick Take Green Alpha's Next Economy Index outperformed by investing in companies solving systemic risks from AI power demands to cybersecurity threats. The fund holds technology leaders like Cloudflare, Broadcom, and XPeng that are building essential infrastructure for a sustainable economy. Three catalysts drive the outlook: AI infrastructure buildout, China trade arbitrage, and resource scarcity making efficiency solutions mandatory. | |||||||
| +5.7% | - | Baron Fifth Avenue Growth Fund underperformed in Q3 due to stock selection and Magnificent Seven underweight, but maintains strong conviction in AI transformation thesis. Portfolio emphasizes infrastructure providers like NVIDIA and platform companies with data advantages. Manager sees current environment as fundamentally different from dot-com bubble with more rational valuations and favorable rate outlook supporting long-term growth prospects. Full Quick Take Baron Fifth Avenue Growth Fund underperformed in Q3 due to stock selection and Magnificent Seven underweight, but maintains strong conviction in AI transformation thesis. Portfolio emphasizes infrastructure providers like NVIDIA and platform companies with data advantages. Manager sees current environment as fundamentally different from dot-com bubble with more rational valuations and favorable rate outlook supporting long-term growth prospects. | |||||||
| - | - | Small cap fund positioned for outperformance with portfolio trading at 13.2x 2026 earnings despite 47% earnings growth. AI narrative creating software opportunities for companies with regulatory moats. Rate cut catalyst expected September 2025-early 2026 based on historical small cap outperformance patterns. Adding to quality positions during pullbacks. Full Quick Take Small cap fund positioned for outperformance with portfolio trading at 13.2x 2026 earnings despite 47% earnings growth. AI narrative creating software opportunities for companies with regulatory moats. Rate cut catalyst expected September 2025-early 2026 based on historical small cap outperformance patterns. Adding to quality positions during pullbacks. | - | ||||||
| +8.8% | - | Defense and Cybersecurity Rearmament, Changing World and Geopolitical Rebalancing, Additional Keywords & Themes | Titan Wealth navigated Q2 2025 volatility by aggressively cutting exposure to politically vulnerable sectors (Healthcare, US Dollar headwinds) and scaling into secular themes like defense, cybersecurity, and industrial automation. Full Quick Take Titan Wealth navigated Q2 2025 volatility by aggressively cutting exposure to politically vulnerable sectors (Healthcare, US Dollar headwinds) and scaling into secular themes like defense, cybersecurity, and industrial automation. | - | |||||
| - | -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. | |||||||
| +23.0% | +11.5% | The Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, and cybersecurity over vulnerable legacy application software. Full Quick Take The Bailard Technology Strategy posted a strong net return of 22.98% in Q2 2025. The fund is bullish on the technology sector, heavily favoring HPC infrastructure, custom chips, and cybersecurity over vulnerable legacy application software. | - | ||||||
| +19.5% | - | The Columbia Seligman Global Technology Fund posted a strong 19.52% return in Q2 2025, but lagged its benchmark's 23.18% surge primarily due to an underweight position in NVIDIA. The manager remains constructive on secular AI infrastructure and cybersecurity plays while managing headwinds from upcoming tariff resolutions and a potential macro slowdown. Full Quick Take The Columbia Seligman Global Technology Fund posted a strong 19.52% return in Q2 2025, but lagged its benchmark's 23.18% surge primarily due to an underweight position in NVIDIA. The manager remains constructive on secular AI infrastructure and cybersecurity plays while managing headwinds from upcoming tariff resolutions and a potential macro slowdown. | |||||||
| -3.5% | +16.0% | Liberty Park outperformed the Russell 2000 by nearly 600 basis points in Q1 2025 despite Trump's tariff announcements creating market volatility. Strong short alpha offset long position declines while the domestic-focused portfolio positions for trade policy benefits. Core holding Napco Security capitalizes on cellular radio transition with 90% margin recurring revenue. Manager expects brighter outlook ahead. Full Quick Take Liberty Park outperformed the Russell 2000 by nearly 600 basis points in Q1 2025 despite Trump's tariff announcements creating market volatility. Strong short alpha offset long position declines while the domestic-focused portfolio positions for trade policy benefits. Core holding Napco Security capitalizes on cellular radio transition with 90% margin recurring revenue. Manager expects brighter outlook ahead. | - | ||||||
| -18.0% | - | Heartwood delivered -18.04% in Q1 as Trump tariffs sparked broad market selloff. Fund focuses on misunderstood growth companies including Upstart, CrowdStrike, and Reddit, using covered calls for risk management. Manager maintains conviction despite underperformance, viewing volatility as opportunity to average into high-conviction positions. Expects continued pressure in Q2 but believes patient capital will benefit from eventual recovery. Full Quick Take Heartwood delivered -18.04% in Q1 as Trump tariffs sparked broad market selloff. Fund focuses on misunderstood growth companies including Upstart, CrowdStrike, and Reddit, using covered calls for risk management. Manager maintains conviction despite underperformance, viewing volatility as opportunity to average into high-conviction positions. Expects continued pressure in Q2 but believes patient capital will benefit from eventual recovery. | - | ||||||
| -13.6% | - | Jonagold's concentrated growth strategy faced headwinds in Q1 with -13.64% returns as Trump tariffs spooked markets. Manager doubled down on conviction, significantly increasing Upstart position following strong earnings while generating covered call income. Despite near-term challenges from trade war volatility, the fund maintains focus on misunderstood AI-enabled businesses positioned for long-term outperformance once market sentiment recovers. Full Quick Take Jonagold's concentrated growth strategy faced headwinds in Q1 with -13.64% returns as Trump tariffs spooked markets. Manager doubled down on conviction, significantly increasing Upstart position following strong earnings while generating covered call income. Despite near-term challenges from trade war volatility, the fund maintains focus on misunderstood AI-enabled businesses positioned for long-term outperformance once market sentiment recovers. | - | ||||||
| 0.0% | - | Sound Shore's value strategy faced headwinds in Q1 with a 1.9% decline as healthcare regulatory concerns and economic uncertainty weighed on holdings. The portfolio trades at an attractive 11.0x forward earnings versus 20.1x for the S&P 500. Management added to discounted positions like Teva while exiting Vistra at target prices, maintaining discipline in their long-term value approach. Full Quick Take Sound Shore's value strategy faced headwinds in Q1 with a 1.9% decline as healthcare regulatory concerns and economic uncertainty weighed on holdings. The portfolio trades at an attractive 11.0x forward earnings versus 20.1x for the S&P 500. Management added to discounted positions like Teva while exiting Vistra at target prices, maintaining discipline in their long-term value approach. | - | ||||||
| +2.2% | - | TimesSquare's concentrated mid-cap growth strategy outperformed in Q1 2025 through selective positioning in consumer franchises, essential industrial services, and technology companies. Strong performance from O'Reilly Automotive, BJ's Wholesale, and Cencora offset weakness in TPG and Gartner. Trade policy uncertainty creates volatility, but the team maintains focus on quality companies with sustainable competitive advantages. Full Quick Take TimesSquare's concentrated mid-cap growth strategy outperformed in Q1 2025 through selective positioning in consumer franchises, essential industrial services, and technology companies. Strong performance from O'Reilly Automotive, BJ's Wholesale, and Cencora offset weakness in TPG and Gartner. Trade policy uncertainty creates volatility, but the team maintains focus on quality companies with sustainable competitive advantages. | - | ||||||
| - | - | Riverwater's microcap strategy outperformed in Q1 through quality stock selection, led by water infrastructure play Aris Water Solutions. Added cybersecurity distributor Climb Global and data analytics firm Red Violet while trimming winners. Maintaining defensive stance amid tariff uncertainty but viewing market dislocations as opportunities to acquire quality businesses at attractive valuations. Full Quick Take Riverwater's microcap strategy outperformed in Q1 through quality stock selection, led by water infrastructure play Aris Water Solutions. Added cybersecurity distributor Climb Global and data analytics firm Red Violet while trimming winners. Maintaining defensive stance amid tariff uncertainty but viewing market dislocations as opportunities to acquire quality businesses at attractive valuations. | - | ||||||
| -9.4% | - | Fund declined 9.4% due to tariff-driven volatility, with underperformance from tech overweight and multiple contraction despite stable fundamentals. Manager maintains AI conviction as biggest career opportunity while building positions in quality platforms with limited tariff exposure. Portfolio companies well-positioned to weather uncertainty through strong competitive moats and balance sheets. Full Quick Take Fund declined 9.4% due to tariff-driven volatility, with underperformance from tech overweight and multiple contraction despite stable fundamentals. Manager maintains AI conviction as biggest career opportunity while building positions in quality platforms with limited tariff exposure. Portfolio companies well-positioned to weather uncertainty through strong competitive moats and balance sheets. | - |
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