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. | |||||||
| +6.9% | -23.3% | Hayden Capital underperformed in Q2 as markets favored momentum over quality. Manager Liu focuses on reinvestment cycles with calculable ROICs, expressing conviction in e-commerce plays Shopee and Mercado Libre while questioning AI capex sustainability at hyperscalers. Exited Pinduoduo profitably after thesis played out. Portfolio companies growing 40%+ at market multiples sets up for future outperformance as reinvestment programs mature. Full Quick Take Hayden Capital underperformed in Q2 as markets favored momentum over quality. Manager Liu focuses on reinvestment cycles with calculable ROICs, expressing conviction in e-commerce plays Shopee and Mercado Libre while questioning AI capex sustainability at hyperscalers. Exited Pinduoduo profitably after thesis played out. Portfolio companies growing 40%+ at market multiples sets up for future outperformance as reinvestment programs mature. | |||||||
| +23.2% | +9.1% | Voss Capital returned 23.2% net in Q2 2026, deploying into undervalued small-cap special situations as fundamentals turn. New positions include Rackspace Technology (AI infrastructure turnaround with unutilized data center capacity), Versigent (automotive wire harness oligopolist at 5x EBITDA), Hill & Smith (US grid infrastructure play at UK discount), and De'Longhi (coffee equipment leader with mispriced Professional segment growing 30%+ annually). Full Quick Take Voss Capital returned 23.2% net in Q2 2026, deploying into undervalued small-cap special situations as fundamentals turn. New positions include Rackspace Technology (AI infrastructure turnaround with unutilized data center capacity), Versigent (automotive wire harness oligopolist at 5x EBITDA), Hill & Smith (US grid infrastructure play at UK discount), and De'Longhi (coffee equipment leader with mispriced Professional segment growing 30%+ annually). | |||||||
| +22.4% | +8.5% | Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. Full Quick Take Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. | |||||||
| +17.7% | +12.1% | Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. Full Quick Take Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. | - | ||||||
| +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. | |||||||
| - | - | Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. Full Quick Take Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. | - | ||||||
| +7.6% | -3.7% | LongRun Equity underperformed in Q2 as narrow market breadth favored AI stocks while quality businesses saw multiple compression despite earnings delivery. The fund added Amphenol and Nvidia, viewing AI disruption fears as creating opportunities in fundamentally strong businesses with intact moats. Portfolio metrics remain robust with 31% margins and 63% ROIC. Management expects market rotation to drive low double-digit forward returns from current attractive valuations. Full Quick Take LongRun Equity underperformed in Q2 as narrow market breadth favored AI stocks while quality businesses saw multiple compression despite earnings delivery. The fund added Amphenol and Nvidia, viewing AI disruption fears as creating opportunities in fundamentally strong businesses with intact moats. Portfolio metrics remain robust with 31% margins and 63% ROIC. Management expects market rotation to drive low double-digit forward returns from current attractive valuations. | |||||||
| - | - | Baumann Capital initiated WIIT, Europe's only pure-play sovereign cloud provider operating Tier IV data centers across Germany, Italy, and Switzerland. The business serves mission-critical ERP workloads for regulated industries requiring EU data sovereignty, generating 40% EBITDA margins through long-term contracts. Structural cloud migration, EU regulatory tailwinds against US hyperscalers, and accretive M&A consolidation drive the multi-year thesis. Founder-CEO owns 58% and acts like a true owner. Full Quick Take Baumann Capital initiated WIIT, Europe's only pure-play sovereign cloud provider operating Tier IV data centers across Germany, Italy, and Switzerland. The business serves mission-critical ERP workloads for regulated industries requiring EU data sovereignty, generating 40% EBITDA margins through long-term contracts. Structural cloud migration, EU regulatory tailwinds against US hyperscalers, and accretive M&A consolidation drive the multi-year thesis. Founder-CEO owns 58% and acts like a true owner. | |||||||
| - | - | - | KAR underperformed in Q2 2026 as AI speculation drove extreme outperformance of low-quality stocks, semiconductors, and non-earners. The firm deliberately avoids these near-term beneficiaries, maintaining focus on durable earnings and competitive moats. Low-quality outperformed high-quality by three standard deviations, matching extremes only seen in 1999 and 2009. KAR expects eventual normalization favoring profitability but acknowledges uncertainty on timing. Full Quick Take KAR underperformed in Q2 2026 as AI speculation drove extreme outperformance of low-quality stocks, semiconductors, and non-earners. The firm deliberately avoids these near-term beneficiaries, maintaining focus on durable earnings and competitive moats. Low-quality outperformed high-quality by three standard deviations, matching extremes only seen in 1999 and 2009. KAR expects eventual normalization favoring profitability but acknowledges uncertainty on timing. | - | |||||
| +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. | |||||||
| +44.2% | - | BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. Full Quick Take BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. | - | ||||||
| - | +4.6% | The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies. Full Quick Take The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies. | |||||||
| +16.0% | +5.4% | Stewart Asset Management gained 15.97% net in Q2 2026, driven by exceptional S&P 500 earnings growth projected at 23% for the full year. The portfolio maintains concentrated exposure to AI infrastructure through hyperscalers and chip designers, adding Lumentum to capture optical networking demand. Despite valuation concerns and inevitable volatility, the manager believes continued earnings growth will drive further gains in the second half of 2026. Full Quick Take Stewart Asset Management gained 15.97% net in Q2 2026, driven by exceptional S&P 500 earnings growth projected at 23% for the full year. The portfolio maintains concentrated exposure to AI infrastructure through hyperscalers and chip designers, adding Lumentum to capture optical networking demand. Despite valuation concerns and inevitable volatility, the manager believes continued earnings growth will drive further gains in the second half of 2026. | |||||||
| +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. | |||||||
| - | - | ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. Full Quick Take ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. | |||||||
| +4.9% | +8.3% | Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. Full Quick Take Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. | |||||||
| +18.9% | +9.5% | Baron Asset Fund outperformed by 443 basis points in Q2 2026 despite headwinds from narrow AI-driven market leadership, powered by SpaceX's historic IPO and 3,000%+ appreciation. Software and services holdings trade at 47% discounts to historical multiples after indiscriminate AI disruption fears drove 46% multiple compression despite 27% fundamental growth. The manager expects re-rating as these high-quality businesses demonstrate AI enhances rather than disrupts their competitive positions. Full Quick Take Baron Asset Fund outperformed by 443 basis points in Q2 2026 despite headwinds from narrow AI-driven market leadership, powered by SpaceX's historic IPO and 3,000%+ appreciation. Software and services holdings trade at 47% discounts to historical multiples after indiscriminate AI disruption fears drove 46% multiple compression despite 27% fundamental growth. The manager expects re-rating as these high-quality businesses demonstrate AI enhances rather than disrupts their competitive positions. | |||||||
| +19.8% | +27.0% | FPA Queens Road Small Cap Value Fund delivered 27% YTD returns through Q2 2026, outperforming its benchmark by 400 basis points. Technology holdings drove performance with component manufacturers and distributors up 100%+ on cyclical recovery and data center exposure. Managers aggressively trimmed winners as valuations expanded, redeploying capital into utilities, financials, and industrials. Portfolio remains concentrated in high-quality compounders trading at reasonable valuations with strong cash generation. Full Quick Take FPA Queens Road Small Cap Value Fund delivered 27% YTD returns through Q2 2026, outperforming its benchmark by 400 basis points. Technology holdings drove performance with component manufacturers and distributors up 100%+ on cyclical recovery and data center exposure. Managers aggressively trimmed winners as valuations expanded, redeploying capital into utilities, financials, and industrials. Portfolio remains concentrated in high-quality compounders trading at reasonable valuations with strong cash generation. | |||||||
| +26.9% | +12.1% | The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. Full Quick Take The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. | - | ||||||
| +4.3% | +2.0% | Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. Full Quick Take Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. | |||||||
| +14.7% | +9.6% | Aristotle Core Equity returned 14.69% in Q2 2026, slightly trailing the S&P 500 on allocation effects. AI infrastructure drove market leadership, with the Fund adding semiconductor exposure through AMD and Micron positions. The manager sees memory entering a four- to five-year super-cycle driven by AI demand and HBM constraints. Valuations appear reasonable given earnings growth, with focus on secular growth companies despite geopolitical and inflation headwinds. Full Quick Take Aristotle Core Equity returned 14.69% in Q2 2026, slightly trailing the S&P 500 on allocation effects. AI infrastructure drove market leadership, with the Fund adding semiconductor exposure through AMD and Micron positions. The manager sees memory entering a four- to five-year super-cycle driven by AI demand and HBM constraints. Valuations appear reasonable given earnings growth, with focus on secular growth companies despite geopolitical and inflation headwinds. | |||||||
| - | - | Oak Ridge capitalized on AI-driven market strength with concentrated exposure to semiconductors, memory, and data centers delivering exceptional returns. Information Technology holdings gained over 50% as memory shortages drove soaring prices and earnings estimates rose dramatically. The manager trimmed positions after extraordinary runs but maintains overweight exposure to AI beneficiaries. Despite persistent inflation and geopolitical risks, broadening earnings growth supports the fundamentals-based investment approach. Full Quick Take Oak Ridge capitalized on AI-driven market strength with concentrated exposure to semiconductors, memory, and data centers delivering exceptional returns. Information Technology holdings gained over 50% as memory shortages drove soaring prices and earnings estimates rose dramatically. The manager trimmed positions after extraordinary runs but maintains overweight exposure to AI beneficiaries. Despite persistent inflation and geopolitical risks, broadening earnings growth supports the fundamentals-based investment approach. | - | ||||||
| +19.7% | +15.8% | Fidelity Growth Strategies Fund surged 19.67% in Q2 2026, crushing its benchmark by 512 basis points on the back of concentrated bets in AI infrastructure enablers. Sterling Infrastructure, the fund's largest position, doubled as hyperscaler data center demand exploded. The manager aggressively overweights industrials at 46% of assets, betting capital goods suppliers will capture outsized growth as AI capex broadens into the real economy. Full Quick Take Fidelity Growth Strategies Fund surged 19.67% in Q2 2026, crushing its benchmark by 512 basis points on the back of concentrated bets in AI infrastructure enablers. Sterling Infrastructure, the fund's largest position, doubled as hyperscaler data center demand exploded. The manager aggressively overweights industrials at 46% of assets, betting capital goods suppliers will capture outsized growth as AI capex broadens into the real economy. | |||||||
| +27.0% | +15.7% | Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. Full Quick Take Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. | |||||||
| -10.4% | +1.5% | Black Bear underperformed in Q2 amid market concentration in mega-cap tech, but the manager sees an unusually wide gap between price and value. The portfolio owns cash-generative energy, commodity, and housing businesses at sensible valuations while shorting overleveraged businesses with unrealistic expectations. Many holdings are entering their most cash-generative phases. The manager remains invested alongside partners and expects patience to be rewarded. Full Quick Take Black Bear underperformed in Q2 amid market concentration in mega-cap tech, but the manager sees an unusually wide gap between price and value. The portfolio owns cash-generative energy, commodity, and housing businesses at sensible valuations while shorting overleveraged businesses with unrealistic expectations. Many holdings are entering their most cash-generative phases. The manager remains invested alongside partners and expects patience to be rewarded. | |||||||
| +12.5% | +3.5% | Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. Full Quick Take Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. | |||||||
| +17.9% | +12.3% | Impax US Sustainable Economy Fund outperformed in Q2 2026 on strong AI infrastructure demand, with semiconductor holdings surging as hyperscale data center buildout accelerated toward US$750bn-US$1tn in annual capex. The sustainability framework delivered through Tech overweight and complete Energy exclusion. Health Care detracted on stock-specific weakness. Portfolio maintains 58% weight in highest Corporate Resilience quintile, positioned for structural energy transition and digital infrastructure growth. Full Quick Take Impax US Sustainable Economy Fund outperformed in Q2 2026 on strong AI infrastructure demand, with semiconductor holdings surging as hyperscale data center buildout accelerated toward US$750bn-US$1tn in annual capex. The sustainability framework delivered through Tech overweight and complete Energy exclusion. Health Care detracted on stock-specific weakness. Portfolio maintains 58% weight in highest Corporate Resilience quintile, positioned for structural energy transition and digital infrastructure growth. | - | ||||||
| +19.1% | +6.4% | Baron Discovery underperformed in Q2 2026 as momentum-driven AI winners dominated small-cap performance in what managers view as a bubble comparable to the dot-com era. They explicitly avoided chasing momentum, instead using software sector weakness to initiate Samsara and Rubrik at attractive valuations while taking profits in AI-exposed names approaching targets. The portfolio is positioned with concentrated holdings in differentiated businesses trading at compelling valuations despite market ignoring non-AI growth stories. Full Quick Take Baron Discovery underperformed in Q2 2026 as momentum-driven AI winners dominated small-cap performance in what managers view as a bubble comparable to the dot-com era. They explicitly avoided chasing momentum, instead using software sector weakness to initiate Samsara and Rubrik at attractive valuations while taking profits in AI-exposed names approaching targets. The portfolio is positioned with concentrated holdings in differentiated businesses trading at compelling valuations despite market ignoring non-AI growth stories. | |||||||
| - | - | Barometer navigated a volatile, choppy quarter dominated by Iran geopolitical risk and policy uncertainty. Semiconductors and financials emerged as clear leaders, prompting substantial position additions in AI infrastructure names and banks. Industrials contributed on data center power and aerospace strength. Precious metals corrected sharply after extended gains, leading to reduced exposure. The manager maintains conviction in semiconductor, financial, and industrial themes while staying disciplined and flexible. Full Quick Take Barometer navigated a volatile, choppy quarter dominated by Iran geopolitical risk and policy uncertainty. Semiconductors and financials emerged as clear leaders, prompting substantial position additions in AI infrastructure names and banks. Industrials contributed on data center power and aerospace strength. Precious metals corrected sharply after extended gains, leading to reduced exposure. The manager maintains conviction in semiconductor, financial, and industrial themes while staying disciplined and flexible. | - | ||||||
| +13.7% | +5.9% | Giverny Capital maintains a concentrated portfolio of quality earnings compounders despite Q2 underperformance driven by extreme market dispersion favoring momentum. Manager Poppe trimmed expensive AI winners Alphabet and Arista to add to undervalued financials like Schwab and Progressive growing earnings 15-25% annually but trading at half the market multiple. He views current momentum-chasing as unsustainable and expects long-term returns to follow earnings growth. Full Quick Take Giverny Capital maintains a concentrated portfolio of quality earnings compounders despite Q2 underperformance driven by extreme market dispersion favoring momentum. Manager Poppe trimmed expensive AI winners Alphabet and Arista to add to undervalued financials like Schwab and Progressive growing earnings 15-25% annually but trading at half the market multiple. He views current momentum-chasing as unsustainable and expects long-term returns to follow earnings growth. | |||||||
| +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. | |||||||
| +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. | |||||||
| +10.1% | +11.2% | Easterly's Global Real Estate Fund outperformed by 247 bps in Q2 2026, driven by concentrated positions in data centers and senior housing. The fund capitalizes on supply constraints and rate stability to own high-quality REITs with embedded growth. Core holdings include NextDC, Goodman Group, and Welltower. The fund actively avoids self-storage and office, maintaining a benchmark-agnostic portfolio of 50 best-in-class global real estate companies. Full Quick Take Easterly's Global Real Estate Fund outperformed by 247 bps in Q2 2026, driven by concentrated positions in data centers and senior housing. The fund capitalizes on supply constraints and rate stability to own high-quality REITs with embedded growth. Core holdings include NextDC, Goodman Group, and Welltower. The fund actively avoids self-storage and office, maintaining a benchmark-agnostic portfolio of 50 best-in-class global real estate companies. | - | ||||||
| - | +6.0% | CDT implements first-ever defensive hedging against technology sector, viewing AI as an unsustainable bubble with OpenAI burning -$21B annually and Meta wasting $125-145B with no results. Semiconductors at 19.7% of S&P 500 face earnings bust when capital discipline returns. Portfolio positioned AI-agnostic with 33% in healthcare, capturing demographic tailwinds at attractive valuations while insulated from inevitable AI reckoning. Full Quick Take CDT implements first-ever defensive hedging against technology sector, viewing AI as an unsustainable bubble with OpenAI burning -$21B annually and Meta wasting $125-145B with no results. Semiconductors at 19.7% of S&P 500 face earnings bust when capital discipline returns. Portfolio positioned AI-agnostic with 33% in healthcare, capturing demographic tailwinds at attractive valuations while insulated from inevitable AI reckoning. | |||||||
| - | - | Voya MI Dynamic Small Cap Fund outperformed the Russell 2000 in 2Q26 through machine learning-driven stock selection, capitalizing on AI infrastructure demand via data center power, networking, and semiconductor positions. Small caps outperformed as market leadership broadened beyond mega-cap tech. The managers expect increasing selectivity ahead, with performance driven by earnings sustainability and fundamentals rather than momentum, creating opportunities in defensives and rate-sensitive sectors. Full Quick Take Voya MI Dynamic Small Cap Fund outperformed the Russell 2000 in 2Q26 through machine learning-driven stock selection, capitalizing on AI infrastructure demand via data center power, networking, and semiconductor positions. Small caps outperformed as market leadership broadened beyond mega-cap tech. The managers expect increasing selectivity ahead, with performance driven by earnings sustainability and fundamentals rather than momentum, creating opportunities in defensives and rate-sensitive sectors. | - | ||||||
| +7.1% | +14.8% | FPA Crescent is executing a contrarian pivot away from AI-driven market leaders despite positive long-term technology views, scaling back semiconductor and data center exposure due to expanded valuations and advanced capital cycle stage. The manager is deploying into 14 new AI-agnostic mid-cap businesses at 10-15x earnings and re-entering biotech at half 2020-2021 valuations, prioritizing high-quality industry leaders with strong balance sheets over momentum-driven themes asking difficult sustainability questions. Full Quick Take FPA Crescent is executing a contrarian pivot away from AI-driven market leaders despite positive long-term technology views, scaling back semiconductor and data center exposure due to expanded valuations and advanced capital cycle stage. The manager is deploying into 14 new AI-agnostic mid-cap businesses at 10-15x earnings and re-entering biotech at half 2020-2021 valuations, prioritizing high-quality industry leaders with strong balance sheets over momentum-driven themes asking difficult sustainability questions. | |||||||
| +22.2% | +4.0% | Sands Capital Global Growth posted 22.2 percent net returns in Q2 2026, driven by AI infrastructure businesses including SK hynix, Bloom Energy, and Taiwan Semiconductor. Memory shortages are structural and multiyear, with supply constraints extending through at least late 2027. Power limitations are creating new data center opportunities. The portfolio added Arm Holdings, Lenskart, and SpaceX while consolidating internet exposure. Despite strong performance, the portfolio trades at historically low valuations relative to the market. Full Quick Take Sands Capital Global Growth posted 22.2 percent net returns in Q2 2026, driven by AI infrastructure businesses including SK hynix, Bloom Energy, and Taiwan Semiconductor. Memory shortages are structural and multiyear, with supply constraints extending through at least late 2027. Power limitations are creating new data center opportunities. The portfolio added Arm Holdings, Lenskart, and SpaceX while consolidating internet exposure. Despite strong performance, the portfolio trades at historically low valuations relative to the market. | |||||||
| +23.2% | +7.2% | Select Growth returned 23.2 percent in Q2 2026, outperforming on broad AI infrastructure strength. The portfolio benefited from accelerating demand for memory, storage, and data center power as agentic AI created new bottlenecks. Top contributors spanned the semiconductor value chain from chips to fabrication to equipment. The team added exposure to memory, CPUs, and power while reducing consumer internet, positioning for durable AI infrastructure demand. Full Quick Take Select Growth returned 23.2 percent in Q2 2026, outperforming on broad AI infrastructure strength. The portfolio benefited from accelerating demand for memory, storage, and data center power as agentic AI created new bottlenecks. Top contributors spanned the semiconductor value chain from chips to fabrication to equipment. The team added exposure to memory, CPUs, and power while reducing consumer internet, positioning for durable AI infrastructure demand. | |||||||
| +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. | |||||||
| +9.7% | +7.0% | Diamond Hill's Small-Mid Cap Strategy underperformed in Q2 2026 as AI momentum dominated, but the manager used volatility to upgrade portfolio quality. Health care, particularly managed care, was the standout performer with strong positioning in Humana and new addition Centene. The strategy maintains limited exposure to highest-valued AI names while emphasizing higher-quality businesses positioned to protect capital and capitalize on selective opportunities despite elevated market valuations. Full Quick Take Diamond Hill's Small-Mid Cap Strategy underperformed in Q2 2026 as AI momentum dominated, but the manager used volatility to upgrade portfolio quality. Health care, particularly managed care, was the standout performer with strong positioning in Humana and new addition Centene. The strategy maintains limited exposure to highest-valued AI names while emphasizing higher-quality businesses positioned to protect capital and capitalize on selective opportunities despite elevated market valuations. | - | ||||||
| +8.0% | +5.8% | Diamond Hill Mid Cap underperformed in Q2 2026 as AI infrastructure spending drove concentrated market leadership. The managers maintained discipline, limiting exposure to highest-valued semiconductors and memory companies while believing current valuations leave little room for disappointment. Health care provided strength with new positions in managed care. Portfolio emphasizes higher-quality businesses at attractive valuations positioned to protect capital and compound value long-term despite elevated market valuations. Full Quick Take Diamond Hill Mid Cap underperformed in Q2 2026 as AI infrastructure spending drove concentrated market leadership. The managers maintained discipline, limiting exposure to highest-valued semiconductors and memory companies while believing current valuations leave little room for disappointment. Health care provided strength with new positions in managed care. Portfolio emphasizes higher-quality businesses at attractive valuations positioned to protect capital and compound value long-term despite elevated market valuations. | - | ||||||
| +6.6% | -5.4% | SGA's quality growth portfolio delivered strong fundamentals with 15% revenue and 20% EPS growth but underperformed as extreme momentum and AI infrastructure spending dominated Q2 returns. Portfolio now trades at steepest discount to market in 23-year history despite predictable compounding from durable franchises. Manager views current valuation dislocation as unusually attractive opportunity with portfolio positioned for 15% revenue and 19% earnings growth over three years. Full Quick Take SGA's quality growth portfolio delivered strong fundamentals with 15% revenue and 20% EPS growth but underperformed as extreme momentum and AI infrastructure spending dominated Q2 returns. Portfolio now trades at steepest discount to market in 23-year history despite predictable compounding from durable franchises. Manager views current valuation dislocation as unusually attractive opportunity with portfolio positioned for 15% revenue and 19% earnings growth over three years. | |||||||
| +6.3% | -12.0% | Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term earnings. Full Quick Take Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term earnings. | |||||||
| +10.5% | - | Sound Shore gained 10.48% in Q2 2026 as AI-driven infrastructure spending propelled semiconductors and technology holdings including Qualcomm and Marvell Technology. The fund benefited from broader portfolio strength in Elevance Health and Southwest Air while energy retreated with oil prices. Maintaining disciplined value approach at 13x forward P/E versus market at 20x, the fund focuses on durable earnings power not reflected in current valuations while questioning AI cycle sustainability. Full Quick Take Sound Shore gained 10.48% in Q2 2026 as AI-driven infrastructure spending propelled semiconductors and technology holdings including Qualcomm and Marvell Technology. The fund benefited from broader portfolio strength in Elevance Health and Southwest Air while energy retreated with oil prices. Maintaining disciplined value approach at 13x forward P/E versus market at 20x, the fund focuses on durable earnings power not reflected in current valuations while questioning AI cycle sustainability. | |||||||
| +7.2% | -7.6% | SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses. Manager sees compelling opportunity as AI hype matures and memory cycle reminds investors cyclicality persists. Full Quick Take SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses. Manager sees compelling opportunity as AI hype matures and memory cycle reminds investors cyclicality persists. | |||||||
| +29.4% | - | MCP delivered 29.4% in Q2 2026, outperforming by 10.4 percentage points through concentrated exposure to Asian AI supply chain bottlenecks and Indian structural growth. The fund repositioned toward companies with greater earnings visibility in semiconductors, memory, and data center infrastructure while reducing software exposure where AI creates business model uncertainty. Active capital recycling from appreciated positions into new high-conviction ideas drove outperformance. Full Quick Take MCP delivered 29.4% in Q2 2026, outperforming by 10.4 percentage points through concentrated exposure to Asian AI supply chain bottlenecks and Indian structural growth. The fund repositioned toward companies with greater earnings visibility in semiconductors, memory, and data center infrastructure while reducing software exposure where AI creates business model uncertainty. Active capital recycling from appreciated positions into new high-conviction ideas drove outperformance. | |||||||
| - | - | 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. | |||||||
| +35.3% | - | Osterweis Opportunity Fund returned 35% in Q2 2026, significantly outperforming on AI-driven semiconductor and infrastructure gains. SiTime and Semtech led with triple-digit and strong returns respectively as data center CapEx surged. Managers now rotating profits from crowded AI winners into undervalued Software, Health Care, and Consumer names with sustainable growth, anticipating consolidation as infrastructure spending moderates. Full Quick Take Osterweis Opportunity Fund returned 35% in Q2 2026, significantly outperforming on AI-driven semiconductor and infrastructure gains. SiTime and Semtech led with triple-digit and strong returns respectively as data center CapEx surged. Managers now rotating profits from crowded AI winners into undervalued Software, Health Care, and Consumer names with sustainable growth, anticipating consolidation as infrastructure spending moderates. | |||||||
| +12.1% | +16.7% | The London Company Income Equity portfolio returned 12.1% net in Q2, trailing the Russell 1000 Value by 180 basis points as AI-driven semiconductor leadership dominated. The manager trimmed technology winners to manage concentration and initiated waste services provider RSG. While broadly constructive on earnings and AI productivity gains, the manager flags fragile hyperscaler cash flows, elevated valuations, and difficult Fed policy as headwinds warranting discipline and quality focus ahead. Full Quick Take The London Company Income Equity portfolio returned 12.1% net in Q2, trailing the Russell 1000 Value by 180 basis points as AI-driven semiconductor leadership dominated. The manager trimmed technology winners to manage concentration and initiated waste services provider RSG. While broadly constructive on earnings and AI productivity gains, the manager flags fragile hyperscaler cash flows, elevated valuations, and difficult Fed policy as headwinds warranting discipline and quality focus ahead. |
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