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 |
|---|---|---|---|---|---|---|---|---|---|
| +21.6% | +16.5% | Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. Full Quick Take Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. | - | ||||||
| +30.1% | +23.7% | Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. Full Quick Take Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. | |||||||
| -2.1% | - | The Fund declined 2.15% as gold miners detracted, but AI infrastructure holdings surged with semiconductor equipment companies up over 100%. Japanese positions led performance on corporate reform and earnings strength. New positions added in discounted gold producers and Japanese tech companies. Markets rallied on Middle East de-escalation and strong earnings. Outlook remains constructive on broadening market participation and productivity gains from AI adoption. Full Quick Take The Fund declined 2.15% as gold miners detracted, but AI infrastructure holdings surged with semiconductor equipment companies up over 100%. Japanese positions led performance on corporate reform and earnings strength. New positions added in discounted gold producers and Japanese tech companies. Markets rallied on Middle East de-escalation and strong earnings. Outlook remains constructive on broadening market participation and productivity gains from AI adoption. | |||||||
| - | -3.6% | GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. Full Quick Take GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. | |||||||
| - | +9.0% | RIT delivered 9.0% NAV return in H1 2026 with strong contributions across all pillars. SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. The manager increased emerging markets exposure and added AI application layer positions while remaining mindful of inflation risks and semiconductor valuations. Full Quick Take RIT delivered 9.0% NAV return in H1 2026 with strong contributions across all pillars. SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. The manager increased emerging markets exposure and added AI application layer positions while remaining mindful of inflation risks and semiconductor valuations. | - | ||||||
| -1.5% | -1.2% | ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. Full Quick Take ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. | |||||||
| +11.6% | +9.0% | BlackRock Global Dividend Fund returned 11.72% in Q2 2026, powered by semiconductor holdings benefiting from AI infrastructure demand. Applied Materials, MediaTek, and SK Hynix drove gains on strong earnings and favorable memory dynamics. Narrow market leadership favoring growth over yield challenged relative performance. The managers maintain conviction in AI opportunities while shifting focus to infrastructure bottlenecks and second-order beneficiaries, emphasizing quality, valuation discipline, and selective global opportunities. Full Quick Take BlackRock Global Dividend Fund returned 11.72% in Q2 2026, powered by semiconductor holdings benefiting from AI infrastructure demand. Applied Materials, MediaTek, and SK Hynix drove gains on strong earnings and favorable memory dynamics. Narrow market leadership favoring growth over yield challenged relative performance. The managers maintain conviction in AI opportunities while shifting focus to infrastructure bottlenecks and second-order beneficiaries, emphasizing quality, valuation discipline, and selective global opportunities. | - | ||||||
| +5.2% | +1.6% | Cambiar International Equity returned 5.17% in 2Q 2026, lagging the MSCI EAFE's 10.82% gain driven by AI and semiconductor euphoria. The fund's underweight to Technology hurt relative performance despite positive selection elsewhere. The team increased Industrials exposure to 25% of capital, adding CNI and MTU Aero to capture defense, onshoring, and infrastructure tailwinds. International valuations at 14.6x forward P/E appear reasonable versus extreme U.S. multiples. Full Quick Take Cambiar International Equity returned 5.17% in 2Q 2026, lagging the MSCI EAFE's 10.82% gain driven by AI and semiconductor euphoria. The fund's underweight to Technology hurt relative performance despite positive selection elsewhere. The team increased Industrials exposure to 25% of capital, adding CNI and MTU Aero to capture defense, onshoring, and infrastructure tailwinds. International valuations at 14.6x forward P/E appear reasonable versus extreme U.S. multiples. | - | ||||||
| +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. | |||||||
| - | - | 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. | - | ||||||
| +17.3% | +10.9% | Artisan Global Discovery returned 17.4% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. The portfolio participated in AI infrastructure appreciation while maintaining discipline, with multiple semiconductor positions up over 100%. Health care holdings rose 19% on novel drug development momentum. The team initiated early-stage profit cycle positions in Entegris, Cellebrite and C.H. Robinson while exiting ROBLOX and MongoDB to redeploy into higher conviction opportunities with more attractive risk-reward. Full Quick Take Artisan Global Discovery returned 17.4% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. The portfolio participated in AI infrastructure appreciation while maintaining discipline, with multiple semiconductor positions up over 100%. Health care holdings rose 19% on novel drug development momentum. The team initiated early-stage profit cycle positions in Entegris, Cellebrite and C.H. Robinson while exiting ROBLOX and MongoDB to redeploy into higher conviction opportunities with more attractive risk-reward. | |||||||
| - | - | - | Hennessy Cornerstone Growth Fund combines value and momentum factors to build a 50-stock small cap portfolio using strict quantitative screens. The Fund is heavily overweight Industrials, Energy, Technology, and Materials, positioning for AI infrastructure buildout, manufacturing reshoring, grid electrification, defense spending, and materials scarcity. With a median 0.9x price-to-sales ratio versus 2.0x for the Russell 2000, the strategy targets attractively valued companies with strong price momentum. Full Quick Take Hennessy Cornerstone Growth Fund combines value and momentum factors to build a 50-stock small cap portfolio using strict quantitative screens. The Fund is heavily overweight Industrials, Energy, Technology, and Materials, positioning for AI infrastructure buildout, manufacturing reshoring, grid electrification, defense spending, and materials scarcity. With a median 0.9x price-to-sales ratio versus 2.0x for the Russell 2000, the strategy targets attractively valued companies with strong price momentum. | - | |||||
| +21.1% | +16.6% | Artisan Focus Fund delivered 21.11% in Q2 2026, outperforming the S&P 500 by 591 basis points through broad-based gains across semiconductors, aerospace, industrials and financials. The concentrated portfolio targets companies experiencing improving fundamentals during major capital formation cycles, with materially lower index dependence than the benchmark while positioned for higher returns on capital and faster earnings growth through 2028. Full Quick Take Artisan Focus Fund delivered 21.11% in Q2 2026, outperforming the S&P 500 by 591 basis points through broad-based gains across semiconductors, aerospace, industrials and financials. The concentrated portfolio targets companies experiencing improving fundamentals during major capital formation cycles, with materially lower index dependence than the benchmark while positioned for higher returns on capital and faster earnings growth through 2028. | - | ||||||
| +23.9% | +15.6% | TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. Full Quick Take TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. | - | ||||||
| +0.7% | - | - | The Fund sharply reduced duration to under one year as managers position for a structural shift to higher inflation. Globalization's disinflationary era is over, replaced by supply-chain fragmentation, labor scarcity, and capital-intensive industrial policy that will push equilibrium inflation from 1.5%-3.5% toward 3.5%-4.5%. Long-term Treasury yields face upward pressure from rising real rates, higher term premiums, and greater volatility. Full Quick Take The Fund sharply reduced duration to under one year as managers position for a structural shift to higher inflation. Globalization's disinflationary era is over, replaced by supply-chain fragmentation, labor scarcity, and capital-intensive industrial policy that will push equilibrium inflation from 1.5%-3.5% toward 3.5%-4.5%. Long-term Treasury yields face upward pressure from rising real rates, higher term premiums, and greater volatility. | - | |||||
| +27.8% | +14.8% | - | Next Century Growth delivered exceptional Q2 returns led by AI infrastructure, semiconductors, and data centers, with small caps posting their best first half since 1991. The manager trimmed technology winners after sharp valuation expansion and redeployed into health care, industrials, and software. High conviction remains on small cap opportunities where accelerating earnings and reasonable valuations create a multi-year setup despite recent outperformance. Full Quick Take Next Century Growth delivered exceptional Q2 returns led by AI infrastructure, semiconductors, and data centers, with small caps posting their best first half since 1991. The manager trimmed technology winners after sharp valuation expansion and redeployed into health care, industrials, and software. High conviction remains on small cap opportunities where accelerating earnings and reasonable valuations create a multi-year setup despite recent outperformance. | - | |||||
| +45.4% | +42.4% | - | Next Century Growth Investors' small cap strategy surged 45.4% in Q2 2026, crushing benchmarks by 2,000 basis points through concentrated AI infrastructure, semiconductor, and industrial exposure. Technology holdings returned 90-120% as AI capex conviction returned. The manager trimmed winners after sharp gains, redeploying into health care and software. Small caps delivered their strongest first half since 1991, and accelerating earnings with attractive valuations create a compelling multi-year setup. Full Quick Take Next Century Growth Investors' small cap strategy surged 45.4% in Q2 2026, crushing benchmarks by 2,000 basis points through concentrated AI infrastructure, semiconductor, and industrial exposure. Technology holdings returned 90-120% as AI capex conviction returned. The manager trimmed winners after sharp gains, redeploying into health care and software. Small caps delivered their strongest first half since 1991, and accelerating earnings with attractive valuations create a compelling multi-year setup. | - | |||||
| +28.9% | +31.8% | - | Hood River's New Opportunities Fund delivered +28.88% in Q2 2026, outperforming by +486 bps through disciplined stock selection in technology, financials, and energy. The fund maintains selective AI infrastructure exposure grounded in hyperscaler capex and holds defense businesses benefiting from next-generation procurement. Despite modestly firmer valuations and hawkish Fed communication, the managers continue bottom-up research to identify mispriced growth opportunities in small and mid-cap stocks. Full Quick Take Hood River's New Opportunities Fund delivered +28.88% in Q2 2026, outperforming by +486 bps through disciplined stock selection in technology, financials, and energy. The fund maintains selective AI infrastructure exposure grounded in hyperscaler capex and holds defense businesses benefiting from next-generation procurement. Despite modestly firmer valuations and hawkish Fed communication, the managers continue bottom-up research to identify mispriced growth opportunities in small and mid-cap stocks. | - | |||||
| +8.8% | +14.1% | Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. Full Quick Take Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. | |||||||
| +30.3% | +37.4% | - | Hood River's Small Cap Growth Fund significantly outperformed in Q2 2026, driven by selective AI infrastructure and defense holdings. The managers maintain a disciplined, bottom-up approach focused on durable growth businesses with improving fundamentals, avoiding macro-driven repositioning despite hawkish Fed signals. With meaningful sector weight deviations post-reconstitution and continued identification of mispriced opportunities, the team views elevated market dispersion as favorable for active stock selection. Full Quick Take Hood River's Small Cap Growth Fund significantly outperformed in Q2 2026, driven by selective AI infrastructure and defense holdings. The managers maintain a disciplined, bottom-up approach focused on durable growth businesses with improving fundamentals, avoiding macro-driven repositioning despite hawkish Fed signals. With meaningful sector weight deviations post-reconstitution and continued identification of mispriced opportunities, the team views elevated market dispersion as favorable for active stock selection. | - | |||||
| +11.6% | +6.1% | Bristol Gate's dividend-growth strategy lagged in Q2 2026 as mega-cap tech dominated, but the machine learning model continues identifying high dividend-growth opportunities across styles. The manager added five positions in AI infrastructure, aerospace, and insurance while exiting five names facing AI disruption or moderating dividend growth. The equal-weighted 22-stock portfolio with 15.4% TTM dividend growth remains positioned for infrastructure bottlenecks and technology cycle shifts. Full Quick Take Bristol Gate's dividend-growth strategy lagged in Q2 2026 as mega-cap tech dominated, but the machine learning model continues identifying high dividend-growth opportunities across styles. The manager added five positions in AI infrastructure, aerospace, and insurance while exiting five names facing AI disruption or moderating dividend growth. The equal-weighted 22-stock portfolio with 15.4% TTM dividend growth remains positioned for infrastructure bottlenecks and technology cycle shifts. | |||||||
| - | - | Montaka is positioned for mean reversion as semiconductor mania has created extreme mispricings. Portfolio earnings grew at teens annually while multiples compressed during the SaaSpocalypse. Manager substantially increased Visa and Mastercard exposure, seeing major mispricing as these extraordinarily advantaged payment networks trade at 4% implied growth versus expected double-digit rates. Believes AI buildout faces political and technological disruption while quality software platforms like Salesforce represent compelling opportunities at trough valuations. Full Quick Take Montaka is positioned for mean reversion as semiconductor mania has created extreme mispricings. Portfolio earnings grew at teens annually while multiples compressed during the SaaSpocalypse. Manager substantially increased Visa and Mastercard exposure, seeing major mispricing as these extraordinarily advantaged payment networks trade at 4% implied growth versus expected double-digit rates. Believes AI buildout faces political and technological disruption while quality software platforms like Salesforce represent compelling opportunities at trough valuations. | |||||||
| - | - | 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. | |||||||
| +2.2% | - | Third Avenue International Real Estate Value Fund trades at 10 times earnings, half the valuation of U.S. REITs, despite similar earnings growth. The manager added positions in Spanish homebuilder Neinor and Australian industrial REIT Dexus Industria, deepening exposure to chronically undersupplied residential markets and logistics real estate. With 10% earnings yield and high-single-digit growth, the manager views this as one of the most attractive entry points in Fund history. Full Quick Take Third Avenue International Real Estate Value Fund trades at 10 times earnings, half the valuation of U.S. REITs, despite similar earnings growth. The manager added positions in Spanish homebuilder Neinor and Australian industrial REIT Dexus Industria, deepening exposure to chronically undersupplied residential markets and logistics real estate. With 10% earnings yield and high-single-digit growth, the manager views this as one of the most attractive entry points in Fund history. | |||||||
| +18.8% | +15.1% | Hardman Johnston's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits. Despite geopolitical uncertainty and hawkish Fed policy, the portfolio remains focused on high-quality companies positioned for long-term secular growth. Full Quick Take Hardman Johnston's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits. Despite geopolitical uncertainty and hawkish Fed policy, the portfolio remains focused on high-quality companies positioned for long-term secular growth. | - | ||||||
| - | - | 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 International Growth ADR Strategy capitalized on AI infrastructure supply chain bottlenecks in Q2 2026, with semiconductor equipment makers and optical networking suppliers driving outperformance. The portfolio aggressively repositioned toward Japan, now the highest-conviction opportunity given governance reforms and AI exposure. Fifteen new positions were initiated focused on areas where scarcity is creating pricing power across memory, analog chips, data storage, and data center connectivity. Full Quick Take ClearBridge International Growth ADR Strategy capitalized on AI infrastructure supply chain bottlenecks in Q2 2026, with semiconductor equipment makers and optical networking suppliers driving outperformance. The portfolio aggressively repositioned toward Japan, now the highest-conviction opportunity given governance reforms and AI exposure. Fifteen new positions were initiated focused on areas where scarcity is creating pricing power across memory, analog chips, data storage, and data center connectivity. | - | ||||||
| +20.6% | +12.7% | Hardman Johnston's global equity strategy returned 20.6% net in Q2 2026, driven by semiconductor holdings Infineon and STMicroelectronics benefiting from improving industry conditions and AI data center demand. The manager remains constructive on long-term secular themes including AI infrastructure, energy transition, and European defense spending, while acknowledging cyclical risks in semiconductors and navigating geopolitical uncertainty and higher-for-longer interest rates under hawkish Fed leadership. Full Quick Take Hardman Johnston's global equity strategy returned 20.6% net in Q2 2026, driven by semiconductor holdings Infineon and STMicroelectronics benefiting from improving industry conditions and AI data center demand. The manager remains constructive on long-term secular themes including AI infrastructure, energy transition, and European defense spending, while acknowledging cyclical risks in semiconductors and navigating geopolitical uncertainty and higher-for-longer interest rates under hawkish Fed leadership. | - | ||||||
| - | - | - | Marcuard Heritage views Q2 2026 as an inflationary boom with resilient nominal growth but persistent inflation risks. The preliminary US-Iran accord reduced Middle East tail risks while AI-driven capex supports technology and semiconductors. Stagflation is the main downside risk. The firm emphasizes capital preservation through short-duration credit and Liquid Alternatives, avoiding broad equity beta given elevated valuations and rising dispersion. Full Quick Take Marcuard Heritage views Q2 2026 as an inflationary boom with resilient nominal growth but persistent inflation risks. The preliminary US-Iran accord reduced Middle East tail risks while AI-driven capex supports technology and semiconductors. Stagflation is the main downside risk. The firm emphasizes capital preservation through short-duration credit and Liquid Alternatives, avoiding broad equity beta given elevated valuations and rising dispersion. | - | |||||
| - | -1.8% | Protean Select runs 25% net exposure, long undervalued Nordic small caps and infrastructure plays while shorting overvalued AI winners and telecoms. Manager exploits M&A opportunities in out-of-favor small caps trading at single-digit multiples, adds Skanska on infrastructure tailwinds, and shorts Telia/Tele2 after 120% run. AI regulatory friction in Europe creates mispricing on both sides. Full Quick Take Protean Select runs 25% net exposure, long undervalued Nordic small caps and infrastructure plays while shorting overvalued AI winners and telecoms. Manager exploits M&A opportunities in out-of-favor small caps trading at single-digit multiples, adds Skanska on infrastructure tailwinds, and shorts Telia/Tele2 after 120% run. AI regulatory friction in Europe creates mispricing on both sides. | |||||||
| - | +2.5% | Nordic small caps offer compelling value at single-digit EV/EBIT multiples with take-private activity accelerating. Infrastructure spending through Skanska provides multi-year growth as order momentum confirms thesis. AI regulatory and political risks in Europe are underpriced, creating opportunities across valuation spectrum. Telecom sector vulnerable after exceptional run. Fund positioned for continued small cap M&A activity and infrastructure tailwinds while hedging AI and telecom valuation risk. Full Quick Take Nordic small caps offer compelling value at single-digit EV/EBIT multiples with take-private activity accelerating. Infrastructure spending through Skanska provides multi-year growth as order momentum confirms thesis. AI regulatory and political risks in Europe are underpriced, creating opportunities across valuation spectrum. Telecom sector vulnerable after exceptional run. Fund positioned for continued small cap M&A activity and infrastructure tailwinds while hedging AI and telecom valuation risk. | |||||||
| - | - | The firm emphasizes a shift from the post-2008 era of easy liquidity and growth-focused investing toward a new landscape characterized by physical scarcity, geopolitical conflict, and persistent inflationary pressures. The investment philosophy prioritizes antifragility, advocating for a portfolio of tangible assets and productive capacity rather than capital-light or purely financialized business models. Returns are viewed through a long-term lens, with the manager cautioning against the fragility inherent in portfolios that rely on low-interest-rate tailwinds. Risk is identified not just in market volatility, but in the structural misallocation of capital and the fragility of systems that ignore the constraints of the physical world. Positioning reflects a conviction in commodities, energy, and the infrastructure required to support AI and national security. The firm maintains a cautious view of speculative technology valuations, favoring businesses that provide the foundational elements of the real economy while steering away from leverage-dependent assets that benefit from current monetary distortions. Full Quick Take The firm emphasizes a shift from the post-2008 era of easy liquidity and growth-focused investing toward a new landscape characterized by physical scarcity, geopolitical conflict, and persistent inflationary pressures. The investment philosophy prioritizes antifragility, advocating for a portfolio of tangible assets and productive capacity rather than capital-light or purely financialized business models. Returns are viewed through a long-term lens, with the manager cautioning against the fragility inherent in portfolios that rely on low-interest-rate tailwinds. Risk is identified not just in market volatility, but in the structural misallocation of capital and the fragility of systems that ignore the constraints of the physical world. Positioning reflects a conviction in commodities, energy, and the infrastructure required to support AI and national security. The firm maintains a cautious view of speculative technology valuations, favoring businesses that provide the foundational elements of the real economy while steering away from leverage-dependent assets that benefit from current monetary distortions. | - | ||||||
| +16.0% | +16.0% | Massif Capital's 16% Q1 return reflects their geography-first commodity thesis, where geopolitical control matters more than cost curves. Norwegian energy and Portuguese tungsten exemplify Western-controlled supply chains benefiting from fragmentation. Oil positioned for structural premiums while critical minerals capitalize on defense spending and Chinese export restrictions. Full Quick Take Massif Capital's 16% Q1 return reflects their geography-first commodity thesis, where geopolitical control matters more than cost curves. Norwegian energy and Portuguese tungsten exemplify Western-controlled supply chains benefiting from fragmentation. Oil positioned for structural premiums while critical minerals capitalize on defense spending and Chinese export restrictions. | - | ||||||
| +1.7% | +1.7% | Auxier Focus Fund outperformed significantly in Q1 2026, gaining 1.73% versus S&P 500's -4.33% decline. Strong performance driven by defense spending theme, energy crisis beneficiaries, and value orientation. Defense contractors and energy refiners led gains while software faced AI disruption fears. Manager maintains focus on exceptional operators with enduring advantages purchased during uncertainty. Full Quick Take Auxier Focus Fund outperformed significantly in Q1 2026, gaining 1.73% versus S&P 500's -4.33% decline. Strong performance driven by defense spending theme, energy crisis beneficiaries, and value orientation. Defense contractors and energy refiners led gains while software faced AI disruption fears. Manager maintains focus on exceptional operators with enduring advantages purchased during uncertainty. | |||||||
| - | - | Australian small cap fund outperformed during March volatility driven by Middle East war impacts. Defense contractor Duratec gained on AUKUS opportunities while financials suffered from sector-wide sell-off. Small caps now trade at 15% discount to historical averages. Fund maintains 12% cash and liquid portfolio to capitalize on emerging opportunities as volatility creates attractive entry points. Full Quick Take Australian small cap fund outperformed during March volatility driven by Middle East war impacts. Defense contractor Duratec gained on AUKUS opportunities while financials suffered from sector-wide sell-off. Small caps now trade at 15% discount to historical averages. Fund maintains 12% cash and liquid portfolio to capitalize on emerging opportunities as volatility creates attractive entry points. | - | ||||||
| - | - | - | Value dominated Q1 2026 factor performance across all regions while Growth underperformed broadly as geopolitical tensions and rising energy prices shifted market dynamics. Europe's fiscal expansion through defense and infrastructure spending supports Value and High Dividend strategies, while the Magnificent Seven's influence continues to wane as market leadership broadens. Full Quick Take Value dominated Q1 2026 factor performance across all regions while Growth underperformed broadly as geopolitical tensions and rising energy prices shifted market dynamics. Europe's fiscal expansion through defense and infrastructure spending supports Value and High Dividend strategies, while the Magnificent Seven's influence continues to wane as market leadership broadens. | - | |||||
| -3.1% | -3.1% | - | Stenham's multi-strategy hedge fund approach delivered mixed Q1 2026 results amid Middle East conflict and oil price surge above $100. AI investment continued driving markets while creating software obsolescence risk. Macro strategies struggled with geopolitical surprises, but credit and event-driven performed well. Firm maintains balanced positioning with strong long-term outlook despite ongoing uncertainty. Full Quick Take Stenham's multi-strategy hedge fund approach delivered mixed Q1 2026 results amid Middle East conflict and oil price surge above $100. AI investment continued driving markets while creating software obsolescence risk. Macro strategies struggled with geopolitical surprises, but credit and event-driven performed well. Firm maintains balanced positioning with strong long-term outlook despite ongoing uncertainty. | - | |||||
| +4.7% | +4.7% | Oldfield Partners outperformed significantly in Q1 2026, benefiting from geopolitical tensions that boosted oil stocks while pressuring airlines. The value-focused portfolio trades at 10x earnings with 40%+ upside, adding quality names like Merck and Ally Financial. Despite extreme market valuations, the manager sees compelling opportunities in unloved, undervalued companies with long histories. Full Quick Take Oldfield Partners outperformed significantly in Q1 2026, benefiting from geopolitical tensions that boosted oil stocks while pressuring airlines. The value-focused portfolio trades at 10x earnings with 40%+ upside, adding quality names like Merck and Ally Financial. Despite extreme market valuations, the manager sees compelling opportunities in unloved, undervalued companies with long histories. | |||||||
| +6.8% | +6.8% | Cedar Creek delivered 6.8% in Q1 while indices fell on Middle East concerns. Portfolio trades at 7.2x forward earnings with strong positions in undervalued community banks and defense-exposed Solitron Devices. Expert market exposure at 30% provides unique opportunities. Cash being deployed into attractive microcap value plays. Full Quick Take Cedar Creek delivered 6.8% in Q1 while indices fell on Middle East concerns. Portfolio trades at 7.2x forward earnings with strong positions in undervalued community banks and defense-exposed Solitron Devices. Expert market exposure at 30% provides unique opportunities. Cash being deployed into attractive microcap value plays. | |||||||
| - | - | Small-cap growth fund capitalizing on AI infrastructure boom through data center cooling, electrical equipment, and fiber optic companies while maintaining exposure to natural gas midstream and aerospace defense. Near-term volatility from Middle East tensions creates opportunity as hyperscaler spending commitments underpin multi-year growth visibility for portfolio companies. Full Quick Take Small-cap growth fund capitalizing on AI infrastructure boom through data center cooling, electrical equipment, and fiber optic companies while maintaining exposure to natural gas midstream and aerospace defense. Near-term volatility from Middle East tensions creates opportunity as hyperscaler spending commitments underpin multi-year growth visibility for portfolio companies. | |||||||
| -5.9% | -5.9% | Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven electricity demand. Added positions in European defense, AI connectivity, and Hong Kong real estate while trimming insurance exposure. Outlook favors international markets with structural investment themes over US multiple expansion. Full Quick Take Strong Q1 performance driven by defense and electrification themes. Korean defense stocks and power infrastructure companies led gains amid geopolitical tensions and AI-driven electricity demand. Added positions in European defense, AI connectivity, and Hong Kong real estate while trimming insurance exposure. Outlook favors international markets with structural investment themes over US multiple expansion. | - | ||||||
| +4.3% | - | - | Iran conflict and Strait of Hormuz closure created massive energy disruption comparable to 1956 Suez Crisis, driving oil prices up 50-100% and broad market retreat. Technology led declines on AI concerns while value outperformed. Despite systemic risks, broadening earnings growth, moderating core inflation, and domestic political pressure for resolution provide reasons for measured optimism. Full Quick Take Iran conflict and Strait of Hormuz closure created massive energy disruption comparable to 1956 Suez Crisis, driving oil prices up 50-100% and broad market retreat. Technology led declines on AI concerns while value outperformed. Despite systemic risks, broadening earnings growth, moderating core inflation, and domestic political pressure for resolution provide reasons for measured optimism. | - | |||||
| - | - | ClearBridge Growth Strategy modestly underperformed in Q1 2026 as macro volatility and Middle East conflict pressured growth equities. Managers used market dislocations to upgrade portfolio quality, adding Fastenal, Spotify, Viking Holdings, and Wayfair while exiting HubSpot. Defense and data center infrastructure holdings outperformed while software faced valuation compression. Team maintains disciplined bottom-up approach targeting long-term growth opportunities. Full Quick Take ClearBridge Growth Strategy modestly underperformed in Q1 2026 as macro volatility and Middle East conflict pressured growth equities. Managers used market dislocations to upgrade portfolio quality, adding Fastenal, Spotify, Viking Holdings, and Wayfair while exiting HubSpot. Defense and data center infrastructure holdings outperformed while software faced valuation compression. Team maintains disciplined bottom-up approach targeting long-term growth opportunities. | - | ||||||
| -14.3% | -14.3% | Polen Capital executed significant portfolio upgrades in Q1 2026, adding quality names in AI semiconductors, defense, and energy infrastructure while maintaining concentrated international growth approach. Despite -14.4% quarterly underperformance, the manager sees compelling opportunities in undervalued quality companies outside the US, expecting 15%+ earnings growth to drive improved performance as geopolitical uncertainty subsides. Full Quick Take Polen Capital executed significant portfolio upgrades in Q1 2026, adding quality names in AI semiconductors, defense, and energy infrastructure while maintaining concentrated international growth approach. Despite -14.4% quarterly underperformance, the manager sees compelling opportunities in undervalued quality companies outside the US, expecting 15%+ earnings growth to drive improved performance as geopolitical uncertainty subsides. | - | ||||||
| +43.4% | +42.1% | AI Productivity and Broader Concentration, Regulatory and Tariff Changes, Additional Keywords & Themes | The fund achieved a strong 42.10% net return for full year 2025 despite minor Q4 underperformance, with the portfolio demonstrating strong execution across core healthcare and financials positions. Full Quick Take The fund achieved a strong 42.10% net return for full year 2025 despite minor Q4 underperformance, with the portfolio demonstrating strong execution across core healthcare and financials positions. | ||||||
| 0.0% | +13.0% | AI Infrastructure and Power Constraints, Disruption of Consumer Internet Ad Models, Additional Keywords & Themes | Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) and European defense. Full Quick Take Platinum is actively trimming and exiting major US tech giants to escape a low-ROIC AI capex bubble, shifting capital instead into physical AI infrastructure (power and cooling) and European defense. | ||||||
| +30.4% | +10.0% | The Artisan Global Discovery Fund logged modest absolute gains in Q3 but underperformed its benchmark due to tech software and financial sector headwinds. The fund is actively shifting capital away from seat-based SaaS companies toward high-conviction defense, healthcare, and AI hardware franchises. Full Quick Take The Artisan Global Discovery Fund logged modest absolute gains in Q3 but underperformed its benchmark due to tech software and financial sector headwinds. The fund is actively shifting capital away from seat-based SaaS companies toward high-conviction defense, healthcare, and AI hardware franchises. | |||||||
| - | - | Strong Q3 performance driven by defense technology and hard assets as global rearmament accelerates. Portfolio positioned for monetary debasement through gold and Bitcoin while maintaining exposure to US defense tech leaders and precious metals royalties. Systematic long/short extension provides tax efficiency. Outlook focused on continued defense spending growth and inflation hedging amid geopolitical tensions. Full Quick Take Strong Q3 performance driven by defense technology and hard assets as global rearmament accelerates. Portfolio positioned for monetary debasement through gold and Bitcoin while maintaining exposure to US defense tech leaders and precious metals royalties. Systematic long/short extension provides tax efficiency. Outlook focused on continued defense spending growth and inflation hedging amid geopolitical tensions. | - | ||||||
| -4.6% | - | Church House Human Capital fell 4.6% in Q3 despite adding four promising global investments. Weakness driven by Judges Scientific funding cuts, Constellation Software CEO retirement impact, and mid-cap derating. Manager actively buying quality businesses at attractive levels, maintaining conviction in entrepreneurial acquirers overlooked by Magnificent Seven-focused markets. Full Quick Take Church House Human Capital fell 4.6% in Q3 despite adding four promising global investments. Weakness driven by Judges Scientific funding cuts, Constellation Software CEO retirement impact, and mid-cap derating. Manager actively buying quality businesses at attractive levels, maintaining conviction in entrepreneurial acquirers overlooked by Magnificent Seven-focused markets. | |||||||
| - | - | - | Essex Small Cap Growth Fund capitalized on AI infrastructure resurgence and power grid modernization themes in Q3 2025. Strong positioning in defense technologies, healthcare innovation, and manufacturing reshoring drove outperformance despite micro-cap headwinds. With small cap earnings finally turning positive after ten quarters and valuations at historically attractive levels, the fund is positioned for continued outperformance. Full Quick Take Essex Small Cap Growth Fund capitalized on AI infrastructure resurgence and power grid modernization themes in Q3 2025. Strong positioning in defense technologies, healthcare innovation, and manufacturing reshoring drove outperformance despite micro-cap headwinds. With small cap earnings finally turning positive after ten quarters and valuations at historically attractive levels, the fund is positioned for continued outperformance. | - |
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