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 |
|---|---|---|---|---|---|---|---|---|---|
| +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. | |||||||
| +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. | |||||||
| - | - | Saga Partners presents a knowledge-based investment framework emphasizing businesses with hard-to-replicate advantages and adaptability. The manager views AI as transformative but highly uncertain for investors, preferring to wait until business models and competitive advantages become clearer. Amazon exemplifies adaptability through continual improvement, while NVIDIA's existing ecosystem provides testable advantages. The approach prioritizes explanation over prediction, attractive prices, and willingness to correct mistakes. Full Quick Take Saga Partners presents a knowledge-based investment framework emphasizing businesses with hard-to-replicate advantages and adaptability. The manager views AI as transformative but highly uncertain for investors, preferring to wait until business models and competitive advantages become clearer. Amazon exemplifies adaptability through continual improvement, while NVIDIA's existing ecosystem provides testable advantages. The approach prioritizes explanation over prediction, attractive prices, and willingness to correct mistakes. | |||||||
| +5.7% | - | Vision Capital underperformed in Q2 by avoiding the memory and AI supply chain rally that drove S&P 500 gains. Manager deployed capital into 10 existing positions during drawdowns while exiting Lululemon and Paycom. Portfolio holds 25 high-quality growth companies with 29% revenue growth and 27% FCF margins. Manager rejects bottleneck investing, preferring durable platform businesses positioned for long-term secular growth across payments, e-commerce, and cloud infrastructure. Full Quick Take Vision Capital underperformed in Q2 by avoiding the memory and AI supply chain rally that drove S&P 500 gains. Manager deployed capital into 10 existing positions during drawdowns while exiting Lululemon and Paycom. Portfolio holds 25 high-quality growth companies with 29% revenue growth and 27% FCF margins. Manager rejects bottleneck investing, preferring durable platform businesses positioned for long-term secular growth across payments, e-commerce, and cloud infrastructure. | - | ||||||
| - | +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. | |||||||
| +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. | |||||||
| +31.4% | - | The fund delivered 31.4% in Q2 2026, doubling the S&P 500's return through concentrated positions in AI infrastructure suppliers like Micron, AMD, and semiconductor equipment makers. The managers added to Amazon while trimming Meta and Apple, viewing the e-commerce giant as better positioned in AI. Despite geopolitical risks, resilient US economic data and continued AI investment support a constructive outlook for quality growth companies. Full Quick Take The fund delivered 31.4% in Q2 2026, doubling the S&P 500's return through concentrated positions in AI infrastructure suppliers like Micron, AMD, and semiconductor equipment makers. The managers added to Amazon while trimming Meta and Apple, viewing the e-commerce giant as better positioned in AI. Despite geopolitical risks, resilient US economic data and continued AI investment support a constructive outlook for quality growth companies. | - | ||||||
| - | -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. | |||||||
| +6.4% | -7.5% | The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. Full Quick Take The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. | |||||||
| +7.1% | +4.6% | The Fund underperformed in Q2 2026 as AI infrastructure stocks rallied sharply while the portfolio's quality-focused positioning lagged. Samsung and Qualcomm contributed on memory cycle strength, while Munich Re and Martin Marietta detracted on cyclical concerns. The manager exited Danaher and Dolby after thesis realization, redeploying into Techtronic Industries and Wal-Mart de México. The team remains focused on high-quality businesses at attractive valuations with identifiable catalysts rather than macro positioning. Full Quick Take The Fund underperformed in Q2 2026 as AI infrastructure stocks rallied sharply while the portfolio's quality-focused positioning lagged. Samsung and Qualcomm contributed on memory cycle strength, while Munich Re and Martin Marietta detracted on cyclical concerns. The manager exited Danaher and Dolby after thesis realization, redeploying into Techtronic Industries and Wal-Mart de México. The team remains focused on high-quality businesses at attractive valuations with identifiable catalysts rather than macro positioning. | |||||||
| +32.6% | +32.9% | 13D Activist Fund restructured to concentrate capital on 15-20 best global activist campaigns, adding nine positions in Japan and Europe. Q2 2026 returned 32.61% net as fund capitalized on small-cap value rotation and activist catalysts. Japanese activism offers multi-decade opportunity with companies holding 49% cash-to-market-cap and structural tailwinds from regulatory support, management turnover, and capital inflows. New positions target operational improvements, asset monetization, and margin expansion. Full Quick Take 13D Activist Fund restructured to concentrate capital on 15-20 best global activist campaigns, adding nine positions in Japan and Europe. Q2 2026 returned 32.61% net as fund capitalized on small-cap value rotation and activist catalysts. Japanese activism offers multi-decade opportunity with companies holding 49% cash-to-market-cap and structural tailwinds from regulatory support, management turnover, and capital inflows. New positions target operational improvements, asset monetization, and margin expansion. | |||||||
| - | - | Eagle Capital has recycled capital away from the AI capex boom, which now represents over 30% of the S&P 500 and is pricing optimistic cases without sufficient downside consideration. The manager sees deteriorating industry structures and mounting risks with parallels to historical capex busts. They've built a portfolio of high-quality businesses trading at a 20% discount to the market with faster growth, including MercadoLibre, managed care, and resilient software, positioned for multiple futures. Full Quick Take Eagle Capital has recycled capital away from the AI capex boom, which now represents over 30% of the S&P 500 and is pricing optimistic cases without sufficient downside consideration. The manager sees deteriorating industry structures and mounting risks with parallels to historical capex busts. They've built a portfolio of high-quality businesses trading at a 20% discount to the market with faster growth, including MercadoLibre, managed care, and resilient software, positioned for multiple futures. | |||||||
| -1.0% | -21.0% | - | Rowan Street Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Rowan Street Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +29.1% | +22.5% | Emerging Markets Growth returned 29% in Q2 2026, driven by AI infrastructure businesses as memory shortages broadened from HBM into conventional DRAM and NAND. Sequential memory price increases of 60-90% reflect structural, multiyear supply constraints. The portfolio broadened semiconductor exposure and tactically added Indian cyclicals given attractive valuations. Despite strong returns, the portfolio trades at 13x forward earnings with high earnings growth expectations, creating compelling multiyear value. Full Quick Take Emerging Markets Growth returned 29% in Q2 2026, driven by AI infrastructure businesses as memory shortages broadened from HBM into conventional DRAM and NAND. Sequential memory price increases of 60-90% reflect structural, multiyear supply constraints. The portfolio broadened semiconductor exposure and tactically added Indian cyclicals given attractive valuations. Despite strong returns, the portfolio trades at 13x forward earnings with high earnings growth expectations, creating compelling multiyear value. | |||||||
| +18.7% | +1.2% | International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. Full Quick Take International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. | |||||||
| +15.9% | -3.9% | Portfolio up 15.9% in Q2 but trails market year-to-date at -3.9%. Manager doubled TTWO position as GTA VI pre-orders hit $4 billion, added to MSFT and AMZN on weakness. AWS GPU price hikes signal strong AI demand. ASML's 200%+ rally made it largest holding. Optimistic on out-of-favor positions MELI, SE, NU, MSFT given strong fundamentals. Technology concentration at 25% in META, MSFT, AMZN. Full Quick Take Portfolio up 15.9% in Q2 but trails market year-to-date at -3.9%. Manager doubled TTWO position as GTA VI pre-orders hit $4 billion, added to MSFT and AMZN on weakness. AWS GPU price hikes signal strong AI demand. ASML's 200%+ rally made it largest holding. Optimistic on out-of-favor positions MELI, SE, NU, MSFT given strong fundamentals. Technology concentration at 25% in META, MSFT, AMZN. | |||||||
| +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. | |||||||
| +19.5% | +20.0% | Baron Emerging Markets Fund returned 19.61% in Q2 2026, trailing the benchmark's 24.05% in a semiconductor-dominated quarter. Agentic AI adoption and Iran cease-fire drove returns concentrated in mega-cap memory leaders SK hynix, TSMC, and Samsung. The manager added Indian pharma supply chain plays and maintains conviction in quality growth despite AI concentration risks, viewing digitization beneficiaries as mispriced opportunities after market rotation toward legacy semiconductor names. Full Quick Take Baron Emerging Markets Fund returned 19.61% in Q2 2026, trailing the benchmark's 24.05% in a semiconductor-dominated quarter. Agentic AI adoption and Iran cease-fire drove returns concentrated in mega-cap memory leaders SK hynix, TSMC, and Samsung. The manager added Indian pharma supply chain plays and maintains conviction in quality growth despite AI concentration risks, viewing digitization beneficiaries as mispriced opportunities after market rotation toward legacy semiconductor names. | |||||||
| +9.3% | -5.3% | Edgewood's concentrated large-cap growth portfolio underperformed in Q2 2026 despite accelerating earnings growth to 31% YoY, as sector rotations overrode fundamentals and drove 16% multiple compression. The firm added Tesla, Linde, and Amazon to deepen Physical AI exposure—its core thesis that AI will proliferate into robotaxis, humanoids, and physical applications with addressable markets multiples larger than digital AI. Management buyback programs signal conviction at cheap valuations. Full Quick Take Edgewood's concentrated large-cap growth portfolio underperformed in Q2 2026 despite accelerating earnings growth to 31% YoY, as sector rotations overrode fundamentals and drove 16% multiple compression. The firm added Tesla, Linde, and Amazon to deepen Physical AI exposure—its core thesis that AI will proliferate into robotaxis, humanoids, and physical applications with addressable markets multiples larger than digital AI. Management buyback programs signal conviction at cheap valuations. | |||||||
| +36.3% | -0.9% | Optimist Fund rebounded 36.3% in Q2 2026 on concentrated positions in market-leading e-commerce and consumer finance businesses. ThredUp surged 109% on strong execution and new direct listing optionality. The manager added significantly to Affirm, viewing BNPL as a second-inning growth opportunity, and continues adding to Carvana at 13x 2027 EBITDA despite 40% organic growth. The portfolio targets better than mid-teens annualized returns over five years. Full Quick Take Optimist Fund rebounded 36.3% in Q2 2026 on concentrated positions in market-leading e-commerce and consumer finance businesses. ThredUp surged 109% on strong execution and new direct listing optionality. The manager added significantly to Affirm, viewing BNPL as a second-inning growth opportunity, and continues adding to Carvana at 13x 2027 EBITDA despite 40% organic growth. The portfolio targets better than mid-teens annualized returns over five years. | |||||||
| - | +3.4% | Baillie Gifford's International Growth strategy exploits market short-termism to build a diversified portfolio of high-quality growth companies positioned for AI transformation and structural change. Despite recent underperformance driven by indiscriminate SaaS selling, the manager has broadened holdings into pharma, energy, and industrials while maintaining conviction in semiconductor leaders and deeply embedded software businesses. Patient capital and selective positioning should drive strong long-term returns as fundamentals diverge from volatile share prices. Full Quick Take Baillie Gifford's International Growth strategy exploits market short-termism to build a diversified portfolio of high-quality growth companies positioned for AI transformation and structural change. Despite recent underperformance driven by indiscriminate SaaS selling, the manager has broadened holdings into pharma, energy, and industrials while maintaining conviction in semiconductor leaders and deeply embedded software businesses. Patient capital and selective positioning should drive strong long-term returns as fundamentals diverge from volatile share prices. | |||||||
| - | - | The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. Full Quick Take The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. | |||||||
| +8.3% | +1.0% | Harris Associates' International Strategy underperformed in Q2 2026 despite strong contributions from AI-driven semiconductor and cloud positions. Samsung benefited from exceptional memory demand while Alibaba and SAP showed strong cloud growth. The manager opportunistically initiated Bureau Veritas at decade-low multiples following transitory headwinds. BMW and Alibaba e-commerce weakness detracted. The strategy maintains disciplined focus on competitive advantages and intrinsic value. Full Quick Take Harris Associates' International Strategy underperformed in Q2 2026 despite strong contributions from AI-driven semiconductor and cloud positions. Samsung benefited from exceptional memory demand while Alibaba and SAP showed strong cloud growth. The manager opportunistically initiated Bureau Veritas at decade-low multiples following transitory headwinds. BMW and Alibaba e-commerce weakness detracted. The strategy maintains disciplined focus on competitive advantages and intrinsic value. | |||||||
| +3.0% | - | The Fund underperformed as AI semiconductor momentum drove concentrated market returns, with three stocks tripling and accounting for 17% of index gains. The manager added to Nvidia at attractive valuations while exiting Salesforce on AI disruption concerns. Proceeds funded quality non-AI businesses trading below fair value. The portfolio balances AI exposure through TSMC, Nvidia and hyperscalers against valuation discipline, targeting patient capital appreciation. Full Quick Take The Fund underperformed as AI semiconductor momentum drove concentrated market returns, with three stocks tripling and accounting for 17% of index gains. The manager added to Nvidia at attractive valuations while exiting Salesforce on AI disruption concerns. Proceeds funded quality non-AI businesses trading below fair value. The portfolio balances AI exposure through TSMC, Nvidia and hyperscalers against valuation discipline, targeting patient capital appreciation. | |||||||
| +10.4% | -10.7% | Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. Full Quick Take Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. | |||||||
| +9.0% | -5.7% | Vulcan owns exceptional businesses at 50 cents on the dollar that remain deeply out of favor while values compound steadily. The manager added three high-quality software businesses—Veeva, ServiceNow, and Equifax—at significant discounts driven by misunderstood AI disruption fears. These companies possess proprietary data and mission-critical platforms that make them AI beneficiaries, not victims. The CIO personally added capital, viewing current valuations as a compelling long-term opportunity. Full Quick Take Vulcan owns exceptional businesses at 50 cents on the dollar that remain deeply out of favor while values compound steadily. The manager added three high-quality software businesses—Veeva, ServiceNow, and Equifax—at significant discounts driven by misunderstood AI disruption fears. These companies possess proprietary data and mission-critical platforms that make them AI beneficiaries, not victims. The CIO personally added capital, viewing current valuations as a compelling long-term opportunity. | |||||||
| - | -5.7% | Portfolio underperformed despite strong operational progress across holdings, with businesses now trading at lower valuations. MercadoLibre accelerated growth through reinvestment while Spotify expanded margins with AI monetization. Semiconductor leaders TSMC and ASML benefited from AI infrastructure demand. Added SK Hynix, Lonza, and CATL for exposure to memory, biologics, and batteries. Team views combination of operating progress at reduced prices as precursor to strong long-term returns. Full Quick Take Portfolio underperformed despite strong operational progress across holdings, with businesses now trading at lower valuations. MercadoLibre accelerated growth through reinvestment while Spotify expanded margins with AI monetization. Semiconductor leaders TSMC and ASML benefited from AI infrastructure demand. Added SK Hynix, Lonza, and CATL for exposure to memory, biologics, and batteries. Team views combination of operating progress at reduced prices as precursor to strong long-term returns. | |||||||
| +10.5% | -10.6% | Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. Full Quick Take Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. | |||||||
| +17.6% | +4.6% | Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. Full Quick Take Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. | - | ||||||
| - | -0.2% | Holland Advisors is rotating away from market speculation in unproven AI beneficiaries toward established network businesses with sustainable competitive advantages trading at 30-50% discounts. The fund added to Amazon, Meta, Netflix, Nu Holdings, Wise, and Block on weakness while initiating positions in Mercado Libre, Sea Limited, Constellation, and AppFolio. With 87% invested alongside owner-managers and double unleveraged exposure, the portfolio targets 20% annual compounding from proven digital leaders embracing AI innovation. Full Quick Take Holland Advisors is rotating away from market speculation in unproven AI beneficiaries toward established network businesses with sustainable competitive advantages trading at 30-50% discounts. The fund added to Amazon, Meta, Netflix, Nu Holdings, Wise, and Block on weakness while initiating positions in Mercado Libre, Sea Limited, Constellation, and AppFolio. With 87% invested alongside owner-managers and double unleveraged exposure, the portfolio targets 20% annual compounding from proven digital leaders embracing AI innovation. | - | ||||||
| +5.4% | +5.3% | City Different's global equity strategies trailed a hot AI-driven market in Q2 but delivered solid gains. New purchase ICON plc led performance as valuation became compelling post-correction. Manager trimmed energy exposure into strength and added to MercadoLibre on weakness. Electrification trends continue benefiting Talen Energy. Remarkable energy inventory depletions contrast with prior oversupply consensus. Portfolios remain optimistic on long-term fundamentals despite near-term volatility. Full Quick Take City Different's global equity strategies trailed a hot AI-driven market in Q2 but delivered solid gains. New purchase ICON plc led performance as valuation became compelling post-correction. Manager trimmed energy exposure into strength and added to MercadoLibre on weakness. Electrification trends continue benefiting Talen Energy. Remarkable energy inventory depletions contrast with prior oversupply consensus. Portfolios remain optimistic on long-term fundamentals despite near-term volatility. | |||||||
| +16.6% | +14.6% | Kathmandu Capital delivered 16.64% net in Q2 2025 by tactically navigating tariff volatility and emphasizing international diversification. The manager sees a fragile U.S. economy with 120% debt-to-GDP and elevated valuations, positioning the portfolio in mispriced small-caps across Asia and Latin America. New position ACM Research captures China semiconductor onshoring while OMAB benefits from Mexican nearshoring tailwinds. The fund remains cautious but fully invested after deploying cash raised mid-quarter. Full Quick Take Kathmandu Capital delivered 16.64% net in Q2 2025 by tactically navigating tariff volatility and emphasizing international diversification. The manager sees a fragile U.S. economy with 120% debt-to-GDP and elevated valuations, positioning the portfolio in mispriced small-caps across Asia and Latin America. New position ACM Research captures China semiconductor onshoring while OMAB benefits from Mexican nearshoring tailwinds. The fund remains cautious but fully invested after deploying cash raised mid-quarter. | |||||||
| +5.1% | +0.9% | Far View returned +0.91% in H1 2026, benefiting from Westwing's turnaround and UNFI's cyberattack recovery, offset by Sanuwave's wound-care market disruption and Russell 2000 removal. The manager established a mid-sized position in Upsales Technology AB at a double-digit free cash flow yield after a demerger revealed hidden 35%+ EBITDA margin profitability. Despite momentum-driven markets, the fund remains fully invested, focused on overlooked small-cap value opportunities. Full Quick Take Far View returned +0.91% in H1 2026, benefiting from Westwing's turnaround and UNFI's cyberattack recovery, offset by Sanuwave's wound-care market disruption and Russell 2000 removal. The manager established a mid-sized position in Upsales Technology AB at a double-digit free cash flow yield after a demerger revealed hidden 35%+ EBITDA margin profitability. Despite momentum-driven markets, the fund remains fully invested, focused on overlooked small-cap value opportunities. | |||||||
| +19.0% | +4.4% | The fund delivered strong outperformance driven by healthcare stock selection and AI-beneficiary technology holdings. Managers view AI infrastructure spending as a transformative economic driver, with computing power demand exceeding supply and creating pricing power across the supply chain. The portfolio balances direct AI capability builders with capital spending beneficiaries. Despite margin pressure at select holdings, the team maintains conviction in long-term enterprise value creation through disciplined fundamental analysis. Full Quick Take The fund delivered strong outperformance driven by healthcare stock selection and AI-beneficiary technology holdings. Managers view AI infrastructure spending as a transformative economic driver, with computing power demand exceeding supply and creating pricing power across the supply chain. The portfolio balances direct AI capability builders with capital spending beneficiaries. Despite margin pressure at select holdings, the team maintains conviction in long-term enterprise value creation through disciplined fundamental analysis. | |||||||
| +2.6% | -10.9% | L1 Capital underperformed in Q2 2026 as extreme market concentration favored AI momentum stocks the fund didn't own. The manager increased Nvidia exposure while reducing software holdings due to AI disruption risks, rebalancing toward quality non-AI businesses at compelling valuations. Despite genuine strength in AI infrastructure spending, stretched valuations in some AI Winners contrast with attractive opportunities elsewhere. The portfolio is positioned for patient investors willing to look through near-term momentum. Full Quick Take L1 Capital underperformed in Q2 2026 as extreme market concentration favored AI momentum stocks the fund didn't own. The manager increased Nvidia exposure while reducing software holdings due to AI disruption risks, rebalancing toward quality non-AI businesses at compelling valuations. Despite genuine strength in AI infrastructure spending, stretched valuations in some AI Winners contrast with attractive opportunities elsewhere. The portfolio is positioned for patient investors willing to look through near-term momentum. | |||||||
| - | - | Global equities surged in Q2 2026 on an unprecedented AI-driven semiconductor boom, with chip stocks gaining 88% as companies like Micron, SK Hynix, and Kioxia posted extraordinary returns. Markets pivoted from expecting rate cuts to pricing hikes as energy-driven inflation persisted, with the ECB and Fed turning hawkish. Chinese equities declined on weak consumption while gold and PGM rallies stalled. SpaceX's record $75 billion IPO underscored strong capital markets. Full Quick Take Global equities surged in Q2 2026 on an unprecedented AI-driven semiconductor boom, with chip stocks gaining 88% as companies like Micron, SK Hynix, and Kioxia posted extraordinary returns. Markets pivoted from expecting rate cuts to pricing hikes as energy-driven inflation persisted, with the ECB and Fed turning hawkish. Chinese equities declined on weak consumption while gold and PGM rallies stalled. SpaceX's record $75 billion IPO underscored strong capital markets. | |||||||
| +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. | - | ||||||
| +4.8% | -3.7% | The fund underperformed in Q2 but used market dislocations to initiate six new positions at meaningful discounts to intrinsic value. Semiconductor equipment strength validated the recovery thesis, while temporary headwinds in pulp and paper and AI-driven sector deratings created entry points. The managers remain focused on European and Japanese small caps with durable competitive advantages, long-term cash-flow potential, and attractive valuations. Full Quick Take The fund underperformed in Q2 but used market dislocations to initiate six new positions at meaningful discounts to intrinsic value. Semiconductor equipment strength validated the recovery thesis, while temporary headwinds in pulp and paper and AI-driven sector deratings created entry points. The managers remain focused on European and Japanese small caps with durable competitive advantages, long-term cash-flow potential, and attractive valuations. | - | ||||||
| - | - | ClearBridge Growth Strategy delivered double-digit returns but lagged its mid cap growth benchmark in Q2 2026 as momentum-driven markets favored high-beta AI semiconductor and hardware names the portfolio did not own. Managers used Russell reconstitution volatility to upgrade holdings, adding Cloudflare and MasTec while exiting lower-conviction positions. Portfolio remains balanced across AI infrastructure, cybersecurity, cloud, and quality compounders with strong free cash flow generation. Full Quick Take ClearBridge Growth Strategy delivered double-digit returns but lagged its mid cap growth benchmark in Q2 2026 as momentum-driven markets favored high-beta AI semiconductor and hardware names the portfolio did not own. Managers used Russell reconstitution volatility to upgrade holdings, adding Cloudflare and MasTec while exiting lower-conviction positions. Portfolio remains balanced across AI infrastructure, cybersecurity, cloud, and quality compounders with strong free cash flow generation. | - | ||||||
| +25.3% | - | Tectonic delivered 25.3% in Q2 2026, driven by Firmus revaluation to USD 8.5 billion ahead of October IPO. Listed portfolio underperformed as resources rotation failed to materialize while capital flowed to US tech. Manager maintains conviction in resources thesis despite near-term weakness. Interactive Brokers, Sandfire, and Sea Limited contributed positively. BYD declined 32% on China EV pricing pressure. Fund remains closed to new applications ahead of Firmus IPO. Full Quick Take Tectonic delivered 25.3% in Q2 2026, driven by Firmus revaluation to USD 8.5 billion ahead of October IPO. Listed portfolio underperformed as resources rotation failed to materialize while capital flowed to US tech. Manager maintains conviction in resources thesis despite near-term weakness. Interactive Brokers, Sandfire, and Sea Limited contributed positively. BYD declined 32% on China EV pricing pressure. Fund remains closed to new applications ahead of Firmus IPO. | |||||||
| - | -10.2% | Tapasya underperformed in H1 2026 (-10.2% vs S&P +10.1%) amid concentrated AI rally but maintains conviction in quality holdings. Established major Amazon position for AWS growth and retail margin expansion. Exited Lululemon and Universal Music Group while adding Adobe and Astera Labs. Portfolio remains concentrated in technology, e-commerce, and payments with global diversification. Manager stays disciplined on AI valuations despite transformative potential. Full Quick Take Tapasya underperformed in H1 2026 (-10.2% vs S&P +10.1%) amid concentrated AI rally but maintains conviction in quality holdings. Established major Amazon position for AWS growth and retail margin expansion. Exited Lululemon and Universal Music Group while adding Adobe and Astera Labs. Portfolio remains concentrated in technology, e-commerce, and payments with global diversification. Manager stays disciplined on AI valuations despite transformative potential. | |||||||
| - | -14.9% | Recurve is down 14.9% YTD, driven by Carvana's 22% decline despite rising earnings estimates. The manager maintains 47% exposure to Carvana, expecting EBITDA to triple over three years as the company sustains 40% growth. Short-term volatility from weekly data and operational improvements at reconditioning centers is viewed as noise. The concentrated portfolio targets multi-year compounding, not quarterly results, with conviction unchanged despite near-term underperformance. Full Quick Take Recurve is down 14.9% YTD, driven by Carvana's 22% decline despite rising earnings estimates. The manager maintains 47% exposure to Carvana, expecting EBITDA to triple over three years as the company sustains 40% growth. Short-term volatility from weekly data and operational improvements at reconditioning centers is viewed as noise. The concentrated portfolio targets multi-year compounding, not quarterly results, with conviction unchanged despite near-term underperformance. | |||||||
| - | - | Vltava Fund argues AI shifts investing advantage from information to judgment and originality. Manager sold semiconductor equipment stocks at extreme valuations and oil producer Cenovus after geopolitical spike, buying Visa and Kazakhstan digital ecosystem Kaspi.kz at attractive prices. Portfolio avoids AI-driven speculation, focusing on quality businesses with sustainable fundamentals and reasonable valuations in calmer market segments where margin of safety exists. Full Quick Take Vltava Fund argues AI shifts investing advantage from information to judgment and originality. Manager sold semiconductor equipment stocks at extreme valuations and oil producer Cenovus after geopolitical spike, buying Visa and Kazakhstan digital ecosystem Kaspi.kz at attractive prices. Portfolio avoids AI-driven speculation, focusing on quality businesses with sustainable fundamentals and reasonable valuations in calmer market segments where margin of safety exists. | |||||||
| - | - | - | Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period. Their APAC-wide strategy provides critical pattern-matching advantages as Singapore emerges as a global tech hub producing world-class companies. Full Quick Take Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period. Their APAC-wide strategy provides critical pattern-matching advantages as Singapore emerges as a global tech hub producing world-class companies. | - | |||||
| -28.3% | -28.3% | Portfolio down 28% as AI fears pressure internet stocks while semiconductors soar. Manager sees speculative AI infrastructure bubble, prefers application layer opportunities. Sea Ltd's Shopee VIP scaling like Amazon Prime with strong unit economics. Unity's gaming engine dominance plus Vector ad platform creates compelling value at current prices. Tech valuations most attractive since 2022. Full Quick Take Portfolio down 28% as AI fears pressure internet stocks while semiconductors soar. Manager sees speculative AI infrastructure bubble, prefers application layer opportunities. Sea Ltd's Shopee VIP scaling like Amazon Prime with strong unit economics. Unity's gaming engine dominance plus Vector ad platform creates compelling value at current prices. Tech valuations most attractive since 2022. | |||||||
| -13.1% | -13.1% | Concentrated global growth fund underperformed significantly in Q1 2026 despite strong individual company fundamentals. Manager maintains high conviction in technology leaders like Arm Holdings benefiting from AI adoption and Tesla's EV/autonomy evolution. Portfolio trades at substantial discount to estimated intrinsic value, reflecting patient long-term approach focused on quality businesses with sustainable competitive advantages. Full Quick Take Concentrated global growth fund underperformed significantly in Q1 2026 despite strong individual company fundamentals. Manager maintains high conviction in technology leaders like Arm Holdings benefiting from AI adoption and Tesla's EV/autonomy evolution. Portfolio trades at substantial discount to estimated intrinsic value, reflecting patient long-term approach focused on quality businesses with sustainable competitive advantages. | - | ||||||
| -27.3% | -27.3% | Optimist Fund fell 27.3% in Q1 as AI fears and Iran war drove growth stock selloff. Manager sees sentiment-driven dislocation creating compelling opportunities, adding to core positions like ThredUp, Wayfair, and Carvana while initiating Toast and Zscaler. Portfolio companies show strong fundamentals despite stock weakness. Fund increased leverage, positioning for rebound in highest-quality businesses since inception. Full Quick Take Optimist Fund fell 27.3% in Q1 as AI fears and Iran war drove growth stock selloff. Manager sees sentiment-driven dislocation creating compelling opportunities, adding to core positions like ThredUp, Wayfair, and Carvana while initiating Toast and Zscaler. Portfolio companies show strong fundamentals despite stock weakness. Fund increased leverage, positioning for rebound in highest-quality businesses since inception. | |||||||
| +3.0% | +3.0% | Alluvial Fund delivered 3.0% returns in Q1 2026 despite Iran War volatility, benefiting from defensive positioning and the Peakstone REIT acquisition. The manager sees recent small-cap euphoria as premature but remains focused on deeply undervalued securities with predictable cash flows, holding cash for opportunities while continuing the successful strategy of investing in unpopular, overlooked businesses. Full Quick Take Alluvial Fund delivered 3.0% returns in Q1 2026 despite Iran War volatility, benefiting from defensive positioning and the Peakstone REIT acquisition. The manager sees recent small-cap euphoria as premature but remains focused on deeply undervalued securities with predictable cash flows, holding cash for opportunities while continuing the successful strategy of investing in unpopular, overlooked businesses. | - |
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