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 |
|---|---|---|---|---|---|---|---|---|---|
| - | +10.2% | Silver Beech posted a 10.2% YTD net return through July 2026, staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. Gallagher at attractive valuations, maintaining focus on durable, asset-light, cash-generative franchises. Full Quick Take Silver Beech posted a 10.2% YTD net return through July 2026, staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. Gallagher at attractive valuations, maintaining focus on durable, asset-light, cash-generative franchises. | |||||||
| - | - | AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. Full Quick Take AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. | |||||||
| +0.9% | +1.0% | Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. Full Quick Take Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. | |||||||
| +0.4% | +0.4% | - | Deer Park maintains high conviction in legacy non-agency RMBS and distressed CMBS, driven by collateral quality rather than rate movements. Legacy mortgage pools with 20-year seasoning demonstrate extraordinary payment persistence and declining delinquencies. CMBS distressed pricing creates compelling opportunities as rating agency downgrades forced non-economic sellers. Recent resolutions validate conservative loss assumptions. Structured mortgage credit offers superior risk-adjusted returns versus strained corporate and private credit markets. Full Quick Take Deer Park maintains high conviction in legacy non-agency RMBS and distressed CMBS, driven by collateral quality rather than rate movements. Legacy mortgage pools with 20-year seasoning demonstrate extraordinary payment persistence and declining delinquencies. CMBS distressed pricing creates compelling opportunities as rating agency downgrades forced non-economic sellers. Recent resolutions validate conservative loss assumptions. Structured mortgage credit offers superior risk-adjusted returns versus strained corporate and private credit markets. | - | |||||
| - | - | - | L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. Full Quick Take L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. | - | |||||
| - | - | Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. Full Quick Take Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. | - | ||||||
| +2.8% | - | - | Lord Abbett Floating Rate Fund outperformed its benchmark by 87 basis points in Q2 2026, driven by strong CCC-rated credit selection in Consumer Durables and Telecommunications. The manager remains constructive on leveraged loans despite rising defaults, targeting high-carry opportunities amid hawkish Fed policy and resilient US growth. Portfolio maintains balanced sector exposure with selective overweights to Utilities, Materials, and Telecom while monitoring inflation and labor market risks. Full Quick Take Lord Abbett Floating Rate Fund outperformed its benchmark by 87 basis points in Q2 2026, driven by strong CCC-rated credit selection in Consumer Durables and Telecommunications. The manager remains constructive on leveraged loans despite rising defaults, targeting high-carry opportunities amid hawkish Fed policy and resilient US growth. Portfolio maintains balanced sector exposure with selective overweights to Utilities, Materials, and Telecom while monitoring inflation and labor market risks. | - | |||||
| +5.5% | +5.2% | Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. Full Quick Take Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. | |||||||
| +2.9% | - | - | Lord Abbett High Yield Fund outperformed in Q2 2026 by focusing on higher-quality carry and AI-beneficiary credits while reducing Energy and CCC exposure. Despite Fed hawkishness and geopolitical tensions elevating inflation concerns, the manager remains constructive on high yield fundamentals given solid earnings and elevated credit quality. The Fund shifted toward shorter duration, higher-quality exposure while maintaining selective down-in-quality positions based on longer-term U.S. economic resilience. Full Quick Take Lord Abbett High Yield Fund outperformed in Q2 2026 by focusing on higher-quality carry and AI-beneficiary credits while reducing Energy and CCC exposure. Despite Fed hawkishness and geopolitical tensions elevating inflation concerns, the manager remains constructive on high yield fundamentals given solid earnings and elevated credit quality. The Fund shifted toward shorter duration, higher-quality exposure while maintaining selective down-in-quality positions based on longer-term U.S. economic resilience. | - | |||||
| - | - | - | The ETF industry is rapidly expanding product boundaries with autocallable structures, tokenisation emerging as a transformative long-term development, and regulatory changes reshaping competitive dynamics. Private credit ETFs face fundamental liquidity mismatches while digital assets gain cautious institutional acceptance as portfolio diversifiers. Consolidation is expected among issuers as regulatory divergence drives regionalized strategies. Industry sentiment remains strongly positive with innovation momentum accelerating. Full Quick Take The ETF industry is rapidly expanding product boundaries with autocallable structures, tokenisation emerging as a transformative long-term development, and regulatory changes reshaping competitive dynamics. Private credit ETFs face fundamental liquidity mismatches while digital assets gain cautious institutional acceptance as portfolio diversifiers. Consolidation is expected among issuers as regulatory divergence drives regionalized strategies. Industry sentiment remains strongly positive with innovation momentum accelerating. | - | |||||
| +1.6% | - | - | Sigil Stable delivered 1.63% net yield with 2.52 Sharpe in Q2 by pivoting 70%+ into private allocations while avoiding $577M in DeFi exploits. Profited from SpaceX pre-IPO perps that outpriced underwriters and exited MicroStrategy STRC before collapse. DeFi security crisis forces ecosystem evolution but perpetual DEXes remain secular growth driver. Scaling private deals and pre-IPO exposure into institutional adoption wave. Full Quick Take Sigil Stable delivered 1.63% net yield with 2.52 Sharpe in Q2 by pivoting 70%+ into private allocations while avoiding $577M in DeFi exploits. Profited from SpaceX pre-IPO perps that outpriced underwriters and exited MicroStrategy STRC before collapse. DeFi security crisis forces ecosystem evolution but perpetual DEXes remain secular growth driver. Scaling private deals and pre-IPO exposure into institutional adoption wave. | - | |||||
| +44.2% | - | BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. Full Quick Take BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. | - | ||||||
| +5.8% | - | - | PGIM High Yield Fund maintains a constructive but cautious stance as spreads compressed to 270 bps in Q2 2026. The manager favors high-quality, short-duration bonds and overweights homebuilders and telecom while underweighting media and restaurants. With risks skewed to the downside at tight spreads, the focus is on carry generation and credit selection, particularly favoring BB and high-B leveraged loans over lower-quality credits. Full Quick Take PGIM High Yield Fund maintains a constructive but cautious stance as spreads compressed to 270 bps in Q2 2026. The manager favors high-quality, short-duration bonds and overweights homebuilders and telecom while underweighting media and restaurants. With risks skewed to the downside at tight spreads, the focus is on carry generation and credit selection, particularly favoring BB and high-B leveraged loans over lower-quality credits. | - | |||||
| -4.3% | +1.9% | - | Greenlight lost 4.3% in Q2 primarily from macro bets on gold and rates despite conservative positioning. The manager views SpaceX's $1.75 trillion IPO as marking a speculative top and is positioned for Fed disinflation without rate hikes. Five new deeply undervalued positions were initiated including Fortune Brands at 8x earnings with turnaround potential and PayPal subsequently receiving a takeover bid, while three exits generated 30-157% IRRs. Full Quick Take Greenlight lost 4.3% in Q2 primarily from macro bets on gold and rates despite conservative positioning. The manager views SpaceX's $1.75 trillion IPO as marking a speculative top and is positioned for Fed disinflation without rate hikes. Five new deeply undervalued positions were initiated including Fortune Brands at 8x earnings with turnaround potential and PayPal subsequently receiving a takeover bid, while three exits generated 30-157% IRRs. | ||||||
| +12.9% | - | The Fund returned 12.88% in Q2 2026, driven by Anterix's 169.6% surge on FCC spectrum approvals and SoftBank's 64.2% gain on Arm's AI momentum. T-Mobile declined on Starlink competitive fears. The portfolio combines satellite broadband infrastructure, AI platforms, and sports media assets with sustainable cash flows. Despite Fed hawkishness pressuring rates, elevated yields and pricing power support the forward income proposition. Full Quick Take The Fund returned 12.88% in Q2 2026, driven by Anterix's 169.6% surge on FCC spectrum approvals and SoftBank's 64.2% gain on Arm's AI momentum. T-Mobile declined on Starlink competitive fears. The portfolio combines satellite broadband infrastructure, AI platforms, and sports media assets with sustainable cash flows. Despite Fed hawkishness pressuring rates, elevated yields and pricing power support the forward income proposition. | |||||||
| - | - | - | Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. Full Quick Take Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. | - | |||||
| +18.9% | +9.5% | Baron Asset Fund outperformed by 443 basis points in Q2 2026 despite headwinds from narrow AI-driven market leadership, powered by SpaceX's historic IPO and 3,000%+ appreciation. Software and services holdings trade at 47% discounts to historical multiples after indiscriminate AI disruption fears drove 46% multiple compression despite 27% fundamental growth. The manager expects re-rating as these high-quality businesses demonstrate AI enhances rather than disrupts their competitive positions. Full Quick Take Baron Asset Fund outperformed by 443 basis points in Q2 2026 despite headwinds from narrow AI-driven market leadership, powered by SpaceX's historic IPO and 3,000%+ appreciation. Software and services holdings trade at 47% discounts to historical multiples after indiscriminate AI disruption fears drove 46% multiple compression despite 27% fundamental growth. The manager expects re-rating as these high-quality businesses demonstrate AI enhances rather than disrupts their competitive positions. | |||||||
| - | - | - | Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. Full Quick Take Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. | - | |||||
| - | - | - | PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. The fund positions for U.S. overheating with 2.3% GDP growth driven by AI capex and fiscal stimulus, but expects Fed hikes under Warsh as inflation stays elevated from energy shocks and tariffs. Credit spreads are historically tight, prompting a quality-focused, carry-oriented stance with 7.2-year duration and overweights to emerging markets and financials. Full Quick Take PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. The fund positions for U.S. overheating with 2.3% GDP growth driven by AI capex and fiscal stimulus, but expects Fed hikes under Warsh as inflation stays elevated from energy shocks and tariffs. Credit spreads are historically tight, prompting a quality-focused, carry-oriented stance with 7.2-year duration and overweights to emerging markets and financials. | - | |||||
| - | - | - | PGIM Core Bond outperformed in Q2 2026 through quality-focused positioning as geopolitical shocks drove yields higher and the Fed turned hawkish under new leadership. The fund capitalized on attractive carry in senior securitized credits and belly Treasuries while avoiding spread compression bets. AI-driven growth supports the U.S. economy but persistent inflation from energy shocks necessitates Fed tightening, creating a challenging backdrop for risk assets at historically tight spreads. Full Quick Take PGIM Core Bond outperformed in Q2 2026 through quality-focused positioning as geopolitical shocks drove yields higher and the Fed turned hawkish under new leadership. The fund capitalized on attractive carry in senior securitized credits and belly Treasuries while avoiding spread compression bets. AI-driven growth supports the U.S. economy but persistent inflation from energy shocks necessitates Fed tightening, creating a challenging backdrop for risk assets at historically tight spreads. | - | |||||
| +4.3% | +2.0% | Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. Full Quick Take Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. | |||||||
| +1.9% | - | - | Columbia Strategic Income outperformed in Q2 2026 as shorter duration positioning benefited from rising yields amid persistent inflation. The team sees limited value in investment-grade corporates at tight spreads but finds compelling opportunities in AAA/AA non-agency mortgage-backed securities offering superior yields. With uncertainty elevated around Fed policy and inflation durability, the portfolio maintains high-quality structured credit exposure with flexibility to deploy capital when valuations improve. Full Quick Take Columbia Strategic Income outperformed in Q2 2026 as shorter duration positioning benefited from rising yields amid persistent inflation. The team sees limited value in investment-grade corporates at tight spreads but finds compelling opportunities in AAA/AA non-agency mortgage-backed securities offering superior yields. With uncertainty elevated around Fed policy and inflation durability, the portfolio maintains high-quality structured credit exposure with flexibility to deploy capital when valuations improve. | - | |||||
| - | -4.3% | - | Smoak Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Smoak Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| - | - | - | Saltlight Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Saltlight Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| -10.4% | +1.5% | Black Bear underperformed in Q2 amid market concentration in mega-cap tech, but the manager sees an unusually wide gap between price and value. The portfolio owns cash-generative energy, commodity, and housing businesses at sensible valuations while shorting overleveraged businesses with unrealistic expectations. Many holdings are entering their most cash-generative phases. The manager remains invested alongside partners and expects patience to be rewarded. Full Quick Take Black Bear underperformed in Q2 amid market concentration in mega-cap tech, but the manager sees an unusually wide gap between price and value. The portfolio owns cash-generative energy, commodity, and housing businesses at sensible valuations while shorting overleveraged businesses with unrealistic expectations. Many holdings are entering their most cash-generative phases. The manager remains invested alongside partners and expects patience to be rewarded. | |||||||
| +5.4% | +3.0% | Maran Partners returned +5.4% net in Q2 2026 despite market headwinds, executing two high-conviction special situation trades: a bridge loan in the underserved small credit market and a SpaceX IPO arbitrage at a 30% discount. Core small and microcap holdings are actively unlocking value through sales processes and buybacks. The concentrated portfolio has generated mid-teens annualized returns since inception with 9% alpha versus Russell 2000. Full Quick Take Maran Partners returned +5.4% net in Q2 2026 despite market headwinds, executing two high-conviction special situation trades: a bridge loan in the underserved small credit market and a SpaceX IPO arbitrage at a 30% discount. Core small and microcap holdings are actively unlocking value through sales processes and buybacks. The concentrated portfolio has generated mid-teens annualized returns since inception with 9% alpha versus Russell 2000. | - | ||||||
| +2.2% | +1.5% | - | Franklin High Income Fund delivered 2.19% in Q2 2026 as resilient corporate fundamentals and active capital markets supported high-yield bonds despite hawkish Fed commentary. Default rates remain below historical averages at 2.67%, while fund inflows totaled $2.3 billion in June. The fund maintains a constructive outlook with ratings-quality positioning favoring Ca and B bonds, though spreads are fair but not compelling and caution on deeply distressed credits persists. Full Quick Take Franklin High Income Fund delivered 2.19% in Q2 2026 as resilient corporate fundamentals and active capital markets supported high-yield bonds despite hawkish Fed commentary. Default rates remain below historical averages at 2.67%, while fund inflows totaled $2.3 billion in June. The fund maintains a constructive outlook with ratings-quality positioning favoring Ca and B bonds, though spreads are fair but not compelling and caution on deeply distressed credits persists. | - | |||||
| +7.7% | - | Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. Full Quick Take Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. | |||||||
| - | - | Apollo Global Management delivered record Q2 2026 earnings with Fee Related Earnings up 25% year-over-year to $785 million and Spread Related Earnings reaching $877 million. Total AUM hit $1.05 trillion on $298 billion of trailing twelve-month inflows. The firm's integrated platform across Asset Management and Retirement Services, combined with $74 billion of quarterly origination activity, positions Apollo to capitalize on increasing demand for capital in evolving private markets. Full Quick Take Apollo Global Management delivered record Q2 2026 earnings with Fee Related Earnings up 25% year-over-year to $785 million and Spread Related Earnings reaching $877 million. Total AUM hit $1.05 trillion on $298 billion of trailing twelve-month inflows. The firm's integrated platform across Asset Management and Retirement Services, combined with $74 billion of quarterly origination activity, positions Apollo to capitalize on increasing demand for capital in evolving private markets. | |||||||
| +20.0% | +19.0% | - | Long Cast Advisers provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Long Cast Advisers provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +0.4% | +1.1% | - | Easterly Income Opportunities Fund underperformed in Q2 2026 as rising rates offset carry, but maintains conviction in structured credit opportunities. The fund is reallocating from CMBS to higher-quality RMBS while consumer credit bifurcation creates selective opportunities. AI infrastructure investment drives economic growth while the Fed adopts a hawkish stance. Corporate Structured Notes offer compelling relative value despite yield curve headwinds. Active security selection remains critical as credit differentiation increases. Full Quick Take Easterly Income Opportunities Fund underperformed in Q2 2026 as rising rates offset carry, but maintains conviction in structured credit opportunities. The fund is reallocating from CMBS to higher-quality RMBS while consumer credit bifurcation creates selective opportunities. AI infrastructure investment drives economic growth while the Fed adopts a hawkish stance. Corporate Structured Notes offer compelling relative value despite yield curve headwinds. Active security selection remains critical as credit differentiation increases. | - | |||||
| - | +7.6% | - | Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices. Manager expects gold to become the primary liquid haven as Treasury confidence deteriorates, with fiscal dynamics, record equity valuations, and China risks creating a severe global downturn catalyst. Full Quick Take Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices. Manager expects gold to become the primary liquid haven as Treasury confidence deteriorates, with fiscal dynamics, record equity valuations, and China risks creating a severe global downturn catalyst. | - | |||||
| +6.3% | +3.2% | - | The Fund delivered 6.32% in Q2 2026 by capturing a 100+ basis point rally in credit spreads while its floating-rate structure benefited from rising base rates. With 363 diversified obligors, minimal duration, and a 6.06% pro-forma yield, the strategy is engineered to harvest credit risk premiums at half the volatility of equities. Managers view current spread compression as setting up future deployment opportunities. Full Quick Take The Fund delivered 6.32% in Q2 2026 by capturing a 100+ basis point rally in credit spreads while its floating-rate structure benefited from rising base rates. With 363 diversified obligors, minimal duration, and a 6.06% pro-forma yield, the strategy is engineered to harvest credit risk premiums at half the volatility of equities. Managers view current spread compression as setting up future deployment opportunities. | - | |||||
| +0.4% | +0.5% | - | FPA New Income maintains maximum defensiveness with 97% High Quality exposure as credit spreads hit historically tight levels. The fund extended duration to capture attractive risk-free rates at decade highs and initiated TIPS for the first time in 20 years. With spreads in the 1st-4th percentile providing inadequate compensation for credit risk, the manager is positioned to protect capital while waiting for better opportunities to deploy into Credit. Full Quick Take FPA New Income maintains maximum defensiveness with 97% High Quality exposure as credit spreads hit historically tight levels. The fund extended duration to capture attractive risk-free rates at decade highs and initiated TIPS for the first time in 20 years. With spreads in the 1st-4th percentile providing inadequate compensation for credit risk, the manager is positioned to protect capital while waiting for better opportunities to deploy into Credit. | - | |||||
| +2.6% | +2.1% | - | BlackRock Strategic Income Opportunities Fund delivered 2.65% in Q2 2026, led by AI-related absolute return strategies and European credit compression. U.S. rates positioning detracted as yields rose on inflation concerns. The team reduced front-end duration, rotated out the curve, increased European and high yield exposure, and trimmed agency MBS and investment grade credit. Focus remains on income, security selection, and high-quality structured products. Full Quick Take BlackRock Strategic Income Opportunities Fund delivered 2.65% in Q2 2026, led by AI-related absolute return strategies and European credit compression. U.S. rates positioning detracted as yields rose on inflation concerns. The team reduced front-end duration, rotated out the curve, increased European and high yield exposure, and trimmed agency MBS and investment grade credit. Focus remains on income, security selection, and high-quality structured products. | - | |||||
| +0.8% | +0.5% | - | BlackRock Core Bond Fund delivered 0.89% in Q2 2026 through overweight duration positioning in the front to belly of the U.S. curve, securitized asset exposure, and emerging market debt additions. The fund reduced corporate beta at historically tight credit spreads, favoring high-quality securitized assets for spread exposure while adding European and emerging market rates given attractive valuations and carry opportunities. Full Quick Take BlackRock Core Bond Fund delivered 0.89% in Q2 2026 through overweight duration positioning in the front to belly of the U.S. curve, securitized asset exposure, and emerging market debt additions. The fund reduced corporate beta at historically tight credit spreads, favoring high-quality securitized assets for spread exposure while adding European and emerging market rates given attractive valuations and carry opportunities. | - | |||||
| +1.9% | +1.7% | - | The Touchstone Ares Credit Opportunities Fund maintains risk-neutral positioning in leveraged credit markets, balancing supportive macroeconomic fundamentals against historically tight credit spreads. The Fund underperformed its benchmark in Q2 2026 due to credit selection in single-B and CCC-rated cohorts. The manager expects a coupon clip environment ahead, with income generation as the primary return driver while remaining disciplined in credit selection. Full Quick Take The Touchstone Ares Credit Opportunities Fund maintains risk-neutral positioning in leveraged credit markets, balancing supportive macroeconomic fundamentals against historically tight credit spreads. The Fund underperformed its benchmark in Q2 2026 due to credit selection in single-B and CCC-rated cohorts. The manager expects a coupon clip environment ahead, with income generation as the primary return driver while remaining disciplined in credit selection. | - | |||||
| - | +0.9% | - | Bramshill Income Performance Fund is a tactical fixed income strategy delivering 0.89% in Q3 2026 through dynamic rotation across investment grade corporates, high yield, preferreds, municipals, and Treasuries. The fund actively manages duration and credit exposure to optimize risk-adjusted returns, recently shifting to shorter-duration and floating-rate structures during the 2024-2025 rate rise. Strict risk limits and stop losses aim to prevent principal drawdowns while maintaining investment grade quality. Full Quick Take Bramshill Income Performance Fund is a tactical fixed income strategy delivering 0.89% in Q3 2026 through dynamic rotation across investment grade corporates, high yield, preferreds, municipals, and Treasuries. The fund actively manages duration and credit exposure to optimize risk-adjusted returns, recently shifting to shorter-duration and floating-rate structures during the 2024-2025 rate rise. Strict risk limits and stop losses aim to prevent principal drawdowns while maintaining investment grade quality. | - | |||||
| +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. | |||||||
| +7.7% | -0.9% | Weitz Partners III returned 7.97% in Q2 2026, underperforming the 15.71% benchmark as valuation discipline limited participation in concentrated AI gains. The fund selectively invested in AI through Texas Instruments and Alphabet while exiting Accenture and Salesforce on disintermediation concerns. New positions in Netflix and Capital One represent contrarian value opportunities. Cash rose to 12% as managers adopted a modestly defensive stance amid elevated valuations. Full Quick Take Weitz Partners III returned 7.97% in Q2 2026, underperforming the 15.71% benchmark as valuation discipline limited participation in concentrated AI gains. The fund selectively invested in AI through Texas Instruments and Alphabet while exiting Accenture and Salesforce on disintermediation concerns. New positions in Netflix and Capital One represent contrarian value opportunities. Cash rose to 12% as managers adopted a modestly defensive stance amid elevated valuations. | |||||||
| +15.2% | +1.7% | TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates. Full Quick Take TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates. | |||||||
| +3.0% | +2.5% | - | The Fund returned 3.01% net in Q2 2026, outperforming its benchmark by 56 basis points. The high yield market benefited from Iran conflict de-escalation and brisk primary issuance. The manager is actively recycling gains into higher-quality credits as valuations have become stretched, while maintaining the view that high yield remains attractive versus alternatives through disciplined credit selection in an environment of supportive fundamentals but persistent inflation risks. Full Quick Take The Fund returned 3.01% net in Q2 2026, outperforming its benchmark by 56 basis points. The high yield market benefited from Iran conflict de-escalation and brisk primary issuance. The manager is actively recycling gains into higher-quality credits as valuations have become stretched, while maintaining the view that high yield remains attractive versus alternatives through disciplined credit selection in an environment of supportive fundamentals but persistent inflation risks. | - | |||||
| +0.5% | +0.5% | - | TCW Core Fixed Income underperformed in Q2 2026 on hawkish Fed repricing but maintains conviction that rate hikes are unlikely. The fund favors securitized credit over richly-priced corporate bonds, overweighting agency MBS, non-agency MBS, and senior CMBS tranches while maintaining modest duration overweight in intermediate maturities. Corporate credit positioning is defensive, emphasizing regulated utilities, banks, and borrowers with low AI obsolescence risk. Full Quick Take TCW Core Fixed Income underperformed in Q2 2026 on hawkish Fed repricing but maintains conviction that rate hikes are unlikely. The fund favors securitized credit over richly-priced corporate bonds, overweighting agency MBS, non-agency MBS, and senior CMBS tranches while maintaining modest duration overweight in intermediate maturities. Corporate credit positioning is defensive, emphasizing regulated utilities, banks, and borrowers with low AI obsolescence risk. | - | |||||
| +19.1% | - | The Meridian Growth Fund returned 19.10% in Q2 2026, trailing its benchmark's 24.02% as factor headwinds from the risk-on rally overwhelmed positive stock selection. The portfolio's quality orientation and lower-beta positioning lagged as the market rewarded speculative, high-momentum names following geopolitical de-escalation. Strong contributions from Hinge Health, Definium Therapeutics, and GlobalFoundries partially offset weakness in Trimble and Tandem Diabetes. The manager maintains focus on high-quality businesses with sustainable competitive advantages. Full Quick Take The Meridian Growth Fund returned 19.10% in Q2 2026, trailing its benchmark's 24.02% as factor headwinds from the risk-on rally overwhelmed positive stock selection. The portfolio's quality orientation and lower-beta positioning lagged as the market rewarded speculative, high-momentum names following geopolitical de-escalation. Strong contributions from Hinge Health, Definium Therapeutics, and GlobalFoundries partially offset weakness in Trimble and Tandem Diabetes. The manager maintains focus on high-quality businesses with sustainable competitive advantages. | |||||||
| +21.5% | - | Meridian Small Cap Growth returned 21.54% in Q2 2026, trailing its benchmark's 25.71% as quality-oriented, lower-beta positioning faced headwinds in a risk-on rally favoring high-beta stocks. Strong stock selection partially offset factor drag, led by medical device and biotech winners including Hinge Health, Definium Therapeutics, and Veracyte. The fund maintains its focus on recurring-revenue businesses with competitive moats while monitoring Iran conflict, inflation, and rate risks. Full Quick Take Meridian Small Cap Growth returned 21.54% in Q2 2026, trailing its benchmark's 25.71% as quality-oriented, lower-beta positioning faced headwinds in a risk-on rally favoring high-beta stocks. Strong stock selection partially offset factor drag, led by medical device and biotech winners including Hinge Health, Definium Therapeutics, and Veracyte. The fund maintains its focus on recurring-revenue businesses with competitive moats while monitoring Iran conflict, inflation, and rate risks. | |||||||
| +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. | - | ||||||
| +12.2% | +5.3% | Core Leaders returned 12.24% in Q2 but lagged the S&P 500's 15.20% due to underweight semiconductor exposure during an 88% sector rally. The managers view unprecedented investor crowding and 11x sales valuations as unsustainable despite strong AI infrastructure fundamentals. They trimmed winners like Marvell and UnitedHealth while adding defensive quality positions including Constellation Energy and Berkshire Hathaway. The team maintains discipline on intrinsic value investing, expecting eventual market broadening to favor their quality-focused approach. Full Quick Take Core Leaders returned 12.24% in Q2 but lagged the S&P 500's 15.20% due to underweight semiconductor exposure during an 88% sector rally. The managers view unprecedented investor crowding and 11x sales valuations as unsustainable despite strong AI infrastructure fundamentals. They trimmed winners like Marvell and UnitedHealth while adding defensive quality positions including Constellation Energy and Berkshire Hathaway. The team maintains discipline on intrinsic value investing, expecting eventual market broadening to favor their quality-focused approach. | |||||||
| +39.0% | +38.4% | Lord Abbett Developing Growth Fund delivered 39% returns in Q2 2026, crushing its benchmark through concentrated bets on AI infrastructure, semiconductors, and defense technology. The manager sees earnings growth driving markets higher but demands selectivity, favoring quality companies with secular tailwinds and strong balance sheets over leveraged cyclicals. AI adoption across semiconductors, cloud, and industrials remains the core thesis, with defense technology emerging as a new conviction area. Full Quick Take Lord Abbett Developing Growth Fund delivered 39% returns in Q2 2026, crushing its benchmark through concentrated bets on AI infrastructure, semiconductors, and defense technology. The manager sees earnings growth driving markets higher but demands selectivity, favoring quality companies with secular tailwinds and strong balance sheets over leveraged cyclicals. AI adoption across semiconductors, cloud, and industrials remains the core thesis, with defense technology emerging as a new conviction area. | - | ||||||
| - | - | CrossingBridge Advisors remains deeply skeptical of the AI infrastructure boom, drawing parallels to historical boom-bust cycles that destroyed investor capital despite technological importance. They increased investment grade allocation and dry powder as spreads tightened, while selectively investing in Norwegian data center debt, Oracle bonds at dislocated spreads, and event-driven credits including Warner Bros Discovery, Spirit Airlines, and Evoke. Returns remain grounded in economics, not visions. Full Quick Take CrossingBridge Advisors remains deeply skeptical of the AI infrastructure boom, drawing parallels to historical boom-bust cycles that destroyed investor capital despite technological importance. They increased investment grade allocation and dry powder as spreads tightened, while selectively investing in Norwegian data center debt, Oracle bonds at dislocated spreads, and event-driven credits including Warner Bros Discovery, Spirit Airlines, and Evoke. Returns remain grounded in economics, not visions. | |||||||
| +1.3% | +1.0% | - | BNY Mellon Core Plus Fund outperformed in Q2 2026 on high yield, convertibles, and energy/utility sector positioning despite Fed hawkish pivot under new Chair Warsh. Manager trimmed corporate credit as valuations compressed but added utility hybrids and MBS/ABS. Expects Fed holds rates despite market pricing hikes, creating fixed income value. Sees selective AI infrastructure credit opportunities. Maintains longer duration and overweight credit positioning targeting 2% GDP growth. Full Quick Take BNY Mellon Core Plus Fund outperformed in Q2 2026 on high yield, convertibles, and energy/utility sector positioning despite Fed hawkish pivot under new Chair Warsh. Manager trimmed corporate credit as valuations compressed but added utility hybrids and MBS/ABS. Expects Fed holds rates despite market pricing hikes, creating fixed income value. Sees selective AI infrastructure credit opportunities. Maintains longer duration and overweight credit positioning targeting 2% GDP growth. | - |
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