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 |
|---|---|---|---|---|---|---|---|---|---|
| +17.8% | - | Meridian Contrarian returned 17.75% in Q2 2026, lagging the momentum-driven Russell 2500's 20.26% as technology concentration dominated returns. Top contributors BlackBerry, CEVA, and PDF Solutions all benefited from accelerating AI and semiconductor cycles, validating the fund's contrarian thesis on operational recovery in out-of-favor names. The manager actively trimmed winners and reduced oil/defense exposure while maintaining conviction in bottom-up research identifying mispriced small-cap recovery opportunities. Full Quick Take Meridian Contrarian returned 17.75% in Q2 2026, lagging the momentum-driven Russell 2500's 20.26% as technology concentration dominated returns. Top contributors BlackBerry, CEVA, and PDF Solutions all benefited from accelerating AI and semiconductor cycles, validating the fund's contrarian thesis on operational recovery in out-of-favor names. The manager actively trimmed winners and reduced oil/defense exposure while maintaining conviction in bottom-up research identifying mispriced small-cap recovery opportunities. | |||||||
| +4.5% | - | Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. Full Quick Take Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. | |||||||
| +8.8% | +2.3% | Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. Full Quick Take Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. | |||||||
| - | +25.3% | Arauca Capital delivered a 25.26% gross return in H1 2026 by monetizing extraordinary gains in semiconductor and technology positions like Kioxia and Alphabet. Capital is now positioned defensively in short-term Treasuries, private power, and specialized digital lender VersaBank, while avoiding AI hyper-scalers facing heavy capex burdens and cyclical memory peaks. Full Quick Take Arauca Capital delivered a 25.26% gross return in H1 2026 by monetizing extraordinary gains in semiconductor and technology positions like Kioxia and Alphabet. Capital is now positioned defensively in short-term Treasuries, private power, and specialized digital lender VersaBank, while avoiding AI hyper-scalers facing heavy capex burdens and cyclical memory peaks. | |||||||
| - | - | River Oaks Capital experienced its most challenging period since inception, underperforming benchmarks due to zero AI exposure as capital rotated away from its microcap holdings. Manager Huguley is taking direct action: separating management quality from industry economics assessment, and actively working with portfolio companies to create catalysts through aggressive buybacks and value-realization strategies. With 12 of 15 holdings growing earnings while trading near 50% of fair value, the manager sees compelling long-term opportunities. Full Quick Take River Oaks Capital experienced its most challenging period since inception, underperforming benchmarks due to zero AI exposure as capital rotated away from its microcap holdings. Manager Huguley is taking direct action: separating management quality from industry economics assessment, and actively working with portfolio companies to create catalysts through aggressive buybacks and value-realization strategies. With 12 of 15 holdings growing earnings while trading near 50% of fair value, the manager sees compelling long-term opportunities. | |||||||
| - | - | 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. | |||||||
| - | -10.0% | Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. Full Quick Take Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. | |||||||
| - | - | The Magnificent Seven's trillion-dollar AI buildout reveals stark divergence in value creation. Nvidia and Apple thrive as supplier and capital-light player respectively. Microsoft, Meta, and Alphabet compress from extraordinary to excellent returns while still earning 2.5x their cost of capital. Amazon barely clears its hurdle while Tesla destroys value. The dispersion creates opportunity for investors distinguishing growth buyers from capacity buyers. Full Quick Take The Magnificent Seven's trillion-dollar AI buildout reveals stark divergence in value creation. Nvidia and Apple thrive as supplier and capital-light player respectively. Microsoft, Meta, and Alphabet compress from extraordinary to excellent returns while still earning 2.5x their cost of capital. Amazon barely clears its hurdle while Tesla destroys value. The dispersion creates opportunity for investors distinguishing growth buyers from capacity buyers. | |||||||
| +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. | |||||||
| - | - | - | Atherean Asset Management is skeptical of AI infrastructure economics and semiconductor sustainability despite strong market performance. The manager avoids hyperscalers and frontier model developers, instead emphasizing long-term ownership of durable businesses with strong capital allocation. The portfolio is heavily weighted toward insurance, viewed as a timeless industry that will benefit from AI operationally while compounding shareholder value through disciplined underwriting and conservative balance sheets. Full Quick Take Atherean Asset Management is skeptical of AI infrastructure economics and semiconductor sustainability despite strong market performance. The manager avoids hyperscalers and frontier model developers, instead emphasizing long-term ownership of durable businesses with strong capital allocation. The portfolio is heavily weighted toward insurance, viewed as a timeless industry that will benefit from AI operationally while compounding shareholder value through disciplined underwriting and conservative balance sheets. | - | |||||
| - | - | M&G navigates unprecedented market concentration by maintaining disciplined diversification across uncorrelated securities with clear value gaps. While participating selectively in AI through established business models, the firm increasingly targets longer-cycle themes like electrification and overlooked quality names trading at attractive valuations. Multi Asset portfolios favor government bonds over credit with tactical duration management. Opportunities emerging in Japan corporate reform, EM valuations, and broadening leadership as extreme concentration eventually normalizes. Full Quick Take M&G navigates unprecedented market concentration by maintaining disciplined diversification across uncorrelated securities with clear value gaps. While participating selectively in AI through established business models, the firm increasingly targets longer-cycle themes like electrification and overlooked quality names trading at attractive valuations. Multi Asset portfolios favor government bonds over credit with tactical duration management. Opportunities emerging in Japan corporate reform, EM valuations, and broadening leadership as extreme concentration eventually normalizes. | - | ||||||
| +21.6% | +16.5% | Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. Full Quick Take Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. | - | ||||||
| +23.2% | +9.1% | Voss Capital returned 23.2% net in Q2 2026, deploying into undervalued small-cap special situations as fundamentals turn. New positions include Rackspace Technology (AI infrastructure turnaround with unutilized data center capacity), Versigent (automotive wire harness oligopolist at 5x EBITDA), Hill & Smith (US grid infrastructure play at UK discount), and De'Longhi (coffee equipment leader with mispriced Professional segment growing 30%+ annually). Full Quick Take Voss Capital returned 23.2% net in Q2 2026, deploying into undervalued small-cap special situations as fundamentals turn. New positions include Rackspace Technology (AI infrastructure turnaround with unutilized data center capacity), Versigent (automotive wire harness oligopolist at 5x EBITDA), Hill & Smith (US grid infrastructure play at UK discount), and De'Longhi (coffee equipment leader with mispriced Professional segment growing 30%+ annually). | |||||||
| +22.4% | +8.5% | Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. Full Quick Take Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. | |||||||
| - | - | - | Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. Full Quick Take Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. | - | |||||
| +17.7% | +12.1% | Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. Full Quick Take Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. | - | ||||||
| +26.6% | +20.4% | Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. Full Quick Take Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. | |||||||
| +16.0% | +15.9% | Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. Full Quick Take Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. | |||||||
| - | - | - | 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. | - | |||||
| - | - | Q2 2026 delivered a decisive equity rebound as geopolitical tensions eased and AI capex reasserted itself. Momentum dominated with one of its strongest quarters since the dot-com era, while Value's outperformance masked a semiconductor concentration bet. Quality's three-year lag now presents a mean-reversion opportunity, with history showing 82% recovery probability. Stretched valuations and momentum dispersion warrant greater factor diversification ahead. Full Quick Take Q2 2026 delivered a decisive equity rebound as geopolitical tensions eased and AI capex reasserted itself. Momentum dominated with one of its strongest quarters since the dot-com era, while Value's outperformance masked a semiconductor concentration bet. Quality's three-year lag now presents a mean-reversion opportunity, with history showing 82% recovery probability. Stretched valuations and momentum dispersion warrant greater factor diversification ahead. | - | ||||||
| +7.6% | -3.7% | LongRun Equity underperformed in Q2 as narrow market breadth favored AI stocks while quality businesses saw multiple compression despite earnings delivery. The fund added Amphenol and Nvidia, viewing AI disruption fears as creating opportunities in fundamentally strong businesses with intact moats. Portfolio metrics remain robust with 31% margins and 63% ROIC. Management expects market rotation to drive low double-digit forward returns from current attractive valuations. Full Quick Take LongRun Equity underperformed in Q2 as narrow market breadth favored AI stocks while quality businesses saw multiple compression despite earnings delivery. The fund added Amphenol and Nvidia, viewing AI disruption fears as creating opportunities in fundamentally strong businesses with intact moats. Portfolio metrics remain robust with 31% margins and 63% ROIC. Management expects market rotation to drive low double-digit forward returns from current attractive valuations. | |||||||
| +14.9% | - | The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. Full Quick Take The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. | |||||||
| - | - | Tall Oak warns that current market valuations exceed 1999 dot-com levels, with the S&P 500 at a P/E of 31.9 and profit margins near 35-year highs. Historical analysis suggests this starting point could produce roughly -1.4% annual returns over the next decade if valuations mean-revert. The firm is building portfolio resilience through tail-risk hedging and diversification across alternatives rather than timing a market decline. Full Quick Take Tall Oak warns that current market valuations exceed 1999 dot-com levels, with the S&P 500 at a P/E of 31.9 and profit margins near 35-year highs. Historical analysis suggests this starting point could produce roughly -1.4% annual returns over the next decade if valuations mean-revert. The firm is building portfolio resilience through tail-risk hedging and diversification across alternatives rather than timing a market decline. | - | ||||||
| +0.7% | -3.1% | Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. Full Quick Take Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. | |||||||
| +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. | - | ||||||
| - | +14.5% | Distillate Capital sees extreme market bifurcation with AI names trading at over 50x free cash flow after $25 trillion in gains against minimal fundamental improvement. The manager actively avoids AI due to unfavorable risk/reward in an increasingly competitive industry. Outside mega-caps, tremendous value exists with stocks at double-digit FCF yields. The Small/Mid Quality Value strategy trades at 8% FCF/EV yield versus 2.9% for the S&P 500, positioned for outperformance when fundamentals reassert. Full Quick Take Distillate Capital sees extreme market bifurcation with AI names trading at over 50x free cash flow after $25 trillion in gains against minimal fundamental improvement. The manager actively avoids AI due to unfavorable risk/reward in an increasingly competitive industry. Outside mega-caps, tremendous value exists with stocks at double-digit FCF yields. The Small/Mid Quality Value strategy trades at 8% FCF/EV yield versus 2.9% for the S&P 500, positioned for outperformance when fundamentals reassert. | |||||||
| - | - | The S&P 500 rallied +15% in Q2 2026 as oil reversed from $115 to $70 following a Middle East ceasefire, while semiconductor stocks surged +88% on record AI infrastructure spending by major tech companies. Inflation peaked at +4.2% in May but is expected to ease. The Fed shifted toward potential rate hikes. Market breadth strengthened with small caps gaining +21.5%. Key risks include inflation persistence and AI spending sustainability. Full Quick Take The S&P 500 rallied +15% in Q2 2026 as oil reversed from $115 to $70 following a Middle East ceasefire, while semiconductor stocks surged +88% on record AI infrastructure spending by major tech companies. Inflation peaked at +4.2% in May but is expected to ease. The Fed shifted toward potential rate hikes. Market breadth strengthened with small caps gaining +21.5%. Key risks include inflation persistence and AI spending sustainability. | |||||||
| - | +3.9% | Distillate's International FSV strategy lagged in Q2 2026 as AI-driven momentum and semiconductor concentration dominated returns, but the manager sees this as opportunity. AI names gained $25 trillion in value on just $300 billion of FCF growth, creating extreme valuation bifurcation. The strategy trades at 8.5% FCF/EV yield versus 4.6% for the benchmark, the widest discount since inception, positioning for outperformance when fundamentals reassert themselves as they did post-2000. Full Quick Take Distillate's International FSV strategy lagged in Q2 2026 as AI-driven momentum and semiconductor concentration dominated returns, but the manager sees this as opportunity. AI names gained $25 trillion in value on just $300 billion of FCF growth, creating extreme valuation bifurcation. The strategy trades at 8.5% FCF/EV yield versus 4.6% for the benchmark, the widest discount since inception, positioning for outperformance when fundamentals reassert themselves as they did post-2000. | |||||||
| - | - | - | KAR underperformed in Q2 2026 as AI speculation drove extreme outperformance of low-quality stocks, semiconductors, and non-earners. The firm deliberately avoids these near-term beneficiaries, maintaining focus on durable earnings and competitive moats. Low-quality outperformed high-quality by three standard deviations, matching extremes only seen in 1999 and 2009. KAR expects eventual normalization favoring profitability but acknowledges uncertainty on timing. Full Quick Take KAR underperformed in Q2 2026 as AI speculation drove extreme outperformance of low-quality stocks, semiconductors, and non-earners. The firm deliberately avoids these near-term beneficiaries, maintaining focus on durable earnings and competitive moats. Low-quality outperformed high-quality by three standard deviations, matching extremes only seen in 1999 and 2009. KAR expects eventual normalization favoring profitability but acknowledges uncertainty on timing. | - | |||||
| - | 0.0% | Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. Full Quick Take Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. | - | ||||||
| +10.5% | +12.5% | Northern Large Cap Value Fund posted 10.52% in Q2 2026 but underperformed its benchmark as high-quality value stocks lagged despite broad value outperformance. Semiconductors like MU and INTC surged over 200% on AI demand and memory shortages. The manager maintains conviction in quality-value investing, targeting inexpensive, profitable companies with strong cash flows to outperform through the cycle while avoiding value traps. Full Quick Take Northern Large Cap Value Fund posted 10.52% in Q2 2026 but underperformed its benchmark as high-quality value stocks lagged despite broad value outperformance. Semiconductors like MU and INTC surged over 200% on AI demand and memory shortages. The manager maintains conviction in quality-value investing, targeting inexpensive, profitable companies with strong cash flows to outperform through the cycle while avoiding value traps. | - | ||||||
| +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. | |||||||
| +22.3% | +27.9% | - | The fund returned 22.28% but lagged the benchmark's 24.05% as AI-driven semiconductor demand propelled Taiwan and South Korea to massive gains. The underweight to a Taiwanese semiconductor bellwether and broader technology underexposure hurt performance, as did overweights to lagging Latin American and other emerging markets. China holdings added value despite market weakness. Multi-manager structure delivered mixed results across technology and value strategies. Full Quick Take The fund returned 22.28% but lagged the benchmark's 24.05% as AI-driven semiconductor demand propelled Taiwan and South Korea to massive gains. The underweight to a Taiwanese semiconductor bellwether and broader technology underexposure hurt performance, as did overweights to lagging Latin American and other emerging markets. China holdings added value despite market weakness. Multi-manager structure delivered mixed results across technology and value strategies. | - | |||||
| - | - | AI infrastructure spending is driving sustainable market gains with semiconductor and hardware companies leading on strong fundamentals, though valuations have expanded significantly. Trillion-dollar hyperscaler investments appear justified by expected productivity gains of $625 billion annually. Software faces near-term disruption as AI lowers barriers to entry, but smart incumbents will adapt. Retail speculation is elevated but not yet at bubble-bursting levels based on historical patterns. Full Quick Take AI infrastructure spending is driving sustainable market gains with semiconductor and hardware companies leading on strong fundamentals, though valuations have expanded significantly. Trillion-dollar hyperscaler investments appear justified by expected productivity gains of $625 billion annually. Software faces near-term disruption as AI lowers barriers to entry, but smart incumbents will adapt. Retail speculation is elevated but not yet at bubble-bursting levels based on historical patterns. | - | ||||||
| +30.1% | +23.7% | Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. Full Quick Take Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. | |||||||
| +11.5% | +16.2% | Crossroads returned 11.5% net in Q2 as concentrated small-cap portfolio captured market broadening. Nebius emerged as AI hyperscaler with $46B contracts and 50% margins. AST SpaceMobile scaled to 12 satellites with FCC authorization for 248-satellite constellation. Nintendo marked down on memory headwinds despite 150% profit growth. FTAI secured $1.5B data center power order. Manager added to positions during July momentum unwind, maintaining focus on hard catalysts independent of macro. Full Quick Take Crossroads returned 11.5% net in Q2 as concentrated small-cap portfolio captured market broadening. Nebius emerged as AI hyperscaler with $46B contracts and 50% margins. AST SpaceMobile scaled to 12 satellites with FCC authorization for 248-satellite constellation. Nintendo marked down on memory headwinds despite 150% profit growth. FTAI secured $1.5B data center power order. Manager added to positions during July momentum unwind, maintaining focus on hard catalysts independent of macro. | |||||||
| +44.2% | - | BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. Full Quick Take BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. | - | ||||||
| - | +4.6% | The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies. Full Quick Take The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies. | |||||||
| +16.0% | +5.4% | Stewart Asset Management gained 15.97% net in Q2 2026, driven by exceptional S&P 500 earnings growth projected at 23% for the full year. The portfolio maintains concentrated exposure to AI infrastructure through hyperscalers and chip designers, adding Lumentum to capture optical networking demand. Despite valuation concerns and inevitable volatility, the manager believes continued earnings growth will drive further gains in the second half of 2026. Full Quick Take Stewart Asset Management gained 15.97% net in Q2 2026, driven by exceptional S&P 500 earnings growth projected at 23% for the full year. The portfolio maintains concentrated exposure to AI infrastructure through hyperscalers and chip designers, adding Lumentum to capture optical networking demand. Despite valuation concerns and inevitable volatility, the manager believes continued earnings growth will drive further gains in the second half of 2026. | |||||||
| - | +7.2% | Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value. Full Quick Take Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value. | |||||||
| +3.0% | - | Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations. Full Quick Take Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations. | |||||||
| +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. | |||||||
| - | - | - | Equity markets delivered one of their strongest quarterly reversals in years, driven by exceptional earnings growth and broadening participation beyond mega-cap tech. The AI trade matured as semiconductor suppliers surged and productivity gains diffused across sectors. A fragile US-Iran ceasefire eased oil prices temporarily. High rates and reaccelerating inflation keep Fed cuts off the table, leaving little margin for error despite constructive fundamentals. Full Quick Take Equity markets delivered one of their strongest quarterly reversals in years, driven by exceptional earnings growth and broadening participation beyond mega-cap tech. The AI trade matured as semiconductor suppliers surged and productivity gains diffused across sectors. A fragile US-Iran ceasefire eased oil prices temporarily. High rates and reaccelerating inflation keep Fed cuts off the table, leaving little margin for error despite constructive fundamentals. | - | |||||
| - | - | ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. Full Quick Take ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. | |||||||
| +5.3% | - | The Gabelli Dividend Growth Fund returned 5.35% in Q2 2026, underperforming the Russell 1000 Value Index due to limited semiconductor exposure. The Fund missed massive gains in Micron and SanDisk but benefited from holdings in Hewlett Packard Enterprise, Alphabet, and Citigroup. The manager added Microsoft and Genuine Parts while maintaining focus on high-quality companies with sustainable cash flows and pricing power. Full Quick Take The Gabelli Dividend Growth Fund returned 5.35% in Q2 2026, underperforming the Russell 1000 Value Index due to limited semiconductor exposure. The Fund missed massive gains in Micron and SanDisk but benefited from holdings in Hewlett Packard Enterprise, Alphabet, and Citigroup. The manager added Microsoft and Genuine Parts while maintaining focus on high-quality companies with sustainable cash flows and pricing power. | |||||||
| +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. | - | ||||||
| +8.8% | - | Fairtree Global Equity underperformed by 6.1% in Q2 2026 as extreme momentum concentration in AI and semiconductors drove benchmarks higher. The fund's value-oriented positioning clashed with record momentum factor outperformance fueled by leveraged ETFs and options flows. Management added semiconductor and AI exposure while maintaining conviction that narrow leadership will give way to fundamental-driven broadening, viewing current valuations as compelling despite near-term style headwinds. Full Quick Take Fairtree Global Equity underperformed by 6.1% in Q2 2026 as extreme momentum concentration in AI and semiconductors drove benchmarks higher. The fund's value-oriented positioning clashed with record momentum factor outperformance fueled by leveraged ETFs and options flows. Management added semiconductor and AI exposure while maintaining conviction that narrow leadership will give way to fundamental-driven broadening, viewing current valuations as compelling despite near-term style headwinds. | - | ||||||
| +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. | |||||||
| - | - | - | 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. |
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