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 |
|---|---|---|---|---|---|---|---|---|---|
| +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. | |||||||
| +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. | - | |||||
| +14.1% | - | Sigil Core outperformed Bitcoin by 33% in Q2 2026 on concentrated bets in perpetual DEXes Hyperliquid and Lighter, while broader crypto faced DeFi exploits and MicroStrategy selling pressure. Infrastructure has matured to institutional-grade with favorable regulatory shifts positioning crypto for the next $1T from institutions rather than retail. Perpetual DEXes and privacy assets represent secular multi-cycle opportunities despite near-term market challenges. Full Quick Take Sigil Core outperformed Bitcoin by 33% in Q2 2026 on concentrated bets in perpetual DEXes Hyperliquid and Lighter, while broader crypto faced DeFi exploits and MicroStrategy selling pressure. Infrastructure has matured to institutional-grade with favorable regulatory shifts positioning crypto for the next $1T from institutions rather than retail. Perpetual DEXes and privacy assets represent secular multi-cycle opportunities despite near-term market challenges. | |||||||
| +16.6% | +10.4% | Baron Partners Fund returned 16.61% in Q2 2026, outpacing its benchmark on the strength of SpaceX, which surged 62% after its record IPO and major AI deals. Several software and information services holdings declined on AI disruption fears despite strong fundamentals, creating what managers view as attractive valuations. The Fund's concentrated portfolio with 74% in top 10 positions delivered exceptional long-term results of 18% annualized since 2003. Full Quick Take Baron Partners Fund returned 16.61% in Q2 2026, outpacing its benchmark on the strength of SpaceX, which surged 62% after its record IPO and major AI deals. Several software and information services holdings declined on AI disruption fears despite strong fundamentals, creating what managers view as attractive valuations. The Fund's concentrated portfolio with 74% in top 10 positions delivered exceptional long-term results of 18% annualized since 2003. | |||||||
| +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. | |||||||
| - | - | - | 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. | ||||||
| +41.2% | +25.2% | Bailard Technology delivered 41% in Q2 by aggressively positioning into AI infrastructure hardware and semiconductors while rotating out of application software. Memory, semicap equipment, cybersecurity, and observability drove outperformance as AI deployment accelerated. The team views hardware as the cleanest AI expression and favors middle-stack infrastructure software over applications facing pricing pressure from AI-native competitors. Portfolio remains concentrated with minimal cash. Full Quick Take Bailard Technology delivered 41% in Q2 by aggressively positioning into AI infrastructure hardware and semiconductors while rotating out of application software. Memory, semicap equipment, cybersecurity, and observability drove outperformance as AI deployment accelerated. The team views hardware as the cleanest AI expression and favors middle-stack infrastructure software over applications facing pricing pressure from AI-native competitors. Portfolio remains concentrated with minimal cash. | |||||||
| +10.7% | - | Bretton Fund lagged the market in Q2 2026 by avoiding the unsustainable AI semiconductor boom, refusing to chase Micron up 600% and memory stocks at absurd valuations. UnitedHealth's turnaround added 2.5% after rebounding 80% from crisis lows. The managers opportunistically added SAP and Constellation Software at material discounts, viewing mission-critical enterprise software as insulated from AI disruption despite market fears. Full Quick Take Bretton Fund lagged the market in Q2 2026 by avoiding the unsustainable AI semiconductor boom, refusing to chase Micron up 600% and memory stocks at absurd valuations. UnitedHealth's turnaround added 2.5% after rebounding 80% from crisis lows. The managers opportunistically added SAP and Constellation Software at material discounts, viewing mission-critical enterprise software as insulated from AI disruption despite market fears. | |||||||
| +6.3% | -12.0% | Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term earnings. Full Quick Take Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term earnings. | |||||||
| - | - | The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. Full Quick Take The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. | |||||||
| +5.7% | +5.9% | Hotchkis & Wiley underperformed in Q2 2026 by avoiding the AI-driven semiconductor rally they view as a speculative bubble with unsustainable valuations. The fund favors enterprise software where AI disruption fears are overstated and has added to overlooked healthcare and consumer staples. Management expects mean reversion when market euphoria subsides and believes their attractively valued, high-quality portfolio is positioned for that outcome. Full Quick Take Hotchkis & Wiley underperformed in Q2 2026 by avoiding the AI-driven semiconductor rally they view as a speculative bubble with unsustainable valuations. The fund favors enterprise software where AI disruption fears are overstated and has added to overlooked healthcare and consumer staples. Management expects mean reversion when market euphoria subsides and believes their attractively valued, high-quality portfolio is positioned for that outcome. | |||||||
| - | +4.2% | GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. Full Quick Take GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. | |||||||
| +14.3% | +6.5% | - | The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly. Full Quick Take The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly. | - | |||||
| +3.0% | - | The Fund underperformed as AI semiconductor momentum drove concentrated market returns, with three stocks tripling and accounting for 17% of index gains. The manager added to Nvidia at attractive valuations while exiting Salesforce on AI disruption concerns. Proceeds funded quality non-AI businesses trading below fair value. The portfolio balances AI exposure through TSMC, Nvidia and hyperscalers against valuation discipline, targeting patient capital appreciation. Full Quick Take The Fund underperformed as AI semiconductor momentum drove concentrated market returns, with three stocks tripling and accounting for 17% of index gains. The manager added to Nvidia at attractive valuations while exiting Salesforce on AI disruption concerns. Proceeds funded quality non-AI businesses trading below fair value. The portfolio balances AI exposure through TSMC, Nvidia and hyperscalers against valuation discipline, targeting patient capital appreciation. | |||||||
| +3.6% | +6.3% | Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. New positions in Kerry Group and NetEase reflect disciplined value hunting in overlooked areas. The Fund's differentiated exposures in health care, consumer staples, and select emerging markets offer meaningful diversification from AI-concentrated benchmarks at attractive valuations. Full Quick Take Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. New positions in Kerry Group and NetEase reflect disciplined value hunting in overlooked areas. The Fund's differentiated exposures in health care, consumer staples, and select emerging markets offer meaningful diversification from AI-concentrated benchmarks at attractive valuations. | |||||||
| +5.7% | - | Aoris underperformed in Q2 as markets favored AI infrastructure and cyclicals over quality compounders. The manager sold Accenture after a costly 58% decline, acknowledging excessive patience with deteriorating fundamentals. New positions in Moody's and Bentley Systems reflect conviction that the market overestimates AI disruption risk to mission-critical software and data businesses. The concentrated portfolio of 15 high-quality businesses remains positioned for AI to strengthen incumbent advantages. Full Quick Take Aoris underperformed in Q2 as markets favored AI infrastructure and cyclicals over quality compounders. The manager sold Accenture after a costly 58% decline, acknowledging excessive patience with deteriorating fundamentals. New positions in Moody's and Bentley Systems reflect conviction that the market overestimates AI disruption risk to mission-critical software and data businesses. The concentrated portfolio of 15 high-quality businesses remains positioned for AI to strengthen incumbent advantages. | |||||||
| +10.4% | -10.7% | Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. Full Quick Take Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. | |||||||
| +43.5% | +40.4% | The fund delivered strong absolute returns but underperformed as its selective semiconductor positioning lagged an erratic rally concentrated in lower-quality names. Asian technology holdings drove performance while software detracted. The manager reduced hyperscaler and speculative semiconductor exposure, pivoting toward quality leaders like Nvidia and enterprise software positioned for AI industrialization. Medium-term AI outlook remains constructive but near-term positioning emphasizes selectivity given valuation excess. Full Quick Take The fund delivered strong absolute returns but underperformed as its selective semiconductor positioning lagged an erratic rally concentrated in lower-quality names. Asian technology holdings drove performance while software detracted. The manager reduced hyperscaler and speculative semiconductor exposure, pivoting toward quality leaders like Nvidia and enterprise software positioned for AI industrialization. Medium-term AI outlook remains constructive but near-term positioning emphasizes selectivity given valuation excess. | - | ||||||
| +10.5% | -10.6% | Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. Full Quick Take Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. | |||||||
| - | - | Amati Global Innovation outperformed in Q2 2026 as semiconductor equipment and HBM producers rallied on AI infrastructure spending. Manager exploited excessive AI enthusiasm by adding to specialist software providers PTC, Autodesk, and Globant at depressed valuations, viewing their defensible moats as underappreciated. Initiated ATS position to capture automation recovery driven by reshoring and pent-up demand. Maintains 3-5 year conviction in innovation cycles despite geopolitical uncertainties. Full Quick Take Amati Global Innovation outperformed in Q2 2026 as semiconductor equipment and HBM producers rallied on AI infrastructure spending. Manager exploited excessive AI enthusiasm by adding to specialist software providers PTC, Autodesk, and Globant at depressed valuations, viewing their defensible moats as underappreciated. Initiated ATS position to capture automation recovery driven by reshoring and pent-up demand. Maintains 3-5 year conviction in innovation cycles despite geopolitical uncertainties. | |||||||
| +5.7% | +11.1% | - | Miller Wealth Management's Q2 2026 letter emphasizes a disciplined, long-term approach amid market uncertainty. The firm highlights progress on inflation by the Federal Reserve and points to artificial intelligence as a generational trend. Rather than reacting to short-term news, they advise staying diversified and maintaining a steady, non-emotional investment strategy. Full Quick Take Miller Wealth Management's Q2 2026 letter emphasizes a disciplined, long-term approach amid market uncertainty. The firm highlights progress on inflation by the Federal Reserve and points to artificial intelligence as a generational trend. Rather than reacting to short-term news, they advise staying diversified and maintaining a steady, non-emotional investment strategy. | - | |||||
| - | +11.0% | Ironvine rotated capital from semiconductors into Meta and SAP during Q2 2026 as AI infrastructure valuations stretched. Meta's advertising platform offers compelling AI use cases with powerful data advantages. SAP's cloud migration and embedded enterprise position create opportunity despite market skepticism. Hyperscaler spending creates wide outcome ranges. The firm maintains conviction that Microsoft and Meta will successfully navigate this technological transition despite near-term market punishment. Full Quick Take Ironvine rotated capital from semiconductors into Meta and SAP during Q2 2026 as AI infrastructure valuations stretched. Meta's advertising platform offers compelling AI use cases with powerful data advantages. SAP's cloud migration and embedded enterprise position create opportunity despite market skepticism. Hyperscaler spending creates wide outcome ranges. The firm maintains conviction that Microsoft and Meta will successfully navigate this technological transition despite near-term market punishment. | |||||||
| +0.7% | -18.9% | Akre Focus underperformed dramatically in Q2 as markets chased AI semiconductor speculation, but the manager sees the Fund at decade-low valuations with exceptional fundamentals. Portfolio companies are successfully monetizing AI at the application layer with 16% projected growth and 42% ROIC at 17x free cash flow. The manager draws parallels to Berkshire during the Internet bubble and remains fully invested in quality software businesses. Full Quick Take Akre Focus underperformed dramatically in Q2 as markets chased AI semiconductor speculation, but the manager sees the Fund at decade-low valuations with exceptional fundamentals. Portfolio companies are successfully monetizing AI at the application layer with 16% projected growth and 42% ROIC at 17x free cash flow. The manager draws parallels to Berkshire during the Internet bubble and remains fully invested in quality software businesses. | - | ||||||
| - | - | Montaka is positioned for mean reversion as semiconductor mania has created extreme mispricings. Portfolio earnings grew at teens annually while multiples compressed during the SaaSpocalypse. Manager substantially increased Visa and Mastercard exposure, seeing major mispricing as these extraordinarily advantaged payment networks trade at 4% implied growth versus expected double-digit rates. Believes AI buildout faces political and technological disruption while quality software platforms like Salesforce represent compelling opportunities at trough valuations. Full Quick Take Montaka is positioned for mean reversion as semiconductor mania has created extreme mispricings. Portfolio earnings grew at teens annually while multiples compressed during the SaaSpocalypse. Manager substantially increased Visa and Mastercard exposure, seeing major mispricing as these extraordinarily advantaged payment networks trade at 4% implied growth versus expected double-digit rates. Believes AI buildout faces political and technological disruption while quality software platforms like Salesforce represent compelling opportunities at trough valuations. | |||||||
| +17.5% | +6.5% | Emerald returned 17.5% in Q2 on semiconductor and cybersecurity strength, but warns of bubble risks in speculative AI names. The manager stays fully invested in high-quality AI beneficiaries, viewing cybersecurity as a major winner and enterprise software leaders as orchestration layers rather than disruption victims. Quality growth stocks offer compelling value after dramatic de-rating on unwarranted AI fears. Multi-year AI adoption runway supports staying the course. Full Quick Take Emerald returned 17.5% in Q2 on semiconductor and cybersecurity strength, but warns of bubble risks in speculative AI names. The manager stays fully invested in high-quality AI beneficiaries, viewing cybersecurity as a major winner and enterprise software leaders as orchestration layers rather than disruption victims. Quality growth stocks offer compelling value after dramatic de-rating on unwarranted AI fears. Multi-year AI adoption runway supports staying the course. | |||||||
| +3.8% | -4.7% | The fund underperformed in Q2 2026 as AI enthusiasm drove market returns. BNP Paribas led contributions with strong capital build and attractive valuation despite French economic concerns. The fund added SAP at a significant discount, viewing market fears about AI disrupting enterprise software as overblown given SAP's irreplaceable infrastructure role. Intercontinental Exchange declined on unfounded AI disruption concerns despite strong fundamentals and network effects. Full Quick Take The fund underperformed in Q2 2026 as AI enthusiasm drove market returns. BNP Paribas led contributions with strong capital build and attractive valuation despite French economic concerns. The fund added SAP at a significant discount, viewing market fears about AI disrupting enterprise software as overblown given SAP's irreplaceable infrastructure role. Intercontinental Exchange declined on unfounded AI disruption concerns despite strong fundamentals and network effects. | |||||||
| +4.5% | - | Magellan Global Opportunities returned 4.5% in Q2 2026, underperforming the 12.5% benchmark as AI speculation reached bubble-like extremes with semiconductors surging 88%. The manager refuses to chase momentum-driven leadership, instead selectively adding to neglected quality franchises at the most attractive valuations since post-Covid. Portfolio holds 20-40 high-quality global companies with durable competitive advantages, maintaining discipline to avoid permanent capital loss. Full Quick Take Magellan Global Opportunities returned 4.5% in Q2 2026, underperforming the 12.5% benchmark as AI speculation reached bubble-like extremes with semiconductors surging 88%. The manager refuses to chase momentum-driven leadership, instead selectively adding to neglected quality franchises at the most attractive valuations since post-Covid. Portfolio holds 20-40 high-quality global companies with durable competitive advantages, maintaining discipline to avoid permanent capital loss. | |||||||
| +4.3% | -7.1% | Magellan underperformed in Q2 2026 as semiconductor stocks surged 88% in bubble-like conditions the manager deliberately avoided to protect capital. The fund added to quality franchises outside AI themes now trading at post-Covid attractive valuations. Top contributors were TSMC on AI chip demand, UnitedHealth on margin recovery, and Adidas on brand momentum. The manager views current market narrowness as creating compelling long-term opportunities in neglected quality businesses. Full Quick Take Magellan underperformed in Q2 2026 as semiconductor stocks surged 88% in bubble-like conditions the manager deliberately avoided to protect capital. The fund added to quality franchises outside AI themes now trading at post-Covid attractive valuations. Top contributors were TSMC on AI chip demand, UnitedHealth on margin recovery, and Adidas on brand momentum. The manager views current market narrowness as creating compelling long-term opportunities in neglected quality businesses. | |||||||
| - | - | Penn Davis McFarland advises avoiding speculative, highly valued capital market favorites like SpaceX in favor of profitable businesses trading at attractive valuations. While acknowledging the transformative power of AI, they emphasize that real value lies in long-term enterprise adoption and implementation. Consequently, they established a position in Accenture at multi-year valuation lows to benefit from this secular transition. Full Quick Take Penn Davis McFarland advises avoiding speculative, highly valued capital market favorites like SpaceX in favor of profitable businesses trading at attractive valuations. While acknowledging the transformative power of AI, they emphasize that real value lies in long-term enterprise adoption and implementation. Consequently, they established a position in Accenture at multi-year valuation lows to benefit from this secular transition. | |||||||
| -4.6% | -1.5% | Leaven Partners lost -4.6% in Q2 2026 as markets rotated aggressively into momentum, AI, and speculative growth at extreme valuations, exemplified by SpaceX's $1.8-2.0 trillion IPO. The fund's value-oriented holdings experienced sustained selling pressure despite sound fundamentals. Manager Brent Jackson maintains disciplined conviction in his value approach, refusing to abandon strategy at peak valuations despite significant underperformance and acknowledging the career risk of staying the course. Full Quick Take Leaven Partners lost -4.6% in Q2 2026 as markets rotated aggressively into momentum, AI, and speculative growth at extreme valuations, exemplified by SpaceX's $1.8-2.0 trillion IPO. The fund's value-oriented holdings experienced sustained selling pressure despite sound fundamentals. Manager Brent Jackson maintains disciplined conviction in his value approach, refusing to abandon strategy at peak valuations despite significant underperformance and acknowledging the career risk of staying the course. | - | ||||||
| - | - | Ophir's +31.8% Global Opportunities Fund return came from pure stock picking across twenty-one winners, not AI exposure. Market breadth finally arrived with small caps outperforming mega caps. Semiconductors and energy infrastructure soared while software applications crashed on AI disruption fears. Ophir holds index weight in AI, betting neither for nor against a bubble. Breadth should continue on falling inflation, Fed easing, and tax cuts. Full Quick Take Ophir's +31.8% Global Opportunities Fund return came from pure stock picking across twenty-one winners, not AI exposure. Market breadth finally arrived with small caps outperforming mega caps. Semiconductors and energy infrastructure soared while software applications crashed on AI disruption fears. Ophir holds index weight in AI, betting neither for nor against a bubble. Breadth should continue on falling inflation, Fed easing, and tax cuts. | - | ||||||
| - | -1.8% | Protean Select runs 25% net exposure, long undervalued Nordic small caps and infrastructure plays while shorting overvalued AI winners and telecoms. Manager exploits M&A opportunities in out-of-favor small caps trading at single-digit multiples, adds Skanska on infrastructure tailwinds, and shorts Telia/Tele2 after 120% run. AI regulatory friction in Europe creates mispricing on both sides. Full Quick Take Protean Select runs 25% net exposure, long undervalued Nordic small caps and infrastructure plays while shorting overvalued AI winners and telecoms. Manager exploits M&A opportunities in out-of-favor small caps trading at single-digit multiples, adds Skanska on infrastructure tailwinds, and shorts Telia/Tele2 after 120% run. AI regulatory friction in Europe creates mispricing on both sides. | |||||||
| - | - | - | Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period. Their APAC-wide strategy provides critical pattern-matching advantages as Singapore emerges as a global tech hub producing world-class companies. Full Quick Take Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period. Their APAC-wide strategy provides critical pattern-matching advantages as Singapore emerges as a global tech hub producing world-class companies. | - | |||||
| - | - | The fund captured strong semiconductor gains in Q2 2026 as AI infrastructure drove the S&P 500's best quarter in seven years, with holdings in Corning, Broadcom, and Lam Research contributing meaningfully. The manager remains cautious on market fragility from speculative AI positioning and potential stagflation risks, maintaining discipline around quality companies with strong balance sheets that can navigate elevated geopolitical uncertainty and possible Fed rate hikes. Full Quick Take The fund captured strong semiconductor gains in Q2 2026 as AI infrastructure drove the S&P 500's best quarter in seven years, with holdings in Corning, Broadcom, and Lam Research contributing meaningfully. The manager remains cautious on market fragility from speculative AI positioning and potential stagflation risks, maintaining discipline around quality companies with strong balance sheets that can navigate elevated geopolitical uncertainty and possible Fed rate hikes. | - | ||||||
| +21.0% | +11.0% | The Broadleaf Growth Equity Portfolio maintains a concentrated investment thesis centered on the transition from a consumer-led economic regime to an enterprise productivity boom fueled by artificial intelligence. By identifying 'bottleneck' companies in the semiconductor and heavy industrial value chains, the manager seeks to capitalize on durable long-term cash flow growth rather than cyclical software models. The portfolio has successfully rotated away from large-cap technology spenders toward these high-asset, low-obsolescence beneficiaries. Despite risks such as geopolitical tensions, uncertain AI return on investment, and potential political scrutiny of datacenter infrastructure, the manager remains highly optimistic about the future. The portfolio's performance is driven by its exposure to companies critical to the AI build-out, which have significantly outperformed broader market benchmarks year-to-date. The manager expects the second half of 2026 to remain favorable for growth-oriented investors, provided that technological innovation continues to drive structural shifts in the global economy. Full Quick Take The Broadleaf Growth Equity Portfolio maintains a concentrated investment thesis centered on the transition from a consumer-led economic regime to an enterprise productivity boom fueled by artificial intelligence. By identifying 'bottleneck' companies in the semiconductor and heavy industrial value chains, the manager seeks to capitalize on durable long-term cash flow growth rather than cyclical software models. The portfolio has successfully rotated away from large-cap technology spenders toward these high-asset, low-obsolescence beneficiaries. Despite risks such as geopolitical tensions, uncertain AI return on investment, and potential political scrutiny of datacenter infrastructure, the manager remains highly optimistic about the future. The portfolio's performance is driven by its exposure to companies critical to the AI build-out, which have significantly outperformed broader market benchmarks year-to-date. The manager expects the second half of 2026 to remain favorable for growth-oriented investors, provided that technological innovation continues to drive structural shifts in the global economy. | - | ||||||
| +19.4% | +4.8% | ARK Invest remains intensely bullish on disruptive innovation platforms, projecting that accelerating productivity from converging frontier technologies will suppress inflation and drive outsized growth. The firm actively deployed capital into high-conviction enablers across space, nuclear energy, inference computing, and genomic therapies while outperforming major benchmarks across nearly all active strategies in the second quarter of 2026. Full Quick Take ARK Invest remains intensely bullish on disruptive innovation platforms, projecting that accelerating productivity from converging frontier technologies will suppress inflation and drive outsized growth. The firm actively deployed capital into high-conviction enablers across space, nuclear energy, inference computing, and genomic therapies while outperforming major benchmarks across nearly all active strategies in the second quarter of 2026. | |||||||
| -10.6% | -10.6% | Q1 2026 saw war with Iran overwhelm strong tech earnings, driving the portfolio down 10.6%. Enterprise software trades at decade-low valuations despite accelerating growth, while AI infrastructure plays like ASML and Micron delivered strong gains. Manager expects geopolitical resolution and AI clarity to restore focus on robust corporate fundamentals. Full Quick Take Q1 2026 saw war with Iran overwhelm strong tech earnings, driving the portfolio down 10.6%. Enterprise software trades at decade-low valuations despite accelerating growth, while AI infrastructure plays like ASML and Micron delivered strong gains. Manager expects geopolitical resolution and AI clarity to restore focus on robust corporate fundamentals. | |||||||
| - | - | Nightview rotated aggressively into enterprise software during Q1 2026's broad sector repricing, building positions in ServiceNow, Shopify, Autodesk, and Axon. Manager views AI as enhancing rather than threatening quality software platforms with deep workflow integration. Maintains concentrated 20-position portfolio with Tesla as largest holding. Bullish on long-term compounding despite near-term macro volatility. Full Quick Take Nightview rotated aggressively into enterprise software during Q1 2026's broad sector repricing, building positions in ServiceNow, Shopify, Autodesk, and Axon. Manager views AI as enhancing rather than threatening quality software platforms with deep workflow integration. Maintains concentrated 20-position portfolio with Tesla as largest holding. Bullish on long-term compounding despite near-term macro volatility. | |||||||
| -23.8% | -23.8% | LHC Capital's software-focused fund fell 23.8% as AI disruption fears triggered indiscriminate selling across the sector. Despite strong operational results from holdings like Wisetech and Pro Medicus, markets questioned software terminal values. Management argues their mission-critical systems with high switching costs will benefit from AI adoption and has increased conviction positions at attractive prices. Full Quick Take LHC Capital's software-focused fund fell 23.8% as AI disruption fears triggered indiscriminate selling across the sector. Despite strong operational results from holdings like Wisetech and Pro Medicus, markets questioned software terminal values. Management argues their mission-critical systems with high switching costs will benefit from AI adoption and has increased conviction positions at attractive prices. | - | ||||||
| -9.4% | -9.4% | Growth equity strategy down 9.4% in volatile Q1 marked by AI fears and Iran war. Manager trimmed semiconductor winners, added beaten-down software quality at attractive valuations. Maintains conviction that enterprise software with deep IT integration benefits from AI rather than faces disruption. Focus on quality growth companies positioned for long-term AI adoption cycle. Full Quick Take Growth equity strategy down 9.4% in volatile Q1 marked by AI fears and Iran war. Manager trimmed semiconductor winners, added beaten-down software quality at attractive valuations. Maintains conviction that enterprise software with deep IT integration benefits from AI rather than faces disruption. Focus on quality growth companies positioned for long-term AI adoption cycle. | - | ||||||
| -19.1% | -19.1% | AI disruption hysteria created indiscriminate selling, allowing Vulcan to buy quality businesses at $0.50 on the dollar. The firm believes enterprise software companies like SAP will benefit from AI rather than be disrupted. Portfolio price-to-value ratios improved to upper 40s, creating exceptional long-term return potential despite short-term underperformance. Full Quick Take AI disruption hysteria created indiscriminate selling, allowing Vulcan to buy quality businesses at $0.50 on the dollar. The firm believes enterprise software companies like SAP will benefit from AI rather than be disrupted. Portfolio price-to-value ratios improved to upper 40s, creating exceptional long-term return potential despite short-term underperformance. | - | ||||||
| -9.4% | -9.4% | Lloyd Capital weathered a challenging Q1 2026 by harvesting gains from high-performing semiconductor stocks and aggressively redeploying capital into deeply discounted, high-quality enterprise software and cybersecurity compounders positioned as long-term AI winners. Full Quick Take Lloyd Capital weathered a challenging Q1 2026 by harvesting gains from high-performing semiconductor stocks and aggressively redeploying capital into deeply discounted, high-quality enterprise software and cybersecurity compounders positioned as long-term AI winners. | |||||||
| - | - | Atherean initiated a position in Constellation Software, capitalizing on AI disruption fears that drove down the elite software acquirer's valuation. The manager believes concerns are overstated for Constellation's specialized vertical market software businesses with high switching costs and domain expertise. The firm continues hunting for quality companies made temporarily inexpensive by market overreactions. Full Quick Take Atherean initiated a position in Constellation Software, capitalizing on AI disruption fears that drove down the elite software acquirer's valuation. The manager believes concerns are overstated for Constellation's specialized vertical market software businesses with high switching costs and domain expertise. The firm continues hunting for quality companies made temporarily inexpensive by market overreactions. | |||||||
| -5.3% | +19.9% | Artisan Focus Fund gained 19.89% in 2025, outperforming the benchmark via a rigorous, bottom-up process focused on finding inflection points in returns on capital and positive earnings revisions. Full Quick Take Artisan Focus Fund gained 19.89% in 2025, outperforming the benchmark via a rigorous, bottom-up process focused on finding inflection points in returns on capital and positive earnings revisions. | |||||||
| - | +20.0% | AI Exuberance and Quality Underperformance, Exploiting Short-Term Sentiment Shifts, Additional Keywords & Themes | GCQ Flagship Fund achieved a modest +2.0% in 2025, lagging the index due to a cyclically driven selloff in key holding Hemnet. The manager is highly optimistic for 2026, using the pullback to buy more Hemnet and maintaining a strong +110.4% return since inception. Full Quick Take GCQ Flagship Fund achieved a modest +2.0% in 2025, lagging the index due to a cyclically driven selloff in key holding Hemnet. The manager is highly optimistic for 2026, using the pullback to buy more Hemnet and maintaining a strong +110.4% return since inception. | ||||||
| - | - | - | Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-flow-backed dividend portfolios. Full Quick Take Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-flow-backed dividend portfolios. | - | |||||
| +19.7% | +25.1% | AI Transition to Enterprise Scale, Macroeconomic Outlook and Fed Monetary Policy, Additional Keywords & Themes | The fund returned 1.97% in Q4 2025, lagging its benchmark due to near-term software capex anxieties, but remains strongly positioned in key secular semiconductor and infrastructure leaders driving enterprise-grade AI deployment. Full Quick Take The fund returned 1.97% in Q4 2025, lagging its benchmark due to near-term software capex anxieties, but remains strongly positioned in key secular semiconductor and infrastructure leaders driving enterprise-grade AI deployment. | ||||||
| - | - | Junkyard Rally & Quality Value Underperformance, AI Speculative Bubble, Additional Keywords & Themes | FMI warns of a speculative, capital-intensive AI bubble and a high-risk 'junk' rally, opting to maintain strict valuation discipline and focus on defensive, cash-generative value opportunities. Full Quick Take FMI warns of a speculative, capital-intensive AI bubble and a high-risk 'junk' rally, opting to maintain strict valuation discipline and focus on defensive, cash-generative value opportunities. | - | |||||
| -1.2% | +4.9% | FAM Funds lagged their benchmarks in Q4 2025 due to a speculative 'risk-on' market environment favoring lower-quality and AI-exposed stocks. The manager remains disciplined, focusing on quality compounders at attractive valuations. Full Quick Take FAM Funds lagged their benchmarks in Q4 2025 due to a speculative 'risk-on' market environment favoring lower-quality and AI-exposed stocks. The manager remains disciplined, focusing on quality compounders at attractive valuations. | |||||||
| +28.2% | +15.9% | Strict yield discipline led to short-term underperformance in Q4 as non-dividend mega-caps surged, but active rotation into high-quality, high-yield compounders prepares the fund for an eventual cooling of speculative AI trends. Full Quick Take Strict yield discipline led to short-term underperformance in Q4 as non-dividend mega-caps surged, but active rotation into high-quality, high-yield compounders prepares the fund for an eventual cooling of speculative AI trends. | - |
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