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 |
|---|---|---|---|---|---|---|---|---|---|
| +1.9% | - | - | The Saturna Global Sustainable Bond Fund outperformed its benchmark by 105 basis points in Q2 2026, driven by overweights to Colombian and Mexican Peso currencies and an underweight to the Euro. The fund opportunistically extended duration during May's Treasury volatility spike but maintains a defensive 4.22-year duration versus the benchmark's 6.17 years, with significant overweight to short-maturity bonds. Full Quick Take The Saturna Global Sustainable Bond Fund outperformed its benchmark by 105 basis points in Q2 2026, driven by overweights to Colombian and Mexican Peso currencies and an underweight to the Euro. The fund opportunistically extended duration during May's Treasury volatility spike but maintains a defensive 4.22-year duration versus the benchmark's 6.17 years, with significant overweight to short-maturity bonds. | - | |||||
| +3.7% | -1.9% | - | Invesco's international bond strategy capitalizes on dollar weakness and divergent global central bank policies. The fund holds 39.5% emerging market debt, targeting elevated real rates in Brazil, Mexico, and India. Managers expect yield curve steepening as markets have overpriced rate hikes in the EU and UK. Recent positioning decreased currency and duration exposure while adding credit, reflecting conviction that international bonds offer compelling diversification and return potential. Full Quick Take Invesco's international bond strategy capitalizes on dollar weakness and divergent global central bank policies. The fund holds 39.5% emerging market debt, targeting elevated real rates in Brazil, Mexico, and India. Managers expect yield curve steepening as markets have overpriced rate hikes in the EU and UK. Recent positioning decreased currency and duration exposure while adding credit, reflecting conviction that international bonds offer compelling diversification and return potential. | - | |||||
| +2.6% | +2.1% | - | BlackRock Strategic Income Opportunities Fund delivered 2.65% in Q2 2026, led by AI-related absolute return strategies and European credit compression. U.S. rates positioning detracted as yields rose on inflation concerns. The team reduced front-end duration, rotated out the curve, increased European and high yield exposure, and trimmed agency MBS and investment grade credit. Focus remains on income, security selection, and high-quality structured products. Full Quick Take BlackRock Strategic Income Opportunities Fund delivered 2.65% in Q2 2026, led by AI-related absolute return strategies and European credit compression. U.S. rates positioning detracted as yields rose on inflation concerns. The team reduced front-end duration, rotated out the curve, increased European and high yield exposure, and trimmed agency MBS and investment grade credit. Focus remains on income, security selection, and high-quality structured products. | - | |||||
| +8.4% | - | American Century International Growth returned 8.44% in Q2 2026, lagging the benchmark's 10.82% as AI-driven concentration dominated markets. Financials and health care detracted on capital markets weakness and cost inflation concerns. Industrials and semiconductors contributed through AI and automation exposure. The portfolio maintains balanced factor exposures while capitalizing on AI enablement, factory automation, selective banking opportunities, and increased consumer exposure. Full Quick Take American Century International Growth returned 8.44% in Q2 2026, lagging the benchmark's 10.82% as AI-driven concentration dominated markets. Financials and health care detracted on capital markets weakness and cost inflation concerns. Industrials and semiconductors contributed through AI and automation exposure. The portfolio maintains balanced factor exposures while capitalizing on AI enablement, factory automation, selective banking opportunities, and increased consumer exposure. | |||||||
| - | +3.4% | Baillie Gifford's International Growth strategy exploits market short-termism to build a diversified portfolio of high-quality growth companies positioned for AI transformation and structural change. Despite recent underperformance driven by indiscriminate SaaS selling, the manager has broadened holdings into pharma, energy, and industrials while maintaining conviction in semiconductor leaders and deeply embedded software businesses. Patient capital and selective positioning should drive strong long-term returns as fundamentals diverge from volatile share prices. Full Quick Take Baillie Gifford's International Growth strategy exploits market short-termism to build a diversified portfolio of high-quality growth companies positioned for AI transformation and structural change. Despite recent underperformance driven by indiscriminate SaaS selling, the manager has broadened holdings into pharma, energy, and industrials while maintaining conviction in semiconductor leaders and deeply embedded software businesses. Patient capital and selective positioning should drive strong long-term returns as fundamentals diverge from volatile share prices. | |||||||
| +10.7% | - | PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. Full Quick Take PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. | |||||||
| +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. | |||||||
| +6.1% | +21.4% | Smead International Value Fund is concentrated in two compelling opportunities: European banks posting record post-crisis returns on equity with 5%+ dividend yields trading at discounts to US peers, and Canadian oil sands producers with SAGD assets generating high-teen returns at $70 oil. The manager sees structural oil price shift to $80 driven by geopolitical premiums and supply constraints, with holdings breaking even at $40 offering significant margin of safety. Full Quick Take Smead International Value Fund is concentrated in two compelling opportunities: European banks posting record post-crisis returns on equity with 5%+ dividend yields trading at discounts to US peers, and Canadian oil sands producers with SAGD assets generating high-teen returns at $70 oil. The manager sees structural oil price shift to $80 driven by geopolitical premiums and supply constraints, with holdings breaking even at $40 offering significant margin of safety. | |||||||
| +7.9% | +1.8% | Oakmark Global returned 7.89% in Q2 2026, underperforming on AI enthusiasm but maintaining long-term outperformance. Samsung rallied on AI-driven memory demand while BMW fell on China weakness. The Fund added five quality businesses at discounted valuations: AstraZeneca, Cooper Companies, LVMH, Owens Corning, and Symrise. Management focuses on competitive advantages and intrinsic value rather than AI speculation, finding opportunities where near-term pressures create entry points. Full Quick Take Oakmark Global returned 7.89% in Q2 2026, underperforming on AI enthusiasm but maintaining long-term outperformance. Samsung rallied on AI-driven memory demand while BMW fell on China weakness. The Fund added five quality businesses at discounted valuations: AstraZeneca, Cooper Companies, LVMH, Owens Corning, and Symrise. Management focuses on competitive advantages and intrinsic value rather than AI speculation, finding opportunities where near-term pressures create entry points. | |||||||
| +8.0% | +8.0% | - | Brummer Multi-Strategy posted 1.9% in June (8.0% YTD) through diversified positioning across market neutral equity, trend following, and macro strategies. Market neutral long/short captured AI-driven semiconductor gains while hedging the late-month tech sell-off. European financials contributed positively. Trend following benefited from Dollar strength as the index gained 2.7%. Portfolio resilience demonstrated through divergent market conditions and geopolitical uncertainty. Full Quick Take Brummer Multi-Strategy posted 1.9% in June (8.0% YTD) through diversified positioning across market neutral equity, trend following, and macro strategies. Market neutral long/short captured AI-driven semiconductor gains while hedging the late-month tech sell-off. European financials contributed positively. Trend following benefited from Dollar strength as the index gained 2.7%. Portfolio resilience demonstrated through divergent market conditions and geopolitical uncertainty. | - | |||||
| - | - | Stone Sentinel Capital invests in unpopular, disfavored businesses where low expectations create asymmetric upside and under-priced fundamentals limit downside. The manager views AI infrastructure spending as an uneconomic arms race with unrealistic return requirements and actively avoids popular AI stocks. The concentrated 4-stock portfolio trades at deep value multiples, led by new clearing firm position Marex with structural competitive advantages driving 50% margin balances growth. Full Quick Take Stone Sentinel Capital invests in unpopular, disfavored businesses where low expectations create asymmetric upside and under-priced fundamentals limit downside. The manager views AI infrastructure spending as an uneconomic arms race with unrealistic return requirements and actively avoids popular AI stocks. The concentrated 4-stock portfolio trades at deep value multiples, led by new clearing firm position Marex with structural competitive advantages driving 50% margin balances growth. | |||||||
| +13.7% | +19.1% | Oldfield Partners returned 13.7% in Q2 2026, matching the market despite avoiding AI beneficiaries. The manager views AI infrastructure spending as unsustainable, with the six largest spenders approaching $1trn annually requiring unrealistic returns. Value opportunities are broadening outside AI across consumer staples, healthcare, and financials. The portfolio trades at 11x earnings with 40% upside, positioning for patient value investors. Full Quick Take Oldfield Partners returned 13.7% in Q2 2026, matching the market despite avoiding AI beneficiaries. The manager views AI infrastructure spending as unsustainable, with the six largest spenders approaching $1trn annually requiring unrealistic returns. Value opportunities are broadening outside AI across consumer staples, healthcare, and financials. The portfolio trades at 11x earnings with 40% upside, positioning for patient value investors. | |||||||
| +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. | |||||||
| - | - | - | Alpinum views global conditions as an inflationary boom supported by nominal demand and AI capital spending. With stagflation posing the central downside risk and equity valuations stretched, the firm emphasizes short-duration credit, senior secured loans, and liquid alternatives while maintaining selective exposure to non-US equities. Full Quick Take Alpinum views global conditions as an inflationary boom supported by nominal demand and AI capital spending. With stagflation posing the central downside risk and equity valuations stretched, the firm emphasizes short-duration credit, senior secured loans, and liquid alternatives while maintaining selective exposure to non-US equities. | - | |||||
| - | - | Rodrigo rode European AI semiconductors and oil futures during Iran conflict but sold AI positions as valuations became unsustainable. Now focusing on quality value plays like Visa/Mastercard and European defense spending while avoiding overheated AI names. Sees software under existential threat from AI commoditization. Positioning for returns in either AI continuation or correction scenario. Full Quick Take Rodrigo rode European AI semiconductors and oil futures during Iran conflict but sold AI positions as valuations became unsustainable. Now focusing on quality value plays like Visa/Mastercard and European defense spending while avoiding overheated AI names. Sees software under existential threat from AI commoditization. Positioning for returns in either AI continuation or correction scenario. | - | ||||||
| -13.1% | -13.1% | Concentrated global growth fund underperformed significantly in Q1 2026 despite strong individual company fundamentals. Manager maintains high conviction in technology leaders like Arm Holdings benefiting from AI adoption and Tesla's EV/autonomy evolution. Portfolio trades at substantial discount to estimated intrinsic value, reflecting patient long-term approach focused on quality businesses with sustainable competitive advantages. Full Quick Take Concentrated global growth fund underperformed significantly in Q1 2026 despite strong individual company fundamentals. Manager maintains high conviction in technology leaders like Arm Holdings benefiting from AI adoption and Tesla's EV/autonomy evolution. Portfolio trades at substantial discount to estimated intrinsic value, reflecting patient long-term approach focused on quality businesses with sustainable competitive advantages. | - | ||||||
| -8.9% | -8.9% | Broyhill underperformed in Q1 due to structural tilts away from energy and toward international/defensive names, but used volatility to add high-conviction positions in healthcare, housing, and European equities. Manager views current disconnect between improving fundamentals and declining prices as positioning-driven, creating asymmetric opportunity as portfolio trades at meaningfully cheaper valuations with unchanged business quality. Full Quick Take Broyhill underperformed in Q1 due to structural tilts away from energy and toward international/defensive names, but used volatility to add high-conviction positions in healthcare, housing, and European equities. Manager views current disconnect between improving fundamentals and declining prices as positioning-driven, creating asymmetric opportunity as portfolio trades at meaningfully cheaper valuations with unchanged business quality. | - | ||||||
| -7.2% | -7.2% | Arquitos targets liquidating biotechs trading below cash value and patent-driven pharmaceutical plays. Manager most bullish ever on Liquidia Corporation, expecting $70-140 per share regardless of pending patent decision. Finch Therapeutics strategic sale expected June with healthy premium. Actively buying more biotech liquidation situations while awaiting multiple near-term catalysts. Full Quick Take Arquitos targets liquidating biotechs trading below cash value and patent-driven pharmaceutical plays. Manager most bullish ever on Liquidia Corporation, expecting $70-140 per share regardless of pending patent decision. Finch Therapeutics strategic sale expected June with healthy premium. Actively buying more biotech liquidation situations while awaiting multiple near-term catalysts. | |||||||
| -3.4% | -3.4% | European value fund weathered Q1 geopolitical volatility while maintaining discipline in quality small-cap selection. Portfolio companies showed stability despite economic headwinds, with upside potential reaching record 126%. Recent market weakness enabled position strengthening at deeper discounts. Added three high-quality new investments with predictable cash flows. Positioned for potential sector recovery in 2026. Full Quick Take European value fund weathered Q1 geopolitical volatility while maintaining discipline in quality small-cap selection. Portfolio companies showed stability despite economic headwinds, with upside potential reaching record 126%. Recent market weakness enabled position strengthening at deeper discounts. Added three high-quality new investments with predictable cash flows. Positioned for potential sector recovery in 2026. | |||||||
| - | - | - | Q1 2026 Middle East tensions triggered European equity corrections but restored attractive valuations at 13.9x P/E versus 20.5x US. Energy sector outperformed while value beat growth significantly. Recent Iran ceasefire reduces oil price pressures. European fundamentals remain solid with recovering manufacturing, controlled inflation, and 10% earnings growth expectations intact for potential rebound. Full Quick Take Q1 2026 Middle East tensions triggered European equity corrections but restored attractive valuations at 13.9x P/E versus 20.5x US. Energy sector outperformed while value beat growth significantly. Recent Iran ceasefire reduces oil price pressures. European fundamentals remain solid with recovering manufacturing, controlled inflation, and 10% earnings growth expectations intact for potential rebound. | - | |||||
| +2.4% | - | Fund outperformed with 2.4% gain versus S&P 500's 4.3% decline in volatile Q1 2026. Iran conflict drove energy sector strength while AI disruption pressured software holdings. Manager initiated positions in AI-benefiting companies like HubSpot and Airbnb while maintaining defensive positioning. Strong pharmaceutical performance from Merck and Moderna offset software sector weakness from AI competition concerns. Full Quick Take Fund outperformed with 2.4% gain versus S&P 500's 4.3% decline in volatile Q1 2026. Iran conflict drove energy sector strength while AI disruption pressured software holdings. Manager initiated positions in AI-benefiting companies like HubSpot and Airbnb while maintaining defensive positioning. Strong pharmaceutical performance from Merck and Moderna offset software sector weakness from AI competition concerns. | - | ||||||
| - | - | The traditional venture capital model is failing under macroeconomic pressure and AI-driven software commoditization. StudioAlpha addresses this by employing a systematic, AI-augmented investment process targeting early-stage B2B software startups that deliver measurable business outcomes rather than simple features. Full Quick Take The traditional venture capital model is failing under macroeconomic pressure and AI-driven software commoditization. StudioAlpha addresses this by employing a systematic, AI-augmented investment process targeting early-stage B2B software startups that deliver measurable business outcomes rather than simple features. | - | ||||||
| -5.9% | -5.9% | Bronte's quality minus junk strategy faced Q1 headwinds as geopolitical energy shocks hurt European and Asian quality holdings, though the short book provided effective hedging. The manager acknowledges valuation mistakes but sees improved positioning with quality premiums compressed and a short portfolio of fundamentally weak companies poised to underperform over time. Full Quick Take Bronte's quality minus junk strategy faced Q1 headwinds as geopolitical energy shocks hurt European and Asian quality holdings, though the short book provided effective hedging. The manager acknowledges valuation mistakes but sees improved positioning with quality premiums compressed and a short portfolio of fundamentally weak companies poised to underperform over time. | |||||||
| +8.0% | +8.0% | Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in IT services. The fund added Sodexo and exited Engie, maintaining conviction in international value opportunities despite increased market volatility from geopolitical and economic uncertainties. Full Quick Take Brandes International Equity Fund gained 2.59% in Q1 2026, outperforming on energy strength and AI-driven semiconductor demand while facing headwinds from AI disruption concerns in IT services. The fund added Sodexo and exited Engie, maintaining conviction in international value opportunities despite increased market volatility from geopolitical and economic uncertainties. | |||||||
| - | - | Value factors dominated global equity markets in 2025, leaving growth and momentum behind outside the US. For 2026, WisdomTree advises focusing on high-quality dividend-growth in the US and value names in Europe and EM to navigate ongoing concentration risks. Full Quick Take Value factors dominated global equity markets in 2025, leaving growth and momentum behind outside the US. For 2026, WisdomTree advises focusing on high-quality dividend-growth in the US and value names in Europe and EM to navigate ongoing concentration risks. | - | ||||||
| - | +0.6% | OAM European Value Fund surged 55.8% in 2025, riding a major reversal in value stocks. The manager is actively recycling capital from highly profitable exits into deeply discounted investment trusts, anticipating a multi-year bull run. Full Quick Take OAM European Value Fund surged 55.8% in 2025, riding a major reversal in value stocks. The manager is actively recycling capital from highly profitable exits into deeply discounted investment trusts, anticipating a multi-year bull run. | - | ||||||
| - | - | - | JM Finn is highly constructive on global equities heading into 2026, driven by expectations of broadening corporate earnings and supportive policy interventions. While they monitor latent financial system stress and potential interest rate volatility, they anticipate that US productivity gains, European infrastructure spending, and emerging market valuation tailwinds will foster outperformance. Full Quick Take JM Finn is highly constructive on global equities heading into 2026, driven by expectations of broadening corporate earnings and supportive policy interventions. While they monitor latent financial system stress and potential interest rate volatility, they anticipate that US productivity gains, European infrastructure spending, and emerging market valuation tailwinds will foster outperformance. | - | |||||
| +20.0% | +7.5% | While mega-cap tech concentration caused the fund to lag benchmarks in 2025, a historic 100% Growth-to-Value valuation gap and falling interest rates set up high-dividend value equities for a massive performance catch-up in 2026. Full Quick Take While mega-cap tech concentration caused the fund to lag benchmarks in 2025, a historic 100% Growth-to-Value valuation gap and falling interest rates set up high-dividend value equities for a massive performance catch-up in 2026. | |||||||
| - | - | - | 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. | - | |||||
| +10.0% | +55.0% | Apis Flagship Fund gained 55.1% net in 2025, driven by strong international stock selection and a structural bias toward cheap, underfollowed small-cap companies outside the U.S. Full Quick Take Apis Flagship Fund gained 55.1% net in 2025, driven by strong international stock selection and a structural bias toward cheap, underfollowed small-cap companies outside the U.S. | |||||||
| -1.5% | +7.6% | - | Taxable Credit CEF Discount Widening, Macro Uncertainty and Fed Actions, Additional Keywords & Themes | The Robinson Opportunistic Income Fund returned -0.15% in Q4 2025, trailing its benchmark. The manager warns of a potential AI-driven market bubble but sees defensive value and high yields in deeply discounted taxable credit CEFs. Full Quick Take The Robinson Opportunistic Income Fund returned -0.15% in Q4 2025, trailing its benchmark. The manager warns of a potential AI-driven market bubble but sees defensive value and high yields in deeply discounted taxable credit CEFs. | - | ||||
| -19.2% | +1.2% | The Heartland Mid Cap Value Fund underperformed in Q4 2025 as high-quality value continued to lag speculative, momentum-driven segments. The fund continues to enforce its disciplined 'two-bucket' value strategy to protect against extreme market disparities. Full Quick Take The Heartland Mid Cap Value Fund underperformed in Q4 2025 as high-quality value continued to lag speculative, momentum-driven segments. The fund continues to enforce its disciplined 'two-bucket' value strategy to protect against extreme market disparities. | |||||||
| - | - | - | UOB Asset Management adopts a tactically neutral and highly diversified stance for 4Q25, balancing a 50 percent chance of continued global growth against 50 percent combined odds of recession or stagflation. The firm underweights US equities due to demanding valuations while favoring Europe, Asia, and gold to hedge against impending tariff headwinds and employment deceleration. Full Quick Take UOB Asset Management adopts a tactically neutral and highly diversified stance for 4Q25, balancing a 50 percent chance of continued global growth against 50 percent combined odds of recession or stagflation. The firm underweights US equities due to demanding valuations while favoring Europe, Asia, and gold to hedge against impending tariff headwinds and employment deceleration. | - | |||||
| -15.0% | +7.9% | Vulcan Value Partners draws stark parallels between today's AI bubble and 1999's dot-com era, actively rotating capital away from expensive mega-cap tech into neglected, deeply discounted small-cap, SMID, and insurance names. Full Quick Take Vulcan Value Partners draws stark parallels between today's AI bubble and 1999's dot-com era, actively rotating capital away from expensive mega-cap tech into neglected, deeply discounted small-cap, SMID, and insurance names. | - | ||||||
| -15.0% | +7.9% | Vulcan Value Partners warns that AI-driven market highs closely parallel the 1990s tech bubble, prompting them to reduce expensive tech and redeploy capital into heavily discounted Small/SMID caps and unloved value compounders. Full Quick Take Vulcan Value Partners warns that AI-driven market highs closely parallel the 1990s tech bubble, prompting them to reduce expensive tech and redeploy capital into heavily discounted Small/SMID caps and unloved value compounders. | - | ||||||
| +22.5% | +31.5% | Ariel International Fund recorded a +2.25% gain in Q4, concluding a strong full-year run up +31.48%. The manager actively rotated capital, initiating eleven new positions in mispriced financial/tech firms while exiting eight on valuation. Full Quick Take Ariel International Fund recorded a +2.25% gain in Q4, concluding a strong full-year run up +31.48%. The manager actively rotated capital, initiating eleven new positions in mispriced financial/tech firms while exiting eight on valuation. | |||||||
| +8.2% | +39.1% | Mythos vs. Logos (value vs. Momentum), European Banking & Securities Mispricing, Additional Keywords & Themes | The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and global energy companies while warning of a looming correction in expensive US momentum stocks. Full Quick Take The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and global energy companies while warning of a looming correction in expensive US momentum stocks. | ||||||
| +13.1% | +10.3% | Baron Health Care Fund outperformed its benchmark in Q4 2025 with a 13.10% return, driven by biotechnology gains and selective positioning. The manager remains highly optimistic about 2026 due to a massive resurgence in biotech funding, active M&A, and easing regulatory hurdles. Full Quick Take Baron Health Care Fund outperformed its benchmark in Q4 2025 with a 13.10% return, driven by biotechnology gains and selective positioning. The manager remains highly optimistic about 2026 due to a massive resurgence in biotech funding, active M&A, and easing regulatory hurdles. | |||||||
| +49.3% | +32.9% | The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stock paradigm begins to unwind. Full Quick Take The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stock paradigm begins to unwind. | |||||||
| +31.6% | +26.4% | The Cambiar International Equity Fund finished 2025 with strong double-digit absolute gains but trailed its benchmark due to cash drag and weak staples selection; the manager remains highly constructive on non-U.S. stock valuations heading into 2026. Full Quick Take The Cambiar International Equity Fund finished 2025 with strong double-digit absolute gains but trailed its benchmark due to cash drag and weak staples selection; the manager remains highly constructive on non-U.S. stock valuations heading into 2026. | |||||||
| +38.7% | +28.4% | The Diamond Hill International Strategy returned 3.87% (net) in Q4 2025, lagging its benchmark's 5.05% gain. The team actively recycled capital from fully valued positions into high-conviction opportunities in global semiconductors, defense, and financials. Full Quick Take The Diamond Hill International Strategy returned 3.87% (net) in Q4 2025, lagging its benchmark's 5.05% gain. The team actively recycled capital from fully valued positions into high-conviction opportunities in global semiconductors, defense, and financials. | - | ||||||
| -13.8% | +16.1% | - | The fund underperformed in 2025 due to a speculative, retail-driven rally of unprofitable companies, but the managers expect a sharp, fundamental-driven market correction to restore value. Full Quick Take The fund underperformed in 2025 due to a speculative, retail-driven rally of unprofitable companies, but the managers expect a sharp, fundamental-driven market correction to restore value. | - | |||||
| +17.1% | +38.4% | The fund delivered solid outperformance in Q4 2025 by isolating CEF discounts and hedging interest rate risk. While highly cautious on a potential AI-driven equity bubble, the manager sees strong value in deeply discounted tax-exempt CEFs. Full Quick Take The fund delivered solid outperformance in Q4 2025 by isolating CEF discounts and hedging interest rate risk. While highly cautious on a potential AI-driven equity bubble, the manager sees strong value in deeply discounted tax-exempt CEFs. | - | ||||||
| +34.0% | +6.6% | Takeovers and Corporate M&A, Artificial Intelligence Valuation Skepticism, Additional Keywords & Themes | EQUAM Global Value generated 6.6% in 2025, lagging broader markets due to its small-cap focus. However, the portfolio's estimated upside potential has reached an all-time high of 106%, trading at a highly discounted 9.3x forward P/E. Full Quick Take EQUAM Global Value generated 6.6% in 2025, lagging broader markets due to its small-cap focus. However, the portfolio's estimated upside potential has reached an all-time high of 106%, trading at a highly discounted 9.3x forward P/E. | - | |||||
| +7.8% | +38.3% | US Rail Infrastructure Consolidation, European Banking Structural Transition, Additional Keywords & Themes | PM Capital delivers strong quarterly outperformance driven by structural tailwinds in commodities and European banking, while actively rotating into high-moat industrials and healthcare. Full Quick Take PM Capital delivers strong quarterly outperformance driven by structural tailwinds in commodities and European banking, while actively rotating into high-moat industrials and healthcare. | ||||||
| +7.8% | +38.3% | PM Capital delivered strong returns of 7.8% for the quarter, capitalizing on copper, gold, and European banks, while actively recycling capital into newly-initiated value opportunities like Union Pacific. Full Quick Take PM Capital delivered strong returns of 7.8% for the quarter, capitalizing on copper, gold, and European banks, while actively recycling capital into newly-initiated value opportunities like Union Pacific. | - | ||||||
| +4.8% | +12.4% | The fund seeks outperformance against the MSCI World Index by targeting under-valued, high-quality compounders and structural growth accelerators. While extreme market concentration around generative AI has left many dependable, cash-generative businesses neglected, the manager sees significant opportunities in these quality franchises as AI productivity starts to enhance the wider real economy. Full Quick Take The fund seeks outperformance against the MSCI World Index by targeting under-valued, high-quality compounders and structural growth accelerators. While extreme market concentration around generative AI has left many dependable, cash-generative businesses neglected, the manager sees significant opportunities in these quality franchises as AI productivity starts to enhance the wider real economy. | |||||||
| +7.8% | +38.3% | PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new opportunities like Union Pacific and Siemens Healthineers. Full Quick Take PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new opportunities like Union Pacific and Siemens Healthineers. | - | ||||||
| +26.3% | +6.0% | Fairtree's Global Flexible Income Plus Fund delivered 2.63% in Q3 2025, beating its benchmark. The managers strategically increased portfolio risk during market weakness to position for a continuation of the credit bull market while maintaining defensive, highly liquid reserves. Full Quick Take Fairtree's Global Flexible Income Plus Fund delivered 2.63% in Q3 2025, beating its benchmark. The managers strategically increased portfolio risk during market weakness to position for a continuation of the credit bull market while maintaining defensive, highly liquid reserves. | - | ||||||
| +36.1% | +41.5% | Massif Capital posted a blowout 36.1% return in Q3 2025, driven by copper and gold miners. The fund is now taking profits in gold to rebalance into industrials like Enovix, while maintaining a high-conviction, contrarian position in European energy ahead of winter. Full Quick Take Massif Capital posted a blowout 36.1% return in Q3 2025, driven by copper and gold miners. The fund is now taking profits in gold to rebalance into industrials like Enovix, while maintaining a high-conviction, contrarian position in European energy ahead of winter. | - |
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q3 2025
