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 |
|---|---|---|---|---|---|---|---|---|---|
| +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). | |||||||
| - | - | - | 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. | - | |||||
| - | - | - | U.S. equities gained 10% year-to-date through mid-2026 with the S&P 500 posting a 9-week winning streak, driven by profit growth exceeding 20% across all sectors. Persistent inflation above the Fed's 2% target for 65 months and cooling employment create headwinds, while AI investment drives GDP growth but faces mounting pressure to justify over $1 trillion in debt-financed spending. Diversification into international equities and small-caps has rewarded investors. Full Quick Take U.S. equities gained 10% year-to-date through mid-2026 with the S&P 500 posting a 9-week winning streak, driven by profit growth exceeding 20% across all sectors. Persistent inflation above the Fed's 2% target for 65 months and cooling employment create headwinds, while AI investment drives GDP growth but faces mounting pressure to justify over $1 trillion in debt-financed spending. Diversification into international equities and small-caps has rewarded investors. | - | |||||
| - | - | - | Newport Capital advocates diversified positioning across styles, caps, and regions amid Iran-driven volatility. Q2 saw strong market rebound with S&P 500 up 15.2% on easing tensions and robust earnings. The Fed shifted to tightening bias under new Chairman Warsh. Firm expects 2.0% economic growth, range-bound rates, and continued earnings strength at 24.0% growth. Value and international equities appear relatively attractive versus growth and Large-Cap. Full Quick Take Newport Capital advocates diversified positioning across styles, caps, and regions amid Iran-driven volatility. Q2 saw strong market rebound with S&P 500 up 15.2% on easing tensions and robust earnings. The Fed shifted to tightening bias under new Chairman Warsh. Firm expects 2.0% economic growth, range-bound rates, and continued earnings strength at 24.0% growth. Value and international equities appear relatively attractive versus growth and Large-Cap. | - | |||||
| +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. | |||||||
| +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. | |||||||
| - | - | - | 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. | - | |||||
| - | - | Q2 2026 proved that crises do not necessarily mean sell signals. Despite the Strait of Hormuz closure creating a major oil shock, markets delivered positive returns driven by containable energy disruptions and robust US earnings growth of 11.5%. AI is transforming the economy faster than electricity did, with Anthropic and Nvidia showing explosive growth. Expect strong profits, ongoing geopolitical tensions, and elevated volatility ahead. Full Quick Take Q2 2026 proved that crises do not necessarily mean sell signals. Despite the Strait of Hormuz closure creating a major oil shock, markets delivered positive returns driven by containable energy disruptions and robust US earnings growth of 11.5%. AI is transforming the economy faster than electricity did, with Anthropic and Nvidia showing explosive growth. Expect strong profits, ongoing geopolitical tensions, and elevated volatility ahead. | - | ||||||
| - | - | - | Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. Full Quick Take Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. | - | |||||
| +26.9% | +12.1% | The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. Full Quick Take The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. | - | ||||||
| - | - | - | PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. The fund positions for U.S. overheating with 2.3% GDP growth driven by AI capex and fiscal stimulus, but expects Fed hikes under Warsh as inflation stays elevated from energy shocks and tariffs. Credit spreads are historically tight, prompting a quality-focused, carry-oriented stance with 7.2-year duration and overweights to emerging markets and financials. Full Quick Take PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. The fund positions for U.S. overheating with 2.3% GDP growth driven by AI capex and fiscal stimulus, but expects Fed hikes under Warsh as inflation stays elevated from energy shocks and tariffs. Credit spreads are historically tight, prompting a quality-focused, carry-oriented stance with 7.2-year duration and overweights to emerging markets and financials. | - | |||||
| - | +23.1% | Ashva Capital returned 23.1% net through June 2026 versus 9.6% for the S&P 500, driven by concentrated positioning in Micron Technology and disciplined participation in the market recovery. The manager believes the memory semiconductor cycle is structurally improving due to AI demand and contracted supply agreements, creating an asymmetric opportunity where Micron's improving business quality and earnings power are not yet reflected in valuation. The broader market outlook remains constructive, supported by exceptionally strong earnings growth. Full Quick Take Ashva Capital returned 23.1% net through June 2026 versus 9.6% for the S&P 500, driven by concentrated positioning in Micron Technology and disciplined participation in the market recovery. The manager believes the memory semiconductor cycle is structurally improving due to AI demand and contracted supply agreements, creating an asymmetric opportunity where Micron's improving business quality and earnings power are not yet reflected in valuation. The broader market outlook remains constructive, supported by exceptionally strong earnings growth. | |||||||
| - | - | Oak Ridge capitalized on AI-driven market strength with concentrated exposure to semiconductors, memory, and data centers delivering exceptional returns. Information Technology holdings gained over 50% as memory shortages drove soaring prices and earnings estimates rose dramatically. The manager trimmed positions after extraordinary runs but maintains overweight exposure to AI beneficiaries. Despite persistent inflation and geopolitical risks, broadening earnings growth supports the fundamentals-based investment approach. Full Quick Take Oak Ridge capitalized on AI-driven market strength with concentrated exposure to semiconductors, memory, and data centers delivering exceptional returns. Information Technology holdings gained over 50% as memory shortages drove soaring prices and earnings estimates rose dramatically. The manager trimmed positions after extraordinary runs but maintains overweight exposure to AI beneficiaries. Despite persistent inflation and geopolitical risks, broadening earnings growth supports the fundamentals-based investment approach. | - | ||||||
| - | - | - | Corporate resilience dominated the first half of 2026 as companies delivered earnings growth exceeding 25% and record profit margins despite geopolitical shocks from Iran conflict. The S&P 500 rose 10% year-to-date driven by fundamentals rather than valuation expansion. AI capital spending accelerated with broadening leadership. Inflation from energy remains the key risk, but cessation of Middle East hostilities could enable a stronger second half. Full Quick Take Corporate resilience dominated the first half of 2026 as companies delivered earnings growth exceeding 25% and record profit margins despite geopolitical shocks from Iran conflict. The S&P 500 rose 10% year-to-date driven by fundamentals rather than valuation expansion. AI capital spending accelerated with broadening leadership. Inflation from energy remains the key risk, but cessation of Middle East hostilities could enable a stronger second half. | - | |||||
| +19.7% | +15.8% | Fidelity Growth Strategies Fund surged 19.67% in Q2 2026, crushing its benchmark by 512 basis points on the back of concentrated bets in AI infrastructure enablers. Sterling Infrastructure, the fund's largest position, doubled as hyperscaler data center demand exploded. The manager aggressively overweights industrials at 46% of assets, betting capital goods suppliers will capture outsized growth as AI capex broadens into the real economy. Full Quick Take Fidelity Growth Strategies Fund surged 19.67% in Q2 2026, crushing its benchmark by 512 basis points on the back of concentrated bets in AI infrastructure enablers. Sterling Infrastructure, the fund's largest position, doubled as hyperscaler data center demand exploded. The manager aggressively overweights industrials at 46% of assets, betting capital goods suppliers will capture outsized growth as AI capex broadens into the real economy. | |||||||
| +20.9% | +11.0% | Franklin Growth Opportunities Fund outperformed in Q2 2026 with a 20.9% return, led by Micron Technology's AI-driven surge and SpaceX's successful IPO. The fund maintains a quality-focused, multi-cap growth strategy concentrated in AI and automation themes producing productivity gains across sectors. Despite geopolitical risks, the manager expects robust earnings growth into 2027 to support continued market strength, favoring high-quality franchises with durable competitive advantages. Full Quick Take Franklin Growth Opportunities Fund outperformed in Q2 2026 with a 20.9% return, led by Micron Technology's AI-driven surge and SpaceX's successful IPO. The fund maintains a quality-focused, multi-cap growth strategy concentrated in AI and automation themes producing productivity gains across sectors. Despite geopolitical risks, the manager expects robust earnings growth into 2027 to support continued market strength, favoring high-quality franchises with durable competitive advantages. | - | ||||||
| - | - | - | Q2 2026 delivered exceptional market performance with S&P 500 up 15.2% following Iran ceasefire resolution. Corporate earnings grew 27% in Q1 marking six consecutive quarters of double-digit expansion with notable breadth beyond technology. New Fed leadership under Warsh brings policy changes but core mandate unchanged. AI infrastructure spending drives growth while market participation broadens. Bull market intact as long as earnings momentum continues. Full Quick Take Q2 2026 delivered exceptional market performance with S&P 500 up 15.2% following Iran ceasefire resolution. Corporate earnings grew 27% in Q1 marking six consecutive quarters of double-digit expansion with notable breadth beyond technology. New Fed leadership under Warsh brings policy changes but core mandate unchanged. AI infrastructure spending drives growth while market participation broadens. Bull market intact as long as earnings momentum continues. | - | |||||
| +13.7% | +5.9% | Giverny Capital maintains a concentrated portfolio of quality earnings compounders despite Q2 underperformance driven by extreme market dispersion favoring momentum. Manager Poppe trimmed expensive AI winners Alphabet and Arista to add to undervalued financials like Schwab and Progressive growing earnings 15-25% annually but trading at half the market multiple. He views current momentum-chasing as unsustainable and expects long-term returns to follow earnings growth. Full Quick Take Giverny Capital maintains a concentrated portfolio of quality earnings compounders despite Q2 underperformance driven by extreme market dispersion favoring momentum. Manager Poppe trimmed expensive AI winners Alphabet and Arista to add to undervalued financials like Schwab and Progressive growing earnings 15-25% annually but trading at half the market multiple. He views current momentum-chasing as unsustainable and expects long-term returns to follow earnings growth. | |||||||
| +7.5% | +7.5% | - | The Easterly Hedged Equity Fund returned 7.48% in Q2 2026, capturing 73% of market upside with lower volatility as equities rebounded from Q1 uncertainty. The systematic options hedging strategy repositioned every four to five weeks in response to declining volatility and improving sentiment driven by strong earnings and easing geopolitical tensions. Elevated valuations, concentrated leadership, and inflation concerns support continued disciplined risk management. Full Quick Take The Easterly Hedged Equity Fund returned 7.48% in Q2 2026, capturing 73% of market upside with lower volatility as equities rebounded from Q1 uncertainty. The systematic options hedging strategy repositioned every four to five weeks in response to declining volatility and improving sentiment driven by strong earnings and easing geopolitical tensions. Elevated valuations, concentrated leadership, and inflation concerns support continued disciplined risk management. | - | |||||
| - | - | Voya MI Dynamic Small Cap Fund outperformed the Russell 2000 in 2Q26 through machine learning-driven stock selection, capitalizing on AI infrastructure demand via data center power, networking, and semiconductor positions. Small caps outperformed as market leadership broadened beyond mega-cap tech. The managers expect increasing selectivity ahead, with performance driven by earnings sustainability and fundamentals rather than momentum, creating opportunities in defensives and rate-sensitive sectors. Full Quick Take Voya MI Dynamic Small Cap Fund outperformed the Russell 2000 in 2Q26 through machine learning-driven stock selection, capitalizing on AI infrastructure demand via data center power, networking, and semiconductor positions. Small caps outperformed as market leadership broadened beyond mega-cap tech. The managers expect increasing selectivity ahead, with performance driven by earnings sustainability and fundamentals rather than momentum, creating opportunities in defensives and rate-sensitive sectors. | - | ||||||
| +2.5% | +2.0% | BlackRock Managed Income Fund delivered 2.57% in Q2 2026, outperforming through overweight U.S. growth equities and selective rotations into European banks, German infrastructure, and Asian AI beneficiaries. The manager favors the United States given stronger earnings visibility while pursuing targeted opportunities where improving earnings breadth and AI investment provide support. Core inflation is expected to decline, allowing the Fed to remain on hold longer than markets anticipate. Full Quick Take BlackRock Managed Income Fund delivered 2.57% in Q2 2026, outperforming through overweight U.S. growth equities and selective rotations into European banks, German infrastructure, and Asian AI beneficiaries. The manager favors the United States given stronger earnings visibility while pursuing targeted opportunities where improving earnings breadth and AI investment provide support. Core inflation is expected to decline, allowing the Fed to remain on hold longer than markets anticipate. | - | ||||||
| +9.3% | -5.3% | Edgewood's concentrated large-cap growth portfolio underperformed in Q2 2026 despite accelerating earnings growth to 31% YoY, as sector rotations overrode fundamentals and drove 16% multiple compression. The firm added Tesla, Linde, and Amazon to deepen Physical AI exposure—its core thesis that AI will proliferate into robotaxis, humanoids, and physical applications with addressable markets multiples larger than digital AI. Management buyback programs signal conviction at cheap valuations. Full Quick Take Edgewood's concentrated large-cap growth portfolio underperformed in Q2 2026 despite accelerating earnings growth to 31% YoY, as sector rotations overrode fundamentals and drove 16% multiple compression. The firm added Tesla, Linde, and Amazon to deepen Physical AI exposure—its core thesis that AI will proliferate into robotaxis, humanoids, and physical applications with addressable markets multiples larger than digital AI. Management buyback programs signal conviction at cheap valuations. | |||||||
| - | - | Alpine Capital rotated from semiconductors into hyperscalers after June's AI infrastructure selloff, increasing Microsoft to overweight and initiating Oracle positions. The AI buildout is real and defensible with capex approaching $1 trillion by 2028. Big tech is attractively priced with reinforced moats following ROI concerns. Extreme single-stock dispersion creates opportunities amid neutral near-term outlook and structurally declining rate environment. Full Quick Take Alpine Capital rotated from semiconductors into hyperscalers after June's AI infrastructure selloff, increasing Microsoft to overweight and initiating Oracle positions. The AI buildout is real and defensible with capex approaching $1 trillion by 2028. Big tech is attractively priced with reinforced moats following ROI concerns. Extreme single-stock dispersion creates opportunities amid neutral near-term outlook and structurally declining rate environment. | - | ||||||
| - | - | - | Small-cap stocks led a powerful Q2 rally, posting their best first half since 1991 and signaling healthier market breadth after years of narrow leadership. Oil volatility from the Strait of Hormuz crisis is fading, but AI infrastructure spending is driving sticky core inflation. The manager maintained discipline through the spring selloff, adding to quality names and trimming winners, positioning for full market cycles rather than chasing concentrated index momentum. Full Quick Take Small-cap stocks led a powerful Q2 rally, posting their best first half since 1991 and signaling healthier market breadth after years of narrow leadership. Oil volatility from the Strait of Hormuz crisis is fading, but AI infrastructure spending is driving sticky core inflation. The manager maintained discipline through the spring selloff, adding to quality names and trimming winners, positioning for full market cycles rather than chasing concentrated index momentum. | - | |||||
| +16.3% | - | WestEnd Capital returned 16.3% net in Q2 2026, driven by owning accelerating earnings growers in a market posting 29% year-over-year profit growth and record margins. The manager added infrastructure, senior housing, fintech, and consumer positions while passing on SpaceX's IPO on valuation grounds. The portfolio targets businesses benefiting from structural themes where earnings growth and free cash flow justify current prices. Full Quick Take WestEnd Capital returned 16.3% net in Q2 2026, driven by owning accelerating earnings growers in a market posting 29% year-over-year profit growth and record margins. The manager added infrastructure, senior housing, fintech, and consumer positions while passing on SpaceX's IPO on valuation grounds. The portfolio targets businesses benefiting from structural themes where earnings growth and free cash flow justify current prices. | |||||||
| +35.3% | - | Osterweis Opportunity Fund returned 35% in Q2 2026, significantly outperforming on AI-driven semiconductor and infrastructure gains. SiTime and Semtech led with triple-digit and strong returns respectively as data center CapEx surged. Managers now rotating profits from crowded AI winners into undervalued Software, Health Care, and Consumer names with sustainable growth, anticipating consolidation as infrastructure spending moderates. Full Quick Take Osterweis Opportunity Fund returned 35% in Q2 2026, significantly outperforming on AI-driven semiconductor and infrastructure gains. SiTime and Semtech led with triple-digit and strong returns respectively as data center CapEx surged. Managers now rotating profits from crowded AI winners into undervalued Software, Health Care, and Consumer names with sustainable growth, anticipating consolidation as infrastructure spending moderates. | |||||||
| +15.2% | +1.7% | TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates. Full Quick Take TCW's concentrated large cap growth fund underperformed in Q2 2026 despite strong absolute returns, as AI infrastructure spending accelerated toward $1 trillion annually. The managers added semiconductor exposure through KLA and Micron while cybersecurity holdings rallied on AI-driven demand. Health care medtech positions detracted. The fund maintains high conviction in the multi-year AI buildout with two-thirds offensive positioning, viewing current valuation as a coiled spring given rising earnings estimates. | |||||||
| - | - | Miller/Howard sees high-yielding dividend stocks offering superior risk-adjusted returns as broad market valuations reach extreme levels. The S&P 500's dividend yield hit a 55-year low while its P/FE ratio of 20x suggests future 10-year returns of only 4%. High-yielders trade at 16.4x with historically associated returns of 7.4%, providing structural downside protection through compressed valuations and consistent cash returns. Full Quick Take Miller/Howard sees high-yielding dividend stocks offering superior risk-adjusted returns as broad market valuations reach extreme levels. The S&P 500's dividend yield hit a 55-year low while its P/FE ratio of 20x suggests future 10-year returns of only 4%. High-yielders trade at 16.4x with historically associated returns of 7.4%, providing structural downside protection through compressed valuations and consistent cash returns. | - | ||||||
| +24.6% | - | Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. Full Quick Take Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. | |||||||
| - | +6.1% | Mairs & Power Balanced Fund returned 6.14% in H1 2026, slightly trailing its benchmark as markets broadened beyond megacaps on strong earnings. The fund added cybersecurity, waste management, and automation plays while exiting names losing competitive advantage. Managers position as downstream AI beneficiaries rather than chasing cyclical hardware, seeing productivity gains offsetting sticky inflation risks. Disciplined focus on durable franchises at reasonable valuations drives their conviction through volatility. Full Quick Take Mairs & Power Balanced Fund returned 6.14% in H1 2026, slightly trailing its benchmark as markets broadened beyond megacaps on strong earnings. The fund added cybersecurity, waste management, and automation plays while exiting names losing competitive advantage. Managers position as downstream AI beneficiaries rather than chasing cyclical hardware, seeing productivity gains offsetting sticky inflation risks. Disciplined focus on durable franchises at reasonable valuations drives their conviction through volatility. | |||||||
| +44.8% | +45.1% | - | Next Century's SMID Cap strategy surged 44.83% in Q2 2026, crushing benchmarks by over 2,000 basis points on exceptional semiconductor and AI infrastructure performance. Small caps delivered their strongest first half since 1991 as earnings accelerated and markets broadened. The manager trimmed tech winners after valuations expanded, rotating into health care, industrials, and software. Multi-year tailwinds in AI, data centers, defense, and onshoring remain intact despite inflation concerns. Full Quick Take Next Century's SMID Cap strategy surged 44.83% in Q2 2026, crushing benchmarks by over 2,000 basis points on exceptional semiconductor and AI infrastructure performance. Small caps delivered their strongest first half since 1991 as earnings accelerated and markets broadened. The manager trimmed tech winners after valuations expanded, rotating into health care, industrials, and software. Multi-year tailwinds in AI, data centers, defense, and onshoring remain intact despite inflation concerns. | - | |||||
| +45.4% | +42.4% | - | Next Century Growth Investors' small cap strategy surged 45.4% in Q2 2026, crushing benchmarks by 2,000 basis points through concentrated AI infrastructure, semiconductor, and industrial exposure. Technology holdings returned 90-120% as AI capex conviction returned. The manager trimmed winners after sharp gains, redeploying into health care and software. Small caps delivered their strongest first half since 1991, and accelerating earnings with attractive valuations create a compelling multi-year setup. Full Quick Take Next Century Growth Investors' small cap strategy surged 45.4% in Q2 2026, crushing benchmarks by 2,000 basis points through concentrated AI infrastructure, semiconductor, and industrial exposure. Technology holdings returned 90-120% as AI capex conviction returned. The manager trimmed winners after sharp gains, redeploying into health care and software. Small caps delivered their strongest first half since 1991, and accelerating earnings with attractive valuations create a compelling multi-year setup. | - | |||||
| +24.6% | - | Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. Full Quick Take Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. | |||||||
| - | - | - | Oujo Wealth Strategies maintains a selective, valuation-conscious stance as the S&P 500 has priced in 2027 earnings with limited spread over treasuries. Strong earnings have driven markets but opportunities are scarce at current levels. The manager favors international equities, mid caps, and small caps over expensive large cap US stocks, while viewing fixed income favorably. Strategy emphasizes patience and waiting for corrections to deploy capital at attractive valuations. Full Quick Take Oujo Wealth Strategies maintains a selective, valuation-conscious stance as the S&P 500 has priced in 2027 earnings with limited spread over treasuries. Strong earnings have driven markets but opportunities are scarce at current levels. The manager favors international equities, mid caps, and small caps over expensive large cap US stocks, while viewing fixed income favorably. Strategy emphasizes patience and waiting for corrections to deploy capital at attractive valuations. | - | |||||
| +10.6% | +5.5% | Airlie delivered 10.6% in Q2 2026, outperforming by 6.5% as materials and USD earners reversed prior headwinds. The fund maintains a large underweight in expensive Australian banks facing deteriorating fundamentals from slowing credit growth and negative gearing bans, expecting earnings downgrades and de-rating. Best opportunities lie in quality industrials that have de-rated sharply. Changing market structure creates enhanced volatility the manager exploits through active trading around core positions. Full Quick Take Airlie delivered 10.6% in Q2 2026, outperforming by 6.5% as materials and USD earners reversed prior headwinds. The fund maintains a large underweight in expensive Australian banks facing deteriorating fundamentals from slowing credit growth and negative gearing bans, expecting earnings downgrades and de-rating. Best opportunities lie in quality industrials that have de-rated sharply. Changing market structure creates enhanced volatility the manager exploits through active trading around core positions. | |||||||
| - | - | - | Wealthspire views Q2 2026 market strength as consistent with 250 years of American economic resilience, with the S&P 500 up 10.2% year-to-date driven by 30% earnings growth. AI infrastructure investment, while substantial and speculative, mirrors historical innovation cycles that ultimately drive productivity. Persistent inflation and market concentration warrant caution, but broadening participation across small caps, energy, and industrials signals the foundation for the next growth phase is being built. Full Quick Take Wealthspire views Q2 2026 market strength as consistent with 250 years of American economic resilience, with the S&P 500 up 10.2% year-to-date driven by 30% earnings growth. AI infrastructure investment, while substantial and speculative, mirrors historical innovation cycles that ultimately drive productivity. Persistent inflation and market concentration warrant caution, but broadening participation across small caps, energy, and industrials signals the foundation for the next growth phase is being built. | - | |||||
| - | - | Chilton Capital sees the AI-driven market rally as fundamentally sound, backed by spectacular earnings growth rather than bubble-like multiple expansion. They actively exploited volatility, increasing office REIT exposure during panic selling and maintaining data center overweights. Emerging markets surged 24% YTD on semiconductor strength. Despite inflation pressures eliminating rate cut prospects, broad-based earnings revisions support further gains into low double-digits. Full Quick Take Chilton Capital sees the AI-driven market rally as fundamentally sound, backed by spectacular earnings growth rather than bubble-like multiple expansion. They actively exploited volatility, increasing office REIT exposure during panic selling and maintaining data center overweights. Emerging markets surged 24% YTD on semiconductor strength. Despite inflation pressures eliminating rate cut prospects, broad-based earnings revisions support further gains into low double-digits. | |||||||
| - | - | Strong corporate earnings growth exceeding 24% is supporting elevated market valuations despite concentration in technology stocks. AI infrastructure investment continues driving semiconductor and equipment maker gains, while the next wave of winners emerges among AI adopters. Market leadership is broadening into industrials and financials. The Fed's hawkish stance is offset by easing inflation as job growth moderates. Global trade patterns are shifting as U.S. tariff policy accelerates multipolarity. Full Quick Take Strong corporate earnings growth exceeding 24% is supporting elevated market valuations despite concentration in technology stocks. AI infrastructure investment continues driving semiconductor and equipment maker gains, while the next wave of winners emerges among AI adopters. Market leadership is broadening into industrials and financials. The Fed's hawkish stance is offset by easing inflation as job growth moderates. Global trade patterns are shifting as U.S. tariff policy accelerates multipolarity. | - | ||||||
| - | - | AI-driven demand for memory chips has created extraordinary profit opportunities for semiconductor manufacturers, with Micron achieving 68% net margins on 346% revenue growth. The South Korean KOSPI surged 101% in the first half of 2026 driven by SK Hynix and Samsung. However, this growth stems from supply scarcity rather than sustained demand. New capacity arriving in 2027-2028 will likely erode pricing power and compress margins, making periodic trimming of semiconductor exposure prudent. Full Quick Take AI-driven demand for memory chips has created extraordinary profit opportunities for semiconductor manufacturers, with Micron achieving 68% net margins on 346% revenue growth. The South Korean KOSPI surged 101% in the first half of 2026 driven by SK Hynix and Samsung. However, this growth stems from supply scarcity rather than sustained demand. New capacity arriving in 2027-2028 will likely erode pricing power and compress margins, making periodic trimming of semiconductor exposure prudent. | - | ||||||
| - | - | - | Q2 2026 delivered a 15 percent S&P 500 rally driven by resilient earnings, AI infrastructure investment, and economic expansion. AI enthusiasm became more selective, favoring companies with measurable results. Interest rates stayed elevated as inflation persisted above Fed targets. After the strong rally, stocks are no longer cheap and future returns will likely depend on continued earnings growth rather than monetary easing. Full Quick Take Q2 2026 delivered a 15 percent S&P 500 rally driven by resilient earnings, AI infrastructure investment, and economic expansion. AI enthusiasm became more selective, favoring companies with measurable results. Interest rates stayed elevated as inflation persisted above Fed targets. After the strong rally, stocks are no longer cheap and future returns will likely depend on continued earnings growth rather than monetary easing. | - | |||||
| +23.4% | - | Munro returned 23.4% in Q2 2026, capturing the AI infrastructure buildout acceleration. Hyperscale capex is growing durably into 2027, with Anthropic revenue surging five-fold and Alphabet raising $85bn. The agentic AI shift is expanding opportunities from GPUs into CPUs and power infrastructure. AMD doubled its CPU market forecast to $120bn by 2030. Portfolio maintains concentrated AI exposure with constructive positioning in Travel and Climate themes. Full Quick Take Munro returned 23.4% in Q2 2026, capturing the AI infrastructure buildout acceleration. Hyperscale capex is growing durably into 2027, with Anthropic revenue surging five-fold and Alphabet raising $85bn. The agentic AI shift is expanding opportunities from GPUs into CPUs and power infrastructure. AMD doubled its CPU market forecast to $120bn by 2030. Portfolio maintains concentrated AI exposure with constructive positioning in Travel and Climate themes. | |||||||
| +6.9% | - | FAM Dividend Focus Fund returned 6.89% in Q2 2026, underperforming the Russell Midcap's 13.83% as AI infrastructure stocks dominated. Portfolio earnings are projected to grow 19% in 2026 while dividends rose 10.5%. Compelling mid-cap valuations drove twelve portfolio companies to announce acquisitions. The manager initiated five new positions and expects elevated portfolio activity as high volatility creates stock-picking opportunities among quality businesses with durable competitive advantages. Full Quick Take FAM Dividend Focus Fund returned 6.89% in Q2 2026, underperforming the Russell Midcap's 13.83% as AI infrastructure stocks dominated. Portfolio earnings are projected to grow 19% in 2026 while dividends rose 10.5%. Compelling mid-cap valuations drove twelve portfolio companies to announce acquisitions. The manager initiated five new positions and expects elevated portfolio activity as high volatility creates stock-picking opportunities among quality businesses with durable competitive advantages. | |||||||
| - | - | Westfield trimmed AI exposure after semiconductors hit technical extremes, rotating into Healthcare, Industrials, and Financials. Healthcare offers compelling value with earnings inflection and $1.4 trillion pharma M&A firepower. Small caps outperformed Mag 7 by 24% year-to-date and could sustain multi-year outperformance. Stock correlations at eight-year lows favor active management. Momentum is extended and correcting—rotate away from mega-cap tech into quality laggards with improving fundamentals. Full Quick Take Westfield trimmed AI exposure after semiconductors hit technical extremes, rotating into Healthcare, Industrials, and Financials. Healthcare offers compelling value with earnings inflection and $1.4 trillion pharma M&A firepower. Small caps outperformed Mag 7 by 24% year-to-date and could sustain multi-year outperformance. Stock correlations at eight-year lows favor active management. Momentum is extended and correcting—rotate away from mega-cap tech into quality laggards with improving fundamentals. | - | ||||||
| +21.1% | - | Burke Wealth's Focused Growth returned 21.1% in Q2 2026, capitalizing on AI infrastructure dominance through Nvidia, memory shortage beneficiary Micron, and new datacenter power play Eaton. Manager sold Abbott and Lowe's on execution concerns and mortgage rate dependency, initiated Apollo on indiscriminate sell-off. Explores resource scarcity—power, memory, capital, talent—as AI's defining constraint. Portfolio's balance sheet strength positions it well as capital access tightens for weaker credits. Full Quick Take Burke Wealth's Focused Growth returned 21.1% in Q2 2026, capitalizing on AI infrastructure dominance through Nvidia, memory shortage beneficiary Micron, and new datacenter power play Eaton. Manager sold Abbott and Lowe's on execution concerns and mortgage rate dependency, initiated Apollo on indiscriminate sell-off. Explores resource scarcity—power, memory, capital, talent—as AI's defining constraint. Portfolio's balance sheet strength positions it well as capital access tightens for weaker credits. | |||||||
| +12.3% | +0.6% | Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak. Full Quick Take Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak. | - | ||||||
| - | - | Markets delivered resilient first-half returns despite Iran conflict and persistent inflation. AI capital expenditure boom and exceptionally strong earnings growth provide fundamental support, with US earnings forecast at 22% and European at 18% for 2026. Semiconductor suppliers have captured AI investment benefits, gaining 140% versus flat hyperscaler returns. UK property continues underperforming diversified financial assets as the housing boom's structural drivers remain absent. Full Quick Take Markets delivered resilient first-half returns despite Iran conflict and persistent inflation. AI capital expenditure boom and exceptionally strong earnings growth provide fundamental support, with US earnings forecast at 22% and European at 18% for 2026. Semiconductor suppliers have captured AI investment benefits, gaining 140% versus flat hyperscaler returns. UK property continues underperforming diversified financial assets as the housing boom's structural drivers remain absent. | - | ||||||
| - | - | Donville Kent owns high-growth small-cap companies trading at 8.7x earnings while growing 52%, versus major indices at 16-26x with half the growth. Small caps are at historic valuation discounts that have always reversed. Portfolio companies delivered record 2025 results and are on pace for new records in 2026. The fund provides diversification from expensive momentum stocks with superior growth-to-value trade-offs and substantial margin of safety. Full Quick Take Donville Kent owns high-growth small-cap companies trading at 8.7x earnings while growing 52%, versus major indices at 16-26x with half the growth. Small caps are at historic valuation discounts that have always reversed. Portfolio companies delivered record 2025 results and are on pace for new records in 2026. The fund provides diversification from expensive momentum stocks with superior growth-to-value trade-offs and substantial margin of safety. | |||||||
| - | - | - | Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals. Full Quick Take Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals. | - | |||||
| - | - | - | Markets delivered strong Q2 2026 returns led by emerging markets and small caps, with the S&P 500 gaining 15.20%. Despite Iran conflict volatility in March, markets recovered fully by June, driven by exceptional corporate earnings with 85% of companies beating estimates. Wall Street raised 2026 EPS growth forecasts from 13% to 22%. Earnings fundamentals continue to trump geopolitical headlines as the key market driver. Full Quick Take Markets delivered strong Q2 2026 returns led by emerging markets and small caps, with the S&P 500 gaining 15.20%. Despite Iran conflict volatility in March, markets recovered fully by June, driven by exceptional corporate earnings with 85% of companies beating estimates. Wall Street raised 2026 EPS growth forecasts from 13% to 22%. Earnings fundamentals continue to trump geopolitical headlines as the key market driver. | - | |||||
| +17.4% | +4.7% | The Compounding Tortoise returned 17.35% in Q2 2026 despite elevated volatility in mega-caps. Portfolio companies with 30% ROICs delivered 15.1% Q1 earnings growth, compounding at 14% annually over two and a half years. A 27% valuation headwind since mid-2025 has created opportunity as the derating completes. Forward returns are positioned to be driven by continued earnings compounding and dividends, with accelerating growth momentum emerging across holdings. Full Quick Take The Compounding Tortoise returned 17.35% in Q2 2026 despite elevated volatility in mega-caps. Portfolio companies with 30% ROICs delivered 15.1% Q1 earnings growth, compounding at 14% annually over two and a half years. A 27% valuation headwind since mid-2025 has created opportunity as the derating completes. Forward returns are positioned to be driven by continued earnings compounding and dividends, with accelerating growth momentum emerging across holdings. | - |
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