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 |
|---|---|---|---|---|---|---|---|---|---|
| - | -8.0% | Seven Corners Capital combines deep value investing with a low-turnover sloth strategy, concentrating eighty percent of portfolio assets in six core holdings. Despite temporary performance headwinds from widening holding company discounts and subsidiary litigation timelines, aggressive corporate buybacks and strategic M&A across core positions provide clear upside potential. Full Quick Take Seven Corners Capital combines deep value investing with a low-turnover sloth strategy, concentrating eighty percent of portfolio assets in six core holdings. Despite temporary performance headwinds from widening holding company discounts and subsidiary litigation timelines, aggressive corporate buybacks and strategic M&A across core positions provide clear upside potential. | |||||||
| - | - | - | L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. Full Quick Take L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. | - | |||||
| - | - | Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. Full Quick Take Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. | - | ||||||
| - | - | Tall Oak warns that current market valuations exceed 1999 dot-com levels, with the S&P 500 at a P/E of 31.9 and profit margins near 35-year highs. Historical analysis suggests this starting point could produce roughly -1.4% annual returns over the next decade if valuations mean-revert. The firm is building portfolio resilience through tail-risk hedging and diversification across alternatives rather than timing a market decline. Full Quick Take Tall Oak warns that current market valuations exceed 1999 dot-com levels, with the S&P 500 at a P/E of 31.9 and profit margins near 35-year highs. Historical analysis suggests this starting point could produce roughly -1.4% annual returns over the next decade if valuations mean-revert. The firm is building portfolio resilience through tail-risk hedging and diversification across alternatives rather than timing a market decline. | - | ||||||
| +0.7% | -3.1% | Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. Full Quick Take Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. | |||||||
| - | 0.0% | Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. Full Quick Take Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. | - | ||||||
| - | - | AI infrastructure spending is driving sustainable market gains with semiconductor and hardware companies leading on strong fundamentals, though valuations have expanded significantly. Trillion-dollar hyperscaler investments appear justified by expected productivity gains of $625 billion annually. Software faces near-term disruption as AI lowers barriers to entry, but smart incumbents will adapt. Retail speculation is elevated but not yet at bubble-bursting levels based on historical patterns. Full Quick Take AI infrastructure spending is driving sustainable market gains with semiconductor and hardware companies leading on strong fundamentals, though valuations have expanded significantly. Trillion-dollar hyperscaler investments appear justified by expected productivity gains of $625 billion annually. Software faces near-term disruption as AI lowers barriers to entry, but smart incumbents will adapt. Retail speculation is elevated but not yet at bubble-bursting levels based on historical patterns. | - | ||||||
| +2.9% | - | - | Lord Abbett High Yield Fund outperformed in Q2 2026 by focusing on higher-quality carry and AI-beneficiary credits while reducing Energy and CCC exposure. Despite Fed hawkishness and geopolitical tensions elevating inflation concerns, the manager remains constructive on high yield fundamentals given solid earnings and elevated credit quality. The Fund shifted toward shorter duration, higher-quality exposure while maintaining selective down-in-quality positions based on longer-term U.S. economic resilience. Full Quick Take Lord Abbett High Yield Fund outperformed in Q2 2026 by focusing on higher-quality carry and AI-beneficiary credits while reducing Energy and CCC exposure. Despite Fed hawkishness and geopolitical tensions elevating inflation concerns, the manager remains constructive on high yield fundamentals given solid earnings and elevated credit quality. The Fund shifted toward shorter duration, higher-quality exposure while maintaining selective down-in-quality positions based on longer-term U.S. economic resilience. | - | |||||
| +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. | |||||||
| +0.1% | +5.4% | Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. Full Quick Take Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. | |||||||
| +6.8% | - | The Gabelli Equity Income Fund returned 6.76% in Q2 2026, lagging its benchmark as persistent inflation and a hawkish Fed shift weighed on markets. Strong performance from financials like Bank of New York Mellon, driven by AI-enabled efficiency gains, offset weakness in energy holdings including Chevron. The manager maintains focus on value opportunities trading below Private Market Value that can thrive regardless of interest rate movements. Full Quick Take The Gabelli Equity Income Fund returned 6.76% in Q2 2026, lagging its benchmark as persistent inflation and a hawkish Fed shift weighed on markets. Strong performance from financials like Bank of New York Mellon, driven by AI-enabled efficiency gains, offset weakness in energy holdings including Chevron. The manager maintains focus on value opportunities trading below Private Market Value that can thrive regardless of interest rate movements. | |||||||
| +2.1% | +6.5% | - | Pelican Bay's concentrated value portfolio underperformed in Q2 2026 as AI euphoria drove the benchmark 13.8% higher while the portfolio gained just 2.1%. The manager maintains conviction in high-quality holdings trading at steep discounts to intrinsic value with superior metrics versus the index. New energy positions were added on the thesis that supply shocks and surging data center electricity demand create material mispricing opportunities. Full Quick Take Pelican Bay's concentrated value portfolio underperformed in Q2 2026 as AI euphoria drove the benchmark 13.8% higher while the portfolio gained just 2.1%. The manager maintains conviction in high-quality holdings trading at steep discounts to intrinsic value with superior metrics versus the index. New energy positions were added on the thesis that supply shocks and surging data center electricity demand create material mispricing opportunities. | ||||||
| +10.8% | +22.1% | Yacktman generates risk-adjusted returns by owning quality companies at attractive valuations. Samsung Electronics at 3-4x cash flow provides AI infrastructure exposure with downside protection. Energy holdings hedge geopolitical risk. South Korean positions benefit from governance reforms. The fund added software positions after AI-driven selloffs created bargains. Portfolio positioned to protect capital while capturing opportunities as markets reach all-time highs with concentrated risks. Full Quick Take Yacktman generates risk-adjusted returns by owning quality companies at attractive valuations. Samsung Electronics at 3-4x cash flow provides AI infrastructure exposure with downside protection. Energy holdings hedge geopolitical risk. South Korean positions benefit from governance reforms. The fund added software positions after AI-driven selloffs created bargains. Portfolio positioned to protect capital while capturing opportunities as markets reach all-time highs with concentrated risks. | |||||||
| +7.0% | +10.7% | Tweedy Browne delivered strong absolute returns in Q2 2026 but warns of late-1990s bubble conditions as AI mania drives valuations to historic extremes. The manager actively avoids overvalued mega-cap tech, instead positioning in attractively valued European, Japanese, and smaller-cap companies. With CAPE at 41X and persistent inflation forcing Fed hawkishness, the portfolio is defensively positioned to outperform in a potential market correction while maintaining participation if enthusiasm persists. Full Quick Take Tweedy Browne delivered strong absolute returns in Q2 2026 but warns of late-1990s bubble conditions as AI mania drives valuations to historic extremes. The manager actively avoids overvalued mega-cap tech, instead positioning in attractively valued European, Japanese, and smaller-cap companies. With CAPE at 41X and persistent inflation forcing Fed hawkishness, the portfolio is defensively positioned to outperform in a potential market correction while maintaining participation if enthusiasm persists. | - | ||||||
| - | +9.0% | RIT delivered 9.0% NAV return in H1 2026 with strong contributions across all pillars. SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. The manager increased emerging markets exposure and added AI application layer positions while remaining mindful of inflation risks and semiconductor valuations. Full Quick Take RIT delivered 9.0% NAV return in H1 2026 with strong contributions across all pillars. SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. The manager increased emerging markets exposure and added AI application layer positions while remaining mindful of inflation risks and semiconductor valuations. | - | ||||||
| - | - | - | 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. | - | |||||
| - | +30.0% | The fund returned 30% year-to-date as the Strait of Hormuz closure disrupted 14 million barrels per day for four months. Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Inventories approach critical minimums by September if disruption continues, forcing sharp price increases. Full Quick Take The fund returned 30% year-to-date as the Strait of Hormuz closure disrupted 14 million barrels per day for four months. Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Inventories approach critical minimums by September if disruption continues, forcing sharp price increases. | - | ||||||
| +13.9% | +19.2% | Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. Full Quick Take Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. | |||||||
| +6.7% | +8.8% | Tweedy Browne International Value Fund II returned 6.69% in Q2 2026 but trails benchmarks year-to-date at 8.84%. The manager expresses serious concern about AI-driven valuation excesses, with key metrics at bubble-like levels and hyperscalers trapped in a capex prisoner's dilemma. The portfolio emphasizes smaller caps and non-US equities at attractive valuations while avoiding overpriced US tech, positioning defensively for potential market correction. Full Quick Take Tweedy Browne International Value Fund II returned 6.69% in Q2 2026 but trails benchmarks year-to-date at 8.84%. The manager expresses serious concern about AI-driven valuation excesses, with key metrics at bubble-like levels and hyperscalers trapped in a capex prisoner's dilemma. The portfolio emphasizes smaller caps and non-US equities at attractive valuations while avoiding overpriced US tech, positioning defensively for potential market correction. | - | ||||||
| - | - | - | PGIM Core Bond outperformed in Q2 2026 through quality-focused positioning as geopolitical shocks drove yields higher and the Fed turned hawkish under new leadership. The fund capitalized on attractive carry in senior securitized credits and belly Treasuries while avoiding spread compression bets. AI-driven growth supports the U.S. economy but persistent inflation from energy shocks necessitates Fed tightening, creating a challenging backdrop for risk assets at historically tight spreads. Full Quick Take PGIM Core Bond outperformed in Q2 2026 through quality-focused positioning as geopolitical shocks drove yields higher and the Fed turned hawkish under new leadership. The fund capitalized on attractive carry in senior securitized credits and belly Treasuries while avoiding spread compression bets. AI-driven growth supports the U.S. economy but persistent inflation from energy shocks necessitates Fed tightening, creating a challenging backdrop for risk assets at historically tight spreads. | - | |||||
| +8.8% | +10.7% | Auxier positions in AI infrastructure providers earning strong profits supplying vital hardware and connectivity rather than hyperscalers chasing uncertain AI model profitability. The fund warns margin debt surging 50% to $1.53 trillion and leveraged single-stock ETFs create extreme liquidation risk. Technology debt issuance quadrupled to fund AI buildout with 20-30 year bonds financing potentially obsolete data centers. The fund favors enduring businesses with large moats, minimal capital needs, and strong returns resisting market disruptions. Full Quick Take Auxier positions in AI infrastructure providers earning strong profits supplying vital hardware and connectivity rather than hyperscalers chasing uncertain AI model profitability. The fund warns margin debt surging 50% to $1.53 trillion and leveraged single-stock ETFs create extreme liquidation risk. Technology debt issuance quadrupled to fund AI buildout with 20-30 year bonds financing potentially obsolete data centers. The fund favors enduring businesses with large moats, minimal capital needs, and strong returns resisting market disruptions. | |||||||
| - | - | Robotti sees AI's physical appetite creating opportunity in overlooked infrastructure. While AI platforms trade at extreme valuations, the power, materials, and energy required to support them remain undervalued after years of underinvestment. The manager owns real assets through public companies at discounts: offshore energy consolidating with pricing power, North American industrials benefiting from cheap gas, and building products serving demographic housing demand. Recognition lags fundamentals but arrives quickly. Full Quick Take Robotti sees AI's physical appetite creating opportunity in overlooked infrastructure. While AI platforms trade at extreme valuations, the power, materials, and energy required to support them remain undervalued after years of underinvestment. The manager owns real assets through public companies at discounts: offshore energy consolidating with pricing power, North American industrials benefiting from cheap gas, and building products serving demographic housing demand. Recognition lags fundamentals but arrives quickly. | - | ||||||
| +22.3% | +5.2% | Curreen Capital delivered 22.26% in Q2 through three special situations: a profitable tender offer in Optimum Communications, a merger-spinoff in Green Dot later exited due to timing uncertainty, and adding to TriNet as an inexpensive turnaround. The concentrated portfolio emphasizes spinoffs and turnarounds trading at attractive upside-to-downside ratios with strong downside protection. Full Quick Take Curreen Capital delivered 22.26% in Q2 through three special situations: a profitable tender offer in Optimum Communications, a merger-spinoff in Green Dot later exited due to timing uncertainty, and adding to TriNet as an inexpensive turnaround. The concentrated portfolio emphasizes spinoffs and turnarounds trading at attractive upside-to-downside ratios with strong downside protection. | |||||||
| +27.0% | +15.7% | Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. Full Quick Take Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. | |||||||
| +17.9% | +12.3% | Impax US Sustainable Economy Fund outperformed in Q2 2026 on strong AI infrastructure demand, with semiconductor holdings surging as hyperscale data center buildout accelerated toward US$750bn-US$1tn in annual capex. The sustainability framework delivered through Tech overweight and complete Energy exclusion. Health Care detracted on stock-specific weakness. Portfolio maintains 58% weight in highest Corporate Resilience quintile, positioned for structural energy transition and digital infrastructure growth. Full Quick Take Impax US Sustainable Economy Fund outperformed in Q2 2026 on strong AI infrastructure demand, with semiconductor holdings surging as hyperscale data center buildout accelerated toward US$750bn-US$1tn in annual capex. The sustainability framework delivered through Tech overweight and complete Energy exclusion. Health Care detracted on stock-specific weakness. Portfolio maintains 58% weight in highest Corporate Resilience quintile, positioned for structural energy transition and digital infrastructure growth. | - | ||||||
| +21.9% | +20.9% | Impax Global Environmental Markets Fund surged 21.98% in Q2 2026, outperforming on AI infrastructure tailwinds driving semiconductor and data center holdings. The team maintains high conviction in picks and shovels AI exposure while balancing with defensive waste, industrial gas, and utility positions. Water infrastructure faced headwinds from rates and macro uncertainty. Portfolio remains concentrated in 42 high-quality names with pricing power and secular environmental growth drivers. Full Quick Take Impax Global Environmental Markets Fund surged 21.98% in Q2 2026, outperforming on AI infrastructure tailwinds driving semiconductor and data center holdings. The team maintains high conviction in picks and shovels AI exposure while balancing with defensive waste, industrial gas, and utility positions. Water infrastructure faced headwinds from rates and macro uncertainty. Portfolio remains concentrated in 42 high-quality names with pricing power and secular environmental growth drivers. | - | ||||||
| +2.4% | -0.2% | - | Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| - | - | Generated 17.8% net by trading sector rotation between AI winners and losers in a flat market. Semiconductors peaked climactically in June after a 30% rally driven by memory bottlenecks. Shorted upside volatility in overleveraged memory products while rotating into cheap IT services and quality names. Built defensive energy positions around Iran crisis. Positioned long yen against extreme carry trade positioning. Expect elevated volatility into elections despite low VIX. Full Quick Take Generated 17.8% net by trading sector rotation between AI winners and losers in a flat market. Semiconductors peaked climactically in June after a 30% rally driven by memory bottlenecks. Shorted upside volatility in overleveraged memory products while rotating into cheap IT services and quality names. Built defensive energy positions around Iran crisis. Positioned long yen against extreme carry trade positioning. Expect elevated volatility into elections despite low VIX. | - | ||||||
| +9.6% | +14.6% | Sycamore Mid Cap Value underperformed in Q2 2026 as extreme AI-driven concentration penalized diversified value managers. The strategy avoided parabolic semiconductor and tech hardware stocks on valuation discipline, costing 323 basis points. Top contributors included managed care and industrial cyclicals benefiting from sector-specific catalysts. The manager warns of systemic risks from record speculation, circular AI financing, and household equity exposure at all-time highs, advocating rotation away from euphoric AI names into neglected value opportunities. Full Quick Take Sycamore Mid Cap Value underperformed in Q2 2026 as extreme AI-driven concentration penalized diversified value managers. The strategy avoided parabolic semiconductor and tech hardware stocks on valuation discipline, costing 323 basis points. Top contributors included managed care and industrial cyclicals benefiting from sector-specific catalysts. The manager warns of systemic risks from record speculation, circular AI financing, and household equity exposure at all-time highs, advocating rotation away from euphoric AI names into neglected value opportunities. | |||||||
| +14.0% | +8.7% | Pzena Focused Value outperformed in Q2 2026 on health care strength, led by managed care insurers benefiting from favorable medical cost trends. The manager trimmed semiconductors on unsustainable 80%+ margins, avoiding the cyclical peak, and initiated software positions after AI-disruption fears created decade-low valuations. Extreme market concentration has created compelling value opportunities in consumer and health care businesses left behind by the AI rally. Full Quick Take Pzena Focused Value outperformed in Q2 2026 on health care strength, led by managed care insurers benefiting from favorable medical cost trends. The manager trimmed semiconductors on unsustainable 80%+ margins, avoiding the cyclical peak, and initiated software positions after AI-disruption fears created decade-low valuations. Extreme market concentration has created compelling value opportunities in consumer and health care businesses left behind by the AI rally. | - | ||||||
| - | - | Markets rallied in Q2 2026 as small caps surged 22% and leadership broadened beyond mega-cap tech. The U.S.-Iran conflict disrupted energy markets before stabilizing, while AI focus shifted from infrastructure spending to monetization concerns as hyperscaler cash flows weakened. Consumer resilience persisted despite inflation outpacing wages, supported by tax refunds. New Fed Chair Warsh launched policy reviews that may reshape inflation measurement and communications. Full Quick Take Markets rallied in Q2 2026 as small caps surged 22% and leadership broadened beyond mega-cap tech. The U.S.-Iran conflict disrupted energy markets before stabilizing, while AI focus shifted from infrastructure spending to monetization concerns as hyperscaler cash flows weakened. Consumer resilience persisted despite inflation outpacing wages, supported by tax refunds. New Fed Chair Warsh launched policy reviews that may reshape inflation measurement and communications. | |||||||
| +6.6% | - | - | Cooper Investors Global Equities Fund (Unhedged) provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Cooper Investors Global Equities Fund (Unhedged) provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +7.2% | +11.1% | Tweedy Browne delivered strong Q2 absolute returns but lagged AI-driven benchmarks. The manager draws explicit parallels to the late 1990s bubble, citing 41X Cape Shiller P/E, hyperscaler capex prisoner's dilemma, and record margin debt. Most AI stocks fail their valuation criteria. The Funds emphasize smaller and mid-cap companies at attractive valuations, positioned to outperform if market excesses correct while participating if animal spirits continue. Full Quick Take Tweedy Browne delivered strong Q2 absolute returns but lagged AI-driven benchmarks. The manager draws explicit parallels to the late 1990s bubble, citing 41X Cape Shiller P/E, hyperscaler capex prisoner's dilemma, and record margin debt. Most AI stocks fail their valuation criteria. The Funds emphasize smaller and mid-cap companies at attractive valuations, positioned to outperform if market excesses correct while participating if animal spirits continue. | - | ||||||
| +18.7% | +1.2% | International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. Full Quick Take International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. | |||||||
| +18.2% | +18.2% | GW&K's small cap core fund trailed the Russell 2000's 21.5% Q2 rally as speculative, low-quality stocks dominated. The fund's quality bias and cash position created headwinds, but June's normalization drove a rebound. With small caps up over 1200 bps versus large caps year-to-date on strong earnings and broadening participation, managers see continued opportunity as fundamentals trump speculation. Full Quick Take GW&K's small cap core fund trailed the Russell 2000's 21.5% Q2 rally as speculative, low-quality stocks dominated. The fund's quality bias and cash position created headwinds, but June's normalization drove a rebound. With small caps up over 1200 bps versus large caps year-to-date on strong earnings and broadening participation, managers see continued opportunity as fundamentals trump speculation. | - | ||||||
| - | - | Matrix Dividend Income delivered high single-digit gains in Q2 2026 through disciplined value investing in dividend-paying large caps. The portfolio's 2.69% yield and 16.5x P/E multiple offer compelling value versus the S&P 500's 1.08% yield and 21.8x multiple. The manager added Abbott Laboratories and McDonald's at attractive entry points near 52-week lows while trimming winners. Fourteen holdings raised dividends 6.8% year-to-date, supporting the income and growth mandate. Full Quick Take Matrix Dividend Income delivered high single-digit gains in Q2 2026 through disciplined value investing in dividend-paying large caps. The portfolio's 2.69% yield and 16.5x P/E multiple offer compelling value versus the S&P 500's 1.08% yield and 21.8x multiple. The manager added Abbott Laboratories and McDonald's at attractive entry points near 52-week lows while trimming winners. Fourteen holdings raised dividends 6.8% year-to-date, supporting the income and growth mandate. | |||||||
| +27.9% | - | Ariel Global Fund surged +27.91% in Q2 2026, crushing benchmarks as AI investment broadened beyond U.S. tech to semiconductors and infrastructure across Asia. Intel, Murata and MediaTek drove outperformance on AI infrastructure demand. The fund deployed capital aggressively, initiating thirteen positions including utilities, biotech tools and Chinese automation plays. Management sees an increasingly attractive opportunity set as market leadership diversifies and fundamentals matter more than macro narratives. Full Quick Take Ariel Global Fund surged +27.91% in Q2 2026, crushing benchmarks as AI investment broadened beyond U.S. tech to semiconductors and infrastructure across Asia. Intel, Murata and MediaTek drove outperformance on AI infrastructure demand. The fund deployed capital aggressively, initiating thirteen positions including utilities, biotech tools and Chinese automation plays. Management sees an increasingly attractive opportunity set as market leadership diversifies and fundamentals matter more than macro narratives. | |||||||
| +9.7% | +7.4% | BBH Select Mid Cap returned 9.7% in Q2 2026, underperforming the 13.8% benchmark as AI infrastructure drove extreme outperformance in high-beta technology hardware. Entegris and Arista Networks led gains on semiconductor cycle strength and data center buildout. The 27-position portfolio trades at 90% of intrinsic value with differentiated positioning across valuations, avoiding the highest-valuation momentum stocks despite their dominance this quarter. Full Quick Take BBH Select Mid Cap returned 9.7% in Q2 2026, underperforming the 13.8% benchmark as AI infrastructure drove extreme outperformance in high-beta technology hardware. Entegris and Arista Networks led gains on semiconductor cycle strength and data center buildout. The 27-position portfolio trades at 90% of intrinsic value with differentiated positioning across valuations, avoiding the highest-valuation momentum stocks despite their dominance this quarter. | |||||||
| +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. | |||||||
| +7.6% | -3.7% | SGA's International Growth portfolio delivered 7.6% net in Q2 but underperformed as extreme momentum in AI infrastructure and memory stocks dominated markets. Portfolio fundamentals remained strong with 10% median growth and 60% of holdings beating estimates, yet valuations compressed to near-record discounts versus the benchmark. With 3.4% Enterprise Yield and positioning for 12% revenue and 17% earnings growth over three years, the firm sees compelling opportunity as quality compounders trade at historically attractive levels. Full Quick Take SGA's International Growth portfolio delivered 7.6% net in Q2 but underperformed as extreme momentum in AI infrastructure and memory stocks dominated markets. Portfolio fundamentals remained strong with 10% median growth and 60% of holdings beating estimates, yet valuations compressed to near-record discounts versus the benchmark. With 3.4% Enterprise Yield and positioning for 12% revenue and 17% earnings growth over three years, the firm sees compelling opportunity as quality compounders trade at historically attractive levels. | |||||||
| +10.5% | - | Sound Shore gained 10.48% in Q2 2026 as AI-driven infrastructure spending propelled semiconductors and technology holdings including Qualcomm and Marvell Technology. The fund benefited from broader portfolio strength in Elevance Health and Southwest Air while energy retreated with oil prices. Maintaining disciplined value approach at 13x forward P/E versus market at 20x, the fund focuses on durable earnings power not reflected in current valuations while questioning AI cycle sustainability. Full Quick Take Sound Shore gained 10.48% in Q2 2026 as AI-driven infrastructure spending propelled semiconductors and technology holdings including Qualcomm and Marvell Technology. The fund benefited from broader portfolio strength in Elevance Health and Southwest Air while energy retreated with oil prices. Maintaining disciplined value approach at 13x forward P/E versus market at 20x, the fund focuses on durable earnings power not reflected in current valuations while questioning AI cycle sustainability. | |||||||
| - | +8.2% | International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead. Full Quick Take International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead. | |||||||
| +12.3% | +18.1% | Polaris outperformed by 125 bps in Q2 2026, driven by AI semiconductor plays SK hynix and Samsung, airlines benefiting from Iran de-escalation, and selective financials. China holdings dragged on U.S. sanctions and capital flow restrictions. The manager sees a multi-year opportunity in under-appreciated international equities trading at attractive valuations despite macro headwinds from fragile geopolitics and sticky inflation. Full Quick Take Polaris outperformed by 125 bps in Q2 2026, driven by AI semiconductor plays SK hynix and Samsung, airlines benefiting from Iran de-escalation, and selective financials. China holdings dragged on U.S. sanctions and capital flow restrictions. The manager sees a multi-year opportunity in under-appreciated international equities trading at attractive valuations despite macro headwinds from fragile geopolitics and sticky inflation. | - | ||||||
| - | - | SoftBank is executing an aggressive strategy to dominate the ASI era, investing $64.6 billion cumulatively in OpenAI while building massive AI infrastructure (15 GW data centers globally) and consolidating semiconductor capabilities through Arm and Ampere. Fiscal 2025 delivered record ¥5.0 trillion net income driven by ¥6.7 trillion OpenAI-related gains. Management targets ¥1 quadrillion NAV by 2042, expressing extreme conviction that the AI revolution has only just begun. Full Quick Take SoftBank is executing an aggressive strategy to dominate the ASI era, investing $64.6 billion cumulatively in OpenAI while building massive AI infrastructure (15 GW data centers globally) and consolidating semiconductor capabilities through Arm and Ampere. Fiscal 2025 delivered record ¥5.0 trillion net income driven by ¥6.7 trillion OpenAI-related gains. Management targets ¥1 quadrillion NAV by 2042, expressing extreme conviction that the AI revolution has only just begun. | |||||||
| - | - | - | Hennessy Cornerstone Growth Fund combines value and momentum factors to build a 50-stock small cap portfolio using strict quantitative screens. The Fund is heavily overweight Industrials, Energy, Technology, and Materials, positioning for AI infrastructure buildout, manufacturing reshoring, grid electrification, defense spending, and materials scarcity. With a median 0.9x price-to-sales ratio versus 2.0x for the Russell 2000, the strategy targets attractively valued companies with strong price momentum. Full Quick Take Hennessy Cornerstone Growth Fund combines value and momentum factors to build a 50-stock small cap portfolio using strict quantitative screens. The Fund is heavily overweight Industrials, Energy, Technology, and Materials, positioning for AI infrastructure buildout, manufacturing reshoring, grid electrification, defense spending, and materials scarcity. With a median 0.9x price-to-sales ratio versus 2.0x for the Russell 2000, the strategy targets attractively valued companies with strong price momentum. | - | |||||
| +23.9% | +15.6% | TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. Full Quick Take TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. | - | ||||||
| +2.4% | +1.9% | - | The Touchstone Core Municipal Bond Fund slightly underperformed its benchmark in Q2 2026, returning 2.37% as the municipal bond market rebounded from first-quarter weakness. The Fund's barbell yield curve positioning contributed positively amid significant curve flattening. Healthcare credit spreads widened while prepaid gas bonds showed relative weakness. The manager maintains a modestly long-duration posture with overweight to single-A credits, viewing the outlook as constructive despite richer valuations. Full Quick Take The Touchstone Core Municipal Bond Fund slightly underperformed its benchmark in Q2 2026, returning 2.37% as the municipal bond market rebounded from first-quarter weakness. The Fund's barbell yield curve positioning contributed positively amid significant curve flattening. Healthcare credit spreads widened while prepaid gas bonds showed relative weakness. The manager maintains a modestly long-duration posture with overweight to single-A credits, viewing the outlook as constructive despite richer valuations. | - | |||||
| +3.2% | - | The Davenport Value & Income Fund underperformed in Q2 2026 as AI and semiconductor momentum dominated markets, but management maintains disciplined value orientation. Top performers included Texas Instruments, Cisco, and health insurers as underwriting cycles improved. The fund added Abbott Laboratories and International Flavors & Fragrances at attractive valuations with solid dividend yields. Six holdings raised dividends including Johnson & Johnson's 64th consecutive increase, reinforcing the fund's commitment to quality dividend payers over capital-intensive growth stocks. Full Quick Take The Davenport Value & Income Fund underperformed in Q2 2026 as AI and semiconductor momentum dominated markets, but management maintains disciplined value orientation. Top performers included Texas Instruments, Cisco, and health insurers as underwriting cycles improved. The fund added Abbott Laboratories and International Flavors & Fragrances at attractive valuations with solid dividend yields. Six holdings raised dividends including Johnson & Johnson's 64th consecutive increase, reinforcing the fund's commitment to quality dividend payers over capital-intensive growth stocks. | |||||||
| - | - | Stewart Investors' Asia strategies surged in Q2 2026 on semiconductor strength, with Samsung, MediaTek and TSMC driving returns amid AI-fueled memory demand. The manager trimmed these expensive positions while adding Indian banks and Vietnamese companies at attractive valuations. China faces domestic weakness and capital control concerns. Despite Middle East volatility, the manager sees compelling long-term opportunities in quality Asian businesses trading at discounts to developed markets. Full Quick Take Stewart Investors' Asia strategies surged in Q2 2026 on semiconductor strength, with Samsung, MediaTek and TSMC driving returns amid AI-fueled memory demand. The manager trimmed these expensive positions while adding Indian banks and Vietnamese companies at attractive valuations. China faces domestic weakness and capital control concerns. Despite Middle East volatility, the manager sees compelling long-term opportunities in quality Asian businesses trading at discounts to developed markets. | |||||||
| +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. |
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