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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | - | 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. | - | ||||||
| +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. | |||||||
| - | +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. | - | ||||||
| - | - | 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. | - | ||||||
| +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. | - | ||||||
| +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. | - | ||||||
| +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. | ||||||
| +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. | |||||||
| - | - | 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. | |||||||
| +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. | |||||||
| - | +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. | - | ||||||
| - | - | - | 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. | - | |||||
| +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. | |||||||
| - | - | The strategy lagged the benchmark in Q2 2026 primarily due to not owning Vingroup, which surged 63%. Stock selection in the Philippines and Peru contributed positively. The manager is building a new theme around power-generation infrastructure, driven by AI data centers and renewable energy creating structural demand for grid equipment. Supply constraints and aging infrastructure support multiyear growth for component manufacturers. Full Quick Take The strategy lagged the benchmark in Q2 2026 primarily due to not owning Vingroup, which surged 63%. Stock selection in the Philippines and Peru contributed positively. The manager is building a new theme around power-generation infrastructure, driven by AI data centers and renewable energy creating structural demand for grid equipment. Supply constraints and aging infrastructure support multiyear growth for component manufacturers. | |||||||
| - | - | Antipodes deliberately avoided memory semiconductors despite 95% Q2 gains, viewing valuations as extrapolating peak-cycle pricing with thin margin for error. The fund instead positioned in analog/power/RF semiconductors with structural growth, energy infrastructure supporting AI buildout at undemanding valuations, and quality compounders oversold on AI disruption fears. Portfolio positioned for rotation away from unprecedented market concentration into broader value opportunities. Full Quick Take Antipodes deliberately avoided memory semiconductors despite 95% Q2 gains, viewing valuations as extrapolating peak-cycle pricing with thin margin for error. The fund instead positioned in analog/power/RF semiconductors with structural growth, energy infrastructure supporting AI buildout at undemanding valuations, and quality compounders oversold on AI disruption fears. Portfolio positioned for rotation away from unprecedented market concentration into broader value opportunities. | |||||||
| - | - | Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point. Full Quick Take Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point. | |||||||
| +24.0% | - | The fund delivered 24% in Q2 2026 driven by semiconductor capital equipment positions that doubled as capacity expansion accelerated. The manager added NAND supply chain and datacentre power infrastructure positions while making selective space ecosystem investments. Defense holdings underperformed on geopolitical developments. The portfolio emphasizes companies with unique capabilities in semiconductors, automation, and AI infrastructure while avoiding highly competitive AI model development and maintaining selective long-term defense exposure. Full Quick Take The fund delivered 24% in Q2 2026 driven by semiconductor capital equipment positions that doubled as capacity expansion accelerated. The manager added NAND supply chain and datacentre power infrastructure positions while making selective space ecosystem investments. Defense holdings underperformed on geopolitical developments. The portfolio emphasizes companies with unique capabilities in semiconductors, automation, and AI infrastructure while avoiding highly competitive AI model development and maintaining selective long-term defense exposure. | - | ||||||
| +39.2% | - | Columbia Global Technology Growth Fund surged 39.25% in Q2 2026, outperforming on concentrated AI infrastructure positioning. The quarter delivered decisive validation of the AI supercycle thesis as semiconductor and memory companies reported superlative earnings with tangible revenue and margin expansion. Micron tripled revenue year-over-year while Lam Research raised industry forecasts. The widening divergence between AI infrastructure winners and disrupted software businesses became impossible to ignore as traditional SaaS models face structural repricing. Full Quick Take Columbia Global Technology Growth Fund surged 39.25% in Q2 2026, outperforming on concentrated AI infrastructure positioning. The quarter delivered decisive validation of the AI supercycle thesis as semiconductor and memory companies reported superlative earnings with tangible revenue and margin expansion. Micron tripled revenue year-over-year while Lam Research raised industry forecasts. The widening divergence between AI infrastructure winners and disrupted software businesses became impossible to ignore as traditional SaaS models face structural repricing. | |||||||
| +0.7% | - | - | The Fund sharply reduced duration to under one year as managers position for a structural shift to higher inflation. Globalization's disinflationary era is over, replaced by supply-chain fragmentation, labor scarcity, and capital-intensive industrial policy that will push equilibrium inflation from 1.5%-3.5% toward 3.5%-4.5%. Long-term Treasury yields face upward pressure from rising real rates, higher term premiums, and greater volatility. Full Quick Take The Fund sharply reduced duration to under one year as managers position for a structural shift to higher inflation. Globalization's disinflationary era is over, replaced by supply-chain fragmentation, labor scarcity, and capital-intensive industrial policy that will push equilibrium inflation from 1.5%-3.5% toward 3.5%-4.5%. Long-term Treasury yields face upward pressure from rising real rates, higher term premiums, and greater volatility. | - | |||||
| +26.6% | +29.7% | The fund delivered 29.64% in Q2 2026, outperforming through concentrated AI semiconductor exposure and selective China technology positioning. SK Hynix, Samsung, MediaTek and Chinese hardware names drove returns while model makers lagged. The manager trimmed winners to maintain diversification but continues adding selectively. Outlook is constructive on AI and China tech but cautious on valuations and narrow market leadership. Indonesia regulatory concerns created headwinds. Full Quick Take The fund delivered 29.64% in Q2 2026, outperforming through concentrated AI semiconductor exposure and selective China technology positioning. SK Hynix, Samsung, MediaTek and Chinese hardware names drove returns while model makers lagged. The manager trimmed winners to maintain diversification but continues adding selectively. Outlook is constructive on AI and China tech but cautious on valuations and narrow market leadership. Indonesia regulatory concerns created headwinds. | - | ||||||
| - | +52.5% | Baillie Gifford's semiconductor concentration delivered exceptional Q2 returns as AI capital expenditure drove TSMC, Samsung, and SK Hynix to represent 40 percent of the portfolio. The team is recycling profits into undervalued China opportunities, where government industrial policy has established global leadership in energy transition technologies and electric vehicles. Despite cyclicality concerns, valuations remain rational and the team views insufficient emerging markets exposure as the primary risk. Full Quick Take Baillie Gifford's semiconductor concentration delivered exceptional Q2 returns as AI capital expenditure drove TSMC, Samsung, and SK Hynix to represent 40 percent of the portfolio. The team is recycling profits into undervalued China opportunities, where government industrial policy has established global leadership in energy transition technologies and electric vehicles. Despite cyclicality concerns, valuations remain rational and the team views insufficient emerging markets exposure as the primary risk. | |||||||
| +4.6% | - | Brown Advisory's concentrated Global Leaders Strategy underperformed in Q2 2026 due to semiconductor underweights during the AI infrastructure surge but has repositioned by initiating Nvidia and eliminating software exposure outside Microsoft. The manager sees exceptional opportunity with ready-to-buy lists at multi-year highs and 12-13% average portfolio IRRs. Quality investing remains core with strict valuation discipline targeting double-digit five-year returns from durable compounders. Full Quick Take Brown Advisory's concentrated Global Leaders Strategy underperformed in Q2 2026 due to semiconductor underweights during the AI infrastructure surge but has repositioned by initiating Nvidia and eliminating software exposure outside Microsoft. The manager sees exceptional opportunity with ready-to-buy lists at multi-year highs and 12-13% average portfolio IRRs. Quality investing remains core with strict valuation discipline targeting double-digit five-year returns from durable compounders. | |||||||
| +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. | |||||||
| - | - | Temasek delivered 10.5% returns with portfolio value reaching S$518 billion, doubling over a decade. The firm restructured into three focused entities to sharpen execution across Singapore companies, global investments, and partnerships. Strategic priorities target scaling AI, infrastructure, and private credit exposure while maintaining disciplined deployment amid geopolitical complexity. Long-term returns of 7.1% over 10 years demonstrate resilience, with active stewardship driving value creation across the portfolio. Full Quick Take Temasek delivered 10.5% returns with portfolio value reaching S$518 billion, doubling over a decade. The firm restructured into three focused entities to sharpen execution across Singapore companies, global investments, and partnerships. Strategic priorities target scaling AI, infrastructure, and private credit exposure while maintaining disciplined deployment amid geopolitical complexity. Long-term returns of 7.1% over 10 years demonstrate resilience, with active stewardship driving value creation across the portfolio. | - | ||||||
| +8.8% | +14.1% | Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. Full Quick Take Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. | |||||||
| +17.6% | +4.6% | Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. Full Quick Take Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. | - | ||||||
| +29.5% | - | American Century Emerging Markets Fund surged 29.46% in Q2 2026, crushing the benchmark by 540 basis points through concentrated AI semiconductor exposure in South Korea and Taiwan. Samsung Electro-Mechanics, SK Hynix, and Unimicron drove outperformance on high bandwidth memory demand. Avoiding Chinese consumer names added value. Lithium and energy holdings detracted on supply normalization. Managers see attractive stock selection opportunities amid improving earnings and easing geopolitical tensions. Full Quick Take American Century Emerging Markets Fund surged 29.46% in Q2 2026, crushing the benchmark by 540 basis points through concentrated AI semiconductor exposure in South Korea and Taiwan. Samsung Electro-Mechanics, SK Hynix, and Unimicron drove outperformance on high bandwidth memory demand. Avoiding Chinese consumer names added value. Lithium and energy holdings detracted on supply normalization. Managers see attractive stock selection opportunities amid improving earnings and easing geopolitical tensions. | - | ||||||
| +5.4% | +5.3% | City Different's global equity strategies trailed a hot AI-driven market in Q2 but delivered solid gains. New purchase ICON plc led performance as valuation became compelling post-correction. Manager trimmed energy exposure into strength and added to MercadoLibre on weakness. Electrification trends continue benefiting Talen Energy. Remarkable energy inventory depletions contrast with prior oversupply consensus. Portfolios remain optimistic on long-term fundamentals despite near-term volatility. Full Quick Take City Different's global equity strategies trailed a hot AI-driven market in Q2 but delivered solid gains. New purchase ICON plc led performance as valuation became compelling post-correction. Manager trimmed energy exposure into strength and added to MercadoLibre on weakness. Electrification trends continue benefiting Talen Energy. Remarkable energy inventory depletions contrast with prior oversupply consensus. Portfolios remain optimistic on long-term fundamentals despite near-term volatility. | |||||||
| +13.7% | - | Ariel Appreciation Fund returned 13.71% in Q2 2026, driven by strong performance from Knowles, Generac, and Madison Square Garden Entertainment. The fund added five new positions including Haemonetics, Houlihan Lokey, Masco, Progressive, and Royal Caribbean, while exiting three names to redeploy capital. Despite concentrated market leadership and geopolitical uncertainty, the fund remains focused on owning high-quality mid-cap businesses at attractive valuations with durable competitive advantages. Full Quick Take Ariel Appreciation Fund returned 13.71% in Q2 2026, driven by strong performance from Knowles, Generac, and Madison Square Garden Entertainment. The fund added five new positions including Haemonetics, Houlihan Lokey, Masco, Progressive, and Royal Caribbean, while exiting three names to redeploy capital. Despite concentrated market leadership and geopolitical uncertainty, the fund remains focused on owning high-quality mid-cap businesses at attractive valuations with durable competitive advantages. | |||||||
| - | - | Titan Wealth's multi-manager strategies delivered exceptional first-half returns driven by concentrated AI and semiconductor exposure, with technology up 33% and emerging markets outperforming by 10 percentage points. Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA. Recently added healthcare to diversify concentration risk while expecting markets to grind higher despite elevated valuations and sticky inflation. Full Quick Take Titan Wealth's multi-manager strategies delivered exceptional first-half returns driven by concentrated AI and semiconductor exposure, with technology up 33% and emerging markets outperforming by 10 percentage points. Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA. Recently added healthcare to diversify concentration risk while expecting markets to grind higher despite elevated valuations and sticky inflation. | |||||||
| - | - | - | Hoisington argues the U.S. is exiting globalization's disinflationary era and entering a structurally higher inflation regime (3.5-4.5%) driven by supply chain fragmentation, labor scarcity, and surging capital demands from industrial policy and AI infrastructure. With net national saving near historic lows and the Fed under Warsh expected to pursue balance sheet restraint, the outlook is for more volatile interest rates with upward pressure on long-term Treasury yields. Full Quick Take Hoisington argues the U.S. is exiting globalization's disinflationary era and entering a structurally higher inflation regime (3.5-4.5%) driven by supply chain fragmentation, labor scarcity, and surging capital demands from industrial policy and AI infrastructure. With net national saving near historic lows and the Fed under Warsh expected to pursue balance sheet restraint, the outlook is for more volatile interest rates with upward pressure on long-term Treasury yields. | - | |||||
| +16.8% | +9.6% | Parnassus Core Equity outperformed in Q2 2026 with a 16.83% return, driven by semiconductor and AI infrastructure holdings. The fund balances 40% offensive AI positions with 60% defensive quality compounders, adding exposure to electrical infrastructure and food delivery while exiting competitive healthcare and software names. Management remains constructively bullish on U.S. equities despite record market concentration, positioning for foundational infrastructure ownership at sensible valuations. Full Quick Take Parnassus Core Equity outperformed in Q2 2026 with a 16.83% return, driven by semiconductor and AI infrastructure holdings. The fund balances 40% offensive AI positions with 60% defensive quality compounders, adding exposure to electrical infrastructure and food delivery while exiting competitive healthcare and software names. Management remains constructively bullish on U.S. equities despite record market concentration, positioning for foundational infrastructure ownership at sensible valuations. | |||||||
| +18.8% | +15.1% | Hardman Johnston's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits. Despite geopolitical uncertainty and hawkish Fed policy, the portfolio remains focused on high-quality companies positioned for long-term secular growth. Full Quick Take Hardman Johnston's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits. Despite geopolitical uncertainty and hawkish Fed policy, the portfolio remains focused on high-quality companies positioned for long-term secular growth. | - | ||||||
| +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. | |||||||
| +10.4% | -4.0% | Fund underperformed in Q2 as extreme market concentration favored narrow AI capex trade, but manager maintains five-year conviction. Portfolio declines driven by valuation compression, not earnings deterioration, creating coiled spring as intrinsic value rises while prices fall. Trimmed appreciated semiconductor positions, added to beaten-down compounders. Owns indispensable AI picks-and-shovels plus de-rated growth franchises positioned for leadership broadening. Current compression creates attractive entry point. Full Quick Take Fund underperformed in Q2 as extreme market concentration favored narrow AI capex trade, but manager maintains five-year conviction. Portfolio declines driven by valuation compression, not earnings deterioration, creating coiled spring as intrinsic value rises while prices fall. Trimmed appreciated semiconductor positions, added to beaten-down compounders. Owns indispensable AI picks-and-shovels plus de-rated growth franchises positioned for leadership broadening. Current compression creates attractive entry point. | |||||||
| +16.2% | +10.9% | The fund delivered 16.17% in Q2 2026, outperforming on concentrated AI infrastructure exposure as hyperscaler capex surged past 60% growth. Seagate, Micron, and TSMC drove returns while perceived AI disruption victims lagged. Managers trimmed AI winners after exceptional performance and rotated into undervalued quality names with durable moats. The portfolio balances genuine AI beneficiaries with resilient businesses, maintaining focus on sustainability, energy security, and companies positioned for multi-year secular trends. Full Quick Take The fund delivered 16.17% in Q2 2026, outperforming on concentrated AI infrastructure exposure as hyperscaler capex surged past 60% growth. Seagate, Micron, and TSMC drove returns while perceived AI disruption victims lagged. Managers trimmed AI winners after exceptional performance and rotated into undervalued quality names with durable moats. The portfolio balances genuine AI beneficiaries with resilient businesses, maintaining focus on sustainability, energy security, and companies positioned for multi-year secular trends. | |||||||
| +20.6% | +12.7% | Hardman Johnston's global equity strategy returned 20.6% net in Q2 2026, driven by semiconductor holdings Infineon and STMicroelectronics benefiting from improving industry conditions and AI data center demand. The manager remains constructive on long-term secular themes including AI infrastructure, energy transition, and European defense spending, while acknowledging cyclical risks in semiconductors and navigating geopolitical uncertainty and higher-for-longer interest rates under hawkish Fed leadership. Full Quick Take Hardman Johnston's global equity strategy returned 20.6% net in Q2 2026, driven by semiconductor holdings Infineon and STMicroelectronics benefiting from improving industry conditions and AI data center demand. The manager remains constructive on long-term secular themes including AI infrastructure, energy transition, and European defense spending, while acknowledging cyclical risks in semiconductors and navigating geopolitical uncertainty and higher-for-longer interest rates under hawkish Fed leadership. | - | ||||||
| - | -10.3% | SVN Capital fell 10.3% in H1 2026, driven by KKR's 28% decline on overblown private credit fears. Manager views quality stock underperformance as creating opportunity, maintains conviction in KKR's double-digit operating earnings growth and $20/share unrealized value. Indian holdings remain fundamentally strong despite market rotation to AI beneficiaries. Portfolio positioned in durable franchises with patient capital to benefit from the equity yield curve. Full Quick Take SVN Capital fell 10.3% in H1 2026, driven by KKR's 28% decline on overblown private credit fears. Manager views quality stock underperformance as creating opportunity, maintains conviction in KKR's double-digit operating earnings growth and $20/share unrealized value. Indian holdings remain fundamentally strong despite market rotation to AI beneficiaries. Portfolio positioned in durable franchises with patient capital to benefit from the equity yield curve. | |||||||
| - | - | Ophir's +31.8% Global Opportunities Fund return came from pure stock picking across twenty-one winners, not AI exposure. Market breadth finally arrived with small caps outperforming mega caps. Semiconductors and energy infrastructure soared while software applications crashed on AI disruption fears. Ophir holds index weight in AI, betting neither for nor against a bubble. Breadth should continue on falling inflation, Fed easing, and tax cuts. Full Quick Take Ophir's +31.8% Global Opportunities Fund return came from pure stock picking across twenty-one winners, not AI exposure. Market breadth finally arrived with small caps outperforming mega caps. Semiconductors and energy infrastructure soared while software applications crashed on AI disruption fears. Ophir holds index weight in AI, betting neither for nor against a bubble. Breadth should continue on falling inflation, Fed easing, and tax cuts. | - | ||||||
| - | - | TIFF navigates concentrated AI-driven market leadership with caution, flagging demanding valuations in semiconductors and unprecedented IPO supply from SpaceX, Anthropic, and Open AI that may pressure broader equities. The firm maintains benchmark-aware positioning while introducing factor-neutral overlays to reduce unintended style risk. Forward focus includes evaluating cross-sector AI exposure, adding Japan activists, and shifting toward systematic strategies anticipating higher volatility amid constructive but complex macro backdrop. Full Quick Take TIFF navigates concentrated AI-driven market leadership with caution, flagging demanding valuations in semiconductors and unprecedented IPO supply from SpaceX, Anthropic, and Open AI that may pressure broader equities. The firm maintains benchmark-aware positioning while introducing factor-neutral overlays to reduce unintended style risk. Forward focus includes evaluating cross-sector AI exposure, adding Japan activists, and shifting toward systematic strategies anticipating higher volatility amid constructive but complex macro backdrop. | - | ||||||
| - | - | Passive investing has reached dangerous extremes with three funds holding $2.6Tn and top-10 S&P 500 names representing 38-39% of the index. Computer-driven momentum has detached pricing from fundamentals, with negative-earnings companies outperforming and Nasdaq volatility spiking. The manager positions defensively in underrepresented sectors, particularly energy, expecting commodities to outperform equities over 5-10 years when inevitable rotation occurs. Full Quick Take Passive investing has reached dangerous extremes with three funds holding $2.6Tn and top-10 S&P 500 names representing 38-39% of the index. Computer-driven momentum has detached pricing from fundamentals, with negative-earnings companies outperforming and Nasdaq volatility spiking. The manager positions defensively in underrepresented sectors, particularly energy, expecting commodities to outperform equities over 5-10 years when inevitable rotation occurs. | - |
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