Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| +0.7% | -3.1% | Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. Full Quick Take Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. | |||||||
| +16.6% | +10.4% | Baron Partners Fund returned 16.61% in Q2 2026, outpacing its benchmark on the strength of SpaceX, which surged 62% after its record IPO and major AI deals. Several software and information services holdings declined on AI disruption fears despite strong fundamentals, creating what managers view as attractive valuations. The Fund's concentrated portfolio with 74% in top 10 positions delivered exceptional long-term results of 18% annualized since 2003. Full Quick Take Baron Partners Fund returned 16.61% in Q2 2026, outpacing its benchmark on the strength of SpaceX, which surged 62% after its record IPO and major AI deals. Several software and information services holdings declined on AI disruption fears despite strong fundamentals, creating what managers view as attractive valuations. The Fund's concentrated portfolio with 74% in top 10 positions delivered exceptional long-term results of 18% annualized since 2003. | |||||||
| +4.3% | +2.0% | Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. Full Quick Take Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. | |||||||
| - | - | - | Saltlight Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Saltlight Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +41.2% | +25.2% | Bailard Technology delivered 41% in Q2 by aggressively positioning into AI infrastructure hardware and semiconductors while rotating out of application software. Memory, semicap equipment, cybersecurity, and observability drove outperformance as AI deployment accelerated. The team views hardware as the cleanest AI expression and favors middle-stack infrastructure software over applications facing pricing pressure from AI-native competitors. Portfolio remains concentrated with minimal cash. Full Quick Take Bailard Technology delivered 41% in Q2 by aggressively positioning into AI infrastructure hardware and semiconductors while rotating out of application software. Memory, semicap equipment, cybersecurity, and observability drove outperformance as AI deployment accelerated. The team views hardware as the cleanest AI expression and favors middle-stack infrastructure software over applications facing pricing pressure from AI-native competitors. Portfolio remains concentrated with minimal cash. | |||||||
| +10.7% | - | Bretton Fund lagged the market in Q2 2026 by avoiding the unsustainable AI semiconductor boom, refusing to chase Micron up 600% and memory stocks at absurd valuations. UnitedHealth's turnaround added 2.5% after rebounding 80% from crisis lows. The managers opportunistically added SAP and Constellation Software at material discounts, viewing mission-critical enterprise software as insulated from AI disruption despite market fears. Full Quick Take Bretton Fund lagged the market in Q2 2026 by avoiding the unsustainable AI semiconductor boom, refusing to chase Micron up 600% and memory stocks at absurd valuations. UnitedHealth's turnaround added 2.5% after rebounding 80% from crisis lows. The managers opportunistically added SAP and Constellation Software at material discounts, viewing mission-critical enterprise software as insulated from AI disruption despite market fears. | |||||||
| +6.3% | -12.0% | Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term earnings. Full Quick Take Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term earnings. | |||||||
| - | - | The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. Full Quick Take The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. | |||||||
| +5.7% | +5.9% | Hotchkis & Wiley underperformed in Q2 2026 by avoiding the AI-driven semiconductor rally they view as a speculative bubble with unsustainable valuations. The fund favors enterprise software where AI disruption fears are overstated and has added to overlooked healthcare and consumer staples. Management expects mean reversion when market euphoria subsides and believes their attractively valued, high-quality portfolio is positioned for that outcome. Full Quick Take Hotchkis & Wiley underperformed in Q2 2026 by avoiding the AI-driven semiconductor rally they view as a speculative bubble with unsustainable valuations. The fund favors enterprise software where AI disruption fears are overstated and has added to overlooked healthcare and consumer staples. Management expects mean reversion when market euphoria subsides and believes their attractively valued, high-quality portfolio is positioned for that outcome. | |||||||
| - | +4.2% | GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. Full Quick Take GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. | |||||||
| +3.0% | - | The Fund underperformed as AI semiconductor momentum drove concentrated market returns, with three stocks tripling and accounting for 17% of index gains. The manager added to Nvidia at attractive valuations while exiting Salesforce on AI disruption concerns. Proceeds funded quality non-AI businesses trading below fair value. The portfolio balances AI exposure through TSMC, Nvidia and hyperscalers against valuation discipline, targeting patient capital appreciation. Full Quick Take The Fund underperformed as AI semiconductor momentum drove concentrated market returns, with three stocks tripling and accounting for 17% of index gains. The manager added to Nvidia at attractive valuations while exiting Salesforce on AI disruption concerns. Proceeds funded quality non-AI businesses trading below fair value. The portfolio balances AI exposure through TSMC, Nvidia and hyperscalers against valuation discipline, targeting patient capital appreciation. | |||||||
| +3.6% | +6.3% | Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. New positions in Kerry Group and NetEase reflect disciplined value hunting in overlooked areas. The Fund's differentiated exposures in health care, consumer staples, and select emerging markets offer meaningful diversification from AI-concentrated benchmarks at attractive valuations. Full Quick Take Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. New positions in Kerry Group and NetEase reflect disciplined value hunting in overlooked areas. The Fund's differentiated exposures in health care, consumer staples, and select emerging markets offer meaningful diversification from AI-concentrated benchmarks at attractive valuations. | |||||||
| +5.7% | - | Aoris underperformed in Q2 as markets favored AI infrastructure and cyclicals over quality compounders. The manager sold Accenture after a costly 58% decline, acknowledging excessive patience with deteriorating fundamentals. New positions in Moody's and Bentley Systems reflect conviction that the market overestimates AI disruption risk to mission-critical software and data businesses. The concentrated portfolio of 15 high-quality businesses remains positioned for AI to strengthen incumbent advantages. Full Quick Take Aoris underperformed in Q2 as markets favored AI infrastructure and cyclicals over quality compounders. The manager sold Accenture after a costly 58% decline, acknowledging excessive patience with deteriorating fundamentals. New positions in Moody's and Bentley Systems reflect conviction that the market overestimates AI disruption risk to mission-critical software and data businesses. The concentrated portfolio of 15 high-quality businesses remains positioned for AI to strengthen incumbent advantages. | |||||||
| +10.4% | -10.7% | Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. Full Quick Take Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. | |||||||
| +43.5% | +40.4% | The fund delivered strong absolute returns but underperformed as its selective semiconductor positioning lagged an erratic rally concentrated in lower-quality names. Asian technology holdings drove performance while software detracted. The manager reduced hyperscaler and speculative semiconductor exposure, pivoting toward quality leaders like Nvidia and enterprise software positioned for AI industrialization. Medium-term AI outlook remains constructive but near-term positioning emphasizes selectivity given valuation excess. Full Quick Take The fund delivered strong absolute returns but underperformed as its selective semiconductor positioning lagged an erratic rally concentrated in lower-quality names. Asian technology holdings drove performance while software detracted. The manager reduced hyperscaler and speculative semiconductor exposure, pivoting toward quality leaders like Nvidia and enterprise software positioned for AI industrialization. Medium-term AI outlook remains constructive but near-term positioning emphasizes selectivity given valuation excess. | - | ||||||
| +10.5% | -10.6% | Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. Full Quick Take Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. | |||||||
| - | - | Amati Global Innovation outperformed in Q2 2026 as semiconductor equipment and HBM producers rallied on AI infrastructure spending. Manager exploited excessive AI enthusiasm by adding to specialist software providers PTC, Autodesk, and Globant at depressed valuations, viewing their defensible moats as underappreciated. Initiated ATS position to capture automation recovery driven by reshoring and pent-up demand. Maintains 3-5 year conviction in innovation cycles despite geopolitical uncertainties. Full Quick Take Amati Global Innovation outperformed in Q2 2026 as semiconductor equipment and HBM producers rallied on AI infrastructure spending. Manager exploited excessive AI enthusiasm by adding to specialist software providers PTC, Autodesk, and Globant at depressed valuations, viewing their defensible moats as underappreciated. Initiated ATS position to capture automation recovery driven by reshoring and pent-up demand. Maintains 3-5 year conviction in innovation cycles despite geopolitical uncertainties. | |||||||
| +0.7% | -18.9% | Akre Focus underperformed dramatically in Q2 as markets chased AI semiconductor speculation, but the manager sees the Fund at decade-low valuations with exceptional fundamentals. Portfolio companies are successfully monetizing AI at the application layer with 16% projected growth and 42% ROIC at 17x free cash flow. The manager draws parallels to Berkshire during the Internet bubble and remains fully invested in quality software businesses. Full Quick Take Akre Focus underperformed dramatically in Q2 as markets chased AI semiconductor speculation, but the manager sees the Fund at decade-low valuations with exceptional fundamentals. Portfolio companies are successfully monetizing AI at the application layer with 16% projected growth and 42% ROIC at 17x free cash flow. The manager draws parallels to Berkshire during the Internet bubble and remains fully invested in quality software businesses. | - | ||||||
| - | - | Montaka is positioned for mean reversion as semiconductor mania has created extreme mispricings. Portfolio earnings grew at teens annually while multiples compressed during the SaaSpocalypse. Manager substantially increased Visa and Mastercard exposure, seeing major mispricing as these extraordinarily advantaged payment networks trade at 4% implied growth versus expected double-digit rates. Believes AI buildout faces political and technological disruption while quality software platforms like Salesforce represent compelling opportunities at trough valuations. Full Quick Take Montaka is positioned for mean reversion as semiconductor mania has created extreme mispricings. Portfolio earnings grew at teens annually while multiples compressed during the SaaSpocalypse. Manager substantially increased Visa and Mastercard exposure, seeing major mispricing as these extraordinarily advantaged payment networks trade at 4% implied growth versus expected double-digit rates. Believes AI buildout faces political and technological disruption while quality software platforms like Salesforce represent compelling opportunities at trough valuations. | |||||||
| +17.5% | +6.5% | Emerald returned 17.5% in Q2 on semiconductor and cybersecurity strength, but warns of bubble risks in speculative AI names. The manager stays fully invested in high-quality AI beneficiaries, viewing cybersecurity as a major winner and enterprise software leaders as orchestration layers rather than disruption victims. Quality growth stocks offer compelling value after dramatic de-rating on unwarranted AI fears. Multi-year AI adoption runway supports staying the course. Full Quick Take Emerald returned 17.5% in Q2 on semiconductor and cybersecurity strength, but warns of bubble risks in speculative AI names. The manager stays fully invested in high-quality AI beneficiaries, viewing cybersecurity as a major winner and enterprise software leaders as orchestration layers rather than disruption victims. Quality growth stocks offer compelling value after dramatic de-rating on unwarranted AI fears. Multi-year AI adoption runway supports staying the course. | |||||||
| +3.8% | -4.7% | The fund underperformed in Q2 2026 as AI enthusiasm drove market returns. BNP Paribas led contributions with strong capital build and attractive valuation despite French economic concerns. The fund added SAP at a significant discount, viewing market fears about AI disrupting enterprise software as overblown given SAP's irreplaceable infrastructure role. Intercontinental Exchange declined on unfounded AI disruption concerns despite strong fundamentals and network effects. Full Quick Take The fund underperformed in Q2 2026 as AI enthusiasm drove market returns. BNP Paribas led contributions with strong capital build and attractive valuation despite French economic concerns. The fund added SAP at a significant discount, viewing market fears about AI disrupting enterprise software as overblown given SAP's irreplaceable infrastructure role. Intercontinental Exchange declined on unfounded AI disruption concerns despite strong fundamentals and network effects. | |||||||
| +4.5% | - | Magellan Global Opportunities returned 4.5% in Q2 2026, underperforming the 12.5% benchmark as AI speculation reached bubble-like extremes with semiconductors surging 88%. The manager refuses to chase momentum-driven leadership, instead selectively adding to neglected quality franchises at the most attractive valuations since post-Covid. Portfolio holds 20-40 high-quality global companies with durable competitive advantages, maintaining discipline to avoid permanent capital loss. Full Quick Take Magellan Global Opportunities returned 4.5% in Q2 2026, underperforming the 12.5% benchmark as AI speculation reached bubble-like extremes with semiconductors surging 88%. The manager refuses to chase momentum-driven leadership, instead selectively adding to neglected quality franchises at the most attractive valuations since post-Covid. Portfolio holds 20-40 high-quality global companies with durable competitive advantages, maintaining discipline to avoid permanent capital loss. | |||||||
| +4.3% | -7.1% | Magellan underperformed in Q2 2026 as semiconductor stocks surged 88% in bubble-like conditions the manager deliberately avoided to protect capital. The fund added to quality franchises outside AI themes now trading at post-Covid attractive valuations. Top contributors were TSMC on AI chip demand, UnitedHealth on margin recovery, and Adidas on brand momentum. The manager views current market narrowness as creating compelling long-term opportunities in neglected quality businesses. Full Quick Take Magellan underperformed in Q2 2026 as semiconductor stocks surged 88% in bubble-like conditions the manager deliberately avoided to protect capital. The fund added to quality franchises outside AI themes now trading at post-Covid attractive valuations. Top contributors were TSMC on AI chip demand, UnitedHealth on margin recovery, and Adidas on brand momentum. The manager views current market narrowness as creating compelling long-term opportunities in neglected quality businesses. | |||||||
| - | - | 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. | - | ||||||
| - | - | - | Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period. Their APAC-wide strategy provides critical pattern-matching advantages as Singapore emerges as a global tech hub producing world-class companies. Full Quick Take Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period. Their APAC-wide strategy provides critical pattern-matching advantages as Singapore emerges as a global tech hub producing world-class companies. | - | |||||
| - | - | The fund captured strong semiconductor gains in Q2 2026 as AI infrastructure drove the S&P 500's best quarter in seven years, with holdings in Corning, Broadcom, and Lam Research contributing meaningfully. The manager remains cautious on market fragility from speculative AI positioning and potential stagflation risks, maintaining discipline around quality companies with strong balance sheets that can navigate elevated geopolitical uncertainty and possible Fed rate hikes. Full Quick Take The fund captured strong semiconductor gains in Q2 2026 as AI infrastructure drove the S&P 500's best quarter in seven years, with holdings in Corning, Broadcom, and Lam Research contributing meaningfully. The manager remains cautious on market fragility from speculative AI positioning and potential stagflation risks, maintaining discipline around quality companies with strong balance sheets that can navigate elevated geopolitical uncertainty and possible Fed rate hikes. | - | ||||||
| +21.0% | +11.0% | The Broadleaf Growth Equity Portfolio maintains a concentrated investment thesis centered on the transition from a consumer-led economic regime to an enterprise productivity boom fueled by artificial intelligence. By identifying 'bottleneck' companies in the semiconductor and heavy industrial value chains, the manager seeks to capitalize on durable long-term cash flow growth rather than cyclical software models. The portfolio has successfully rotated away from large-cap technology spenders toward these high-asset, low-obsolescence beneficiaries. Despite risks such as geopolitical tensions, uncertain AI return on investment, and potential political scrutiny of datacenter infrastructure, the manager remains highly optimistic about the future. The portfolio's performance is driven by its exposure to companies critical to the AI build-out, which have significantly outperformed broader market benchmarks year-to-date. The manager expects the second half of 2026 to remain favorable for growth-oriented investors, provided that technological innovation continues to drive structural shifts in the global economy. Full Quick Take The Broadleaf Growth Equity Portfolio maintains a concentrated investment thesis centered on the transition from a consumer-led economic regime to an enterprise productivity boom fueled by artificial intelligence. By identifying 'bottleneck' companies in the semiconductor and heavy industrial value chains, the manager seeks to capitalize on durable long-term cash flow growth rather than cyclical software models. The portfolio has successfully rotated away from large-cap technology spenders toward these high-asset, low-obsolescence beneficiaries. Despite risks such as geopolitical tensions, uncertain AI return on investment, and potential political scrutiny of datacenter infrastructure, the manager remains highly optimistic about the future. The portfolio's performance is driven by its exposure to companies critical to the AI build-out, which have significantly outperformed broader market benchmarks year-to-date. The manager expects the second half of 2026 to remain favorable for growth-oriented investors, provided that technological innovation continues to drive structural shifts in the global economy. | - | ||||||
| -10.6% | -10.6% | Q1 2026 saw war with Iran overwhelm strong tech earnings, driving the portfolio down 10.6%. Enterprise software trades at decade-low valuations despite accelerating growth, while AI infrastructure plays like ASML and Micron delivered strong gains. Manager expects geopolitical resolution and AI clarity to restore focus on robust corporate fundamentals. Full Quick Take Q1 2026 saw war with Iran overwhelm strong tech earnings, driving the portfolio down 10.6%. Enterprise software trades at decade-low valuations despite accelerating growth, while AI infrastructure plays like ASML and Micron delivered strong gains. Manager expects geopolitical resolution and AI clarity to restore focus on robust corporate fundamentals. | |||||||
| - | - | Nightview rotated aggressively into enterprise software during Q1 2026's broad sector repricing, building positions in ServiceNow, Shopify, Autodesk, and Axon. Manager views AI as enhancing rather than threatening quality software platforms with deep workflow integration. Maintains concentrated 20-position portfolio with Tesla as largest holding. Bullish on long-term compounding despite near-term macro volatility. Full Quick Take Nightview rotated aggressively into enterprise software during Q1 2026's broad sector repricing, building positions in ServiceNow, Shopify, Autodesk, and Axon. Manager views AI as enhancing rather than threatening quality software platforms with deep workflow integration. Maintains concentrated 20-position portfolio with Tesla as largest holding. Bullish on long-term compounding despite near-term macro volatility. | |||||||
| -23.8% | -23.8% | LHC Capital's software-focused fund fell 23.8% as AI disruption fears triggered indiscriminate selling across the sector. Despite strong operational results from holdings like Wisetech and Pro Medicus, markets questioned software terminal values. Management argues their mission-critical systems with high switching costs will benefit from AI adoption and has increased conviction positions at attractive prices. Full Quick Take LHC Capital's software-focused fund fell 23.8% as AI disruption fears triggered indiscriminate selling across the sector. Despite strong operational results from holdings like Wisetech and Pro Medicus, markets questioned software terminal values. Management argues their mission-critical systems with high switching costs will benefit from AI adoption and has increased conviction positions at attractive prices. | - | ||||||
| -9.4% | -9.4% | Growth equity strategy down 9.4% in volatile Q1 marked by AI fears and Iran war. Manager trimmed semiconductor winners, added beaten-down software quality at attractive valuations. Maintains conviction that enterprise software with deep IT integration benefits from AI rather than faces disruption. Focus on quality growth companies positioned for long-term AI adoption cycle. Full Quick Take Growth equity strategy down 9.4% in volatile Q1 marked by AI fears and Iran war. Manager trimmed semiconductor winners, added beaten-down software quality at attractive valuations. Maintains conviction that enterprise software with deep IT integration benefits from AI rather than faces disruption. Focus on quality growth companies positioned for long-term AI adoption cycle. | - | ||||||
| -19.1% | -19.1% | AI disruption hysteria created indiscriminate selling, allowing Vulcan to buy quality businesses at $0.50 on the dollar. The firm believes enterprise software companies like SAP will benefit from AI rather than be disrupted. Portfolio price-to-value ratios improved to upper 40s, creating exceptional long-term return potential despite short-term underperformance. Full Quick Take AI disruption hysteria created indiscriminate selling, allowing Vulcan to buy quality businesses at $0.50 on the dollar. The firm believes enterprise software companies like SAP will benefit from AI rather than be disrupted. Portfolio price-to-value ratios improved to upper 40s, creating exceptional long-term return potential despite short-term underperformance. | - | ||||||
| -9.4% | -9.4% | Lloyd Capital weathered a challenging Q1 2026 by harvesting gains from high-performing semiconductor stocks and aggressively redeploying capital into deeply discounted, high-quality enterprise software and cybersecurity compounders positioned as long-term AI winners. Full Quick Take Lloyd Capital weathered a challenging Q1 2026 by harvesting gains from high-performing semiconductor stocks and aggressively redeploying capital into deeply discounted, high-quality enterprise software and cybersecurity compounders positioned as long-term AI winners. | |||||||
| - | - | Atherean initiated a position in Constellation Software, capitalizing on AI disruption fears that drove down the elite software acquirer's valuation. The manager believes concerns are overstated for Constellation's specialized vertical market software businesses with high switching costs and domain expertise. The firm continues hunting for quality companies made temporarily inexpensive by market overreactions. Full Quick Take Atherean initiated a position in Constellation Software, capitalizing on AI disruption fears that drove down the elite software acquirer's valuation. The manager believes concerns are overstated for Constellation's specialized vertical market software businesses with high switching costs and domain expertise. The firm continues hunting for quality companies made temporarily inexpensive by market overreactions. | |||||||
| -7.3% | - | Hertford Capital's concentrated European small-cap portfolio underperformed in Q3 despite solid operational results from holdings. Manager maintains conviction in enterprise software companies' ability to harness AI opportunities and selectively added to positions during market volatility. Global tariff uncertainties weigh on business confidence, but portfolio companies demonstrate resilient business models with strong long-term compounding potential at attractive valuations. Full Quick Take Hertford Capital's concentrated European small-cap portfolio underperformed in Q3 despite solid operational results from holdings. Manager maintains conviction in enterprise software companies' ability to harness AI opportunities and selectively added to positions during market volatility. Global tariff uncertainties weigh on business confidence, but portfolio companies demonstrate resilient business models with strong long-term compounding potential at attractive valuations. | - | ||||||
| -90.0% | +5.3% | Portfolio underperformed despite strong fundamentals as AI disruption fears pressured enterprise software holdings. Manager maintains conviction in ServiceNow and Salesforce as critical AI partners while adding Micron for structural memory demand. Trump administration's pro-growth policy framework creates favorable environment for technology leaders positioned around AI infrastructure and enterprise platforms. Full Quick Take Portfolio underperformed despite strong fundamentals as AI disruption fears pressured enterprise software holdings. Manager maintains conviction in ServiceNow and Salesforce as critical AI partners while adding Micron for structural memory demand. Trump administration's pro-growth policy framework creates favorable environment for technology leaders positioned around AI infrastructure and enterprise platforms. | - | ||||||
| +11.0% | -2.0% | The Fund rebounded strongly in Q2 2025 with an 11.0% gain, driven by solid contributions from its Energy Transition holdings and strategic additions like Coveo Solutions, while navigating macroeconomic tariff volatility. Full Quick Take The Fund rebounded strongly in Q2 2025 with an 11.0% gain, driven by solid contributions from its Energy Transition holdings and strategic additions like Coveo Solutions, while navigating macroeconomic tariff volatility. | - | ||||||
| +7.0% | +47.0% | Vulcan capitalized on Q2 tariff anxiety to execute tactical capital reallocations, notably round-tripping UnitedHealth Group and initiating a new position in IQVIA. Full Quick Take Vulcan capitalized on Q2 tariff anxiety to execute tactical capital reallocations, notably round-tripping UnitedHealth Group and initiating a new position in IQVIA. | - | ||||||
| - | +3.2% | Brown Advisory's Global Leaders Strategy has delivered 12.1% annual returns over ten years by investing in market-leading companies with sustainable competitive advantages. The concentrated portfolio focuses on predictable compounders in enterprise software, payments, and financial infrastructure rather than speculative turnarounds. Recent positioning includes data services and aerospace investments with double-digit IRR potential. Full Quick Take Brown Advisory's Global Leaders Strategy has delivered 12.1% annual returns over ten years by investing in market-leading companies with sustainable competitive advantages. The concentrated portfolio focuses on predictable compounders in enterprise software, payments, and financial infrastructure rather than speculative turnarounds. Recent positioning includes data services and aerospace investments with double-digit IRR potential. | |||||||
| -13.0% | - | Laughing Water Capital's -13% Q1 return was driven by NextNav weakness despite positive regulatory progress on spectrum monetization. Manager views Trump tariff uncertainty as largely posturing, maintains double-digit cash position while selectively adding to recession-resilient holdings in biotechnology CDMOs, enterprise software, and wireless spectrum. Portfolio positioned for earnings power growth over intermediate term despite near-term macro noise. Full Quick Take Laughing Water Capital's -13% Q1 return was driven by NextNav weakness despite positive regulatory progress on spectrum monetization. Manager views Trump tariff uncertainty as largely posturing, maintains double-digit cash position while selectively adding to recession-resilient holdings in biotechnology CDMOs, enterprise software, and wireless spectrum. Portfolio positioned for earnings power growth over intermediate term despite near-term macro noise. | - | ||||||
| - | - | Lakehouse Small Companies Fund leverages market volatility to build high-conviction positions in resilient, growth-oriented small caps. Despite short-term macro noise surrounding US trade tariffs, the fund's heavy software exposure and low tariff risk position it well for long-term outperformance. Recent additions and successful business transitions, such as FINEOS and RPM Global, underscore the manager's focus on high-margin, capital-light compounders. Full Quick Take Lakehouse Small Companies Fund leverages market volatility to build high-conviction positions in resilient, growth-oriented small caps. Despite short-term macro noise surrounding US trade tariffs, the fund's heavy software exposure and low tariff risk position it well for long-term outperformance. Recent additions and successful business transitions, such as FINEOS and RPM Global, underscore the manager's focus on high-margin, capital-light compounders. | |||||||
| -12.7% | -12.7% | Polen Capital's SMID Growth strategy declined 12.38% in Q1 2025 amid tariff-driven volatility, prompting strategic exits from Consumer Discretionary names while adding quality positions in logistics, construction, and software. The team maintains disciplined focus on Flywheel criteria companies with competitive advantages, stress-testing portfolios across policy scenarios while capitalizing on market dislocations for long-term opportunities. Full Quick Take Polen Capital's SMID Growth strategy declined 12.38% in Q1 2025 amid tariff-driven volatility, prompting strategic exits from Consumer Discretionary names while adding quality positions in logistics, construction, and software. The team maintains disciplined focus on Flywheel criteria companies with competitive advantages, stress-testing portfolios across policy scenarios while capitalizing on market dislocations for long-term opportunities. | - | ||||||
| - | - | Seeking Winners outperformed with 26.56% annual returns by focusing on high-quality cash flow generators. Major portfolio change involved exiting Berkshire Hathaway for Gartner, a dominant technology research company with 20%+ expected growth. The concentrated strategy prioritizes business fundamentals over valuation metrics while avoiding AI momentum plays despite their transformative potential. Full Quick Take Seeking Winners outperformed with 26.56% annual returns by focusing on high-quality cash flow generators. Major portfolio change involved exiting Berkshire Hathaway for Gartner, a dominant technology research company with 20%+ expected growth. The concentrated strategy prioritizes business fundamentals over valuation metrics while avoiding AI momentum plays despite their transformative potential. | - | ||||||
| - | - | Montaka's concentrated portfolio of advantaged businesses within structural transformations delivered strong Q4 results. The fund is positioned for four 2025 cyclical upswings: alternative asset monetizations, enterprise AI deployments, policy tailwinds, and housing recovery. Top holdings include AI-advantaged hyperscalers and enterprise software leaders plus alternative asset managers Blackstone and KKR. The MFF tie-up provides permanent capital for long-duration compounding. Full Quick Take Montaka's concentrated portfolio of advantaged businesses within structural transformations delivered strong Q4 results. The fund is positioned for four 2025 cyclical upswings: alternative asset monetizations, enterprise AI deployments, policy tailwinds, and housing recovery. Top holdings include AI-advantaged hyperscalers and enterprise software leaders plus alternative asset managers Blackstone and KKR. The MFF tie-up provides permanent capital for long-duration compounding. | - | ||||||
| +18.6% | +39.5% | Laughing Water Capital's concentrated small-cap strategy delivered 39.5% returns in 2024, driven by five key positions including spectrum play NextNav and CDMO Lifecore Biomedical. The manager sees rich opportunities ahead in off-the-beaten-path equities, with underperforming holdings executing well and positioned for recognition as temporary issues resolve. Strong alignment with permanent capital structure supports patient value realization. Full Quick Take Laughing Water Capital's concentrated small-cap strategy delivered 39.5% returns in 2024, driven by five key positions including spectrum play NextNav and CDMO Lifecore Biomedical. The manager sees rich opportunities ahead in off-the-beaten-path equities, with underperforming holdings executing well and positioned for recognition as temporary issues resolve. Strong alignment with permanent capital structure supports patient value realization. | - | ||||||
| -7.4% | -3.8% | Polen International Growth outperformed in Q4 despite declining 7.1%, but underperformed for the full year due to healthcare weakness and underweight financials/industrials. Strong performance from Shopify, Sage, and SAP offset weakness in ICON, Evolution, and MercadoLibre. Higher portfolio turnover reflected exits from underperforming positions and additions of five new growth names targeting mid-teens earnings growth. Full Quick Take Polen International Growth outperformed in Q4 despite declining 7.1%, but underperformed for the full year due to healthcare weakness and underweight financials/industrials. Strong performance from Shopify, Sage, and SAP offset weakness in ICON, Evolution, and MercadoLibre. Higher portfolio turnover reflected exits from underperforming positions and additions of five new growth names targeting mid-teens earnings growth. | - | ||||||
| +2.7% | +1.4% | Polen's SMID growth portfolio slightly outperformed in Q4 but lagged for the year due to narrow market performance favoring AI trades over quality companies. The team actively repositioned with seven new investments in semiconductors, software, and storage while maintaining focus on their Flywheel criteria. Management expects improving fundamentals and sees 2024 as an earnings bottom for SMID caps. Full Quick Take Polen's SMID growth portfolio slightly outperformed in Q4 but lagged for the year due to narrow market performance favoring AI trades over quality companies. The team actively repositioned with seven new investments in semiconductors, software, and storage while maintaining focus on their Flywheel criteria. Management expects improving fundamentals and sees 2024 as an earnings bottom for SMID caps. | - | ||||||
| -6.7% | -83.0% | Brown Capital's International Fund outperformed benchmarks despite 6.72% Q4 decline, benefiting from service-heavy portfolio positioning amid tariff concerns. Atlassian and Shopify drove performance with strong software/e-commerce growth, while Novo Nordisk disappointed on obesity drug trials. The team maintains focus on Exceptional Growth Companies through bottom-up analysis, remaining optimistic despite geopolitical headwinds. Full Quick Take Brown Capital's International Fund outperformed benchmarks despite 6.72% Q4 decline, benefiting from service-heavy portfolio positioning amid tariff concerns. Atlassian and Shopify drove performance with strong software/e-commerce growth, while Novo Nordisk disappointed on obesity drug trials. The team maintains focus on Exceptional Growth Companies through bottom-up analysis, remaining optimistic despite geopolitical headwinds. | - | ||||||
| -0.1% | - | Brown Capital's Mid Company Fund fell 7.85% in Q2 2024 as portfolio companies faced shadow recession conditions from higher rates. Biotech funding dried up, hurting Charles River Labs, while software names like Guidewire showed recovery. The manager added genomics play Natera and maintains long-term conviction despite macro headwinds affecting growth company fundamentals. Full Quick Take Brown Capital's Mid Company Fund fell 7.85% in Q2 2024 as portfolio companies faced shadow recession conditions from higher rates. Biotech funding dried up, hurting Charles River Labs, while software names like Guidewire showed recovery. The manager added genomics play Natera and maintains long-term conviction despite macro headwinds affecting growth company fundamentals. | - | ||||||
| +5.9% | +21.9% | Burke Wealth Management posted strong Q2 results (+5.9%), outperforming the benchmark through high-conviction positioning in mega-cap AI leaders. The manager trimmed Nvidia following extreme outperformance, established a new stake in CrowdStrike, and increased Accenture, anticipating accelerating enterprise AI implementation in late 2024. Full Quick Take Burke Wealth Management posted strong Q2 results (+5.9%), outperforming the benchmark through high-conviction positioning in mega-cap AI leaders. The manager trimmed Nvidia following extreme outperformance, established a new stake in CrowdStrike, and increased Accenture, anticipating accelerating enterprise AI implementation in late 2024. |
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