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 |
|---|---|---|---|---|---|---|---|---|---|
| +3.7% | -1.9% | - | Invesco's international bond strategy capitalizes on dollar weakness and divergent global central bank policies. The fund holds 39.5% emerging market debt, targeting elevated real rates in Brazil, Mexico, and India. Managers expect yield curve steepening as markets have overpriced rate hikes in the EU and UK. Recent positioning decreased currency and duration exposure while adding credit, reflecting conviction that international bonds offer compelling diversification and return potential. Full Quick Take Invesco's international bond strategy capitalizes on dollar weakness and divergent global central bank policies. The fund holds 39.5% emerging market debt, targeting elevated real rates in Brazil, Mexico, and India. Managers expect yield curve steepening as markets have overpriced rate hikes in the EU and UK. Recent positioning decreased currency and duration exposure while adding credit, reflecting conviction that international bonds offer compelling diversification and return potential. | - | |||||
| +2.6% | +2.1% | - | BlackRock Strategic Income Opportunities Fund delivered 2.65% in Q2 2026, led by AI-related absolute return strategies and European credit compression. U.S. rates positioning detracted as yields rose on inflation concerns. The team reduced front-end duration, rotated out the curve, increased European and high yield exposure, and trimmed agency MBS and investment grade credit. Focus remains on income, security selection, and high-quality structured products. Full Quick Take BlackRock Strategic Income Opportunities Fund delivered 2.65% in Q2 2026, led by AI-related absolute return strategies and European credit compression. U.S. rates positioning detracted as yields rose on inflation concerns. The team reduced front-end duration, rotated out the curve, increased European and high yield exposure, and trimmed agency MBS and investment grade credit. Focus remains on income, security selection, and high-quality structured products. | - | |||||
| +10.7% | - | PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. Full Quick Take PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. | |||||||
| +6.1% | +21.4% | Smead International Value Fund is concentrated in two compelling opportunities: European banks posting record post-crisis returns on equity with 5%+ dividend yields trading at discounts to US peers, and Canadian oil sands producers with SAGD assets generating high-teen returns at $70 oil. The manager sees structural oil price shift to $80 driven by geopolitical premiums and supply constraints, with holdings breaking even at $40 offering significant margin of safety. Full Quick Take Smead International Value Fund is concentrated in two compelling opportunities: European banks posting record post-crisis returns on equity with 5%+ dividend yields trading at discounts to US peers, and Canadian oil sands producers with SAGD assets generating high-teen returns at $70 oil. The manager sees structural oil price shift to $80 driven by geopolitical premiums and supply constraints, with holdings breaking even at $40 offering significant margin of safety. | |||||||
| +8.0% | +8.0% | - | Brummer Multi-Strategy posted 1.9% in June (8.0% YTD) through diversified positioning across market neutral equity, trend following, and macro strategies. Market neutral long/short captured AI-driven semiconductor gains while hedging the late-month tech sell-off. European financials contributed positively. Trend following benefited from Dollar strength as the index gained 2.7%. Portfolio resilience demonstrated through divergent market conditions and geopolitical uncertainty. Full Quick Take Brummer Multi-Strategy posted 1.9% in June (8.0% YTD) through diversified positioning across market neutral equity, trend following, and macro strategies. Market neutral long/short captured AI-driven semiconductor gains while hedging the late-month tech sell-off. European financials contributed positively. Trend following benefited from Dollar strength as the index gained 2.7%. Portfolio resilience demonstrated through divergent market conditions and geopolitical uncertainty. | - | |||||
| - | - | - | Alpinum views global conditions as an inflationary boom supported by nominal demand and AI capital spending. With stagflation posing the central downside risk and equity valuations stretched, the firm emphasizes short-duration credit, senior secured loans, and liquid alternatives while maintaining selective exposure to non-US equities. Full Quick Take Alpinum views global conditions as an inflationary boom supported by nominal demand and AI capital spending. With stagflation posing the central downside risk and equity valuations stretched, the firm emphasizes short-duration credit, senior secured loans, and liquid alternatives while maintaining selective exposure to non-US equities. | - | |||||
| - | - | Rodrigo rode European AI semiconductors and oil futures during Iran conflict but sold AI positions as valuations became unsustainable. Now focusing on quality value plays like Visa/Mastercard and European defense spending while avoiding overheated AI names. Sees software under existential threat from AI commoditization. Positioning for returns in either AI continuation or correction scenario. Full Quick Take Rodrigo rode European AI semiconductors and oil futures during Iran conflict but sold AI positions as valuations became unsustainable. Now focusing on quality value plays like Visa/Mastercard and European defense spending while avoiding overheated AI names. Sees software under existential threat from AI commoditization. Positioning for returns in either AI continuation or correction scenario. | - | ||||||
| -8.9% | -8.9% | Broyhill underperformed in Q1 due to structural tilts away from energy and toward international/defensive names, but used volatility to add high-conviction positions in healthcare, housing, and European equities. Manager views current disconnect between improving fundamentals and declining prices as positioning-driven, creating asymmetric opportunity as portfolio trades at meaningfully cheaper valuations with unchanged business quality. Full Quick Take Broyhill underperformed in Q1 due to structural tilts away from energy and toward international/defensive names, but used volatility to add high-conviction positions in healthcare, housing, and European equities. Manager views current disconnect between improving fundamentals and declining prices as positioning-driven, creating asymmetric opportunity as portfolio trades at meaningfully cheaper valuations with unchanged business quality. | - | ||||||
| -3.4% | -3.4% | European value fund weathered Q1 geopolitical volatility while maintaining discipline in quality small-cap selection. Portfolio companies showed stability despite economic headwinds, with upside potential reaching record 126%. Recent market weakness enabled position strengthening at deeper discounts. Added three high-quality new investments with predictable cash flows. Positioned for potential sector recovery in 2026. Full Quick Take European value fund weathered Q1 geopolitical volatility while maintaining discipline in quality small-cap selection. Portfolio companies showed stability despite economic headwinds, with upside potential reaching record 126%. Recent market weakness enabled position strengthening at deeper discounts. Added three high-quality new investments with predictable cash flows. Positioned for potential sector recovery in 2026. | |||||||
| - | - | - | Q1 2026 Middle East tensions triggered European equity corrections but restored attractive valuations at 13.9x P/E versus 20.5x US. Energy sector outperformed while value beat growth significantly. Recent Iran ceasefire reduces oil price pressures. European fundamentals remain solid with recovering manufacturing, controlled inflation, and 10% earnings growth expectations intact for potential rebound. Full Quick Take Q1 2026 Middle East tensions triggered European equity corrections but restored attractive valuations at 13.9x P/E versus 20.5x US. Energy sector outperformed while value beat growth significantly. Recent Iran ceasefire reduces oil price pressures. European fundamentals remain solid with recovering manufacturing, controlled inflation, and 10% earnings growth expectations intact for potential rebound. | - | |||||
| - | - | The traditional venture capital model is failing under macroeconomic pressure and AI-driven software commoditization. StudioAlpha addresses this by employing a systematic, AI-augmented investment process targeting early-stage B2B software startups that deliver measurable business outcomes rather than simple features. Full Quick Take The traditional venture capital model is failing under macroeconomic pressure and AI-driven software commoditization. StudioAlpha addresses this by employing a systematic, AI-augmented investment process targeting early-stage B2B software startups that deliver measurable business outcomes rather than simple features. | - | ||||||
| -5.9% | -5.9% | Bronte's quality minus junk strategy faced Q1 headwinds as geopolitical energy shocks hurt European and Asian quality holdings, though the short book provided effective hedging. The manager acknowledges valuation mistakes but sees improved positioning with quality premiums compressed and a short portfolio of fundamentally weak companies poised to underperform over time. Full Quick Take Bronte's quality minus junk strategy faced Q1 headwinds as geopolitical energy shocks hurt European and Asian quality holdings, though the short book provided effective hedging. The manager acknowledges valuation mistakes but sees improved positioning with quality premiums compressed and a short portfolio of fundamentally weak companies poised to underperform over time. | |||||||
| - | - | Value factors dominated global equity markets in 2025, leaving growth and momentum behind outside the US. For 2026, WisdomTree advises focusing on high-quality dividend-growth in the US and value names in Europe and EM to navigate ongoing concentration risks. Full Quick Take Value factors dominated global equity markets in 2025, leaving growth and momentum behind outside the US. For 2026, WisdomTree advises focusing on high-quality dividend-growth in the US and value names in Europe and EM to navigate ongoing concentration risks. | - | ||||||
| - | +0.6% | OAM European Value Fund surged 55.8% in 2025, riding a major reversal in value stocks. The manager is actively recycling capital from highly profitable exits into deeply discounted investment trusts, anticipating a multi-year bull run. Full Quick Take OAM European Value Fund surged 55.8% in 2025, riding a major reversal in value stocks. The manager is actively recycling capital from highly profitable exits into deeply discounted investment trusts, anticipating a multi-year bull run. | - | ||||||
| - | - | - | JM Finn is highly constructive on global equities heading into 2026, driven by expectations of broadening corporate earnings and supportive policy interventions. While they monitor latent financial system stress and potential interest rate volatility, they anticipate that US productivity gains, European infrastructure spending, and emerging market valuation tailwinds will foster outperformance. Full Quick Take JM Finn is highly constructive on global equities heading into 2026, driven by expectations of broadening corporate earnings and supportive policy interventions. While they monitor latent financial system stress and potential interest rate volatility, they anticipate that US productivity gains, European infrastructure spending, and emerging market valuation tailwinds will foster outperformance. | - | |||||
| - | - | - | Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-flow-backed dividend portfolios. Full Quick Take Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-flow-backed dividend portfolios. | - | |||||
| +10.0% | +55.0% | Apis Flagship Fund gained 55.1% net in 2025, driven by strong international stock selection and a structural bias toward cheap, underfollowed small-cap companies outside the U.S. Full Quick Take Apis Flagship Fund gained 55.1% net in 2025, driven by strong international stock selection and a structural bias toward cheap, underfollowed small-cap companies outside the U.S. | |||||||
| - | - | - | UOB Asset Management adopts a tactically neutral and highly diversified stance for 4Q25, balancing a 50 percent chance of continued global growth against 50 percent combined odds of recession or stagflation. The firm underweights US equities due to demanding valuations while favoring Europe, Asia, and gold to hedge against impending tariff headwinds and employment deceleration. Full Quick Take UOB Asset Management adopts a tactically neutral and highly diversified stance for 4Q25, balancing a 50 percent chance of continued global growth against 50 percent combined odds of recession or stagflation. The firm underweights US equities due to demanding valuations while favoring Europe, Asia, and gold to hedge against impending tariff headwinds and employment deceleration. | - | |||||
| +22.5% | +31.5% | Ariel International Fund recorded a +2.25% gain in Q4, concluding a strong full-year run up +31.48%. The manager actively rotated capital, initiating eleven new positions in mispriced financial/tech firms while exiting eight on valuation. Full Quick Take Ariel International Fund recorded a +2.25% gain in Q4, concluding a strong full-year run up +31.48%. The manager actively rotated capital, initiating eleven new positions in mispriced financial/tech firms while exiting eight on valuation. | |||||||
| +8.2% | +39.1% | Mythos vs. Logos (value vs. Momentum), European Banking & Securities Mispricing, Additional Keywords & Themes | The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and global energy companies while warning of a looming correction in expensive US momentum stocks. Full Quick Take The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and global energy companies while warning of a looming correction in expensive US momentum stocks. | ||||||
| +49.3% | +32.9% | The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stock paradigm begins to unwind. Full Quick Take The Oakmark International Strategy returned 4.93% net in Q4 2025, actively shifting capital into discounted high-quality names like AstraZeneca and Unilever as the U.S. growth-stock paradigm begins to unwind. | |||||||
| +31.6% | +26.4% | The Cambiar International Equity Fund finished 2025 with strong double-digit absolute gains but trailed its benchmark due to cash drag and weak staples selection; the manager remains highly constructive on non-U.S. stock valuations heading into 2026. Full Quick Take The Cambiar International Equity Fund finished 2025 with strong double-digit absolute gains but trailed its benchmark due to cash drag and weak staples selection; the manager remains highly constructive on non-U.S. stock valuations heading into 2026. | |||||||
| +38.7% | +28.4% | The Diamond Hill International Strategy returned 3.87% (net) in Q4 2025, lagging its benchmark's 5.05% gain. The team actively recycled capital from fully valued positions into high-conviction opportunities in global semiconductors, defense, and financials. Full Quick Take The Diamond Hill International Strategy returned 3.87% (net) in Q4 2025, lagging its benchmark's 5.05% gain. The team actively recycled capital from fully valued positions into high-conviction opportunities in global semiconductors, defense, and financials. | - | ||||||
| +34.0% | +6.6% | Takeovers and Corporate M&A, Artificial Intelligence Valuation Skepticism, Additional Keywords & Themes | EQUAM Global Value generated 6.6% in 2025, lagging broader markets due to its small-cap focus. However, the portfolio's estimated upside potential has reached an all-time high of 106%, trading at a highly discounted 9.3x forward P/E. Full Quick Take EQUAM Global Value generated 6.6% in 2025, lagging broader markets due to its small-cap focus. However, the portfolio's estimated upside potential has reached an all-time high of 106%, trading at a highly discounted 9.3x forward P/E. | - | |||||
| +7.8% | +38.3% | US Rail Infrastructure Consolidation, European Banking Structural Transition, Additional Keywords & Themes | PM Capital delivers strong quarterly outperformance driven by structural tailwinds in commodities and European banking, while actively rotating into high-moat industrials and healthcare. Full Quick Take PM Capital delivers strong quarterly outperformance driven by structural tailwinds in commodities and European banking, while actively rotating into high-moat industrials and healthcare. | ||||||
| +7.8% | +38.3% | PM Capital delivered strong returns of 7.8% for the quarter, capitalizing on copper, gold, and European banks, while actively recycling capital into newly-initiated value opportunities like Union Pacific. Full Quick Take PM Capital delivered strong returns of 7.8% for the quarter, capitalizing on copper, gold, and European banks, while actively recycling capital into newly-initiated value opportunities like Union Pacific. | - | ||||||
| +4.8% | +12.4% | The fund seeks outperformance against the MSCI World Index by targeting under-valued, high-quality compounders and structural growth accelerators. While extreme market concentration around generative AI has left many dependable, cash-generative businesses neglected, the manager sees significant opportunities in these quality franchises as AI productivity starts to enhance the wider real economy. Full Quick Take The fund seeks outperformance against the MSCI World Index by targeting under-valued, high-quality compounders and structural growth accelerators. While extreme market concentration around generative AI has left many dependable, cash-generative businesses neglected, the manager sees significant opportunities in these quality franchises as AI productivity starts to enhance the wider real economy. | |||||||
| +7.8% | +38.3% | PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new opportunities like Union Pacific and Siemens Healthineers. Full Quick Take PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new opportunities like Union Pacific and Siemens Healthineers. | - | ||||||
| +26.3% | +6.0% | Fairtree's Global Flexible Income Plus Fund delivered 2.63% in Q3 2025, beating its benchmark. The managers strategically increased portfolio risk during market weakness to position for a continuation of the credit bull market while maintaining defensive, highly liquid reserves. Full Quick Take Fairtree's Global Flexible Income Plus Fund delivered 2.63% in Q3 2025, beating its benchmark. The managers strategically increased portfolio risk during market weakness to position for a continuation of the credit bull market while maintaining defensive, highly liquid reserves. | - | ||||||
| +36.1% | +41.5% | Massif Capital posted a blowout 36.1% return in Q3 2025, driven by copper and gold miners. The fund is now taking profits in gold to rebalance into industrials like Enovix, while maintaining a high-conviction, contrarian position in European energy ahead of winter. Full Quick Take Massif Capital posted a blowout 36.1% return in Q3 2025, driven by copper and gold miners. The fund is now taking profits in gold to rebalance into industrials like Enovix, while maintaining a high-conviction, contrarian position in European energy ahead of winter. | - | ||||||
| +13.2% | - | VG1 returned a strong 13.2% in Q3 2025, driven by gold and semiconductors. The fund is now taking profits in tech and actively redeploying capital into depressed European value opportunities and UK housing. Full Quick Take VG1 returned a strong 13.2% in Q3 2025, driven by gold and semiconductors. The fund is now taking profits in tech and actively redeploying capital into depressed European value opportunities and UK housing. | - | ||||||
| - | - | Vergent's FEM strategy achieved strong performance from Egypt and Vietnam in Q3 2025, taking profits in select positions and reducing exposure to Indonesia, while remaining overall constructive on opportunities in Central Eastern Europe and the Middle East. Full Quick Take Vergent's FEM strategy achieved strong performance from Egypt and Vietnam in Q3 2025, taking profits in select positions and reducing exposure to Indonesia, while remaining overall constructive on opportunities in Central Eastern Europe and the Middle East. | - | ||||||
| - | - | America's unique risk-taking culture and widespread stock ownership continue to power global economic outperformance, rendering the U.S. public market the best long-term compounding engine despite speculative retail noise. Full Quick Take America's unique risk-taking culture and widespread stock ownership continue to power global economic outperformance, rendering the U.S. public market the best long-term compounding engine despite speculative retail noise. | - | ||||||
| +10.0% | - | PM Capital's Global Companies Fund rose 10% in September, outperforming markets through disciplined exposure to undervalued cyclicals. Gold and copper holdings drove returns as commodity fundamentals improved, while European banks continued re-rating and Macau gaming recovered. The manager maintains contrarian positioning in value opportunities despite market recovery to all-time highs. Full Quick Take PM Capital's Global Companies Fund rose 10% in September, outperforming markets through disciplined exposure to undervalued cyclicals. Gold and copper holdings drove returns as commodity fundamentals improved, while European banks continued re-rating and Macau gaming recovered. The manager maintains contrarian positioning in value opportunities despite market recovery to all-time highs. | - | ||||||
| - | - | PM Capital's Global Companies Fund outperformed in Q1 FY2026 through disciplined exposure to undervalued cyclical sectors. Gold and copper positions drove returns as commodity fundamentals strengthened, while European banks and Macau gaming recovered strongly. The fund maintains contrarian positioning in areas with valuation support, avoiding overvalued megatrend narratives despite market strength extending from April lows. Full Quick Take PM Capital's Global Companies Fund outperformed in Q1 FY2026 through disciplined exposure to undervalued cyclical sectors. Gold and copper positions drove returns as commodity fundamentals strengthened, while European banks and Macau gaming recovered strongly. The fund maintains contrarian positioning in areas with valuation support, avoiding overvalued megatrend narratives despite market strength extending from April lows. | - | ||||||
| +33.8% | +17.3% | The fund underperformed the MSCI World Index this quarter, returning 3.38%. Managers capitalized on cyclical market pullbacks to buy French tech pioneer Dassault Systèmes while liquidating Centene. Full Quick Take The fund underperformed the MSCI World Index this quarter, returning 3.38%. Managers capitalized on cyclical market pullbacks to buy French tech pioneer Dassault Systèmes while liquidating Centene. | - | ||||||
| +8.5% | - | The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align with long-term AI and supply chain recovery themes. Full Quick Take The fund posted minor gains in Q3 2025 but lagged the benchmark due to currency and political headwinds, while actively shifting away from slower-growth healthcare names to align with long-term AI and supply chain recovery themes. | - | ||||||
| - | - | Chinese AI and Economic Stimulus, Sovereign Debt and European Political Turmoil, Additional Keywords & Themes | Renaissance's International Small Cap strategy capitalised on a strong third quarter, actively rotating away from French political risk and toward high-conviction structural themes like AI infrastructure and EV components at a significant valuation discount to the US. Full Quick Take Renaissance's International Small Cap strategy capitalised on a strong third quarter, actively rotating away from French political risk and toward high-conviction structural themes like AI infrastructure and EV components at a significant valuation discount to the US. | - | |||||
| - | +17.0% | Latitude Global Fund delivered solid year-to-date returns by avoiding overvalued AI momentum plays and focusing on resilient, cash-generative businesses with deep competitive moats. Full Quick Take Latitude Global Fund delivered solid year-to-date returns by avoiding overvalued AI momentum plays and focusing on resilient, cash-generative businesses with deep competitive moats. | - | ||||||
| -39.0% | +30.0% | European Small & Mid Cap Valuation Disconnect, Excessive Market Valuation & Risk, Additional Keywords & Themes | Despite a challenging Q3 due to lack of bank exposure, EQUAM's SMID-focused portfolio is poised for massive gains, with target upside hitting an all-time high of 112%. Full Quick Take Despite a challenging Q3 due to lack of bank exposure, EQUAM's SMID-focused portfolio is poised for massive gains, with target upside hitting an all-time high of 112%. | - | |||||
| +10.0% | - | The PM Capital Global Companies Fund gained 10.0% in Q3 2025, heavily supported by gold, copper, and European financials. The managers are actively taking profits on fair-valued names like Airbus and warning against speculative megatrend valuations. Full Quick Take The PM Capital Global Companies Fund gained 10.0% in Q3 2025, heavily supported by gold, copper, and European financials. The managers are actively taking profits on fair-valued names like Airbus and warning against speculative megatrend valuations. | - | ||||||
| +10.0% | - | PM Capital posted a strong quarter driven by gold, copper, and European banks, while actively trimming fully valued assets to maintain strict valuation discipline amid cautionary market sentiment. Full Quick Take PM Capital posted a strong quarter driven by gold, copper, and European banks, while actively trimming fully valued assets to maintain strict valuation discipline amid cautionary market sentiment. | - | ||||||
| +2.6% | +2.0% | - | Central Bank Policy Divergence, European Credit and Risk-Adjusted Returns, Additional Keywords & Themes | In Q2 2025, the Fairtree Global Flexible Income Plus Fund delivered 2.62% net of fees, underperforming its benchmark by 0.96% due to a defensive, low-risk bias while maintaining high liquidity to capture future market retracements. Full Quick Take In Q2 2025, the Fairtree Global Flexible Income Plus Fund delivered 2.62% net of fees, underperforming its benchmark by 0.96% due to a defensive, low-risk bias while maintaining high liquidity to capture future market retracements. | - | ||||
| +7.5% | - | European Defense and Capital Re-Allocation, Structured Credit Dislocations, Additional Keywords & Themes | Third Point returned 7.5% in Q2 2025, driven by opportunistic trades in US Steel and Nvidia, while establishing high-conviction new holdings in Rocket Companies and Informa PLC. Full Quick Take Third Point returned 7.5% in Q2 2025, driven by opportunistic trades in US Steel and Nvidia, while establishing high-conviction new holdings in Rocket Companies and Informa PLC. | ||||||
| +15.3% | - | VG1 posted a strong +15.3% return for the quarter, driven by secular growth trends in AI, European cyclicals, and commodities, alongside proactive portfolio adjustments and active capital buybacks. Full Quick Take VG1 posted a strong +15.3% return for the quarter, driven by secular growth trends in AI, European cyclicals, and commodities, alongside proactive portfolio adjustments and active capital buybacks. | |||||||
| +6.2% | +16.5% | Massif Capital posted a solid 6.2% return in Q2 2025, driving YTD gains to 16.5%. The fund capitalized on stellar performance in its top holdings while highlighting a bullish multi-year outlook for Tungsten and European natural gas. Full Quick Take Massif Capital posted a solid 6.2% return in Q2 2025, driving YTD gains to 16.5%. The fund capitalized on stellar performance in its top holdings while highlighting a bullish multi-year outlook for Tungsten and European natural gas. | - | ||||||
| - | - | Schafer Cullen's dividend-focused strategy outperformed value benchmarks in Q2 through strong international stock selection, particularly in Financials and Industrials. The managers maintain conviction in their value approach, citing attractive international valuations, expected USD weakness, and strong portfolio dividend growth of 8.6%. Strategy positioned to benefit from mean reversion away from US market concentration. Full Quick Take Schafer Cullen's dividend-focused strategy outperformed value benchmarks in Q2 through strong international stock selection, particularly in Financials and Industrials. The managers maintain conviction in their value approach, citing attractive international valuations, expected USD weakness, and strong portfolio dividend growth of 8.6%. Strategy positioned to benefit from mean reversion away from US market concentration. | - | ||||||
| +19.3% | +10.5% | Pernas Portfolio delivered a strong 19.3% return in Q2, heavily outperforming the S&P 500. The fund is constructive on European equity rotation and pro-growth domestic tax revisions, despite deep concerns about rising US sovereign deficits. Full Quick Take Pernas Portfolio delivered a strong 19.3% return in Q2, heavily outperforming the S&P 500. The fund is constructive on European equity rotation and pro-growth domestic tax revisions, despite deep concerns about rising US sovereign deficits. | - | ||||||
| +10.1% | +14.0% | The portfolio delivered a solid 10.06% return in Q2 2025, driven by Toya S.A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the deeply undervalued Caltagirone SpA. Full Quick Take The portfolio delivered a solid 10.06% return in Q2 2025, driven by Toya S.A. and Orsero SpA, as the manager continues to focus on long-term value, initiating a new position in the deeply undervalued Caltagirone SpA. | - | ||||||
| +20.4% | +21.6% | European Out-of-Home E-Commerce Logistics, Autonomous Vehicle Fleet Management, Additional Keywords & Themes | The Wolf of Harcourt Street outperformed the S&P 500 by a wide margin in Q2 2025 (+20.4% vs +10.4%) but is holding over 4% cash and taking a cautious posture due to strong short-term market runs. Full Quick Take The Wolf of Harcourt Street outperformed the S&P 500 by a wide margin in Q2 2025 (+20.4% vs +10.4%) but is holding over 4% cash and taking a cautious posture due to strong short-term market runs. | - |
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