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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | - | Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. Full Quick Take Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. | - | |||||
| - | - | Rivemont is positioned for a major sector rotation away from technology toward healthcare and Canadian financials. The fund has aggressively overweighted healthcare real estate, pharmaceuticals, and biotechnology for resilience and lower volatility. Canadian financials benefit from near-monopoly positions with exceptional margins. Bank of Montreal is up 40% year-to-date. The manager sees parallels to the post-2000 rotation and expects continued outperformance. Full Quick Take Rivemont is positioned for a major sector rotation away from technology toward healthcare and Canadian financials. The fund has aggressively overweighted healthcare real estate, pharmaceuticals, and biotechnology for resilience and lower volatility. Canadian financials benefit from near-monopoly positions with exceptional margins. Bank of Montreal is up 40% year-to-date. The manager sees parallels to the post-2000 rotation and expects continued outperformance. | - | ||||||
| +7.0% | +10.7% | Tweedy Browne delivered strong absolute returns in Q2 2026 but warns of late-1990s bubble conditions as AI mania drives valuations to historic extremes. The manager actively avoids overvalued mega-cap tech, instead positioning in attractively valued European, Japanese, and smaller-cap companies. With CAPE at 41X and persistent inflation forcing Fed hawkishness, the portfolio is defensively positioned to outperform in a potential market correction while maintaining participation if enthusiasm persists. Full Quick Take Tweedy Browne delivered strong absolute returns in Q2 2026 but warns of late-1990s bubble conditions as AI mania drives valuations to historic extremes. The manager actively avoids overvalued mega-cap tech, instead positioning in attractively valued European, Japanese, and smaller-cap companies. With CAPE at 41X and persistent inflation forcing Fed hawkishness, the portfolio is defensively positioned to outperform in a potential market correction while maintaining participation if enthusiasm persists. | - | ||||||
| +6.7% | +8.8% | Tweedy Browne International Value Fund II returned 6.69% in Q2 2026 but trails benchmarks year-to-date at 8.84%. The manager expresses serious concern about AI-driven valuation excesses, with key metrics at bubble-like levels and hyperscalers trapped in a capex prisoner's dilemma. The portfolio emphasizes smaller caps and non-US equities at attractive valuations while avoiding overpriced US tech, positioning defensively for potential market correction. Full Quick Take Tweedy Browne International Value Fund II returned 6.69% in Q2 2026 but trails benchmarks year-to-date at 8.84%. The manager expresses serious concern about AI-driven valuation excesses, with key metrics at bubble-like levels and hyperscalers trapped in a capex prisoner's dilemma. The portfolio emphasizes smaller caps and non-US equities at attractive valuations while avoiding overpriced US tech, positioning defensively for potential market correction. | - | ||||||
| - | - | Barometer navigated a volatile, choppy quarter dominated by Iran geopolitical risk and policy uncertainty. Semiconductors and financials emerged as clear leaders, prompting substantial position additions in AI infrastructure names and banks. Industrials contributed on data center power and aerospace strength. Precious metals corrected sharply after extended gains, leading to reduced exposure. The manager maintains conviction in semiconductor, financial, and industrial themes while staying disciplined and flexible. Full Quick Take Barometer navigated a volatile, choppy quarter dominated by Iran geopolitical risk and policy uncertainty. Semiconductors and financials emerged as clear leaders, prompting substantial position additions in AI infrastructure names and banks. Industrials contributed on data center power and aerospace strength. Precious metals corrected sharply after extended gains, leading to reduced exposure. The manager maintains conviction in semiconductor, financial, and industrial themes while staying disciplined and flexible. | - | ||||||
| +7.2% | +11.1% | Tweedy Browne delivered strong Q2 absolute returns but lagged AI-driven benchmarks. The manager draws explicit parallels to the late 1990s bubble, citing 41X Cape Shiller P/E, hyperscaler capex prisoner's dilemma, and record margin debt. Most AI stocks fail their valuation criteria. The Funds emphasize smaller and mid-cap companies at attractive valuations, positioned to outperform if market excesses correct while participating if animal spirits continue. Full Quick Take Tweedy Browne delivered strong Q2 absolute returns but lagged AI-driven benchmarks. The manager draws explicit parallels to the late 1990s bubble, citing 41X Cape Shiller P/E, hyperscaler capex prisoner's dilemma, and record margin debt. Most AI stocks fail their valuation criteria. The Funds emphasize smaller and mid-cap companies at attractive valuations, positioned to outperform if market excesses correct while participating if animal spirits continue. | - | ||||||
| +18.2% | +19.7% | - | Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. Full Quick Take Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. | - | |||||
| +13.0% | +7.9% | - | Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. Full Quick Take Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. | - | |||||
| +14.4% | +16.9% | Cambiar SMID returned 14.39% in 2Q 2026, trailing the index as AI-driven semiconductors dominated. The manager is trimming expensive technology positions despite strong fundamentals, reallocating to quality value names with robust cash flows and reasonable valuations. Industrials rebounded sharply while Financials lagged modestly. With 4% cash and disciplined positioning, the fund is positioned for potential small cap leadership after years of underperformance while avoiding speculative excess in concentrated mega-cap technology. Full Quick Take Cambiar SMID returned 14.39% in 2Q 2026, trailing the index as AI-driven semiconductors dominated. The manager is trimming expensive technology positions despite strong fundamentals, reallocating to quality value names with robust cash flows and reasonable valuations. Industrials rebounded sharply while Financials lagged modestly. With 4% cash and disciplined positioning, the fund is positioned for potential small cap leadership after years of underperformance while avoiding speculative excess in concentrated mega-cap technology. | - | ||||||
| +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. | |||||||
| +22.7% | +34.7% | Invesco Small Cap Value Fund surged 22.75% in Q2 2026, crushing its benchmark by 548 basis points on the strength of AI infrastructure and semiconductor holdings. Penguin Solutions, Coherent, and MKS delivered outsized gains as AI spending accelerated. Energy holdings detracted as oil prices fell. Managers see compelling long-term value in small caps given historical valuation discounts to large caps and attractive gaps between current prices and intrinsic value estimates. Full Quick Take Invesco Small Cap Value Fund surged 22.75% in Q2 2026, crushing its benchmark by 548 basis points on the strength of AI infrastructure and semiconductor holdings. Penguin Solutions, Coherent, and MKS delivered outsized gains as AI spending accelerated. Energy holdings detracted as oil prices fell. Managers see compelling long-term value in small caps given historical valuation discounts to large caps and attractive gaps between current prices and intrinsic value estimates. | - | ||||||
| +5.7% | +1.8% | Bristol Gate's Canadian equity strategy trailed by 123 basis points net in Q2 as commodity trades reversed and Canadian banks surged +25.6%, driving nearly all benchmark gains. The portfolio's Materials and Energy underweights added +258 basis points, but underweight bank exposure cost -340 basis points. New positions in Cenovus and Cameco target dividend growth in energy and uranium. The concentrated, quality-focused approach remains unchanged. Full Quick Take Bristol Gate's Canadian equity strategy trailed by 123 basis points net in Q2 as commodity trades reversed and Canadian banks surged +25.6%, driving nearly all benchmark gains. The portfolio's Materials and Energy underweights added +258 basis points, but underweight bank exposure cost -340 basis points. New positions in Cenovus and Cameco target dividend growth in energy and uranium. The concentrated, quality-focused approach remains unchanged. | - | ||||||
| +5.7% | +16.1% | Thornburg Investment Income Builder delivered 16.15% YTD returns through Q2 2026, driven by strong performance from semiconductor holdings and European financials. The fund maintains a 3.5% dividend yield, more than double the MSCI Index, while trading at a 13.0x P/E versus 19.5x for the index. Despite elevated market valuations and macro uncertainty, the managers believe the portfolio's dividend-paying firms with resilient businesses offer significant intrinsic value. Full Quick Take Thornburg Investment Income Builder delivered 16.15% YTD returns through Q2 2026, driven by strong performance from semiconductor holdings and European financials. The fund maintains a 3.5% dividend yield, more than double the MSCI Index, while trading at a 13.0x P/E versus 19.5x for the index. Despite elevated market valuations and macro uncertainty, the managers believe the portfolio's dividend-paying firms with resilient businesses offer significant intrinsic value. | |||||||
| +6.7% | +10.0% | Thornburg International Equity underperformed in Q2 as markets recovered from the Iran energy shock, but maintains its 28-year track record of 2.7% annual alpha through disciplined stock selection. Semiconductor and European financial holdings drove gains while Chinese positions lagged on weak domestic demand. The concentrated portfolio of 46 quality businesses trading at attractive valuations positions the fund to navigate slowing global growth and deliver through-cycle outperformance. Full Quick Take Thornburg International Equity underperformed in Q2 as markets recovered from the Iran energy shock, but maintains its 28-year track record of 2.7% annual alpha through disciplined stock selection. Semiconductor and European financial holdings drove gains while Chinese positions lagged on weak domestic demand. The concentrated portfolio of 46 quality businesses trading at attractive valuations positions the fund to navigate slowing global growth and deliver through-cycle outperformance. | |||||||
| +17.9% | +16.0% | Parnassus Value Equity Fund delivered 17.86% in Q2 2026, outperforming on AI-driven semiconductor strength and zero Energy exposure. Managers trimmed winners and rotated into hyperscaler cloud platforms, seeing underappreciated AI infrastructure demand. Portfolio remains quality-anchored with balanced cyclical-defensive positioning. Added Coca-Cola for resilience. Cautiously optimistic on lower inflation and AI investment tailwinds while maintaining disciplined margin-of-safety approach to navigate elevated uncertainty. Full Quick Take Parnassus Value Equity Fund delivered 17.86% in Q2 2026, outperforming on AI-driven semiconductor strength and zero Energy exposure. Managers trimmed winners and rotated into hyperscaler cloud platforms, seeing underappreciated AI infrastructure demand. Portfolio remains quality-anchored with balanced cyclical-defensive positioning. Added Coca-Cola for resilience. Cautiously optimistic on lower inflation and AI investment tailwinds while maintaining disciplined margin-of-safety approach to navigate elevated uncertainty. | - | ||||||
| - | -1.4% | GoodHaven runs a concentrated 18-position value portfolio trading at 17.6x earnings versus 23.7x for the S&P 500, with 69% in top 10 holdings including Berkshire (16.8%) and Alphabet (10.2%). The manager targets quality businesses at discounts across financials, housing, energy, and digital advertising, emphasizing that value and growth are connected. Following a 2020 upgrade, the fund has delivered 10.92% annualized over five years despite lagging YTD. Full Quick Take GoodHaven runs a concentrated 18-position value portfolio trading at 17.6x earnings versus 23.7x for the S&P 500, with 69% in top 10 holdings including Berkshire (16.8%) and Alphabet (10.2%). The manager targets quality businesses at discounts across financials, housing, energy, and digital advertising, emphasizing that value and growth are connected. Following a 2020 upgrade, the fund has delivered 10.92% annualized over five years despite lagging YTD. | - | ||||||
| +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. | - | ||||||
| +5.8% | +9.2% | Thornburg Global Opportunities delivered strong 12-month returns of +29.49% through concentrated holdings in above-average growth businesses trading at significant discounts to the market. Technology and financial holdings drove performance while telecommunications and Chinese e-commerce detracted. The fund's 20-year track record of 3% annual outperformance versus the MSCI ACWI reflects disciplined focus on value-priced growth across global markets. Full Quick Take Thornburg Global Opportunities delivered strong 12-month returns of +29.49% through concentrated holdings in above-average growth businesses trading at significant discounts to the market. Technology and financial holdings drove performance while telecommunications and Chinese e-commerce detracted. The fund's 20-year track record of 3% annual outperformance versus the MSCI ACWI reflects disciplined focus on value-priced growth across global markets. | |||||||
| - | - | Matrix delivered strong Q2 returns as markets rallied 15.2%, but remains cautiously optimistic given elevated valuations at 20x earnings. The manager actively rotated the portfolio, trimming overweighted Financials and Technology winners while adding to lagging Consumer Staples and Healthcare names. Portfolios are positioned to benefit from anticipated market broadening beyond concentrated leadership, owning attractively valued companies poised to lead in upcoming periods despite expected volatility. Full Quick Take Matrix delivered strong Q2 returns as markets rallied 15.2%, but remains cautiously optimistic given elevated valuations at 20x earnings. The manager actively rotated the portfolio, trimming overweighted Financials and Technology winners while adding to lagging Consumer Staples and Healthcare names. Portfolios are positioned to benefit from anticipated market broadening beyond concentrated leadership, owning attractively valued companies poised to lead in upcoming periods despite expected volatility. | - | ||||||
| - | - | ClearBridge International Growth ADR Strategy outperformed the MSCI EAFE Index in Q2 2026 by aggressively rotating capital into AI infrastructure hardware bottlenecks—specifically semiconductors, optical networking, and power management—while ramping Japan exposure to capitalize on corporate governance reforms and ROE improvement. Full Quick Take ClearBridge International Growth ADR Strategy outperformed the MSCI EAFE Index in Q2 2026 by aggressively rotating capital into AI infrastructure hardware bottlenecks—specifically semiconductors, optical networking, and power management—while ramping Japan exposure to capitalize on corporate governance reforms and ROE improvement. | - | ||||||
| -6.4% | -6.4% | GoodHaven runs a concentrated 18-position value portfolio targeting quality businesses at discounts to intrinsic value. Core themes include digital advertising secular growth, undervalued financials with strong balance sheets, housing demographic tailwinds, and disciplined energy companies returning cash to shareholders. Portfolio trades at 16.8x forward P/E versus 21.0x for S&P 500. Full Quick Take GoodHaven runs a concentrated 18-position value portfolio targeting quality businesses at discounts to intrinsic value. Core themes include digital advertising secular growth, undervalued financials with strong balance sheets, housing demographic tailwinds, and disciplined energy companies returning cash to shareholders. Portfolio trades at 16.8x forward P/E versus 21.0x for S&P 500. | - | ||||||
| +2.3% | - | The Gabelli Equity Income Fund gained 2.28% in Q1 2026, outperforming the declining broader market. The Iran conflict drove oil prices from $61 to $127 per barrel, benefiting energy holdings like Chevron and National Fuel Gas. The fund's dividend-focused strategy provided defensive characteristics during geopolitical volatility, while technology holdings faced sector rotation pressure. Full Quick Take The Gabelli Equity Income Fund gained 2.28% in Q1 2026, outperforming the declining broader market. The Iran conflict drove oil prices from $61 to $127 per barrel, benefiting energy holdings like Chevron and National Fuel Gas. The fund's dividend-focused strategy provided defensive characteristics during geopolitical volatility, while technology holdings faced sector rotation pressure. | - | ||||||
| - | +7.0% | GoodHaven employs a highly concentrated value style under Larry Pitkowsky, prioritizing high-conviction holdings with a lower average P/E of 19.7x relative to the broader market. Full Quick Take GoodHaven employs a highly concentrated value style under Larry Pitkowsky, prioritizing high-conviction holdings with a lower average P/E of 19.7x relative to the broader market. | |||||||
| +5.0% | +24.0% | Commercial Rationality in China Financials, Artificial Intelligence Beneficiaries, Additional Keywords & Themes | The Platinum Asia Fund returned 5% in Q4 2025, capitalising on AI semiconductor gains and a major recovery in Chinese financials, while actively building positions in Pony AI and Jollibee. Full Quick Take The Platinum Asia Fund returned 5% in Q4 2025, capitalising on AI semiconductor gains and a major recovery in Chinese financials, while actively building positions in Pony AI and Jollibee. | ||||||
| -10.6% | -32.7% | The Small Cap Value Fund returned -1.06% in Q4 2025, lagging its benchmark due to a high-quality underweight in unprofitable health care and material names, but it capitalized on strong tech selection and tactical value swaps like buying Arrow Electronics and adding to Evertec. Full Quick Take The Small Cap Value Fund returned -1.06% in Q4 2025, lagging its benchmark due to a high-quality underweight in unprofitable health care and material names, but it capitalized on strong tech selection and tactical value swaps like buying Arrow Electronics and adding to Evertec. | |||||||
| +38.0% | +23.8% | The Global Value Fund delivered strong 2025 outperformance by maintaining a cautious outlook on mega-cap valuations while opportunistically allocating capital to undervalued software leaders and defensive value sectors. Full Quick Take The Global Value Fund delivered strong 2025 outperformance by maintaining a cautious outlook on mega-cap valuations while opportunistically allocating capital to undervalued software leaders and defensive value sectors. | - | ||||||
| +26.6% | +20.5% | The Artisan Focus Fund selective underweighting of high-multiple M7 names led to a Q3 lag, but strong positioning in the AI power value chain and cyclical US Financials keeps the fund significantly ahead of the S&P 500 on a YTD basis. Full Quick Take The Artisan Focus Fund selective underweighting of high-multiple M7 names led to a Q3 lag, but strong positioning in the AI power value chain and cyclical US Financials keeps the fund significantly ahead of the S&P 500 on a YTD basis. | - | ||||||
| - | +6.8% | GoodHaven's '2.0' transition under Larry Pitkowsky has delivered top-tier 3 and 5-year risk-adjusted returns by refocusing on a highly concentrated portfolio of high-quality companies with deep value characteristics. Full Quick Take GoodHaven's '2.0' transition under Larry Pitkowsky has delivered top-tier 3 and 5-year risk-adjusted returns by refocusing on a highly concentrated portfolio of high-quality companies with deep value characteristics. | - | ||||||
| -8.5% | +15.0% | 2Point2 Capital reports an -8.5% return for Q2 FY26 and presents a comprehensive structural argument advocating for a vibrant short-selling ecosystem in India to curb unchecked small-cap speculation and improve price discovery. Full Quick Take 2Point2 Capital reports an -8.5% return for Q2 FY26 and presents a comprehensive structural argument advocating for a vibrant short-selling ecosystem in India to curb unchecked small-cap speculation and improve price discovery. | - | ||||||
| +6.6% | +22.4% | Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth leaders at normalized valuations. Full Quick Take Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth leaders at normalized valuations. | - | ||||||
| +31.4% | +10.9% | The Dodge & Cox Stock Fund delivered a 3.14% Class I return in Q3, underperforming the highly concentrated S&P 500, but remains constructive on its deeply discounted, value-disciplined portfolio. Full Quick Take The Dodge & Cox Stock Fund delivered a 3.14% Class I return in Q3, underperforming the highly concentrated S&P 500, but remains constructive on its deeply discounted, value-disciplined portfolio. | - | ||||||
| +5.0% | +34.0% | Artisan International Fund outperformed its benchmark in Q3 2025, capitalizing on secular themes in electrification, defense, and select financial restructurings while actively recycling capital into attractively valued international names. Full Quick Take Artisan International Fund outperformed its benchmark in Q3 2025, capitalizing on secular themes in electrification, defense, and select financial restructurings while actively recycling capital into attractively valued international names. | - | ||||||
| +5.3% | - | The Equity Income Fund navigated Q3 2025's market rally with a cautious, high-quality focus, capitalizing on defensive sectors while actively avoiding overvalued real estate and consumer discretionary names. Full Quick Take The Equity Income Fund navigated Q3 2025's market rally with a cautious, high-quality focus, capitalizing on defensive sectors while actively avoiding overvalued real estate and consumer discretionary names. | - | ||||||
| +46.9% | - | The fund achieved a positive return of 4.69% in Q3 2025 but underperformed its benchmark due to headwinds in energy and financials, while active managers leveraged M&A exits and added high-quality, deeply discounted positions. Full Quick Take The fund achieved a positive return of 4.69% in Q3 2025 but underperformed its benchmark due to headwinds in energy and financials, while active managers leveraged M&A exits and added high-quality, deeply discounted positions. | - | ||||||
| +6.0% | +13.5% | The Putnam Large Cap Value Fund outperformed its benchmark in Q3 2025 via strong stock selection, while maintaining a cautious forward posture due to rich valuations and tariff-related macro headwinds. Full Quick Take The Putnam Large Cap Value Fund outperformed its benchmark in Q3 2025 via strong stock selection, while maintaining a cautious forward posture due to rich valuations and tariff-related macro headwinds. | - | ||||||
| +11.4% | +32.5% | Thornburg Global Opportunities Fund outperformed significantly in Q3 2025 and over longer periods through its focused portfolio of 39 global equities trading at attractive valuations. The strategy targets companies with above-average revenue growth, maintaining sector concentrations in communications services, financials, and technology while navigating geopolitical uncertainties and evolving trade policies. Full Quick Take Thornburg Global Opportunities Fund outperformed significantly in Q3 2025 and over longer periods through its focused portfolio of 39 global equities trading at attractive valuations. The strategy targets companies with above-average revenue growth, maintaining sector concentrations in communications services, financials, and technology while navigating geopolitical uncertainties and evolving trade policies. | - | ||||||
| +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. | - | ||||||
| +14.5% | +13.8% | Gator Financial Partners delivered a stellar 14.49% return in Q2 2025, driven by small and mid-cap financials. The fund maintains a bullish stance on payments provider WEX Inc. and anticipates favorable yield curve steepening. Full Quick Take Gator Financial Partners delivered a stellar 14.49% return in Q2 2025, driven by small and mid-cap financials. The fund maintains a bullish stance on payments provider WEX Inc. and anticipates favorable yield curve steepening. | |||||||
| +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. | |||||||
| - | - | 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. | - | ||||||
| +2.3% | +2.4% | Marram returned +2.3% in Q2 2025 (+2.4% YTD), maintaining a resilient portfolio with 32% cash amidst widespread market exuberance, while selectively adding minor positions in FCNCA and PINS. Full Quick Take Marram returned +2.3% in Q2 2025 (+2.4% YTD), maintaining a resilient portfolio with 32% cash amidst widespread market exuberance, while selectively adding minor positions in FCNCA and PINS. | - | ||||||
| +3.8% | +7.5% | Dodge & Cox Stock Fund navigated Q2 2025 volatility by selectively adding to undervalued Health Care names like UnitedHealth while trimming recovering Financials. The portfolio trades at a low 14.2x forward earnings, representing a significant discount to the broader market. Full Quick Take Dodge & Cox Stock Fund navigated Q2 2025 volatility by selectively adding to undervalued Health Care names like UnitedHealth while trimming recovering Financials. The portfolio trades at a low 14.2x forward earnings, representing a significant discount to the broader market. | - | ||||||
| -39.0% | - | The American Century Small Cap Value Fund lagged its benchmark in Q2 2025 due to weak stock selection in energy and financials, but benefited from strong performance in industrials and positive M&A activity. Full Quick Take The American Century Small Cap Value Fund lagged its benchmark in Q2 2025 due to weak stock selection in energy and financials, but benefited from strong performance in industrials and positive M&A activity. | - | ||||||
| -31.0% | - | Defensive High Quality Resilience, Overweight in Consumer Staples and Utilities, Additional Keywords & Themes | The fund underperformed its value benchmark during Q2 2025 due to lagging healthcare and industrial selections, but continues to reposition defensively in high-quality consumer staples and utilities with attractive valuations. Full Quick Take The fund underperformed its value benchmark during Q2 2025 due to lagging healthcare and industrial selections, but continues to reposition defensively in high-quality consumer staples and utilities with attractive valuations. | - | |||||
| - | +9.5% | Davis Opportunity Fund delivered 9.50% returns in H1 2025 through concentrated value investing in 45 quality businesses trading at 13.2x forward P/E versus 22.5x for the benchmark. The portfolio emphasizes healthcare services, financials, technology, and industrials with superior earnings growth, positioned defensively amid macro uncertainties including higher rates, geopolitical tensions, and deglobalization trends. Full Quick Take Davis Opportunity Fund delivered 9.50% returns in H1 2025 through concentrated value investing in 45 quality businesses trading at 13.2x forward P/E versus 22.5x for the benchmark. The portfolio emphasizes healthcare services, financials, technology, and industrials with superior earnings growth, positioned defensively amid macro uncertainties including higher rates, geopolitical tensions, and deglobalization trends. | - | ||||||
| +9.3% | +7.8% | During Q2 2025, Baron FinTech Fund rose 9.26% but trailed its benchmark, impacted by stock selection in Information Services and Payments, while seeing strong contributions from Capital Markets and E-Commerce. Full Quick Take During Q2 2025, Baron FinTech Fund rose 9.26% but trailed its benchmark, impacted by stock selection in Information Services and Payments, while seeing strong contributions from Capital Markets and E-Commerce. | - | ||||||
| - | +11.5% | Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of undervalued financials, healthcare, and dull industrials. Full Quick Take Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of undervalued financials, healthcare, and dull industrials. | - | ||||||
| - | - | Amundi Chenavari Credit Fund posted 8% returns in 2024, driven by European credit spread tightening and successful AT1 positioning. The fund capitalized on banking sector M&A and primary market opportunities while managing French political risk. Outlook remains constructive on European credit supported by ECB easing and strong bank fundamentals. Full Quick Take Amundi Chenavari Credit Fund posted 8% returns in 2024, driven by European credit spread tightening and successful AT1 positioning. The fund capitalized on banking sector M&A and primary market opportunities while managing French political risk. Outlook remains constructive on European credit supported by ECB easing and strong bank fundamentals. | - | ||||||
| 0.0% | - | The fund outperformed during Q1's market decline driven by tariff fears and AI concerns. Defensive positioning in financials and dividend-paying stocks proved beneficial as technology faced headwinds. Strong performance from Newmont, T-Mobile, and Mondelēz offset weakness in Amazon and tech holdings. The strategy continues focusing on quality businesses with competitive advantages at compelling valuations. Full Quick Take The fund outperformed during Q1's market decline driven by tariff fears and AI concerns. Defensive positioning in financials and dividend-paying stocks proved beneficial as technology faced headwinds. Strong performance from Newmont, T-Mobile, and Mondelēz offset weakness in Amazon and tech holdings. The strategy continues focusing on quality businesses with competitive advantages at compelling valuations. | - | ||||||
| +4.1% | +4.1% | Polaris Global Equity returned 4.12% in Q1 2025, outperforming MSCI World's -1.68% decline amid trade policy volatility and AI disruption. European financials and healthcare drove performance while the manager exited overvalued positions including Microsoft. International markets surprised with outperformance as tariff negotiations create opportunities in undervalued global equities versus concentrated U.S. mega-cap tech. Full Quick Take Polaris Global Equity returned 4.12% in Q1 2025, outperforming MSCI World's -1.68% decline amid trade policy volatility and AI disruption. European financials and healthcare drove performance while the manager exited overvalued positions including Microsoft. International markets surprised with outperformance as tariff negotiations create opportunities in undervalued global equities versus concentrated U.S. mega-cap tech. | - |
Q2 2026
Q2 2026
Q2 2026
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