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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. Full Quick Take Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. | |||||||
| +11.5% | +16.2% | Crossroads returned 11.5% net in Q2 as concentrated small-cap portfolio captured market broadening. Nebius emerged as AI hyperscaler with $46B contracts and 50% margins. AST SpaceMobile scaled to 12 satellites with FCC authorization for 248-satellite constellation. Nintendo marked down on memory headwinds despite 150% profit growth. FTAI secured $1.5B data center power order. Manager added to positions during July momentum unwind, maintaining focus on hard catalysts independent of macro. Full Quick Take Crossroads returned 11.5% net in Q2 as concentrated small-cap portfolio captured market broadening. Nebius emerged as AI hyperscaler with $46B contracts and 50% margins. AST SpaceMobile scaled to 12 satellites with FCC authorization for 248-satellite constellation. Nintendo marked down on memory headwinds despite 150% profit growth. FTAI secured $1.5B data center power order. Manager added to positions during July momentum unwind, maintaining focus on hard catalysts independent of macro. | |||||||
| +6.4% | -7.5% | The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. Full Quick Take The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. | |||||||
| - | - | - | 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. | ||||||
| +15.9% | -3.9% | Portfolio up 15.9% in Q2 but trails market year-to-date at -3.9%. Manager doubled TTWO position as GTA VI pre-orders hit $4 billion, added to MSFT and AMZN on weakness. AWS GPU price hikes signal strong AI demand. ASML's 200%+ rally made it largest holding. Optimistic on out-of-favor positions MELI, SE, NU, MSFT given strong fundamentals. Technology concentration at 25% in META, MSFT, AMZN. Full Quick Take Portfolio up 15.9% in Q2 but trails market year-to-date at -3.9%. Manager doubled TTWO position as GTA VI pre-orders hit $4 billion, added to MSFT and AMZN on weakness. AWS GPU price hikes signal strong AI demand. ASML's 200%+ rally made it largest holding. Optimistic on out-of-favor positions MELI, SE, NU, MSFT given strong fundamentals. Technology concentration at 25% in META, MSFT, AMZN. | |||||||
| +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. | |||||||
| +36.0% | +29.7% | Buckley Capital returned 36% in Q2 2026 through disciplined capital recycling, exiting Dave at peak valuations and Root after industry headwinds deepened, while maintaining conviction in Liquidia ahead of a catalyst and initiating positions in mispriced Celsius and Light & Wonder. The small-cap portfolio is concentrated in businesses with improving fundamentals and identifiable catalysts where the market underestimates normalized earnings power, positioned for continued compounding. Full Quick Take Buckley Capital returned 36% in Q2 2026 through disciplined capital recycling, exiting Dave at peak valuations and Root after industry headwinds deepened, while maintaining conviction in Liquidia ahead of a catalyst and initiating positions in mispriced Celsius and Light & Wonder. The small-cap portfolio is concentrated in businesses with improving fundamentals and identifiable catalysts where the market underestimates normalized earnings power, positioned for continued compounding. | |||||||
| +20.9% | +3.7% | Contrarius returned 20.9% in Q2 2026 by investing in AI-Winners and AI-Proof companies at attractive valuations. Sony exemplifies this dual thesis: it owns irreplaceable music catalogues, film libraries, and gaming franchises that appreciate as AI content proliferates, while manufacturing 53% of global image sensors positioned to dominate physical AI in autonomous vehicles and robotics. The market prices it as a tired conglomerate despite a fortress balance sheet and improving management. Full Quick Take Contrarius returned 20.9% in Q2 2026 by investing in AI-Winners and AI-Proof companies at attractive valuations. Sony exemplifies this dual thesis: it owns irreplaceable music catalogues, film libraries, and gaming franchises that appreciate as AI content proliferates, while manufacturing 53% of global image sensors positioned to dominate physical AI in autonomous vehicles and robotics. The market prices it as a tired conglomerate despite a fortress balance sheet and improving management. | |||||||
| -28.3% | -28.3% | Portfolio down 28% as AI fears pressure internet stocks while semiconductors soar. Manager sees speculative AI infrastructure bubble, prefers application layer opportunities. Sea Ltd's Shopee VIP scaling like Amazon Prime with strong unit economics. Unity's gaming engine dominance plus Vector ad platform creates compelling value at current prices. Tech valuations most attractive since 2022. Full Quick Take Portfolio down 28% as AI fears pressure internet stocks while semiconductors soar. Manager sees speculative AI infrastructure bubble, prefers application layer opportunities. Sea Ltd's Shopee VIP scaling like Amazon Prime with strong unit economics. Unity's gaming engine dominance plus Vector ad platform creates compelling value at current prices. Tech valuations most attractive since 2022. | |||||||
| - | - | Stewart Investors trimmed AI semiconductor winners like Samsung and TSMC due to expensive valuations while building positions in Tencent, Sony, and H World. Despite Middle East geopolitical tensions weighing on Asian markets, the manager remains optimistic on the region's quality companies, attractive valuations versus developed markets, and long-term digital transformation trends. Full Quick Take Stewart Investors trimmed AI semiconductor winners like Samsung and TSMC due to expensive valuations while building positions in Tencent, Sony, and H World. Despite Middle East geopolitical tensions weighing on Asian markets, the manager remains optimistic on the region's quality companies, attractive valuations versus developed markets, and long-term digital transformation trends. | |||||||
| +10.0% | +10.0% | Palm Harbour Capital's concentrated European value strategy delivered -0.56% in Q1 2026 despite strong individual contributors including South Korean battery maker Vitzrocell (+95.5%) and Norwegian oil producer Vår Energi. The portfolio trades at attractive 6.3x P/E with significant upside potential. Management remains extremely optimistic about medium-term prospects while maintaining disciplined long-term value approach. Full Quick Take Palm Harbour Capital's concentrated European value strategy delivered -0.56% in Q1 2026 despite strong individual contributors including South Korean battery maker Vitzrocell (+95.5%) and Norwegian oil producer Vår Energi. The portfolio trades at attractive 6.3x P/E with significant upside potential. Management remains extremely optimistic about medium-term prospects while maintaining disciplined long-term value approach. | |||||||
| - | - | Penn Davis McFarland maintains contrarian discipline amid market euphoria, warning of AI overbuilding risks and Fed policy concerns while selectively deploying capital. The firm initiated Evolution AB, a profitable online casino leader trading at attractive valuations due to regulatory headwinds. They position as patient value investors focused on capital preservation over trend-chasing. Full Quick Take Penn Davis McFarland maintains contrarian discipline amid market euphoria, warning of AI overbuilding risks and Fed policy concerns while selectively deploying capital. The firm initiated Evolution AB, a profitable online casino leader trading at attractive valuations due to regulatory headwinds. They position as patient value investors focused on capital preservation over trend-chasing. | - | ||||||
| - | - | ClearBridge Mid Cap Strategy outperformed in Q3 2025 through superior stock selection in consumer staples and health care, benefiting from Fed rate cuts and easing policy uncertainty. Strong performance from Performance Food Group and biotech holdings drove returns. Managers added QXO and Bio-Techne while maintaining disciplined approach focused on fundamental differentiation amid elevated market dispersion. Full Quick Take ClearBridge Mid Cap Strategy outperformed in Q3 2025 through superior stock selection in consumer staples and health care, benefiting from Fed rate cuts and easing policy uncertainty. Strong performance from Performance Food Group and biotech holdings drove returns. Managers added QXO and Bio-Techne while maintaining disciplined approach focused on fundamental differentiation amid elevated market dispersion. | - | ||||||
| - | - | Brown Advisory's Mid-Cap Growth strategy underperformed modestly in Q3, returning 2.2% net versus 3% for the benchmark. Strong AI-exposed holdings drove gains, but elevated valuations prompted profit-taking. New positions in Cardinal Health, DraftKings, and Parsons reflect focus on secular growth themes. Portfolio expanded to 61 names while maintaining disciplined approach to compounding growth companies. Full Quick Take Brown Advisory's Mid-Cap Growth strategy underperformed modestly in Q3, returning 2.2% net versus 3% for the benchmark. Strong AI-exposed holdings drove gains, but elevated valuations prompted profit-taking. New positions in Cardinal Health, DraftKings, and Parsons reflect focus on secular growth themes. Portfolio expanded to 61 names while maintaining disciplined approach to compounding growth companies. | |||||||
| - | - | Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game development pipeline. Full Quick Take Minotaur remains underweight the US on valuation and policy concerns, preferring high-quality offshore compounders like CD Projekt, which is successfully scaling its game development pipeline. | |||||||
| +7.6% | +22.5% | Polen's Emerging Markets Growth strategy underperformed in Q3 2025 despite strong contributions from CATL (EV batteries), Prosus (Tencent proxy), and Accton (AI infrastructure). The team allocated capital toward electrification and consumer discretionary themes while reducing exposure to macro-challenged companies. Management remains optimistic on Emerging Markets' long-term prospects given attractive valuations and healthier balance sheets versus developed markets. Full Quick Take Polen's Emerging Markets Growth strategy underperformed in Q3 2025 despite strong contributions from CATL (EV batteries), Prosus (Tencent proxy), and Accton (AI infrastructure). The team allocated capital toward electrification and consumer discretionary themes while reducing exposure to macro-challenged companies. Management remains optimistic on Emerging Markets' long-term prospects given attractive valuations and healthier balance sheets versus developed markets. | |||||||
| +5.3% | - | PGIM Jennison Global Opportunities Fund focuses on high-quality companies benefiting from AI momentum. Strong Technology performance led by AppLovin, NVIDIA, and Shopify, with strategic additions of Oracle and Nintendo. Despite Q3 underperformance versus benchmark, the fund remains positioned for above-average growth by capitalizing on GenAI opportunities and maintaining focus on companies with durable competitive advantages. Full Quick Take PGIM Jennison Global Opportunities Fund focuses on high-quality companies benefiting from AI momentum. Strong Technology performance led by AppLovin, NVIDIA, and Shopify, with strategic additions of Oracle and Nintendo. Despite Q3 underperformance versus benchmark, the fund remains positioned for above-average growth by capitalizing on GenAI opportunities and maintaining focus on companies with durable competitive advantages. | - | ||||||
| +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. | - | ||||||
| +5.3% | - | The fund underperformed in Q3 despite strong Technology sector gains led by AI beneficiaries NVIDIA, AppLovin, and Shopify. New positions in Oracle, Alphabet, and Nintendo reflect continued focus on AI opportunities and quality growth companies. Health Care positions were trimmed due to clinical setbacks. The fund remains positioned for above-average growth despite ongoing policy and geopolitical uncertainties. Full Quick Take The fund underperformed in Q3 despite strong Technology sector gains led by AI beneficiaries NVIDIA, AppLovin, and Shopify. New positions in Oracle, Alphabet, and Nintendo reflect continued focus on AI opportunities and quality growth companies. Health Care positions were trimmed due to clinical setbacks. The fund remains positioned for above-average growth despite ongoing policy and geopolitical uncertainties. | - | ||||||
| +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. | |||||||
| - | - | Strong Q2 performance amid extreme volatility, with SPX up 27% from lows. Portfolio focuses on contrarian opportunities: long RxSight's innovative medical device technology and Evolution Gaming's expected regulatory recovery, while shorting traditional advertising companies facing AI disruption. Despite bubble conditions emerging across markets, manager maintains conviction in beaten-down quality names with strong fundamentals. Full Quick Take Strong Q2 performance amid extreme volatility, with SPX up 27% from lows. Portfolio focuses on contrarian opportunities: long RxSight's innovative medical device technology and Evolution Gaming's expected regulatory recovery, while shorting traditional advertising companies facing AI disruption. Despite bubble conditions emerging across markets, manager maintains conviction in beaten-down quality names with strong fundamentals. | |||||||
| - | +26.1% | Crossroads delivered 36.9% net returns in Q2 2025 despite small-cap value headwinds, driven by Nintendo's record Switch 2 launch and AST SpaceMobile's satellite broadband progress. The fund's concentrated approach to event-driven value investing in structural transformation stories continues generating superior risk-adjusted returns through disciplined analysis and patient capital allocation in overlooked opportunities. Full Quick Take Crossroads delivered 36.9% net returns in Q2 2025 despite small-cap value headwinds, driven by Nintendo's record Switch 2 launch and AST SpaceMobile's satellite broadband progress. The fund's concentrated approach to event-driven value investing in structural transformation stories continues generating superior risk-adjusted returns through disciplined analysis and patient capital allocation in overlooked opportunities. | - | ||||||
| - | - | Crossroads delivered 36.9% net returns in Q2 2025, led by Nintendo's record-breaking Switch 2 launch and AST SpaceMobile's space-based broadband execution. The concentrated small-cap value strategy continues substantial outperformance without owning mega-cap tech. Markets proved resilient to tariff uncertainty. Manager maintains high conviction in core positions as 'coiled springs' with value-unlocking catalysts ahead. Full Quick Take Crossroads delivered 36.9% net returns in Q2 2025, led by Nintendo's record-breaking Switch 2 launch and AST SpaceMobile's space-based broadband execution. The concentrated small-cap value strategy continues substantial outperformance without owning mega-cap tech. Markets proved resilient to tariff uncertainty. Manager maintains high conviction in core positions as 'coiled springs' with value-unlocking catalysts ahead. | - | ||||||
| +8.1% | +22.1% | PM Capital delivered 8.1% quarterly returns focusing on undervalued European banks and commodities. European banks trade at 8x earnings versus peers, positioned for infrastructure-driven recovery. Commodity holdings benefit from supply constraints and trade tensions. Key winners included AIB Group, Newmont, and Macau gaming stocks. Fund increased net invested position to 85% during April volatility, maintaining patient approach to multi-year themes. Full Quick Take PM Capital delivered 8.1% quarterly returns focusing on undervalued European banks and commodities. European banks trade at 8x earnings versus peers, positioned for infrastructure-driven recovery. Commodity holdings benefit from supply constraints and trade tensions. Key winners included AIB Group, Newmont, and Macau gaming stocks. Fund increased net invested position to 85% during April volatility, maintaining patient approach to multi-year themes. | - | ||||||
| - | - | Emerging Markets Growth outperformed in Q2 2025 with 12.9% returns, led by Taiwan Semiconductor's AI-driven growth and strong digital platform performance from MercadoLibre, Sea, and Nu Holdings. The portfolio benefits from secular trends in digitalization and industry consolidation across emerging markets, with improved fundamentals despite expected volatility from AI developments and geopolitical factors. Full Quick Take Emerging Markets Growth outperformed in Q2 2025 with 12.9% returns, led by Taiwan Semiconductor's AI-driven growth and strong digital platform performance from MercadoLibre, Sea, and Nu Holdings. The portfolio benefits from secular trends in digitalization and industry consolidation across emerging markets, with improved fundamentals despite expected volatility from AI developments and geopolitical factors. | - | ||||||
| - | - | Meridian's hedged equity strategy delivered 4.86% returns while managing downside risk through covered calls on 54% of holdings. AI beneficiaries Vistra and Microsoft drove performance alongside gaming leader MGM reaching digital profitability. Tariff impacts hurt consumer health play Kenvue while energy names faced commodity headwinds. Manager welcomes volatility as opportunity while maintaining disciplined risk management approach. Full Quick Take Meridian's hedged equity strategy delivered 4.86% returns while managing downside risk through covered calls on 54% of holdings. AI beneficiaries Vistra and Microsoft drove performance alongside gaming leader MGM reaching digital profitability. Tariff impacts hurt consumer health play Kenvue while energy names faced commodity headwinds. Manager welcomes volatility as opportunity while maintaining disciplined risk management approach. | |||||||
| +2.7% | +2.7% | SaltLight returned 2.70% in Q1 2025, rebuilding NVIDIA position as AI infrastructure becomes compelling. Core thesis centers on transformative AI opportunity with intelligence embedded across software applications, while e-commerce margin expansion continues with Sea Limited achieving profitability. Blue Label Telecoms turnaround progressing well with Cell C restructuring showing promise. Full Quick Take SaltLight returned 2.70% in Q1 2025, rebuilding NVIDIA position as AI infrastructure becomes compelling. Core thesis centers on transformative AI opportunity with intelligence embedded across software applications, while e-commerce margin expansion continues with Sea Limited achieving profitability. Blue Label Telecoms turnaround progressing well with Cell C restructuring showing promise. | |||||||
| -2.4% | - | RF Capital outperformed in Q1 2025 while aggressively deploying cash from 27% to 14% amid volatile markets. The concentrated value fund holds strong performer Sprouts Farmers Market and deep-value gaming company Zengame Technology. Manager expresses unprecedented excitement about current opportunity set and plans major portfolio reconstitution to capitalize on attractive underfollowed equities. Full Quick Take RF Capital outperformed in Q1 2025 while aggressively deploying cash from 27% to 14% amid volatile markets. The concentrated value fund holds strong performer Sprouts Farmers Market and deep-value gaming company Zengame Technology. Manager expresses unprecedented excitement about current opportunity set and plans major portfolio reconstitution to capitalize on attractive underfollowed equities. | - | ||||||
| -13.6% | - | Jonagold's concentrated growth strategy faced headwinds in Q1 with -13.64% returns as Trump tariffs spooked markets. Manager doubled down on conviction, significantly increasing Upstart position following strong earnings while generating covered call income. Despite near-term challenges from trade war volatility, the fund maintains focus on misunderstood AI-enabled businesses positioned for long-term outperformance once market sentiment recovers. Full Quick Take Jonagold's concentrated growth strategy faced headwinds in Q1 with -13.64% returns as Trump tariffs spooked markets. Manager doubled down on conviction, significantly increasing Upstart position following strong earnings while generating covered call income. Despite near-term challenges from trade war volatility, the fund maintains focus on misunderstood AI-enabled businesses positioned for long-term outperformance once market sentiment recovers. | - | ||||||
| +0.9% | - | Cooper Investors delivered 0.9% quarterly returns, outperforming by 2.9%. Strong performance from Ryan Specialty and Sony gaming offset weakness in B&M Retail and TSMC. New position in Universal Music Group capitalizes on industry monetization opportunity as streaming matures. Portfolio focuses on customer-obsessed businesses providing essential services and productivity solutions globally. Full Quick Take Cooper Investors delivered 0.9% quarterly returns, outperforming by 2.9%. Strong performance from Ryan Specialty and Sony gaming offset weakness in B&M Retail and TSMC. New position in Universal Music Group capitalizes on industry monetization opportunity as streaming matures. Portfolio focuses on customer-obsessed businesses providing essential services and productivity solutions globally. | |||||||
| -2.0% | - | Fund outperformed S&P 500 despite tariff volatility by holding companies with strong secular tailwinds. Spotify leads with streaming growth, Caesars benefits from gaming legalization, and Chinese tech trades cheaply. Manager views current uncertainty as temporary disruption to solid underlying earnings power, positioning for recovery when tariff fears subside. Full Quick Take Fund outperformed S&P 500 despite tariff volatility by holding companies with strong secular tailwinds. Spotify leads with streaming growth, Caesars benefits from gaming legalization, and Chinese tech trades cheaply. Manager views current uncertainty as temporary disruption to solid underlying earnings power, positioning for recovery when tariff fears subside. | - | ||||||
| -10.1% | -10.1% | Select Growth underperformed modestly in Q1 as AI skepticism and trade tensions pressured growth stocks. Despite DeepSeek concerns, managers maintain AI conviction citing strong infrastructure spending and emerging applications. Portfolio repositioned toward semiconductor leaders Broadcom and TSMC while exiting lower-conviction holdings. Trade policy risks threaten global growth, but improved portfolio diversification and quality metrics provide better downside protection than 2021. Full Quick Take Select Growth underperformed modestly in Q1 as AI skepticism and trade tensions pressured growth stocks. Despite DeepSeek concerns, managers maintain AI conviction citing strong infrastructure spending and emerging applications. Portfolio repositioned toward semiconductor leaders Broadcom and TSMC while exiting lower-conviction holdings. Trade policy risks threaten global growth, but improved portfolio diversification and quality metrics provide better downside protection than 2021. | - | ||||||
| +1.1% | +1.1% | International Growth underperformed in Q1 as growth stocks faced severe headwinds amid trade war concerns. Strong performance from Sea, Spotify, and MercadoLibre was offset by weakness in Taiwan Semiconductor and Flutter Entertainment. The manager remains cautious on escalating U.S.-China trade tensions but believes the portfolio is better positioned for uncertainty with improved diversification and fundamentals. Full Quick Take International Growth underperformed in Q1 as growth stocks faced severe headwinds amid trade war concerns. Strong performance from Sea, Spotify, and MercadoLibre was offset by weakness in Taiwan Semiconductor and Flutter Entertainment. The manager remains cautious on escalating U.S.-China trade tensions but believes the portfolio is better positioned for uncertainty with improved diversification and fundamentals. | - | ||||||
| +3.8% | +3.8% | Aristotle International Equity Fund underperformed in Q1 2025 despite strong contributions from Munich Re and Sony. Trade policy uncertainty and AI competition dominated headlines while the fund swapped Magna International for Fast Retailing. Management remains focused on high-quality international companies with sustainable competitive advantages rather than attempting to time volatile markets driven by geopolitical developments. Full Quick Take Aristotle International Equity Fund underperformed in Q1 2025 despite strong contributions from Munich Re and Sony. Trade policy uncertainty and AI competition dominated headlines while the fund swapped Magna International for Fast Retailing. Management remains focused on high-quality international companies with sustainable competitive advantages rather than attempting to time volatile markets driven by geopolitical developments. | - | ||||||
| -7.6% | -1.6% | Crossroads navigated Q1 tariff volatility by shifting to trade-war-resilient holdings while maintaining cash for opportunities. Key positions include Nintendo's Switch 2 transformation, FTAI's aerospace pivot, and Magnite's advertising platform benefits. Despite -7.6% quarterly decline, the fund recovered to -1.6% YTD and continues outperforming with 13.3% annualized returns since inception through disciplined value investing. Full Quick Take Crossroads navigated Q1 tariff volatility by shifting to trade-war-resilient holdings while maintaining cash for opportunities. Key positions include Nintendo's Switch 2 transformation, FTAI's aerospace pivot, and Magnite's advertising platform benefits. Despite -7.6% quarterly decline, the fund recovered to -1.6% YTD and continues outperforming with 13.3% annualized returns since inception through disciplined value investing. | - | ||||||
| +2.6% | - | Palm Harbour Capital gained 2.63% in Q1 2025, focusing on undervalued small-cap companies with strong cash generation. Despite Trump tariff concerns creating market volatility, the manager sees buying opportunities in overlooked securities trading at 8.6x P/E with 19% FCF yields. Portfolio positioned defensively with limited US trade exposure while maintaining optimistic outlook on intrinsic value convergence. Full Quick Take Palm Harbour Capital gained 2.63% in Q1 2025, focusing on undervalued small-cap companies with strong cash generation. Despite Trump tariff concerns creating market volatility, the manager sees buying opportunities in overlooked securities trading at 8.6x P/E with 19% FCF yields. Portfolio positioned defensively with limited US trade exposure while maintaining optimistic outlook on intrinsic value convergence. | - | ||||||
| +0.7% | - | American Century's EM Fund underperformed in Q1 2025 amid trade policy uncertainty, returning 0.72% versus benchmark's 2.93%. Portfolio emphasizes domestic-oriented companies with strong fundamentals, highlighted by Chinese EV leader BYD and Brazilian aircraft maker Embraer. Managers see differentiated tariff impacts favoring Latin America over Asia, positioning for growth-supportive EM central bank policies ahead. Full Quick Take American Century's EM Fund underperformed in Q1 2025 amid trade policy uncertainty, returning 0.72% versus benchmark's 2.93%. Portfolio emphasizes domestic-oriented companies with strong fundamentals, highlighted by Chinese EV leader BYD and Brazilian aircraft maker Embraer. Managers see differentiated tariff impacts favoring Latin America over Asia, positioning for growth-supportive EM central bank policies ahead. | - | ||||||
| -5.0% | - | Polen Capital's Global SMID portfolio fell 4.84% in Q1 2025, underperforming amid quality growth style headwinds. U.S. small caps declined sharply while international markets showed resilience. Top contributors Sanrio, Goosehead Insurance, and new position Lottomatica offset weakness in Globant, e.l.f. Beauty, and Kalyan Jewellers. Managers remain optimistic on resilient quality businesses despite macro uncertainty. Full Quick Take Polen Capital's Global SMID portfolio fell 4.84% in Q1 2025, underperforming amid quality growth style headwinds. U.S. small caps declined sharply while international markets showed resilience. Top contributors Sanrio, Goosehead Insurance, and new position Lottomatica offset weakness in Globant, e.l.f. Beauty, and Kalyan Jewellers. Managers remain optimistic on resilient quality businesses despite macro uncertainty. | - | ||||||
| - | -4.8% | Concentrated portfolio with top five positions at 70% weight, reflecting high conviction in Sea Limited's e-commerce dominance, eDreams' travel recovery, Evolution's gaming leadership, Google's cloud growth, and Apollo's private credit expansion. Added Franco-Nevada gold royalty position for portfolio diversification. Despite tariff uncertainty and macro headwinds, manager maintains optimistic outlook on core holdings and expects strong relative performance ahead. Full Quick Take Concentrated portfolio with top five positions at 70% weight, reflecting high conviction in Sea Limited's e-commerce dominance, eDreams' travel recovery, Evolution's gaming leadership, Google's cloud growth, and Apollo's private credit expansion. Added Franco-Nevada gold royalty position for portfolio diversification. Despite tariff uncertainty and macro headwinds, manager maintains optimistic outlook on core holdings and expects strong relative performance ahead. | - | ||||||
| - | - | Rome Capital pursues exceptional returns through concentrated special situations and small-cap growth investments, exploiting institutional inefficiencies in spinoffs and forced selling scenarios. The 10-position portfolio includes undervalued opportunities like Brilliance China's BMW stake and Cake Box's franchise expansion. Despite elevated market valuations, the bottom-up approach continues finding compelling ideas with significant upside catalysts expected to materialize in 2025. Full Quick Take Rome Capital pursues exceptional returns through concentrated special situations and small-cap growth investments, exploiting institutional inefficiencies in spinoffs and forced selling scenarios. The 10-position portfolio includes undervalued opportunities like Brilliance China's BMW stake and Cake Box's franchise expansion. Despite elevated market valuations, the bottom-up approach continues finding compelling ideas with significant upside catalysts expected to materialize in 2025. | - | ||||||
| - | - | Ennismore delivered +6.4% in 2024 through superior stock selection, overcoming headwinds from European and small-cap exposures. Network effect businesses and special situations drove returns while the fund added gaming exposure via Paradox Interactive. Despite structural biases facing challenges, historically cheap European valuations and potential macro catalysts create compelling opportunities for continued alpha generation. Full Quick Take Ennismore delivered +6.4% in 2024 through superior stock selection, overcoming headwinds from European and small-cap exposures. Network effect businesses and special situations drove returns while the fund added gaming exposure via Paradox Interactive. Despite structural biases facing challenges, historically cheap European valuations and potential macro catalysts create compelling opportunities for continued alpha generation. | - | ||||||
| - | - | Longriver delivered strong 26% annual returns through concentrated positions in quality companies like Amazon, Meta, and new addition Wise. The fund focuses on long-term value creation via businesses that can reinvest at high returns. With valuations getting full and market conditions echoing late 2021 euphoria, the manager emphasizes husbanding gains while seeking fresh opportunities. Full Quick Take Longriver delivered strong 26% annual returns through concentrated positions in quality companies like Amazon, Meta, and new addition Wise. The fund focuses on long-term value creation via businesses that can reinvest at high returns. With valuations getting full and market conditions echoing late 2021 euphoria, the manager emphasizes husbanding gains while seeking fresh opportunities. | - | ||||||
| +8.8% | +24.3% | Sands Capital Select Growth underperformed in Q4 despite strong portfolio company earnings growth of 147% over three years versus 53% for the benchmark. The firm maintains conviction in AI infrastructure leaders like NVIDIA and ServiceNow while adding exposure to energy transition and gaming themes. Management expects valuation misalignment to correct as business fundamentals drive long-term returns. Full Quick Take Sands Capital Select Growth underperformed in Q4 despite strong portfolio company earnings growth of 147% over three years versus 53% for the benchmark. The firm maintains conviction in AI infrastructure leaders like NVIDIA and ServiceNow while adding exposure to energy transition and gaming themes. Management expects valuation misalignment to correct as business fundamentals drive long-term returns. | - | ||||||
| +10.4% | - | Bristlemoon delivered 10.4% in Q4 despite position sizing errors in top holdings. Pinterest remains largest detractor with revenue growth decelerating to 15-17% from 20%+. AppLovin drove performance with 148% gain as earnings forecasts increased 5.3x. Fund implements revised position sizing framework requiring exceptional risk/reward and conviction for large positions. Concentrated approach continues with 90.2% long exposure across 16 names. Full Quick Take Bristlemoon delivered 10.4% in Q4 despite position sizing errors in top holdings. Pinterest remains largest detractor with revenue growth decelerating to 15-17% from 20%+. AppLovin drove performance with 148% gain as earnings forecasts increased 5.3x. Fund implements revised position sizing framework requiring exceptional risk/reward and conviction for large positions. Concentrated approach continues with 90.2% long exposure across 16 names. | - | ||||||
| - | - | Devon Funds maintains concentrated Australian and New Zealand equity exposure across infrastructure, gaming, and logistics themes. December saw mixed performance with selective additions to cyclical names like Seek anticipating recovery. Key positions include Contact Energy benefiting from geothermal capacity and Aristocrat Leisure delivering strong US gaming growth. Managers expect positive progression for quality businesses into 2025. Full Quick Take Devon Funds maintains concentrated Australian and New Zealand equity exposure across infrastructure, gaming, and logistics themes. December saw mixed performance with selective additions to cyclical names like Seek anticipating recovery. Key positions include Contact Energy benefiting from geothermal capacity and Aristocrat Leisure delivering strong US gaming growth. Managers expect positive progression for quality businesses into 2025. | - | ||||||
| -1.8% | +5.5% | Choice Equities declined 1.8% in Q3 but maintains strong long-term performance with 15% annualized returns since 2017. The fund targets undervalued small-caps benefiting from digitization, gaming growth, and infrastructure trends. Key positions include PAR Technology's restaurant software expansion and gaming plays Caesars and Genius Sports. Manager expects secular themes to continue driving long-term outperformance. Full Quick Take Choice Equities declined 1.8% in Q3 but maintains strong long-term performance with 15% annualized returns since 2017. The fund targets undervalued small-caps benefiting from digitization, gaming growth, and infrastructure trends. Key positions include PAR Technology's restaurant software expansion and gaming plays Caesars and Genius Sports. Manager expects secular themes to continue driving long-term outperformance. | - | ||||||
| +3.5% | +10.4% | Loomis Sayles Global Growth Fund outperformed in Q2 with a concentrated portfolio of quality growth companies trading below intrinsic value. Strong performance from Alphabet's AI and cloud growth, Alnylam's gene therapy progress, and Tencent's gaming recovery offset weakness in Adyen and Shopify. The fund maintains a 42% portfolio discount to intrinsic value. Full Quick Take Loomis Sayles Global Growth Fund outperformed in Q2 with a concentrated portfolio of quality growth companies trading below intrinsic value. Strong performance from Alphabet's AI and cloud growth, Alnylam's gene therapy progress, and Tencent's gaming recovery offset weakness in Adyen and Shopify. The fund maintains a 42% portfolio discount to intrinsic value. | - | ||||||
| - | - | Orbis maintains conviction in pandemic recovery winners like Rolls-Royce and Irish banks while adding idiosyncratic plays like Nintendo's multimedia transformation. The fund expects transition from tidal market dynamics to normal stockpicking with lower volatility. International markets remain attractively valued versus the US with compelling return opportunities. Full Quick Take Orbis maintains conviction in pandemic recovery winners like Rolls-Royce and Irish banks while adding idiosyncratic plays like Nintendo's multimedia transformation. The fund expects transition from tidal market dynamics to normal stockpicking with lower volatility. International markets remain attractively valued versus the US with compelling return opportunities. | - | ||||||
| +0.2% | - | Kathmandu Capital's concentrated emerging markets strategy delivered strong Q1 performance through oil and gas exposure and undervalued small-cap positions. The fund maintains conviction in secular energy supply shortages while identifying deep value opportunities like NagaCorp's gaming recovery story. Despite elevated market valuations, the manager continues finding compelling long-term value in bypassed emerging market small-caps. Full Quick Take Kathmandu Capital's concentrated emerging markets strategy delivered strong Q1 performance through oil and gas exposure and undervalued small-cap positions. The fund maintains conviction in secular energy supply shortages while identifying deep value opportunities like NagaCorp's gaming recovery story. Despite elevated market valuations, the manager continues finding compelling long-term value in bypassed emerging market small-caps. | - | ||||||
| - | - | Crossroads delivered 25.4% net returns in 2023 through concentrated positions in mispriced assets with catalysts. The fund's four key holdings span UK housing transformation, sustainable aviation fuel, AI networking infrastructure, and gaming platform evolution. Manager warns of systemic risks from mega-cap tech concentration while Chinese competitors gain share, positioning for dispersion-driven outperformance ahead. Full Quick Take Crossroads delivered 25.4% net returns in 2023 through concentrated positions in mispriced assets with catalysts. The fund's four key holdings span UK housing transformation, sustainable aviation fuel, AI networking infrastructure, and gaming platform evolution. Manager warns of systemic risks from mega-cap tech concentration while Chinese competitors gain share, positioning for dispersion-driven outperformance ahead. | - |
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