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 |
|---|---|---|---|---|---|---|---|---|---|
| +24.6% | +11.6% | Baron Fifth Avenue Growth Fund delivered 24.6% in Q2 2026, driven by SpaceX's transformative IPO and AI hosting deals, semiconductor strength from NVIDIA and TSMC, and accelerating AI adoption across CrowdStrike, Datadog, and Snowflake. The manager views SpaceX as the ultimate N=1 opportunity at the intersection of AI and space economy. Portfolio fundamentals drove returns with valuations remaining 10.5% below five-year averages, supporting continued long-term conviction. Full Quick Take Baron Fifth Avenue Growth Fund delivered 24.6% in Q2 2026, driven by SpaceX's transformative IPO and AI hosting deals, semiconductor strength from NVIDIA and TSMC, and accelerating AI adoption across CrowdStrike, Datadog, and Snowflake. The manager views SpaceX as the ultimate N=1 opportunity at the intersection of AI and space economy. Portfolio fundamentals drove returns with valuations remaining 10.5% below five-year averages, supporting continued long-term conviction. | |||||||
| - | - | ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. Full Quick Take ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. | |||||||
| - | - | Oak Ridge capitalized on AI-driven market strength with concentrated exposure to semiconductors, memory, and data centers delivering exceptional returns. Information Technology holdings gained over 50% as memory shortages drove soaring prices and earnings estimates rose dramatically. The manager trimmed positions after extraordinary runs but maintains overweight exposure to AI beneficiaries. Despite persistent inflation and geopolitical risks, broadening earnings growth supports the fundamentals-based investment approach. Full Quick Take Oak Ridge capitalized on AI-driven market strength with concentrated exposure to semiconductors, memory, and data centers delivering exceptional returns. Information Technology holdings gained over 50% as memory shortages drove soaring prices and earnings estimates rose dramatically. The manager trimmed positions after extraordinary runs but maintains overweight exposure to AI beneficiaries. Despite persistent inflation and geopolitical risks, broadening earnings growth supports the fundamentals-based investment approach. | - | ||||||
| - | -4.3% | - | Smoak Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Smoak Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +7.7% | - | Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. Full Quick Take Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. | |||||||
| +13.3% | +19.9% | Polaris Global Equity delivered 13.26% in Q2, driven by AI semiconductor infrastructure (SK hynix, Samsung) and healthcare innovation (Lantheus M&A, CVS GLP-1). The manager rotated from richly valued names into Adobe, Fujifilm, UniCredit, and Booking Holdings, viewing market concentration as creating value dislocations. China detracted on Alibaba regulatory headwinds. The manager sees early innings of a multi-year international value opportunity with 2.1% cash. Full Quick Take Polaris Global Equity delivered 13.26% in Q2, driven by AI semiconductor infrastructure (SK hynix, Samsung) and healthcare innovation (Lantheus M&A, CVS GLP-1). The manager rotated from richly valued names into Adobe, Fujifilm, UniCredit, and Booking Holdings, viewing market concentration as creating value dislocations. China detracted on Alibaba regulatory headwinds. The manager sees early innings of a multi-year international value opportunity with 2.1% cash. | - | ||||||
| +11.7% | +5.7% | abrdn's international small-cap fund outperformed in Q2 2026 on AI infrastructure strength, returning 11.71%. The manager trimmed AI winners and rotated into semiconductor equipment, GLP-1 manufacturing, and emerging market telecom infrastructure. Three positions exited due to weakening competitive dynamics. Portfolio positioned for broadening market leadership with quality companies delivering superior earnings growth at narrowed valuation premium to benchmark. Full Quick Take abrdn's international small-cap fund outperformed in Q2 2026 on AI infrastructure strength, returning 11.71%. The manager trimmed AI winners and rotated into semiconductor equipment, GLP-1 manufacturing, and emerging market telecom infrastructure. Three positions exited due to weakening competitive dynamics. Portfolio positioned for broadening market leadership with quality companies delivering superior earnings growth at narrowed valuation premium to benchmark. | - | ||||||
| +17.3% | +10.9% | Artisan Global Discovery returned 17.4% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. The portfolio participated in AI infrastructure appreciation while maintaining discipline, with multiple semiconductor positions up over 100%. Health care holdings rose 19% on novel drug development momentum. The team initiated early-stage profit cycle positions in Entegris, Cellebrite and C.H. Robinson while exiting ROBLOX and MongoDB to redeploy into higher conviction opportunities with more attractive risk-reward. Full Quick Take Artisan Global Discovery returned 17.4% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. The portfolio participated in AI infrastructure appreciation while maintaining discipline, with multiple semiconductor positions up over 100%. Health care holdings rose 19% on novel drug development momentum. The team initiated early-stage profit cycle positions in Entegris, Cellebrite and C.H. Robinson while exiting ROBLOX and MongoDB to redeploy into higher conviction opportunities with more attractive risk-reward. | |||||||
| +11.9% | +4.1% | Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. The manager re-entered managed care stocks UnitedHealth and Elevance to capture margin recovery as the insurance cycle turns favorable. Biotechnology funding surged 130% year-over-year while M&A activity accelerated. Medical device valuations compressed on ACA subsidy expiration concerns, creating selective opportunities despite near-term utilization headwinds. Full Quick Take Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. The manager re-entered managed care stocks UnitedHealth and Elevance to capture margin recovery as the insurance cycle turns favorable. Biotechnology funding surged 130% year-over-year while M&A activity accelerated. Medical device valuations compressed on ACA subsidy expiration concerns, creating selective opportunities despite near-term utilization headwinds. | |||||||
| +15.9% | +6.9% | Phoenician Capital is actively rotating capital from overvalued positions into undervalued global small- and mid-cap businesses. The manager initiated a position in Halozyme Therapeutics, a biotech generating royalty revenues from drug delivery technology with toll-road economics and high switching costs. Portfolio volatility has been cut in half through tighter position sizing and faster capital redeployment while maintaining the target return profile. Full Quick Take Phoenician Capital is actively rotating capital from overvalued positions into undervalued global small- and mid-cap businesses. The manager initiated a position in Halozyme Therapeutics, a biotech generating royalty revenues from drug delivery technology with toll-road economics and high switching costs. Portfolio volatility has been cut in half through tighter position sizing and faster capital redeployment while maintaining the target return profile. | |||||||
| +19.0% | +21.9% | The fund returned 19% in Q2 2026, driven by AI-related semiconductor holdings Murata and Kokusai Electric reaching record highs as demand broadened beyond chipmakers. The manager added Tokyo Electron on semiconductor infrastructure strength while exiting Mitsui Fudosan on capital allocation concerns. With Japanese inflation entrenching, corporate governance improving, and valuations reasonable, the manager maintains a constructive long-term view despite near-term geopolitical volatility. Full Quick Take The fund returned 19% in Q2 2026, driven by AI-related semiconductor holdings Murata and Kokusai Electric reaching record highs as demand broadened beyond chipmakers. The manager added Tokyo Electron on semiconductor infrastructure strength while exiting Mitsui Fudosan on capital allocation concerns. With Japanese inflation entrenching, corporate governance improving, and valuations reasonable, the manager maintains a constructive long-term view despite near-term geopolitical volatility. | - | ||||||
| - | - | Portfolio pivoted from technology to biotechnology with Eli Lilly as largest position on GLP-1 growth, while maintaining AI exposure across infrastructure and chips. Inflation at 4.2% driving Fed toward rate hikes. Liquidated gold, repositioned bonds for rising rates. Sees 10% S&P 500 upside but concerned about AI investment speed, IPO supply, and excessive optimism. Added undervalued software names after indiscriminate selling. Full Quick Take Portfolio pivoted from technology to biotechnology with Eli Lilly as largest position on GLP-1 growth, while maintaining AI exposure across infrastructure and chips. Inflation at 4.2% driving Fed toward rate hikes. Liquidated gold, repositioned bonds for rising rates. Sees 10% S&P 500 upside but concerned about AI investment speed, IPO supply, and excessive optimism. Added undervalued software names after indiscriminate selling. | |||||||
| - | - | - | Oak Ridge navigated Q1 2026 geopolitical turmoil by positioning around AI infrastructure opportunities while managing energy-driven inflation risks. Strong performance from data center power providers offset broader tech corrections. The firm eliminated weak positions and increased AI-adjacent exposure, viewing current conditions as favorable for disciplined stock selection despite near-term volatility. Full Quick Take Oak Ridge navigated Q1 2026 geopolitical turmoil by positioning around AI infrastructure opportunities while managing energy-driven inflation risks. Strong performance from data center power providers offset broader tech corrections. The firm eliminated weak positions and increased AI-adjacent exposure, viewing current conditions as favorable for disciplined stock selection despite near-term volatility. | - | |||||
| - | - | Strong Q3 performance driven by AI leaders like AppLovin and biotechnology recovery play Medpace. Healthcare holdings faced headwinds from rising costs and GLP-1 competition. Portfolio rotation added infrastructure and crypto exposure while trimming healthcare. Focus remains on global company quality over market-level valuations, positioning for AI adoption and biotech funding recovery. Full Quick Take Strong Q3 performance driven by AI leaders like AppLovin and biotechnology recovery play Medpace. Healthcare holdings faced headwinds from rising costs and GLP-1 competition. Portfolio rotation added infrastructure and crypto exposure while trimming healthcare. Focus remains on global company quality over market-level valuations, positioning for AI adoption and biotech funding recovery. | - | ||||||
| +5.4% | - | Baron Health Care Fund delivered 5.39% returns in Q3 2025, driven by strong biotechnology stock selection, particularly argenx and Insmed benefiting from drug approvals. AI-enabled healthcare solutions like RadNet and Heartflow also contributed. Despite regulatory headwinds and hospital financial pressures, the fund maintains conviction in secular healthcare growth from aging demographics and technological innovation. Full Quick Take Baron Health Care Fund delivered 5.39% returns in Q3 2025, driven by strong biotechnology stock selection, particularly argenx and Insmed benefiting from drug approvals. AI-enabled healthcare solutions like RadNet and Heartflow also contributed. Despite regulatory headwinds and hospital financial pressures, the fund maintains conviction in secular healthcare growth from aging demographics and technological innovation. | - | ||||||
| - | - | Oak Ridge's growth strategy capitalizes on AI transformation and healthcare innovation while managing concentration risk through disciplined trimming. Despite tariff volatility and macro uncertainty, the firm maintains conviction in technology leadership and GLP-1 pharmaceutical advances. Expected Fed rate cuts and 2026 growth optimism support the outlook, though elevated valuations and geopolitical risks require careful navigation. Full Quick Take Oak Ridge's growth strategy capitalizes on AI transformation and healthcare innovation while managing concentration risk through disciplined trimming. Despite tariff volatility and macro uncertainty, the firm maintains conviction in technology leadership and GLP-1 pharmaceutical advances. Expected Fed rate cuts and 2026 growth optimism support the outlook, though elevated valuations and geopolitical risks require careful navigation. | - | ||||||
| - | - | Oak Ridge's growth strategy focuses on AI transformation while managing concentration risk in mega-cap dominated markets. Healthcare holdings detracted in Q2 despite strong overall market performance. Technology stock selection in mid-caps drove alpha as the sector rebounded. Key catalysts include anticipated Fed rate cuts and continued earnings growth to support elevated 25X market valuations. Full Quick Take Oak Ridge's growth strategy focuses on AI transformation while managing concentration risk in mega-cap dominated markets. Healthcare holdings detracted in Q2 despite strong overall market performance. Technology stock selection in mid-caps drove alpha as the sector rebounded. Key catalysts include anticipated Fed rate cuts and continued earnings growth to support elevated 25X market valuations. | - | ||||||
| - | - | ClearBridge All Cap Growth underperformed in Q2 2025's risk-on rebound due to diversified positioning versus concentrated benchmark. Health care holdings weighed on performance while AI and streaming names contributed. Team initiated four new positions including Novo Nordisk, Alnylam, Synopsys, and Palantir while exiting Target and others. Portfolio positioned for various economic scenarios with balanced growth exposure. Full Quick Take ClearBridge All Cap Growth underperformed in Q2 2025's risk-on rebound due to diversified positioning versus concentrated benchmark. Health care holdings weighed on performance while AI and streaming names contributed. Team initiated four new positions including Novo Nordisk, Alnylam, Synopsys, and Palantir while exiting Target and others. Portfolio positioned for various economic scenarios with balanced growth exposure. | |||||||
| - | - | Oak Ridge's growth strategies delivered solid Q2 performance despite tariff volatility, driven by AI leadership in technology and selective healthcare positioning. The firm trimmed winners to manage concentration while maintaining conviction in transformative trends. With markets at 25x earnings amid policy uncertainty, success depends on Fed rate cuts and earnings growth sustaining current valuations. Full Quick Take Oak Ridge's growth strategies delivered solid Q2 performance despite tariff volatility, driven by AI leadership in technology and selective healthcare positioning. The firm trimmed winners to manage concentration while maintaining conviction in transformative trends. With markets at 25x earnings amid policy uncertainty, success depends on Fed rate cuts and earnings growth sustaining current valuations. | - | ||||||
| - | - | Ithaka delivered 540bps of outperformance in Q2 2025 despite tariff volatility, driven by AI leaders Nvidia and Microsoft. The concentrated growth portfolio weathered Trump's trade policy uncertainty while capitalizing on strong fundamentals and Fed pause expectations. Management remains fully invested in resilient, high-quality companies with exceptional leadership teams. Full Quick Take Ithaka delivered 540bps of outperformance in Q2 2025 despite tariff volatility, driven by AI leaders Nvidia and Microsoft. The concentrated growth portfolio weathered Trump's trade policy uncertainty while capitalizing on strong fundamentals and Fed pause expectations. Management remains fully invested in resilient, high-quality companies with exceptional leadership teams. | |||||||
| - | - | Bristol Gate outperformed during Q1's tariff-driven volatility by avoiding the declining Magnificent Seven and selecting resilient dividend growers. Despite Trump's disruptive trade policies causing severe market declines, the firm remains confident in their portfolio of market-leading companies with strong balance sheets and consistent dividend growth, viewing current volatility as an opportunity to upgrade holdings. Full Quick Take Bristol Gate outperformed during Q1's tariff-driven volatility by avoiding the declining Magnificent Seven and selecting resilient dividend growers. Despite Trump's disruptive trade policies causing severe market declines, the firm remains confident in their portfolio of market-leading companies with strong balance sheets and consistent dividend growth, viewing current volatility as an opportunity to upgrade holdings. | - | ||||||
| +41.4% | - | Contrarian fund delivered 41.4% Q1 returns through concentrated Chinese equity exposure, particularly Alibaba's 60% gain from narrative shift. Added Hershey and Nike during temporary headwinds from cocoa prices, GLP-1 drugs, and tariff uncertainty. Manager views Trump trade policies as creating unnecessary volatility while positioning in quality businesses with strong moats trading at attractive valuations during market dislocations. Full Quick Take Contrarian fund delivered 41.4% Q1 returns through concentrated Chinese equity exposure, particularly Alibaba's 60% gain from narrative shift. Added Hershey and Nike during temporary headwinds from cocoa prices, GLP-1 drugs, and tariff uncertainty. Manager views Trump trade policies as creating unnecessary volatility while positioning in quality businesses with strong moats trading at attractive valuations during market dislocations. | - | ||||||
| -1.4% | - | Global Alpha used Q1 volatility to upgrade positions, adding Nubank, Enphase Energy, and Salesforce while disruptive names faced pressure. The team sees broad growth opportunities across AI value chain, US infrastructure spending, and GLP-1 drugs. Despite -1.4% quarterly return, manager maintains confidence in superior growth prospects at modest valuation premium versus benchmark. Full Quick Take Global Alpha used Q1 volatility to upgrade positions, adding Nubank, Enphase Energy, and Salesforce while disruptive names faced pressure. The team sees broad growth opportunities across AI value chain, US infrastructure spending, and GLP-1 drugs. Despite -1.4% quarterly return, manager maintains confidence in superior growth prospects at modest valuation premium versus benchmark. | - | ||||||
| +5.0% | - | International equities broke their 13-year underperformance streak in Q1 2025, led by Europe's fiscal stimulus and China's regulatory improvements. The manager opportunistically bought Novo Nordisk after its 50% decline, capitalizing on the GLP-1 obesity opportunity. Portfolio diversification across growth flavors provides resilience for expected continued market volatility ahead. Full Quick Take International equities broke their 13-year underperformance streak in Q1 2025, led by Europe's fiscal stimulus and China's regulatory improvements. The manager opportunistically bought Novo Nordisk after its 50% decline, capitalizing on the GLP-1 obesity opportunity. Portfolio diversification across growth flavors provides resilience for expected continued market volatility ahead. | - | ||||||
| -1.6% | - | Brown Capital's International All Company Fund underperformed in Q1 2025 as growth stocks lagged value, but the manager remains confident in their Exceptional Growth Company strategy. Strong performance from MercadoLibre's e-commerce dominance was offset by regulatory uncertainty at ICON and competitive pressures at Novo Nordisk. The team sees potential tailwinds from shifting investor preference toward international equities. Full Quick Take Brown Capital's International All Company Fund underperformed in Q1 2025 as growth stocks lagged value, but the manager remains confident in their Exceptional Growth Company strategy. Strong performance from MercadoLibre's e-commerce dominance was offset by regulatory uncertainty at ICON and competitive pressures at Novo Nordisk. The team sees potential tailwinds from shifting investor preference toward international equities. | - | ||||||
| -7.2% | - | RiverPark Large Growth Fund fell 7.21% in Q1 2025, outperforming its benchmark despite Magnificent 7 tech stock pullbacks from valuation concerns and Trump tariff announcements. Uber, Visa, and Eli Lilly were top contributors while NVIDIA, Alphabet, and Apple detracted. Manager maintains confidence in portfolio's long-term prospects despite near-term volatility. Full Quick Take RiverPark Large Growth Fund fell 7.21% in Q1 2025, outperforming its benchmark despite Magnificent 7 tech stock pullbacks from valuation concerns and Trump tariff announcements. Uber, Visa, and Eli Lilly were top contributors while NVIDIA, Alphabet, and Apple detracted. Manager maintains confidence in portfolio's long-term prospects despite near-term volatility. | - | ||||||
| +5.4% | - | Baron Health Care Fund gained 5.39% in Q3 2025, driven by strong biotechnology stock selection led by argenx and Insmed. AI-driven healthcare solutions also contributed positively. Healthcare equipment and pharmaceutical holdings weighed on performance. The manager added 16 new positions, capitalizing on sector underperformance. Long-term outlook remains positive given aging demographics and technological advances in healthcare. Full Quick Take Baron Health Care Fund gained 5.39% in Q3 2025, driven by strong biotechnology stock selection led by argenx and Insmed. AI-driven healthcare solutions also contributed positively. Healthcare equipment and pharmaceutical holdings weighed on performance. The manager added 16 new positions, capitalizing on sector underperformance. Long-term outlook remains positive given aging demographics and technological advances in healthcare. | - | ||||||
| +5.4% | - | Baron Health Care Fund matched benchmark returns in Q3 2025, driven by strong biotechnology stock selection including argenx and Insmed. AI-enabled healthcare solutions like RadNet and Heartflow also contributed. Healthcare equipment and pharmaceutical holdings weighed on performance. The Pfizer-Trump Administration pricing agreement boosted sector sentiment, while biotechnology funding and M&A activity accelerated, supporting the manager's optimistic long-term healthcare outlook. Full Quick Take Baron Health Care Fund matched benchmark returns in Q3 2025, driven by strong biotechnology stock selection including argenx and Insmed. AI-enabled healthcare solutions like RadNet and Heartflow also contributed. Healthcare equipment and pharmaceutical holdings weighed on performance. The Pfizer-Trump Administration pricing agreement boosted sector sentiment, while biotechnology funding and M&A activity accelerated, supporting the manager's optimistic long-term healthcare outlook. | - | ||||||
| - | - | Oak Ridge navigated Q2 2025 volatility with mixed results, underperforming on healthcare holdings while benefiting from AI-driven technology gains. Despite Liberation Day tariff concerns and 25X market valuations, the firm remains optimistic about growth opportunities, particularly in AI transformation, while emphasizing disciplined risk management and selective positioning across evolving policy landscape and geopolitical uncertainties. Full Quick Take Oak Ridge navigated Q2 2025 volatility with mixed results, underperforming on healthcare holdings while benefiting from AI-driven technology gains. Despite Liberation Day tariff concerns and 25X market valuations, the firm remains optimistic about growth opportunities, particularly in AI transformation, while emphasizing disciplined risk management and selective positioning across evolving policy landscape and geopolitical uncertainties. | - | ||||||
| - | - | ClearBridge's value managers are capitalizing on the rotation from expensive growth stocks to reasonably valued defensive companies. They've repositioned the portfolio ahead of an overdue value reversion, selectively managing AI exposures while adding defensive positions in utilities, defense, and healthcare. Despite near-term volatility from geopolitical tensions, they see compelling opportunities in discounted quality franchises. Full Quick Take ClearBridge's value managers are capitalizing on the rotation from expensive growth stocks to reasonably valued defensive companies. They've repositioned the portfolio ahead of an overdue value reversion, selectively managing AI exposures while adding defensive positions in utilities, defense, and healthcare. Despite near-term volatility from geopolitical tensions, they see compelling opportunities in discounted quality franchises. | - | ||||||
| -6.3% | -6.3% | Polen Focus Growth outperformed during Q1 2025's tariff-driven volatility, returning -6.1% versus Russell 1000 Growth's -10.0%. The firm shifted toward safety-oriented holdings, initiating Starbucks and Aon positions while exiting Novo Nordisk. Their focus on software/services companies with pricing power provided resilience against trade policy disruption. Management remains optimistic about long-term positioning despite near-term uncertainty. Full Quick Take Polen Focus Growth outperformed during Q1 2025's tariff-driven volatility, returning -6.1% versus Russell 1000 Growth's -10.0%. The firm shifted toward safety-oriented holdings, initiating Starbucks and Aon positions while exiting Novo Nordisk. Their focus on software/services companies with pricing power provided resilience against trade policy disruption. Management remains optimistic about long-term positioning despite near-term uncertainty. | - | ||||||
| - | - | Oak Ridge navigates expensive markets with concentrated mega-cap leadership by maintaining conviction in technology and healthcare quality names. Despite Q4 underperformance from GLP-1 corrections and Tesla avoidance, the firm sees AI as transformative innovation justifying valuations. Trump policy uncertainty around tariffs creates risks, but regulatory reduction should drive M&A activity while Fed cuts support 2025 growth. Full Quick Take Oak Ridge navigates expensive markets with concentrated mega-cap leadership by maintaining conviction in technology and healthcare quality names. Despite Q4 underperformance from GLP-1 corrections and Tesla avoidance, the firm sees AI as transformative innovation justifying valuations. Trump policy uncertainty around tariffs creates risks, but regulatory reduction should drive M&A activity while Fed cuts support 2025 growth. | - | ||||||
| - | +0.1% | Fundsmith underperformed in 2024 due to extreme market concentration in mega-cap tech stocks, but maintains superior portfolio quality metrics. The fund sold Apple and Diageo while adding Atlas Copco and Texas Instruments. Manager acknowledges index fund momentum challenges but remains committed to long-term ownership of high-quality companies with strong competitive advantages. Full Quick Take Fundsmith underperformed in 2024 due to extreme market concentration in mega-cap tech stocks, but maintains superior portfolio quality metrics. The fund sold Apple and Diageo while adding Atlas Copco and Texas Instruments. Manager acknowledges index fund momentum challenges but remains committed to long-term ownership of high-quality companies with strong competitive advantages. | - | ||||||
| +4.7% | +16.1% | Polen Focus Growth delivered solid Q4 performance while maintaining discipline amid a frothy market dominated by Magnificent 7 concentration. The fund added quality names like CoStar Group and trimmed overvalued positions. With Russell 1000 Growth at historic valuations driven more by multiple expansion than earnings, the manager expects their durable growth approach to outperform over time. Full Quick Take Polen Focus Growth delivered solid Q4 performance while maintaining discipline amid a frothy market dominated by Magnificent 7 concentration. The fund added quality names like CoStar Group and trimmed overvalued positions. With Russell 1000 Growth at historic valuations driven more by multiple expansion than earnings, the manager expects their durable growth approach to outperform over time. | - | ||||||
| +2.3% | +12.0% | Polen Global Growth outperformed in Q4 despite software sector headwinds from AI narratives. Strong contributors included Shopify, Amazon, and Paycom, while ICON and Novo Nordisk detracted. New position in CoStar Group initiated after pullback. Managers remain optimistic about AI transition from infrastructure to applications, positioning for durable mid-teens earnings growth from high-quality holdings. Full Quick Take Polen Global Growth outperformed in Q4 despite software sector headwinds from AI narratives. Strong contributors included Shopify, Amazon, and Paycom, while ICON and Novo Nordisk detracted. New position in CoStar Group initiated after pullback. Managers remain optimistic about AI transition from infrastructure to applications, positioning for durable mid-teens earnings growth from high-quality holdings. | - | ||||||
| +2.7% | +28.4% | Burke's Focused Growth strategy delivered 28.4% returns in 2024 by concentrating in high-quality technology leaders with scale advantages. The manager believes market concentration will persist as AI enters the Agentic Age, driving productivity gains. Portfolio changes included repurchasing Charter and Snowflake while exiting Alphabet on regulatory concerns. Trump's policies should benefit corporate earnings despite potential volatility. Full Quick Take Burke's Focused Growth strategy delivered 28.4% returns in 2024 by concentrating in high-quality technology leaders with scale advantages. The manager believes market concentration will persist as AI enters the Agentic Age, driving productivity gains. Portfolio changes included repurchasing Charter and Snowflake while exiting Alphabet on regulatory concerns. Trump's policies should benefit corporate earnings despite potential volatility. | - | ||||||
| +5.1% | +22.6% | RiverPark Large Growth delivered solid Q4 returns of 5.11% but lagged growth indices for the year at 22.57% versus 33.4% for Russell 1000 Growth. The portfolio remains concentrated in AI, cloud, and e-commerce leaders like Amazon, NVIDIA, and Shopify. Despite some headwinds from rising rates and sector rotation, the manager maintains conviction in secular growth themes. Full Quick Take RiverPark Large Growth delivered solid Q4 returns of 5.11% but lagged growth indices for the year at 22.57% versus 33.4% for Russell 1000 Growth. The portfolio remains concentrated in AI, cloud, and e-commerce leaders like Amazon, NVIDIA, and Shopify. Despite some headwinds from rising rates and sector rotation, the manager maintains conviction in secular growth themes. | - | ||||||
| -3.3% | +13.3% | Hardman Johnston's international equity strategy significantly outperformed benchmarks in Q4 2024 through superior stock selection, particularly in Technology and Financials. TSMC and Atlassian drove tech gains while Standard Chartered led financials. Despite Consumer Discretionary headwinds from MercadoLibre and LVMH, the portfolio's bottom-up approach and quality focus position it well for navigating 2025's expected policy-driven volatility and market opportunities. Full Quick Take Hardman Johnston's international equity strategy significantly outperformed benchmarks in Q4 2024 through superior stock selection, particularly in Technology and Financials. TSMC and Atlassian drove tech gains while Standard Chartered led financials. Despite Consumer Discretionary headwinds from MercadoLibre and LVMH, the portfolio's bottom-up approach and quality focus position it well for navigating 2025's expected policy-driven volatility and market opportunities. | - | ||||||
| -6.7% | -83.0% | Brown Capital's International Fund outperformed benchmarks despite 6.72% Q4 decline, benefiting from service-heavy portfolio positioning amid tariff concerns. Atlassian and Shopify drove performance with strong software/e-commerce growth, while Novo Nordisk disappointed on obesity drug trials. The team maintains focus on Exceptional Growth Companies through bottom-up analysis, remaining optimistic despite geopolitical headwinds. Full Quick Take Brown Capital's International Fund outperformed benchmarks despite 6.72% Q4 decline, benefiting from service-heavy portfolio positioning amid tariff concerns. Atlassian and Shopify drove performance with strong software/e-commerce growth, while Novo Nordisk disappointed on obesity drug trials. The team maintains focus on Exceptional Growth Companies through bottom-up analysis, remaining optimistic despite geopolitical headwinds. | - | ||||||
| +4.3% | - | RiverPark Long/Short delivered 4.3% in Q4 versus 2.4% for S&P 500, driven by AI beneficiaries NVIDIA, Shopify, and Amazon. The fund's secular-themed strategy focuses on structural growth trends while shorting cyclical decliners. Despite rising bond yield pressures, the manager believes their thematic positioning in AI, e-commerce, and cloud computing will drive continued outperformance. Full Quick Take RiverPark Long/Short delivered 4.3% in Q4 versus 2.4% for S&P 500, driven by AI beneficiaries NVIDIA, Shopify, and Amazon. The fund's secular-themed strategy focuses on structural growth trends while shorting cyclical decliners. Despite rising bond yield pressures, the manager believes their thematic positioning in AI, e-commerce, and cloud computing will drive continued outperformance. | - | ||||||
| - | - | ClearBridge's diversified large cap growth strategy underperformed momentum-driven markets in Q4 but used dislocations to add healthcare and consumer discretionary exposure through new positions in Novo Nordisk and Airbnb. Managers positioned defensively for potential turbulence from elevated valuations and Trump policy uncertainty while seeing opportunities outside Magnificent Seven stocks. Full Quick Take ClearBridge's diversified large cap growth strategy underperformed momentum-driven markets in Q4 but used dislocations to add healthcare and consumer discretionary exposure through new positions in Novo Nordisk and Airbnb. Managers positioned defensively for potential turbulence from elevated valuations and Trump policy uncertainty while seeing opportunities outside Magnificent Seven stocks. | - | ||||||
| - | - | International growth strategy outperformed despite tariff concerns and European political turmoil. Strong stock selection in e-commerce and stable growers offset pharmaceutical weakness. Added luxury exposure via Hermes and repurchased Spotify. International markets priced for little progress versus elevated U.S. valuations, creating opportunity with multiple catalysts including potential tariff moderation and fiscal stimulus. Full Quick Take International growth strategy outperformed despite tariff concerns and European political turmoil. Strong stock selection in e-commerce and stable growers offset pharmaceutical weakness. Added luxury exposure via Hermes and repurchased Spotify. International markets priced for little progress versus elevated U.S. valuations, creating opportunity with multiple catalysts including potential tariff moderation and fiscal stimulus. | - | ||||||
| -2.1% | +17.6% | Madison Sustainable Equity Fund delivered strong 2024 returns of 17.58% despite Q4 underperformance. The quality-focused strategy emphasizes durable growth companies with valuation discipline. Strong performance from technology and financial holdings offset weakness in healthcare names. Managers remain cautious on 2025 outlook given elevated market valuations but see opportunities in high-quality companies during periods of volatility. Full Quick Take Madison Sustainable Equity Fund delivered strong 2024 returns of 17.58% despite Q4 underperformance. The quality-focused strategy emphasizes durable growth companies with valuation discipline. Strong performance from technology and financial holdings offset weakness in healthcare names. Managers remain cautious on 2025 outlook given elevated market valuations but see opportunities in high-quality companies during periods of volatility. | - | ||||||
| -7.3% | -4.6% | RTW Biotech delivered -4.6% in 2024 but achieved 86% five-year returns, outperforming biotech indices. The fund focuses on transformative life sciences assets with 54 core positions spanning genetic medicines, obesity treatments, and rare diseases. Despite sector headwinds from rates and regulatory uncertainty, management sees early signs of recovery with record FDA approvals and attractive valuations. Full Quick Take RTW Biotech delivered -4.6% in 2024 but achieved 86% five-year returns, outperforming biotech indices. The fund focuses on transformative life sciences assets with 54 core positions spanning genetic medicines, obesity treatments, and rare diseases. Despite sector headwinds from rates and regulatory uncertainty, management sees early signs of recovery with record FDA approvals and attractive valuations. | - | ||||||
| - | - | Oak Ridge outperformed across strategies in Q2 2024, led by their largest position in GLP-1 pharmaceuticals and strong technology stock selection. While acknowledging current mega-cap concentration and elevated valuations, they position for expected rotation into underrepresented sectors like Healthcare. The firm maintains their 34-year discipline of focusing on sustainable business models and reasonable valuations. Full Quick Take Oak Ridge outperformed across strategies in Q2 2024, led by their largest position in GLP-1 pharmaceuticals and strong technology stock selection. While acknowledging current mega-cap concentration and elevated valuations, they position for expected rotation into underrepresented sectors like Healthcare. The firm maintains their 34-year discipline of focusing on sustainable business models and reasonable valuations. | - | ||||||
| - | - | ClearBridge's value strategy underperformed in Q2 as AI concentration punished perceived losers while rewarding winners. The team sees this valuation divergence creating opportunities in underappreciated quality companies. Strong performance from Alphabet, Bank of America, and McKesson was offset by weakness in Intel and transportation holdings. Portfolio adjustments focused on contrarian positioning in temporarily out-of-favor names. Full Quick Take ClearBridge's value strategy underperformed in Q2 as AI concentration punished perceived losers while rewarding winners. The team sees this valuation divergence creating opportunities in underappreciated quality companies. Strong performance from Alphabet, Bank of America, and McKesson was offset by weakness in Intel and transportation holdings. Portfolio adjustments focused on contrarian positioning in temporarily out-of-favor names. | - | ||||||
| 0.0% | - | International Growth Fund underperformed in Q2 as financials and materials holdings weighed on returns while technology positions helped. The fund added consumer staples positions and reduced cyclical exposure. Despite some manufacturing weakness emerging, managers maintain focus on structural growth themes including energy transition, AI-driven demand, healthcare innovation, and infrastructure investment across developed international markets. Full Quick Take International Growth Fund underperformed in Q2 as financials and materials holdings weighed on returns while technology positions helped. The fund added consumer staples positions and reduced cyclical exposure. Despite some manufacturing weakness emerging, managers maintain focus on structural growth themes including energy transition, AI-driven demand, healthcare innovation, and infrastructure investment across developed international markets. | - | ||||||
| - | - | Oak Ridge navigates unprecedented market concentration in Mega-Cap technology while maintaining exposure to leaders and seeking emerging opportunities. Their largest bet on GLP-1 pharmaceuticals has delivered exceptional returns. They expect Fed rate cuts in September as growth slows, anticipating eventual rotation from concentrated leadership to broader market participation that favors active stock selection. Full Quick Take Oak Ridge navigates unprecedented market concentration in Mega-Cap technology while maintaining exposure to leaders and seeking emerging opportunities. Their largest bet on GLP-1 pharmaceuticals has delivered exceptional returns. They expect Fed rate cuts in September as growth slows, anticipating eventual rotation from concentrated leadership to broader market participation that favors active stock selection. | - | ||||||
| +27.0% | +6.3% | Diamond Hill's international strategy underperformed in Q2 despite strong AI-related gains from Taiwan Semiconductor and Tencent. The firm added four new positions while maintaining disciplined value approach amid sector disruptions in AI, electric vehicles, and healthcare. 2024's landscape of elections, monetary policy divergence, and geopolitical tensions creates rich opportunities for patient, fundamental investors seeking undervalued international companies. Full Quick Take Diamond Hill's international strategy underperformed in Q2 despite strong AI-related gains from Taiwan Semiconductor and Tencent. The firm added four new positions while maintaining disciplined value approach amid sector disruptions in AI, electric vehicles, and healthcare. 2024's landscape of elections, monetary policy divergence, and geopolitical tensions creates rich opportunities for patient, fundamental investors seeking undervalued international companies. | - | ||||||
| - | - | Bumbershoot delivered 5.82% returns in 2023 despite challenging fundamentals-driven environment. Viking Therapeutics led gains on GLP-1 results while fertilizer holdings detracted. Fund maintains value investing conviction amid momentum-driven markets favoring mega-caps. Core exposure below targets with plans to rebuild across new ideas. Firm expanded with new partner addition. Full Quick Take Bumbershoot delivered 5.82% returns in 2023 despite challenging fundamentals-driven environment. Viking Therapeutics led gains on GLP-1 results while fertilizer holdings detracted. Fund maintains value investing conviction amid momentum-driven markets favoring mega-caps. Core exposure below targets with plans to rebuild across new ideas. Firm expanded with new partner addition. | - |
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