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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | - | The managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. Full Quick Take The managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. | - | |||||
| - | - | AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. Full Quick Take AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. | |||||||
| - | -10.0% | Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. Full Quick Take Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. | |||||||
| - | +51.4% | Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. Full Quick Take Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. | - | ||||||
| - | - | - | Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. Full Quick Take Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. | - | |||||
| +16.0% | +15.9% | Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. Full Quick Take Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. | |||||||
| - | +7.2% | Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value. Full Quick Take Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value. | |||||||
| +3.0% | - | Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations. Full Quick Take Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations. | |||||||
| - | +11.2% | Aegis Value Fund returned 11.19% in H1 2026, driven by a 38.3% energy allocation capitalizing on structural oil supply constraints and geopolitical risk. The manager warns nearly 40% of S&P 500 exposure to AI buildout risks historical overinvestment patterns. Despite gold's correction, precious metals positions maintained given strengthened long-term fundamentals. New positions in Radian, hotel REITs, and turnaround situations purchased at steep discounts to book value. Full Quick Take Aegis Value Fund returned 11.19% in H1 2026, driven by a 38.3% energy allocation capitalizing on structural oil supply constraints and geopolitical risk. The manager warns nearly 40% of S&P 500 exposure to AI buildout risks historical overinvestment patterns. Despite gold's correction, precious metals positions maintained given strengthened long-term fundamentals. New positions in Radian, hotel REITs, and turnaround situations purchased at steep discounts to book value. | |||||||
| -2.1% | - | The Fund declined 2.15% as gold miners detracted, but AI infrastructure holdings surged with semiconductor equipment companies up over 100%. Japanese positions led performance on corporate reform and earnings strength. New positions added in discounted gold producers and Japanese tech companies. Markets rallied on Middle East de-escalation and strong earnings. Outlook remains constructive on broadening market participation and productivity gains from AI adoption. Full Quick Take The Fund declined 2.15% as gold miners detracted, but AI infrastructure holdings surged with semiconductor equipment companies up over 100%. Japanese positions led performance on corporate reform and earnings strength. New positions added in discounted gold producers and Japanese tech companies. Markets rallied on Middle East de-escalation and strong earnings. Outlook remains constructive on broadening market participation and productivity gains from AI adoption. | |||||||
| - | +9.0% | RIT delivered 9.0% NAV return in H1 2026 with strong contributions across all pillars. SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. The manager increased emerging markets exposure and added AI application layer positions while remaining mindful of inflation risks and semiconductor valuations. Full Quick Take RIT delivered 9.0% NAV return in H1 2026 with strong contributions across all pillars. SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. The manager increased emerging markets exposure and added AI application layer positions while remaining mindful of inflation risks and semiconductor valuations. | - | ||||||
| - | - | - | Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. Full Quick Take Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. | - | |||||
| - | - | AI's capital expenditure boom faces a reckoning as soaring memory chip and token costs force enterprise migration from expensive US cloud platforms, threatening hyperscaler returns on $800 billion projected 2027 spending. Micron's historic beat validates semiconductor thesis, propelling Asian markets higher. Manager pairs US mega cap tech with Asian memory makers, overweights Japan, and holds elevated cash anticipating volatility will create better summer entry points. Full Quick Take AI's capital expenditure boom faces a reckoning as soaring memory chip and token costs force enterprise migration from expensive US cloud platforms, threatening hyperscaler returns on $800 billion projected 2027 spending. Micron's historic beat validates semiconductor thesis, propelling Asian markets higher. Manager pairs US mega cap tech with Asian memory makers, overweights Japan, and holds elevated cash anticipating volatility will create better summer entry points. | - | ||||||
| +9.9% | +13.6% | The fund underperformed in Q2 2026 as it missed the sharp rally in speculative technology names and quantum computing stocks, while overweights to materials and energy detracted. Semiconductor and defense holdings performed well. The manager added regional banks and commercial real estate services, maintaining conviction in small/mid-cap fundamentals despite near-term geopolitical and election risks. Valuations remain attractive at multi-decade lows relative to large caps. Full Quick Take The fund underperformed in Q2 2026 as it missed the sharp rally in speculative technology names and quantum computing stocks, while overweights to materials and energy detracted. Semiconductor and defense holdings performed well. The manager added regional banks and commercial real estate services, maintaining conviction in small/mid-cap fundamentals despite near-term geopolitical and election risks. Valuations remain attractive at multi-decade lows relative to large caps. | - | ||||||
| - | - | Elliott argues Northern Star Resources owns world-class gold assets in Australia and Alaska that are deeply undervalued due to operational failures and leadership issues. The company has underperformed peers by 203% over three years despite possessing what could become the second largest Tier-1 gold mine globally. Elliott demands immediate strategic review including potential sale, citing strong M&A environment and significant buyer interest, or alternatively a comprehensive operational turnaround with new leadership. Full Quick Take Elliott argues Northern Star Resources owns world-class gold assets in Australia and Alaska that are deeply undervalued due to operational failures and leadership issues. The company has underperformed peers by 203% over three years despite possessing what could become the second largest Tier-1 gold mine globally. Elliott demands immediate strategic review including potential sale, citing strong M&A environment and significant buyer interest, or alternatively a comprehensive operational turnaround with new leadership. | |||||||
| - | - | Ameliora reduced technology exposure in late June despite market highs, concerned that $3 trillion in AI debt creates unsustainable servicing burdens for an unproven commercial model. Record margin debt signals fragility while semiconductor valuations appear bubble-like. The firm favors gold miners and defense stocks offering strong cash flows but unloved by momentum investors, maintaining a constructive equity stance supported by AI capex flowing through the broader economy. Full Quick Take Ameliora reduced technology exposure in late June despite market highs, concerned that $3 trillion in AI debt creates unsustainable servicing burdens for an unproven commercial model. Record margin debt signals fragility while semiconductor valuations appear bubble-like. The firm favors gold miners and defense stocks offering strong cash flows but unloved by momentum investors, maintaining a constructive equity stance supported by AI capex flowing through the broader economy. | - | ||||||
| +13.7% | +15.4% | The fund underperformed the Russell 2000's exceptional 21.49% Q2 return, missing the quarter's momentum-driven rally in AI, quantum computing and non-earning growth stocks. Top holdings MACOM and Mercury Systems delivered strong results driven by data center and defense demand. The manager remains constructive long-term on small caps given multi-decade low valuations, reaccelerating earnings and structural tailwinds, while acknowledging near-term geopolitical and election-related volatility risks. Full Quick Take The fund underperformed the Russell 2000's exceptional 21.49% Q2 return, missing the quarter's momentum-driven rally in AI, quantum computing and non-earning growth stocks. Top holdings MACOM and Mercury Systems delivered strong results driven by data center and defense demand. The manager remains constructive long-term on small caps given multi-decade low valuations, reaccelerating earnings and structural tailwinds, while acknowledging near-term geopolitical and election-related volatility risks. | |||||||
| -5.2% | +10.7% | Massif Capital argues geopolitics has shifted from exogenous shock to endogenous pricing variable, with geography now mattering more than geology in commodity markets. Q2's doubled volatility reflects this regime change, with Iranian diplomacy moving Norwegian energy stocks more than fundamentals and trade policy driving copper names more than drill results. Portfolio positioned for dispersion through critical minerals in allied jurisdictions and un-weaponizable real assets, deliberately taking single-node risks while avoiding financial overlays. Full Quick Take Massif Capital argues geopolitics has shifted from exogenous shock to endogenous pricing variable, with geography now mattering more than geology in commodity markets. Q2's doubled volatility reflects this regime change, with Iranian diplomacy moving Norwegian energy stocks more than fundamentals and trade policy driving copper names more than drill results. Portfolio positioned for dispersion through critical minerals in allied jurisdictions and un-weaponizable real assets, deliberately taking single-node risks while avoiding financial overlays. | |||||||
| - | - | - | Global equities surged 15.3% in Q2 2026 on massive AI infrastructure investment and robust earnings, with semiconductors soaring 49.7% as Taiwan and South Korea posted record export growth. The Fed turned hawkish under new Chair Warsh, signaling potential 2026 rate hikes, while easing US-Iran tensions helped oil retreat 21.2%. China declined 6.8% on weak domestic demand. Emerging markets led at 24.2%, driven by exceptional Asian technology performance. Full Quick Take Global equities surged 15.3% in Q2 2026 on massive AI infrastructure investment and robust earnings, with semiconductors soaring 49.7% as Taiwan and South Korea posted record export growth. The Fed turned hawkish under new Chair Warsh, signaling potential 2026 rate hikes, while easing US-Iran tensions helped oil retreat 21.2%. China declined 6.8% on weak domestic demand. Emerging markets led at 24.2%, driven by exceptional Asian technology performance. | - | |||||
| - | - | - | Risk assets rebounded strongly in Q2 2026 as oil prices collapsed from $100 to $70, easing inflation concerns despite Fed hawkishness. Market breadth improved dramatically with small caps and value outperforming. Emerging markets surged 24% on AI-driven semiconductor demand. The manager rebalanced to long-term targets and maintains gold exposure as a diversifier, advocating disciplined diversification over chasing winners despite cautious optimism on growth and earnings. Full Quick Take Risk assets rebounded strongly in Q2 2026 as oil prices collapsed from $100 to $70, easing inflation concerns despite Fed hawkishness. Market breadth improved dramatically with small caps and value outperforming. Emerging markets surged 24% on AI-driven semiconductor demand. The manager rebalanced to long-term targets and maintains gold exposure as a diversifier, advocating disciplined diversification over chasing winners despite cautious optimism on growth and earnings. | - | |||||
| - | -0.2% | Ruffer's absolute return strategy lost 0.9% in June as Fed hawkishness lifted yields and an Iran deal reversed oil. The fund avoided AI momentum, adding luxury exposure for Asian wealth effects while trimming yen. Gold miners and energy lagged. With concentrated markets and sticky inflation risks, the manager prioritizes capital preservation through diversified protection strategies and contrarian positioning in undervalued areas over chasing current winners. Full Quick Take Ruffer's absolute return strategy lost 0.9% in June as Fed hawkishness lifted yields and an Iran deal reversed oil. The fund avoided AI momentum, adding luxury exposure for Asian wealth effects while trimming yen. Gold miners and energy lagged. With concentrated markets and sticky inflation risks, the manager prioritizes capital preservation through diversified protection strategies and contrarian positioning in undervalued areas over chasing current winners. | - | ||||||
| +2.9% | +4.6% | First Eagle Global Fund underperformed in Q2 2026 as growth stocks surged, but the manager used volatility to reposition into value opportunities. The fund maintains strategic gold exposure despite a 14% quarterly decline and sees compelling valuations in equal-weighted stocks and international markets. While concerned about extreme risk appetite and unsustainable AI spending, the manager believes scarce, durable assets at sensible prices will deliver long-term value. Full Quick Take First Eagle Global Fund underperformed in Q2 2026 as growth stocks surged, but the manager used volatility to reposition into value opportunities. The fund maintains strategic gold exposure despite a 14% quarterly decline and sees compelling valuations in equal-weighted stocks and international markets. While concerned about extreme risk appetite and unsustainable AI spending, the manager believes scarce, durable assets at sensible prices will deliver long-term value. | - | ||||||
| - | - | 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. | - | ||||||
| - | - | Horizon Kinetics maintains long-term conviction in compounding assets despite near-term volatility. Securities exchanges trade at crisis-era valuations while demonstrating resilient business models. Bitcoin remains on track for $150,000-$270,000 by 2028 halving. Land holdings offer perpetual compounding and inflation protection. Precious metals royalties reduced on valuation concerns. AI hyperscalers face deteriorating economics at extreme multiples. Patient capital and understanding time's role in compounding remain essential to capturing value. Full Quick Take Horizon Kinetics maintains long-term conviction in compounding assets despite near-term volatility. Securities exchanges trade at crisis-era valuations while demonstrating resilient business models. Bitcoin remains on track for $150,000-$270,000 by 2028 halving. Land holdings offer perpetual compounding and inflation protection. Precious metals royalties reduced on valuation concerns. AI hyperscalers face deteriorating economics at extreme multiples. Patient capital and understanding time's role in compounding remain essential to capturing value. | |||||||
| - | +7.6% | - | Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices. Manager expects gold to become the primary liquid haven as Treasury confidence deteriorates, with fiscal dynamics, record equity valuations, and China risks creating a severe global downturn catalyst. Full Quick Take Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices. Manager expects gold to become the primary liquid haven as Treasury confidence deteriorates, with fiscal dynamics, record equity valuations, and China risks creating a severe global downturn catalyst. | - | |||||
| - | +4.5% | Rozendal delivered strong absolute and relative returns in H1 2026 despite avoiding the AI mania that drove markets. The Iran war benefited energy holdings while precious metals shorts paid off as gold and platinum sold off. Three successful investment cycles closed including Meta at 31% IRR. The manager remains disciplined on valuation, selling silver and Meta after speculative run-ups, demonstrating that even contrarian value investors must respect price. Full Quick Take Rozendal delivered strong absolute and relative returns in H1 2026 despite avoiding the AI mania that drove markets. The Iran war benefited energy holdings while precious metals shorts paid off as gold and platinum sold off. Three successful investment cycles closed including Meta at 31% IRR. The manager remains disciplined on valuation, selling silver and Meta after speculative run-ups, demonstrating that even contrarian value investors must respect price. | |||||||
| - | - | - | AI infrastructure spending drove Q2 2026's 13.8% global equity surge, with semiconductor-exposed markets Taiwan and Korea delivering exceptional gains on sustained hyperscaler demand. US-Iran ceasefire collapsed oil prices, hammering energy stocks. Emerging markets posted their strongest quarter since 2009, though performance concentrated narrowly in AI beneficiaries. Central banks maintained restrictive policy despite moderating inflation. Technology and semiconductor supply chains dominated returns while commodities and energy lagged sharply. Full Quick Take AI infrastructure spending drove Q2 2026's 13.8% global equity surge, with semiconductor-exposed markets Taiwan and Korea delivering exceptional gains on sustained hyperscaler demand. US-Iran ceasefire collapsed oil prices, hammering energy stocks. Emerging markets posted their strongest quarter since 2009, though performance concentrated narrowly in AI beneficiaries. Central banks maintained restrictive policy despite moderating inflation. Technology and semiconductor supply chains dominated returns while commodities and energy lagged sharply. | - | |||||
| -1.5% | -1.2% | ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. Full Quick Take ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. | |||||||
| - | - | - | Carrington delivered strong Q2 performance by avoiding the semiconductor speculation bubble that dominated markets, maintaining structural underweights to US equities and overweights to China, UK, Europe and Asia. The Iran conflict drove oil volatility while retail investors pushed semiconductors to extreme valuations. Capital rotation toward value late in the quarter validated the positioning. The manager added to precious metals miners and Japanese small caps while reducing bonds for cash as inflation persists above target. Full Quick Take Carrington delivered strong Q2 performance by avoiding the semiconductor speculation bubble that dominated markets, maintaining structural underweights to US equities and overweights to China, UK, Europe and Asia. The Iran conflict drove oil volatility while retail investors pushed semiconductors to extreme valuations. Capital rotation toward value late in the quarter validated the positioning. The manager added to precious metals miners and Japanese small caps while reducing bonds for cash as inflation persists above target. | - | |||||
| - | +6.3% | Ace River Capital runs an ultra-concentrated micro-cap portfolio now consisting primarily of two holdings: Vox Royalty (gold royalties) and RCI Hospitality (licensed real estate). Despite multi-year underperformance of -49% cumulatively, the manager's conviction has increased materially in both positions, viewing them as attractive long-term compounders trading at substantial discounts to intrinsic value. The strategy emphasizes patience, asset-backed businesses with scarcity value, and structural competitive advantages. Full Quick Take Ace River Capital runs an ultra-concentrated micro-cap portfolio now consisting primarily of two holdings: Vox Royalty (gold royalties) and RCI Hospitality (licensed real estate). Despite multi-year underperformance of -49% cumulatively, the manager's conviction has increased materially in both positions, viewing them as attractive long-term compounders trading at substantial discounts to intrinsic value. The strategy emphasizes patience, asset-backed businesses with scarcity value, and structural competitive advantages. | |||||||
| - | - | Avenue Investment warns that AI capital spending and government debt are reaching unsustainable levels comparable to historical manias, yet maintains exposure to beneficiaries like Toromont Industries, which secured CAD$1 billion in data center power system orders. Rising 30-year rates at 20-year highs pose significant economic risk. The manager holds overweight gold as a hedge against ballooning government debt and added copper exposure through Magna Mining while exiting Tractor Supply. Full Quick Take Avenue Investment warns that AI capital spending and government debt are reaching unsustainable levels comparable to historical manias, yet maintains exposure to beneficiaries like Toromont Industries, which secured CAD$1 billion in data center power system orders. Rising 30-year rates at 20-year highs pose significant economic risk. The manager holds overweight gold as a hedge against ballooning government debt and added copper exposure through Magna Mining while exiting Tractor Supply. | |||||||
| +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. | - | ||||||
| +5.7% | - | Spheria underperformed in Q2 2026 as AI narrative dominance and extreme market concentration penalized valuation discipline. SharkNinja's innovation-driven consumer strength offset Santos's oil price weakness. The manager views markets as overextended on narrative versus fundamentals, with rates deteriorating and concentration creating fragility. Strict adherence to discounted cash flow discipline continues despite headwinds, targeting mispriced quality businesses with pricing power overlooked by thematic momentum. Full Quick Take Spheria underperformed in Q2 2026 as AI narrative dominance and extreme market concentration penalized valuation discipline. SharkNinja's innovation-driven consumer strength offset Santos's oil price weakness. The manager views markets as overextended on narrative versus fundamentals, with rates deteriorating and concentration creating fragility. Strict adherence to discounted cash flow discipline continues despite headwinds, targeting mispriced quality businesses with pricing power overlooked by thematic momentum. | |||||||
| +4.9% | - | PM Capital Australian Companies Fund delivered 4.9% in Q2 2026, driven by European banks, Irish homebuilders, and a Capstone Copper recovery. The manager actively trimmed copper holdings on valuation concerns despite strong fundamentals, while initiating CSL at attractive multiples. Persistent inflation, AI investment boom parallels to the dot.com era, and government spending remain key risks. The portfolio targets materially undervalued businesses positioned for valuation normalization. Full Quick Take PM Capital Australian Companies Fund delivered 4.9% in Q2 2026, driven by European banks, Irish homebuilders, and a Capstone Copper recovery. The manager actively trimmed copper holdings on valuation concerns despite strong fundamentals, while initiating CSL at attractive multiples. Persistent inflation, AI investment boom parallels to the dot.com era, and government spending remain key risks. The portfolio targets materially undervalued businesses positioned for valuation normalization. | |||||||
| -1.8% | -0.3% | Steyn Capital's long/short South African equity fund declined 1.84% in Q2 2026 as Middle East conflict created volatility. Strong results from Grindrod, Sun International, and AECI drove gains, while gold and PGM positions detracted on commodity price weakness. The manager tactically reduced exposure during peak uncertainty then redeployed into special situations as geopolitical risks receded. South Africa's positive outlook remains intact despite near-term inflation pressures from higher fuel costs. Full Quick Take Steyn Capital's long/short South African equity fund declined 1.84% in Q2 2026 as Middle East conflict created volatility. Strong results from Grindrod, Sun International, and AECI drove gains, while gold and PGM positions detracted on commodity price weakness. The manager tactically reduced exposure during peak uncertainty then redeployed into special situations as geopolitical risks receded. South Africa's positive outlook remains intact despite near-term inflation pressures from higher fuel costs. | - | ||||||
| - | -7.9% | - | Crescat targets $20,000 gold within four years driven by M2 money supply growth, central bank accumulation at double historical pace, and fiscal dominance forcing monetary policy into debt management mode. Activist metals exploration strategy across five funds leverages this thesis through PIPE-funded discoveries in gold, silver, and copper. Recent precious metals pullback creates entry opportunity despite trailing twelve-month return of 52.0% in flagship Precious Metals Fund. Full Quick Take Crescat targets $20,000 gold within four years driven by M2 money supply growth, central bank accumulation at double historical pace, and fiscal dominance forcing monetary policy into debt management mode. Activist metals exploration strategy across five funds leverages this thesis through PIPE-funded discoveries in gold, silver, and copper. Recent precious metals pullback creates entry opportunity despite trailing twelve-month return of 52.0% in flagship Precious Metals Fund. | - | |||||
| +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. | |||||||
| +12.7% | +12.5% | L1 Capital delivered 12.7% in Q2 2026 through concentrated positions in quality value stocks trading at 10x P/E with double-digit growth. Strong performance from Qantas, BlueScope, James Hardie, Hudbay and Goodman offset commodity weakness. The manager added to copper, construction materials, travel and gold during market volatility while trimming infrastructure and oil & gas. Portfolio positioned in commodities, construction materials and infrastructure with compelling valuations and medium-term upside. Full Quick Take L1 Capital delivered 12.7% in Q2 2026 through concentrated positions in quality value stocks trading at 10x P/E with double-digit growth. Strong performance from Qantas, BlueScope, James Hardie, Hudbay and Goodman offset commodity weakness. The manager added to copper, construction materials, travel and gold during market volatility while trimming infrastructure and oil & gas. Portfolio positioned in commodities, construction materials and infrastructure with compelling valuations and medium-term upside. | |||||||
| -4.4% | - | - | Fairtree Wild Fig Multi Strategy Hedge Fund returned -4.4% in Q2 2026 as equity positioning detracted amid sharp precious metals reversals and materials sector weakness. Fixed income strategies provided resilience, adding +1.2% through uncorrelated positioning. The quarter saw one of the sharpest market reversals in recent history following US-Iran peace agreement and sustained AI infrastructure spending. The Fund remains diversified across uncorrelated alpha streams to compound capital long-term. Full Quick Take Fairtree Wild Fig Multi Strategy Hedge Fund returned -4.4% in Q2 2026 as equity positioning detracted amid sharp precious metals reversals and materials sector weakness. Fixed income strategies provided resilience, adding +1.2% through uncorrelated positioning. The quarter saw one of the sharpest market reversals in recent history following US-Iran peace agreement and sustained AI infrastructure spending. The Fund remains diversified across uncorrelated alpha streams to compound capital long-term. | - | |||||
| -15.6% | +0.5% | - | LENS fell 15.37% in Q2 2026 as Iran war volatility triggered commodity consolidation, but the manager sees this as a healthy reset within the Return to Tangibles secular bull market. Energy security concerns from the Strait of Hormuz closure will drive strategic oil demand, while unsustainable fiscal deficits and central bank gold buying support precious metals. The commodity super-cycle has only just begun. Full Quick Take LENS fell 15.37% in Q2 2026 as Iran war volatility triggered commodity consolidation, but the manager sees this as a healthy reset within the Return to Tangibles secular bull market. Energy security concerns from the Strait of Hormuz closure will drive strategic oil demand, while unsustainable fiscal deficits and central bank gold buying support precious metals. The commodity super-cycle has only just begun. | - | |||||
| +8.5% | +1.8% | White Falcon Capital maintains concentrated value positions in quality businesses trading at depressed valuations. Nu Holdings offers exceptional growth at 16x earnings while software holdings like Topicus trade at 8x EBITDA despite AI tailwinds. The manager trimmed AMD after a five-fold gain and increased precious metals exposure as a macro hedge. Primary risk is growing economic dependence on AI creating market fragility if adoption disappoints. Full Quick Take White Falcon Capital maintains concentrated value positions in quality businesses trading at depressed valuations. Nu Holdings offers exceptional growth at 16x earnings while software holdings like Topicus trade at 8x EBITDA despite AI tailwinds. The manager trimmed AMD after a five-fold gain and increased precious metals exposure as a macro hedge. Primary risk is growing economic dependence on AI creating market fragility if adoption disappoints. | |||||||
| - | - | Renaissance's international small cap strategy outperformed in Q2 2026, led by semiconductor holdings benefiting from NAND supply chain dynamics and traditional auto components gaining from slower EV adoption. The manager added energy services exposure while trimming commodity-dependent producers. International equities trade at a 32% discount to U.S. peers despite superior expected earnings growth through 2027, creating compelling value for diversification-seeking investors. Full Quick Take Renaissance's international small cap strategy outperformed in Q2 2026, led by semiconductor holdings benefiting from NAND supply chain dynamics and traditional auto components gaining from slower EV adoption. The manager added energy services exposure while trimming commodity-dependent producers. International equities trade at a 32% discount to U.S. peers despite superior expected earnings growth through 2027, creating compelling value for diversification-seeking investors. | - | ||||||
| -20.0% | -22.0% | EMA GARP Fund's 20% Q2 decline reflects temporary AI euphoria overshadowing their core monetary debasement thesis. With US debt at 123% of GDP and inevitable massive inflation ahead, gold and silver miners offer extreme asymmetry at current prices. Portfolio concentration in names like Aris and Avino provides multi-bagger potential with substantial operating leverage. Sentiment at 30-year lows signals major rally ahead as financial war drives gold's replacement of Treasuries as global reserve asset. Full Quick Take EMA GARP Fund's 20% Q2 decline reflects temporary AI euphoria overshadowing their core monetary debasement thesis. With US debt at 123% of GDP and inevitable massive inflation ahead, gold and silver miners offer extreme asymmetry at current prices. Portfolio concentration in names like Aris and Avino provides multi-bagger potential with substantial operating leverage. Sentiment at 30-year lows signals major rally ahead as financial war drives gold's replacement of Treasuries as global reserve asset. | |||||||
| -4.4% | +11.3% | Praetorian declined 4.39% as Mid-East war temporarily broke Feudalism dynamics the fund is positioned for. Core thesis: Economic Feudalism continues with weak-Dollar catalyzing Emerging Markets, refiners benefiting from supply tightness, and technical colleges capturing AI reskilling. AI capex is a historic bubble supporting 10%+ of GDP that will unwind badly. Manager awaits equity decline to deploy at bargain levels. Full Quick Take Praetorian declined 4.39% as Mid-East war temporarily broke Feudalism dynamics the fund is positioned for. Core thesis: Economic Feudalism continues with weak-Dollar catalyzing Emerging Markets, refiners benefiting from supply tightness, and technical colleges capturing AI reskilling. AI capex is a historic bubble supporting 10%+ of GDP that will unwind badly. Manager awaits equity decline to deploy at bargain levels. | |||||||
| +19.3% | +25.1% | Heartland Value Plus outperformed in Q2 with a 19.25% return, driven by semiconductor and electrical component holdings benefitting from AI data center buildout and overlooked value opportunities in consumer finance and homebuilding. The fund's disciplined approach identified high-quality businesses with strong capital allocation trading at attractive valuations, participating in the rally while managing risk through its 10 Principles of Value Investing framework. Full Quick Take Heartland Value Plus outperformed in Q2 with a 19.25% return, driven by semiconductor and electrical component holdings benefitting from AI data center buildout and overlooked value opportunities in consumer finance and homebuilding. The fund's disciplined approach identified high-quality businesses with strong capital allocation trading at attractive valuations, participating in the rally while managing risk through its 10 Principles of Value Investing framework. | |||||||
| - | - | The fund delivered strong performance driven by AI infrastructure holdings in semiconductors, test equipment, and optical networking, while energy and consumer positions lagged. The managers maintain AI exposure but acknowledge more balanced valuations and are monitoring for capital expenditure cracks and buildout constraints. They see opportunities in shifting AI bottlenecks, aerospace, and infrastructure while balancing exposure with undervalued non-consensus stocks punished by market dynamics. Full Quick Take The fund delivered strong performance driven by AI infrastructure holdings in semiconductors, test equipment, and optical networking, while energy and consumer positions lagged. The managers maintain AI exposure but acknowledge more balanced valuations and are monitoring for capital expenditure cracks and buildout constraints. They see opportunities in shifting AI bottlenecks, aerospace, and infrastructure while balancing exposure with undervalued non-consensus stocks punished by market dynamics. | |||||||
| +2.1% | - | Ariel Focus Fund returned 2.14% in Q2 2026, underperforming broad indices despite strong contributions from Affiliated Managers Group, Madison Square Garden Entertainment and PHINIA. The concentrated value portfolio emphasizes high-quality businesses at attractive valuations through rigorous fundamental research. The manager added Dentsply Sirona as a turnaround opportunity while maintaining discipline amid modest global growth, concentrated market leadership and persistent macro uncertainty heading into the second half. Full Quick Take Ariel Focus Fund returned 2.14% in Q2 2026, underperforming broad indices despite strong contributions from Affiliated Managers Group, Madison Square Garden Entertainment and PHINIA. The concentrated value portfolio emphasizes high-quality businesses at attractive valuations through rigorous fundamental research. The manager added Dentsply Sirona as a turnaround opportunity while maintaining discipline amid modest global growth, concentrated market leadership and persistent macro uncertainty heading into the second half. | |||||||
| +6.4% | - | - | T. Bailey Multi-Asset Growth Fund returned 6.44% in Q2 2026 despite June volatility. Strong equity performance from insurance, healthcare, and AI holdings offset a 10.6% gold decline following Fed policy shifts. The Fund maintains meaningful positions across specialist insurance, healthcare, Japanese equities, and emerging markets, complemented by fixed income and gold. Positioning targets growth participation while avoiding overreliance on any single theme. Full Quick Take T. Bailey Multi-Asset Growth Fund returned 6.44% in Q2 2026 despite June volatility. Strong equity performance from insurance, healthcare, and AI holdings offset a 10.6% gold decline following Fed policy shifts. The Fund maintains meaningful positions across specialist insurance, healthcare, Japanese equities, and emerging markets, complemented by fixed income and gold. Positioning targets growth participation while avoiding overreliance on any single theme. | - | |||||
| - | - | Global equities surged in Q2 2026 on an unprecedented AI-driven semiconductor boom, with chip stocks gaining 88% as companies like Micron, SK Hynix, and Kioxia posted extraordinary returns. Markets pivoted from expecting rate cuts to pricing hikes as energy-driven inflation persisted, with the ECB and Fed turning hawkish. Chinese equities declined on weak consumption while gold and PGM rallies stalled. SpaceX's record $75 billion IPO underscored strong capital markets. Full Quick Take Global equities surged in Q2 2026 on an unprecedented AI-driven semiconductor boom, with chip stocks gaining 88% as companies like Micron, SK Hynix, and Kioxia posted extraordinary returns. Markets pivoted from expecting rate cuts to pricing hikes as energy-driven inflation persisted, with the ECB and Fed turning hawkish. Chinese equities declined on weak consumption while gold and PGM rallies stalled. SpaceX's record $75 billion IPO underscored strong capital markets. | |||||||
| -1.0% | +11.6% | Multiples Capital underperformed in Q2 as cautious energy positioning missed the narrow AI/semiconductor rally driven by historic capex and strong earnings. Velo3D and South Korea exposure won while oil and gold lagged on geopolitical de-escalation and dollar liquidity contraction. Despite near-term Fed rate risks under new Chair Warsh, massive fiscal deficit prevents recession. Positioned for market broadening with regional banks, consumer, and Asia additions. Full Quick Take Multiples Capital underperformed in Q2 as cautious energy positioning missed the narrow AI/semiconductor rally driven by historic capex and strong earnings. Velo3D and South Korea exposure won while oil and gold lagged on geopolitical de-escalation and dollar liquidity contraction. Despite near-term Fed rate risks under new Chair Warsh, massive fiscal deficit prevents recession. Positioned for market broadening with regional banks, consumer, and Asia additions. | - |
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