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 |
|---|---|---|---|---|---|---|---|---|---|
| +6.3% | - | - | RF Capital executed a portfolio reset in Q2, moving from 80% cash to fully invested by concentrating capital in small-cap emerging compounders and early inflection opportunities. The five largest positions now represent 63% of the portfolio. The manager seeks underfollowed businesses with accelerating growth, improving profitability, and positive price action, deploying capital only when business performance, valuation, and momentum align. Full Quick Take RF Capital executed a portfolio reset in Q2, moving from 80% cash to fully invested by concentrating capital in small-cap emerging compounders and early inflection opportunities. The five largest positions now represent 63% of the portfolio. The manager seeks underfollowed businesses with accelerating growth, improving profitability, and positive price action, deploying capital only when business performance, valuation, and momentum align. | - | |||||
| +37.5% | +33.1% | - | Kennedy Capital's Small Cap Growth composite surged 37.53% net in Q2 2026, outperforming its benchmark by 1,182 bps through concentrated exposure to AI infrastructure and onshoring themes. A memory and AI infrastructure provider quadrupled after raising guidance on AI-driven demand. Small caps posted their best first half since 1991, finally outpacing large caps. The manager expects earnings growth to drive future returns as valuations are relatively full. Full Quick Take Kennedy Capital's Small Cap Growth composite surged 37.53% net in Q2 2026, outperforming its benchmark by 1,182 bps through concentrated exposure to AI infrastructure and onshoring themes. A memory and AI infrastructure provider quadrupled after raising guidance on AI-driven demand. Small caps posted their best first half since 1991, finally outpacing large caps. The manager expects earnings growth to drive future returns as valuations are relatively full. | - | |||||
| +14.5% | +14.0% | The Fidelity Freedom 2045 Fund delivered 14.51% in Q2 2026, outperforming its benchmark through active positioning favoring non-U.S. equities and strong security selection in semiconductors and AI-related technology. The team increased emerging markets exposure on accelerating earnings revisions while reducing commodities as inflation normalized. The fund maintains an equity overweight with preference for international assets on valuation and dollar weakness potential. Full Quick Take The Fidelity Freedom 2045 Fund delivered 14.51% in Q2 2026, outperforming its benchmark through active positioning favoring non-U.S. equities and strong security selection in semiconductors and AI-related technology. The team increased emerging markets exposure on accelerating earnings revisions while reducing commodities as inflation normalized. The fund maintains an equity overweight with preference for international assets on valuation and dollar weakness potential. | - | ||||||
| +18.2% | +19.7% | - | Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. Full Quick Take Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. | - | |||||
| +14.9% | +14.4% | Fidelity Freedom 2055 delivered 14.95% in Q2 2026, beating its benchmark by 74 bps on semiconductor strength and growth stock leadership. The fund increased emerging-markets equity exposure on accelerating earnings while trimming commodities as inflation normalized. Portfolio remains overweight equities with preference for non-U.S. assets on valuation. Active allocation and strong security selection in semiconductors and AI-related holdings drove outperformance. Full Quick Take Fidelity Freedom 2055 delivered 14.95% in Q2 2026, beating its benchmark by 74 bps on semiconductor strength and growth stock leadership. The fund increased emerging-markets equity exposure on accelerating earnings while trimming commodities as inflation normalized. Portfolio remains overweight equities with preference for non-U.S. assets on valuation. Active allocation and strong security selection in semiconductors and AI-related holdings drove outperformance. | - | ||||||
| +14.3% | +6.5% | - | The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly. Full Quick Take The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly. | - | |||||
| - | +3.5% | Latitude Global Fund deliberately avoids semiconductor euphoria despite 2026 outperformance, drawing parallels to 2003-2008 mining supercycle that produced zero returns for late entrants. Manager aggressively deployed into healthcare at dot-com-era valuations, doubling UnitedHealth after operational improvements and adding substantially to Cencora and Royalty Pharma. Portfolio up 3.5% year-to-date with conviction that current positioning will deliver superior long-term returns as semiconductor supply investments accelerate cycle reversal. Full Quick Take Latitude Global Fund deliberately avoids semiconductor euphoria despite 2026 outperformance, drawing parallels to 2003-2008 mining supercycle that produced zero returns for late entrants. Manager aggressively deployed into healthcare at dot-com-era valuations, doubling UnitedHealth after operational improvements and adding substantially to Cencora and Royalty Pharma. Portfolio up 3.5% year-to-date with conviction that current positioning will deliver superior long-term returns as semiconductor supply investments accelerate cycle reversal. | |||||||
| +12.7% | - | Mar Vista's U.S. Quality strategy returned 12.71% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager maintains conviction in high-quality businesses with durable competitive advantages, adding ASML and StandardAero while exiting Intuit. Artificial intelligence is transitioning from infrastructure spending to execution-driven returns. Despite geopolitical uncertainty and elevated valuations in certain areas, earnings growth and disciplined capital allocation should drive long-term outperformance for quality-focused investors. Full Quick Take Mar Vista's U.S. Quality strategy returned 12.71% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager maintains conviction in high-quality businesses with durable competitive advantages, adding ASML and StandardAero while exiting Intuit. Artificial intelligence is transitioning from infrastructure spending to execution-driven returns. Despite geopolitical uncertainty and elevated valuations in certain areas, earnings growth and disciplined capital allocation should drive long-term outperformance for quality-focused investors. | |||||||
| - | - | - | Global equities surged 14.9% in Q2 2026 as Middle East tensions eased and oil prices fell. AI investment broadened beyond technology, driving strong performance in semiconductor-heavy markets like Taiwan and South Korea. Emerging markets led with 24.1% gains while growth stocks outperformed on strong tech earnings. Despite persistent inflation and higher-for-longer rates, economic resilience and corporate earnings strength supported the rally across diversified exposures. Full Quick Take Global equities surged 14.9% in Q2 2026 as Middle East tensions eased and oil prices fell. AI investment broadened beyond technology, driving strong performance in semiconductor-heavy markets like Taiwan and South Korea. Emerging markets led with 24.1% gains while growth stocks outperformed on strong tech earnings. Despite persistent inflation and higher-for-longer rates, economic resilience and corporate earnings strength supported the rally across diversified exposures. | - | |||||
| - | - | - | Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals. Full Quick Take Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals. | - | |||||
| +17.4% | +4.7% | The Compounding Tortoise returned 17.35% in Q2 2026 despite elevated volatility in mega-caps. Portfolio companies with 30% ROICs delivered 15.1% Q1 earnings growth, compounding at 14% annually over two and a half years. A 27% valuation headwind since mid-2025 has created opportunity as the derating completes. Forward returns are positioned to be driven by continued earnings compounding and dividends, with accelerating growth momentum emerging across holdings. Full Quick Take The Compounding Tortoise returned 17.35% in Q2 2026 despite elevated volatility in mega-caps. Portfolio companies with 30% ROICs delivered 15.1% Q1 earnings growth, compounding at 14% annually over two and a half years. A 27% valuation headwind since mid-2025 has created opportunity as the derating completes. Forward returns are positioned to be driven by continued earnings compounding and dividends, with accelerating growth momentum emerging across holdings. | - | ||||||
| - | - | QuantStreet is rotating into value stocks and traditional economy names as valuation models flag elevated multiples across tech, software, and growth sectors. While AI-driven productivity gains show early promise, much optimism is priced in. The firm maintains bullish conviction on gold long-term and sees VTV's lower tail risk as attractive diversification. Bull market may continue, but prudent rebalancing warranted at current valuations. Full Quick Take QuantStreet is rotating into value stocks and traditional economy names as valuation models flag elevated multiples across tech, software, and growth sectors. While AI-driven productivity gains show early promise, much optimism is priced in. The firm maintains bullish conviction on gold long-term and sees VTV's lower tail risk as attractive diversification. Bull market may continue, but prudent rebalancing warranted at current valuations. | - | ||||||
| - | - | Glass Lake Wealth Management compounds client wealth through disciplined investments in competitively advantaged quality growth businesses. Following a sharp equity market rebound, the firm systematically pruned extended winners in semiconductors and cybersecurity to harvest gains. Capital was redirected into mispriced software leaders like Datadog and selective growth compounders, while fixed income duration remains short to mitigate interest rate volatility. Full Quick Take Glass Lake Wealth Management compounds client wealth through disciplined investments in competitively advantaged quality growth businesses. Following a sharp equity market rebound, the firm systematically pruned extended winners in semiconductors and cybersecurity to harvest gains. Capital was redirected into mispriced software leaders like Datadog and selective growth compounders, while fixed income duration remains short to mitigate interest rate volatility. | |||||||
| +27.4% | - | The Fund targets high-growth micro-cap enterprises with resilient, differentiated business models. Despite recent market volatility and narrow AI concentration, the portfolio achieved solid returns led by industrial and technology holdings. Strategic exits in underperforming names and additions to high-conviction opportunities on weakness position the Fund to benefit from the benchmark's recent reconstitution towards fundamental earnings growth. Full Quick Take The Fund targets high-growth micro-cap enterprises with resilient, differentiated business models. Despite recent market volatility and narrow AI concentration, the portfolio achieved solid returns led by industrial and technology holdings. Strategic exits in underperforming names and additions to high-conviction opportunities on weakness position the Fund to benefit from the benchmark's recent reconstitution towards fundamental earnings growth. | |||||||
| +24.6% | - | Spyglass Growth Strategy returned 24.63% in Q2 2026, benefiting from a rebound in growth stocks and easing macro headwinds. Despite widespread multiple compression, portfolio earnings growth continues to excel. The fund added QXO, MKS Instruments, and Forgent Power Solutions to capture structural AI and electrification tailwinds, while exiting Roblox, nCino, and Kinsale to optimize risk-adjusted returns. Full Quick Take Spyglass Growth Strategy returned 24.63% in Q2 2026, benefiting from a rebound in growth stocks and easing macro headwinds. Despite widespread multiple compression, portfolio earnings growth continues to excel. The fund added QXO, MKS Instruments, and Forgent Power Solutions to capture structural AI and electrification tailwinds, while exiting Roblox, nCino, and Kinsale to optimize risk-adjusted returns. | |||||||
| - | +7.6% | The fund employs a value-and-trend-driven dynamic asset allocation strategy, currently maintaining an exceptionally defensive stance with 39% equity exposure. With the S&P 500 trading at an expensive 20x forward earnings, the manager has positioned heavily in short-duration fixed income and cash to shield capital from an overdue equity correction, while favoring defensive healthcare over declining technology sectors. Full Quick Take The fund employs a value-and-trend-driven dynamic asset allocation strategy, currently maintaining an exceptionally defensive stance with 39% equity exposure. With the S&P 500 trading at an expensive 20x forward earnings, the manager has positioned heavily in short-duration fixed income and cash to shield capital from an overdue equity correction, while favoring defensive healthcare over declining technology sectors. | - | ||||||
| +28.9% | - | The fund achieved a 28.89% NAV return in the second quarter of 2026, heavily driven by exposure to technology and semiconductor equipment convertibles amidst historic market issuance. While monitoring macroeconomic risks and upcoming election volatility, management remains constructive on credit and deployed 29% leverage to support its 9.08% annualized distribution rate. Full Quick Take The fund achieved a 28.89% NAV return in the second quarter of 2026, heavily driven by exposure to technology and semiconductor equipment convertibles amidst historic market issuance. While monitoring macroeconomic risks and upcoming election volatility, management remains constructive on credit and deployed 29% leverage to support its 9.08% annualized distribution rate. | - | ||||||
| -27.3% | -27.3% | Optimist Fund fell 27.3% in Q1 as AI fears and Iran war drove growth stock selloff. Manager sees sentiment-driven dislocation creating compelling opportunities, adding to core positions like ThredUp, Wayfair, and Carvana while initiating Toast and Zscaler. Portfolio companies show strong fundamentals despite stock weakness. Fund increased leverage, positioning for rebound in highest-quality businesses since inception. Full Quick Take Optimist Fund fell 27.3% in Q1 as AI fears and Iran war drove growth stock selloff. Manager sees sentiment-driven dislocation creating compelling opportunities, adding to core positions like ThredUp, Wayfair, and Carvana while initiating Toast and Zscaler. Portfolio companies show strong fundamentals despite stock weakness. Fund increased leverage, positioning for rebound in highest-quality businesses since inception. | |||||||
| - | - | - | Value dominated Q1 2026 factor performance across all regions while Growth underperformed broadly as geopolitical tensions and rising energy prices shifted market dynamics. Europe's fiscal expansion through defense and infrastructure spending supports Value and High Dividend strategies, while the Magnificent Seven's influence continues to wane as market leadership broadens. Full Quick Take Value dominated Q1 2026 factor performance across all regions while Growth underperformed broadly as geopolitical tensions and rising energy prices shifted market dynamics. Europe's fiscal expansion through defense and infrastructure spending supports Value and High Dividend strategies, while the Magnificent Seven's influence continues to wane as market leadership broadens. | - | |||||
| -13.3% | -13.3% | Edgewood's Q1 2026 underperformance of -13.3% was driven by AI-related valuation compression in growth stocks, not fundamental deterioration. Portfolio companies delivered 32% average earnings growth while the market priced theoretical disruption concerns. The firm maintains conviction in high-quality businesses positioned to benefit from AI adoption and sees current dislocation as creating meaningful appreciation opportunities. Full Quick Take Edgewood's Q1 2026 underperformance of -13.3% was driven by AI-related valuation compression in growth stocks, not fundamental deterioration. Portfolio companies delivered 32% average earnings growth while the market priced theoretical disruption concerns. The firm maintains conviction in high-quality businesses positioned to benefit from AI adoption and sees current dislocation as creating meaningful appreciation opportunities. | - | ||||||
| -17.3% | -17.3% | Vision Capital Fund fell -17.3% in Q1 2026 amid broad tech selloff, but manager views SaaS decline as excessive and opportunistic. Added to 10 positions while exiting PayPal. Portfolio maintains 27.6% revenue growth across quality growth companies. Manager argues software Darwinism will favor mission-critical platforms and sees attractive forward returns at current valuations. Full Quick Take Vision Capital Fund fell -17.3% in Q1 2026 amid broad tech selloff, but manager views SaaS decline as excessive and opportunistic. Added to 10 positions while exiting PayPal. Portfolio maintains 27.6% revenue growth across quality growth companies. Manager argues software Darwinism will favor mission-critical platforms and sees attractive forward returns at current valuations. | |||||||
| -6.0% | - | Baillie Gifford's International Growth Fund fell 6% in Q1 2026 as AI disruption fears hammered software holdings, though semiconductor infrastructure benefited from AI capital intensity. Managers are broadening exposures beyond tech clustering, adding quality names like Air Liquide and Lonza while trimming overweight semiconductor positions. Long-term growth thesis intact despite volatile backdrop. Full Quick Take Baillie Gifford's International Growth Fund fell 6% in Q1 2026 as AI disruption fears hammered software holdings, though semiconductor infrastructure benefited from AI capital intensity. Managers are broadening exposures beyond tech clustering, adding quality names like Air Liquide and Lonza while trimming overweight semiconductor positions. Long-term growth thesis intact despite volatile backdrop. | - | ||||||
| +7.0% | +7.0% | AI disruption threatens growth stocks with premium valuations as agentic AI erodes competitive advantages. Miller/Howard advocates dividend investing as superior hedge, emphasizing mathematical incompatibility between high yields and high P/E ratios. Firm maintains focus on HALO companies with physical assets while providing disciplined dividend income strategy amid market uncertainty. Full Quick Take AI disruption threatens growth stocks with premium valuations as agentic AI erodes competitive advantages. Miller/Howard advocates dividend investing as superior hedge, emphasizing mathematical incompatibility between high yields and high P/E ratios. Firm maintains focus on HALO companies with physical assets while providing disciplined dividend income strategy amid market uncertainty. | - | ||||||
| +17.6% | +17.6% | AI disruption threatens high-growth software companies with premium valuations, making their long-term cash flows increasingly uncertain. Miller/Howard advocates dividend investing and HALO stocks as protection, arguing that high dividend yields mathematically create lower P/E ratios and shorter duration cash flows, providing margin of safety in an age of technological disruption. Full Quick Take AI disruption threatens high-growth software companies with premium valuations, making their long-term cash flows increasingly uncertain. Miller/Howard advocates dividend investing and HALO stocks as protection, arguing that high dividend yields mathematically create lower P/E ratios and shorter duration cash flows, providing margin of safety in an age of technological disruption. | - | ||||||
| +13.5% | +13.5% | AI disruption threatens high-multiple growth stocks with long-duration cash flows, driving rotation toward dividend-paying HALO companies with physical moats. Miller/Howard's dividend strategy provides mathematical protection against growth chasing while delivering high current income at reasonable valuations, positioning the firm advantageously as markets rebalance away from vulnerable mega-cap growth names. Full Quick Take AI disruption threatens high-multiple growth stocks with long-duration cash flows, driving rotation toward dividend-paying HALO companies with physical moats. Miller/Howard's dividend strategy provides mathematical protection against growth chasing while delivering high current income at reasonable valuations, positioning the firm advantageously as markets rebalance away from vulnerable mega-cap growth names. | - | ||||||
| +1.1% | - | The Value Line Small Cap Opportunities Fund outperformed its category average in Q1 2026 with a 1.15% return. The fund benefits from strong stock selection in Industrials and an underweight stance in underperforming Tech and Healthcare sectors. Management remains committed to its disciplined, low-volatility approach focused on high-quality compounders with stable earnings growth. Full Quick Take The Value Line Small Cap Opportunities Fund outperformed its category average in Q1 2026 with a 1.15% return. The fund benefits from strong stock selection in Industrials and an underweight stance in underperforming Tech and Healthcare sectors. Management remains committed to its disciplined, low-volatility approach focused on high-quality compounders with stable earnings growth. | |||||||
| -7.5% | - | Market Rotation to Defensive Sectors, Superior Equity Portfolio Growth Profile, Additional Keywords & Themes | The fund experienced short-term underperformance in Q1 2026 due to sector rotation away from growth assets, but the managers maintain strong conviction in their high-growth equity holdings and high-quality fixed-income buffer. Full Quick Take The fund experienced short-term underperformance in Q1 2026 due to sector rotation away from growth assets, but the managers maintain strong conviction in their high-growth equity holdings and high-quality fixed-income buffer. | - | |||||
| -6.0% | - | Value Line Mid Cap Focused Fund returned -5.99% in Q1 2026, underperforming its category average amid geopolitical and macroeconomic volatility. The manager remains committed to its disciplined approach of investing in high-quality, low-volatility companies, adding ITT Inc. and exiting five positions to keep the portfolio concentrated at 32 holdings. Full Quick Take Value Line Mid Cap Focused Fund returned -5.99% in Q1 2026, underperforming its category average amid geopolitical and macroeconomic volatility. The manager remains committed to its disciplined approach of investing in high-quality, low-volatility companies, adding ITT Inc. and exiting five positions to keep the portfolio concentrated at 32 holdings. | |||||||
| - | - | Despite war-driven oil price spikes and record-low consumer sentiment in Q1 2026, Bernard Wealth Management advises a patient, long-term approach. Systemic economic threats from the $1 trillion private credit sector appear overblown, and historical trends indicate markets recover steadily after geopolitical disruptions. Relative outperformance in emerging markets ex-China and stabilizing corporate earnings support a constructive outlook. Full Quick Take Despite war-driven oil price spikes and record-low consumer sentiment in Q1 2026, Bernard Wealth Management advises a patient, long-term approach. Systemic economic threats from the $1 trillion private credit sector appear overblown, and historical trends indicate markets recover steadily after geopolitical disruptions. Relative outperformance in emerging markets ex-China and stabilizing corporate earnings support a constructive outlook. | |||||||
| -1.1% | -1.1% | Secular Water Infrastructure and Capex Growth, Industrial Market Selectivity, Additional Keywords & Themes | The fund is constructive on the multi-year water investment cycle despite temporary near-term macroeconomic headwinds. It is emphasizing selective companies with structural tailwinds in microelectronics and healthcare, while benefiting from regulated utility capital expenditure cycles in Brazil and the United Kingdom that insulate the portfolio from cyclical volatility. Full Quick Take The fund is constructive on the multi-year water investment cycle despite temporary near-term macroeconomic headwinds. It is emphasizing selective companies with structural tailwinds in microelectronics and healthcare, while benefiting from regulated utility capital expenditure cycles in Brazil and the United Kingdom that insulate the portfolio from cyclical volatility. | ||||||
| -10.8% | -10.8% | The fund experienced underperformance due to a sharp rotation away from high-growth tech, but remains committed to secular themes. The managers view recent volatility as an attractive entry point to acquire structurally advantaged businesses at discounted valuations. Full Quick Take The fund experienced underperformance due to a sharp rotation away from high-growth tech, but remains committed to secular themes. The managers view recent volatility as an attractive entry point to acquire structurally advantaged businesses at discounted valuations. | |||||||
| -14.7% | -14.7% | AI Infrastructure and Power Grid Buildout, Growth to Value Market Rotation, Additional Keywords & Themes | The Virtus Zevenbergen Innovative Growth Stock Fund experienced a challenging first quarter of 2026, underperforming its benchmark due to a sharp market rotation from high-growth technology into defensive value sectors. Despite near-term volatility and valuation debates, the fund maintains high conviction in its structurally positioned growth assets, expecting long-term compounding to prevail. Full Quick Take The Virtus Zevenbergen Innovative Growth Stock Fund experienced a challenging first quarter of 2026, underperforming its benchmark due to a sharp market rotation from high-growth technology into defensive value sectors. Despite near-term volatility and valuation debates, the fund maintains high conviction in its structurally positioned growth assets, expecting long-term compounding to prevail. | ||||||
| - | - | Vox Royalty represents an attractive, capital-light commodity investment vehicle. By utilizing its proprietary database of over 8,500 royalties, the company identifies mispriced, unconventional assets to drive peer-leading growth and industry-leading return on invested capital. Full Quick Take Vox Royalty represents an attractive, capital-light commodity investment vehicle. By utilizing its proprietary database of over 8,500 royalties, the company identifies mispriced, unconventional assets to drive peer-leading growth and industry-leading return on invested capital. | - | ||||||
| +4.6% | +4.6% | The fund applies a fundamental bottom-up process to target undervalued mid-cap equities with clear drivers of value realization. While geopolitical shocks in the Middle East have disrupted the economic outlook and introduced inflation risks, the team remains disciplined in avoiding low-quality energy companies, focusing instead on high-quality compounders with resilient cash flows and robust long-term potential. Full Quick Take The fund applies a fundamental bottom-up process to target undervalued mid-cap equities with clear drivers of value realization. While geopolitical shocks in the Middle East have disrupted the economic outlook and introduced inflation risks, the team remains disciplined in avoiding low-quality energy companies, focusing instead on high-quality compounders with resilient cash flows and robust long-term potential. | |||||||
| - | - | The traditional venture capital model is failing under macroeconomic pressure and AI-driven software commoditization. StudioAlpha addresses this by employing a systematic, AI-augmented investment process targeting early-stage B2B software startups that deliver measurable business outcomes rather than simple features. Full Quick Take The traditional venture capital model is failing under macroeconomic pressure and AI-driven software commoditization. StudioAlpha addresses this by employing a systematic, AI-augmented investment process targeting early-stage B2B software startups that deliver measurable business outcomes rather than simple features. | - | ||||||
| +3.4% | +3.4% | Tweedy, Browne’s funds outperformed benchmarks in Q1 2026, supported by strong performances in energy, materials, and selected industrials. Despite short-term geopolitical volatility and a resurgence in mega-cap technology, the managers remain highly confident in the long-term outlook for cheap, high-quality non-US value equities trading at a massive discount to US peers. Full Quick Take Tweedy, Browne’s funds outperformed benchmarks in Q1 2026, supported by strong performances in energy, materials, and selected industrials. Despite short-term geopolitical volatility and a resurgence in mega-cap technology, the managers remain highly confident in the long-term outlook for cheap, high-quality non-US value equities trading at a massive discount to US peers. | - | ||||||
| 0.0% | - | The ClearBridge Dividend Strategy capitalized on geopolitical oil price spikes and avoided the software sector's AI-driven sell-off to beat the S&P 500 in Q1 2026, rotating capital from extended software and defense names into resilient industrials and asset managers. Full Quick Take The ClearBridge Dividend Strategy capitalized on geopolitical oil price spikes and avoided the software sector's AI-driven sell-off to beat the S&P 500 in Q1 2026, rotating capital from extended software and defense names into resilient industrials and asset managers. | - | ||||||
| -3.5% | -3.7% | The portfolio underperformed in Q1 2026 due to an intentional, structural underweight in commodity-sensitive sectors like Energy and Materials. The manager maintains high conviction in the quality of the holdings, attributing short-term underperformance to market rotation rather than fundamental deterioration of the companies owned. Full Quick Take The portfolio underperformed in Q1 2026 due to an intentional, structural underweight in commodity-sensitive sectors like Energy and Materials. The manager maintains high conviction in the quality of the holdings, attributing short-term underperformance to market rotation rather than fundamental deterioration of the companies owned. | |||||||
| -10.4% | -10.4% | Despite a volatile Q1 2026 driven by software-related AI disruption fears, the Strategy recovered significantly in February and March, leveraging market volatility to actively upgrade the portfolio into high-conviction names. Full Quick Take Despite a volatile Q1 2026 driven by software-related AI disruption fears, the Strategy recovered significantly in February and March, leveraging market volatility to actively upgrade the portfolio into high-conviction names. | - | ||||||
| +6.4% | +6.4% | The Invesco Discovery Fund outperformed its benchmark in Q1 2026 due to strong stock selection in IT and industrials, despite temporary macroeconomic headwinds and geopolitical tensions in the Middle East. Full Quick Take The Invesco Discovery Fund outperformed its benchmark in Q1 2026 due to strong stock selection in IT and industrials, despite temporary macroeconomic headwinds and geopolitical tensions in the Middle East. | - | ||||||
| -10.9% | -10.9% | Growth and AI Valuations Reassessment, Macroeconomic and Geopolitical Volatility, Additional Keywords & Themes | The Harbor Capital Appreciation Fund underperformed its benchmark in Q1 2026 with a -10.94% return, impacted by stock selection in technology and industrials amid geopolitical and inflation-driven growth stock rotations. Full Quick Take The Harbor Capital Appreciation Fund underperformed its benchmark in Q1 2026 with a -10.94% return, impacted by stock selection in technology and industrials amid geopolitical and inflation-driven growth stock rotations. | - | |||||
| -40.2% | +29.5% | Despite a brief Q4 setback, Hinde Group's 1578 Partners posted a stellar 29.49% net return for 2025, driven by long-term holdings in quality compounders like Interactive Brokers and Alphabet. Full Quick Take Despite a brief Q4 setback, Hinde Group's 1578 Partners posted a stellar 29.49% net return for 2025, driven by long-term holdings in quality compounders like Interactive Brokers and Alphabet. | |||||||
| +42.6% | +18.4% | Source Capital posted a strong 18.38% NAV return for 2025 but has raised cash to nearly 20% and reduced credit exposure, citing unsustainably tight high-yield spreads and overvalued US mega-caps. Full Quick Take Source Capital posted a strong 18.38% NAV return for 2025 but has raised cash to nearly 20% and reduced credit exposure, citing unsustainably tight high-yield spreads and overvalued US mega-caps. | |||||||
| - | +8.0% | Warden Capital finished 2025 flat at 0.8% due to drag from its short book and value assets, but sees highly asymmetric upside in its top holdings: Vail Resorts, Alexandria Real Estate, and biotech play uniQure. Full Quick Take Warden Capital finished 2025 flat at 0.8% due to drag from its short book and value assets, but sees highly asymmetric upside in its top holdings: Vail Resorts, Alexandria Real Estate, and biotech play uniQure. | |||||||
| - | - | - | Crawford Investment Counsel advocates for a disciplined, long-term approach focused on high-quality, dividend-paying stocks to navigate a lopsided U.S. economy. By prioritizing companies with strong balance sheets and consistent dividend growth, the firm aims to harness the power of compounding while securing robust downside protection against market imbalances and valuation risks. Full Quick Take Crawford Investment Counsel advocates for a disciplined, long-term approach focused on high-quality, dividend-paying stocks to navigate a lopsided U.S. economy. By prioritizing companies with strong balance sheets and consistent dividend growth, the firm aims to harness the power of compounding while securing robust downside protection against market imbalances and valuation risks. | - | |||||
| +32.6% | +2.7% | Osterweis Opportunity Fund outperformed its benchmark in Q4 2025 but lagged for the full year after avoiding speculative meme stocks. The manager is highly constructive on a return to fundamental-driven investing in 2026. Full Quick Take Osterweis Opportunity Fund outperformed its benchmark in Q4 2025 but lagged for the full year after avoiding speculative meme stocks. The manager is highly constructive on a return to fundamental-driven investing in 2026. | - | ||||||
| +24.0% | +11.4% | Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cash and fixed income to 16%. Full Quick Take Grey Owl All-Season returned +11.4% in 2025 and has shifted into a more aggressive growth posture for early 2026, favoring small-cap equities and commodities while scaling back cash and fixed income to 16%. | - | ||||||
| +33.3% | +8.3% | Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit cycles. Full Quick Take Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit cycles. | |||||||
| -4.4% | +14.8% | Industrials and Aerospace Growth, AI Infrastructure & Hardware Enablers, Additional Keywords & Themes | The Artisan Mid Cap Fund recorded outstanding top-quartile performance in 2025, outpacing its benchmark in Q4 despite modest negative absolute returns, while actively shifting its exposure toward biotech product cycles, industrials, and AI-hardware enablers. Full Quick Take The Artisan Mid Cap Fund recorded outstanding top-quartile performance in 2025, outpacing its benchmark in Q4 despite modest negative absolute returns, while actively shifting its exposure toward biotech product cycles, industrials, and AI-hardware enablers. | ||||||
| +4.0% | +30.6% | The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the US and Japan. Full Quick Take The 13D Activist Fund refreshed its portfolio in Q4 by rotating out of five completed or stalled campaigns and deploying capital into five high-potential activist situations in the US and Japan. |
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
