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 |
|---|---|---|---|---|---|---|---|---|---|
| +8.8% | +2.3% | Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. Full Quick Take Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. | |||||||
| - | - | Rivemont is positioned for a major sector rotation away from technology toward healthcare and Canadian financials. The fund has aggressively overweighted healthcare real estate, pharmaceuticals, and biotechnology for resilience and lower volatility. Canadian financials benefit from near-monopoly positions with exceptional margins. Bank of Montreal is up 40% year-to-date. The manager sees parallels to the post-2000 rotation and expects continued outperformance. Full Quick Take Rivemont is positioned for a major sector rotation away from technology toward healthcare and Canadian financials. The fund has aggressively overweighted healthcare real estate, pharmaceuticals, and biotechnology for resilience and lower volatility. Canadian financials benefit from near-monopoly positions with exceptional margins. Bank of Montreal is up 40% year-to-date. The manager sees parallels to the post-2000 rotation and expects continued outperformance. | - | ||||||
| +8.8% | +10.7% | Auxier positions in AI infrastructure providers earning strong profits supplying vital hardware and connectivity rather than hyperscalers chasing uncertain AI model profitability. The fund warns margin debt surging 50% to $1.53 trillion and leveraged single-stock ETFs create extreme liquidation risk. Technology debt issuance quadrupled to fund AI buildout with 20-30 year bonds financing potentially obsolete data centers. The fund favors enduring businesses with large moats, minimal capital needs, and strong returns resisting market disruptions. Full Quick Take Auxier positions in AI infrastructure providers earning strong profits supplying vital hardware and connectivity rather than hyperscalers chasing uncertain AI model profitability. The fund warns margin debt surging 50% to $1.53 trillion and leveraged single-stock ETFs create extreme liquidation risk. Technology debt issuance quadrupled to fund AI buildout with 20-30 year bonds financing potentially obsolete data centers. The fund favors enduring businesses with large moats, minimal capital needs, and strong returns resisting market disruptions. | |||||||
| - | -16.1% | Bilbel Capital runs concentrated deep value portfolio of five positions bought under 3.5x earnings with strong balance sheets. Lead position Water Oasis trades at fraction of cash holdings while dominating Hong Kong beauty services with consolidation runway. Manager sold CareCloud to fund more undervalued opportunities. Proprietary screening identifies top 1% ideas monthly from 15,000 stocks. 1H 2026 returned -16.1% net following +58.0% in 2025. Full Quick Take Bilbel Capital runs concentrated deep value portfolio of five positions bought under 3.5x earnings with strong balance sheets. Lead position Water Oasis trades at fraction of cash holdings while dominating Hong Kong beauty services with consolidation runway. Manager sold CareCloud to fund more undervalued opportunities. Proprietary screening identifies top 1% ideas monthly from 15,000 stocks. 1H 2026 returned -16.1% net following +58.0% in 2025. | |||||||
| +27.0% | +15.7% | Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. Full Quick Take Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. | |||||||
| +23.3% | -1.2% | - | McIntyre Partnerships provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take McIntyre Partnerships provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +24.0% | +28.3% | Diamond Hill's Small Cap Strategy outperformed the Russell 2000 by 255 basis points in Q2 2026, driven by stock selection in health care and industrials. The manager has aggressively increased health care exposure by 800 basis points over the past year, seeing compelling opportunities in businesses with durable demand that the market underappreciates. Defense and infrastructure-related holdings also contributed strongly to performance. Full Quick Take Diamond Hill's Small Cap Strategy outperformed the Russell 2000 by 255 basis points in Q2 2026, driven by stock selection in health care and industrials. The manager has aggressively increased health care exposure by 800 basis points over the past year, seeing compelling opportunities in businesses with durable demand that the market underappreciates. Defense and infrastructure-related holdings also contributed strongly to performance. | - | ||||||
| -1.4% | -3.0% | Alluvium's concentrated value fund returned -1.4% in Q2 2026 amid speculative semiconductor excess the managers explicitly reject. The fund initiated Copart after a 50% decline and added to healthcare and cable broadband positions trading below valuations. Strong performance from Alphabet, Robert Half, and H&R Block was offset by cable devastation despite 20%+ earnings yields. Cash reduced to 10% on bottom-up opportunities across 21 high-quality holdings. Full Quick Take Alluvium's concentrated value fund returned -1.4% in Q2 2026 amid speculative semiconductor excess the managers explicitly reject. The fund initiated Copart after a 50% decline and added to healthcare and cable broadband positions trading below valuations. Strong performance from Alphabet, Robert Half, and H&R Block was offset by cable devastation despite 20%+ earnings yields. Cash reduced to 10% on bottom-up opportunities across 21 high-quality holdings. | |||||||
| +2.5% | +2.7% | - | First Eagle's Short Duration High Yield Municipal Fund delivered 2.48% in Q2 2026, outperforming its benchmark by capitalizing on attractive tax-equivalent yields in high yield munis. Healthcare bonds drove consistent returns on improving fundamentals while infrastructure bonds rebounded on financing progress. Strong investor demand absorbed record issuance as municipal credit quality remained solid. The manager continues finding value in healthcare, infrastructure, and selectively in higher education despite sector challenges. Full Quick Take First Eagle's Short Duration High Yield Municipal Fund delivered 2.48% in Q2 2026, outperforming its benchmark by capitalizing on attractive tax-equivalent yields in high yield munis. Healthcare bonds drove consistent returns on improving fundamentals while infrastructure bonds rebounded on financing progress. Strong investor demand absorbed record issuance as municipal credit quality remained solid. The manager continues finding value in healthcare, infrastructure, and selectively in higher education despite sector challenges. | - | |||||
| +5.7% | +5.9% | Hotchkis & Wiley underperformed in Q2 2026 by avoiding the AI-driven semiconductor rally they view as a speculative bubble with unsustainable valuations. The fund favors enterprise software where AI disruption fears are overstated and has added to overlooked healthcare and consumer staples. Management expects mean reversion when market euphoria subsides and believes their attractively valued, high-quality portfolio is positioned for that outcome. Full Quick Take Hotchkis & Wiley underperformed in Q2 2026 by avoiding the AI-driven semiconductor rally they view as a speculative bubble with unsustainable valuations. The fund favors enterprise software where AI disruption fears are overstated and has added to overlooked healthcare and consumer staples. Management expects mean reversion when market euphoria subsides and believes their attractively valued, high-quality portfolio is positioned for that outcome. | |||||||
| +2.4% | +1.9% | - | The Touchstone Core Municipal Bond Fund slightly underperformed its benchmark in Q2 2026, returning 2.37% as the municipal bond market rebounded from first-quarter weakness. The Fund's barbell yield curve positioning contributed positively amid significant curve flattening. Healthcare credit spreads widened while prepaid gas bonds showed relative weakness. The manager maintains a modestly long-duration posture with overweight to single-A credits, viewing the outlook as constructive despite richer valuations. Full Quick Take The Touchstone Core Municipal Bond Fund slightly underperformed its benchmark in Q2 2026, returning 2.37% as the municipal bond market rebounded from first-quarter weakness. The Fund's barbell yield curve positioning contributed positively amid significant curve flattening. Healthcare credit spreads widened while prepaid gas bonds showed relative weakness. The manager maintains a modestly long-duration posture with overweight to single-A credits, viewing the outlook as constructive despite richer valuations. | - | |||||
| - | - | Wasatch Small Cap Growth trailed the benchmark in Q2 2026 as speculative AI stocks reached dot-com-era valuations, but the managers maintain conviction in their quality-focused approach. Portfolio fundamentals remain strong with 20%+ earnings growth across many holdings. AI beneficiaries like JFrog and AAON contributed meaningfully while the team concentrated capital in overlooked steady growers trading at attractive valuations, positioning for long-term outperformance when market leadership broadens. Full Quick Take Wasatch Small Cap Growth trailed the benchmark in Q2 2026 as speculative AI stocks reached dot-com-era valuations, but the managers maintain conviction in their quality-focused approach. Portfolio fundamentals remain strong with 20%+ earnings growth across many holdings. AI beneficiaries like JFrog and AAON contributed meaningfully while the team concentrated capital in overlooked steady growers trading at attractive valuations, positioning for long-term outperformance when market leadership broadens. | |||||||
| +9.0% | -5.7% | Vulcan owns exceptional businesses at 50 cents on the dollar that remain deeply out of favor while values compound steadily. The manager added three high-quality software businesses—Veeva, ServiceNow, and Equifax—at significant discounts driven by misunderstood AI disruption fears. These companies possess proprietary data and mission-critical platforms that make them AI beneficiaries, not victims. The CIO personally added capital, viewing current valuations as a compelling long-term opportunity. Full Quick Take Vulcan owns exceptional businesses at 50 cents on the dollar that remain deeply out of favor while values compound steadily. The manager added three high-quality software businesses—Veeva, ServiceNow, and Equifax—at significant discounts driven by misunderstood AI disruption fears. These companies possess proprietary data and mission-critical platforms that make them AI beneficiaries, not victims. The CIO personally added capital, viewing current valuations as a compelling long-term opportunity. | |||||||
| +9.5% | -5.9% | Vulcan owns exceptional businesses at 50 cents on the dollar with values compounding steadily despite near-term underperformance. Healthcare insurers UnitedHealth and Elevance are recovering from post-Covid pressure. New position Equifax offers dominant workforce data with no AI threat. The manager reallocated capital into more discounted names and personally added capital, viewing current valuations as a compelling long-term opportunity for patient investors. Full Quick Take Vulcan owns exceptional businesses at 50 cents on the dollar with values compounding steadily despite near-term underperformance. Healthcare insurers UnitedHealth and Elevance are recovering from post-Covid pressure. New position Equifax offers dominant workforce data with no AI threat. The manager reallocated capital into more discounted names and personally added capital, viewing current valuations as a compelling long-term opportunity for patient investors. | |||||||
| +3.2% | - | VELA International underperformed by 700 basis points in Q2 2026 as AI mania drove semiconductors higher while the fund's value-oriented technology holdings suffered. The manager sold half of Infineon after it doubled to 64x P/E and refuses to chase AI stocks at current valuations. Three new positions were initiated in undervalued Philippine banking, European ticketing, and airline catering. Healthcare delivered strong results across all holdings as post-pandemic headwinds fade. Full Quick Take VELA International underperformed by 700 basis points in Q2 2026 as AI mania drove semiconductors higher while the fund's value-oriented technology holdings suffered. The manager sold half of Infineon after it doubled to 64x P/E and refuses to chase AI stocks at current valuations. Three new positions were initiated in undervalued Philippine banking, European ticketing, and airline catering. Healthcare delivered strong results across all holdings as post-pandemic headwinds fade. | |||||||
| +17.5% | +6.9% | Brown Advisory's Mid-Cap Growth Strategy outperformed by 300 basis points in Q2 2026, driven by AI infrastructure suppliers including Marvell Technology which returned 166% before being sold on valuation. The manager executed high portfolio turnover, adding eighteen new positions across data center hardware, software, and consumer services while maintaining discipline around price targets. Market leadership continued broadening beyond mega-cap tech as anticipated in recent letters. Full Quick Take Brown Advisory's Mid-Cap Growth Strategy outperformed by 300 basis points in Q2 2026, driven by AI infrastructure suppliers including Marvell Technology which returned 166% before being sold on valuation. The manager executed high portfolio turnover, adding eighteen new positions across data center hardware, software, and consumer services while maintaining discipline around price targets. Market leadership continued broadening beyond mega-cap tech as anticipated in recent letters. | |||||||
| +8.4% | +0.8% | The Insiders Fund underperformed in Q2 2026 after Alphabet's $80 billion dilutive capital raise torpedoed a 30% position. The manager believes AI compute demand is overstated and sold semiconductor holdings to redeploy into insider-buying opportunities across healthcare, energy, and industrials. Energy Transfer leads as the top holding for data center natural gas exposure. Portfolio repositioned for rate cuts and rotation beyond AI infrastructure concentration. Full Quick Take The Insiders Fund underperformed in Q2 2026 after Alphabet's $80 billion dilutive capital raise torpedoed a 30% position. The manager believes AI compute demand is overstated and sold semiconductor holdings to redeploy into insider-buying opportunities across healthcare, energy, and industrials. Energy Transfer leads as the top holding for data center natural gas exposure. Portfolio repositioned for rate cuts and rotation beyond AI infrastructure concentration. | |||||||
| +19.0% | +4.4% | The fund delivered strong outperformance driven by healthcare stock selection and AI-beneficiary technology holdings. Managers view AI infrastructure spending as a transformative economic driver, with computing power demand exceeding supply and creating pricing power across the supply chain. The portfolio balances direct AI capability builders with capital spending beneficiaries. Despite margin pressure at select holdings, the team maintains conviction in long-term enterprise value creation through disciplined fundamental analysis. Full Quick Take The fund delivered strong outperformance driven by healthcare stock selection and AI-beneficiary technology holdings. Managers view AI infrastructure spending as a transformative economic driver, with computing power demand exceeding supply and creating pricing power across the supply chain. The portfolio balances direct AI capability builders with capital spending beneficiaries. Despite margin pressure at select holdings, the team maintains conviction in long-term enterprise value creation through disciplined fundamental analysis. | |||||||
| - | - | Riverwater's microcap strategy lagged the Russell Microcap Index in Q2 2026 as speculation dominated, with pre-revenue biotech, crypto, and unproven AI narratives leading. Quality discipline kept the portfolio behind despite solid absolute returns. Industrials outperformed while technology underweight hurt. New positions include Lifeway Foods and Strattec Security. The manager anticipates rotation into higher-quality businesses as speculative trades unwind and is positioning for healthcare sector strength. Full Quick Take Riverwater's microcap strategy lagged the Russell Microcap Index in Q2 2026 as speculation dominated, with pre-revenue biotech, crypto, and unproven AI narratives leading. Quality discipline kept the portfolio behind despite solid absolute returns. Industrials outperformed while technology underweight hurt. New positions include Lifeway Foods and Strattec Security. The manager anticipates rotation into higher-quality businesses as speculative trades unwind and is positioning for healthcare sector strength. | |||||||
| +13.7% | - | T. Bailey Global Thematic returned 13.7% in Q2 as markets began questioning AI infrastructure valuations following Broadcom's guidance miss. The Fund is shifting AI exposure toward technology beneficiaries while emphasizing themes with proven cash flows in healthcare, insurance, and commodities. With 6.3% cash and positioning in grounded valuations, managers distinguish between companies earning their multiples versus those dependent on future promises. Full Quick Take T. Bailey Global Thematic returned 13.7% in Q2 as markets began questioning AI infrastructure valuations following Broadcom's guidance miss. The Fund is shifting AI exposure toward technology beneficiaries while emphasizing themes with proven cash flows in healthcare, insurance, and commodities. With 6.3% cash and positioning in grounded valuations, managers distinguish between companies earning their multiples versus those dependent on future promises. | - | ||||||
| +13.7% | - | Ariel Appreciation Fund returned 13.71% in Q2 2026, driven by strong performance from Knowles, Generac, and Madison Square Garden Entertainment. The fund added five new positions including Haemonetics, Houlihan Lokey, Masco, Progressive, and Royal Caribbean, while exiting three names to redeploy capital. Despite concentrated market leadership and geopolitical uncertainty, the fund remains focused on owning high-quality mid-cap businesses at attractive valuations with durable competitive advantages. Full Quick Take Ariel Appreciation Fund returned 13.71% in Q2 2026, driven by strong performance from Knowles, Generac, and Madison Square Garden Entertainment. The fund added five new positions including Haemonetics, Houlihan Lokey, Masco, Progressive, and Royal Caribbean, while exiting three names to redeploy capital. Despite concentrated market leadership and geopolitical uncertainty, the fund remains focused on owning high-quality mid-cap businesses at attractive valuations with durable competitive advantages. | |||||||
| - | - | Small-cap growth navigated Q1 volatility with data center infrastructure holdings driving outperformance as hyperscalers committed nearly $800 billion in AI capex. Energy spiked on Iran strikes but appears temporary. Portfolio positioned constructively in cyclicals benefiting from data center buildout, defense spending, and energy infrastructure while selectively adding healthcare distributors. Reasonable valuations and multiple catalysts support outlook despite near-term geopolitical and regulatory uncertainty. Full Quick Take Small-cap growth navigated Q1 volatility with data center infrastructure holdings driving outperformance as hyperscalers committed nearly $800 billion in AI capex. Energy spiked on Iran strikes but appears temporary. Portfolio positioned constructively in cyclicals benefiting from data center buildout, defense spending, and energy infrastructure while selectively adding healthcare distributors. Reasonable valuations and multiple catalysts support outlook despite near-term geopolitical and regulatory uncertainty. | |||||||
| +13.6% | - | Ariel Fund returned 13.59% in Q2 2026, underperforming benchmarks despite strong market gains. The fund added entertainment positions MSGE and SPHR on resilient demand and venue expansion opportunities, initiated healthcare and insurance positions HAE and RLI, while Core Laboratories and Carlyle Group detracted on energy headwinds and private credit concerns. The manager maintains valuation discipline and long-term focus amid concentrated market leadership and geopolitical uncertainty. Full Quick Take Ariel Fund returned 13.59% in Q2 2026, underperforming benchmarks despite strong market gains. The fund added entertainment positions MSGE and SPHR on resilient demand and venue expansion opportunities, initiated healthcare and insurance positions HAE and RLI, while Core Laboratories and Carlyle Group detracted on energy headwinds and private credit concerns. The manager maintains valuation discipline and long-term focus amid concentrated market leadership and geopolitical uncertainty. | |||||||
| +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. | - | |||||
| +5.0% | +6.0% | RS Large Cap Value underperformed in Q2 2026, returning 5.03% net versus 13.87% for the Russell 1000 Value Index. Market leadership shifted from hyperscalers to AI infrastructure providers. The team maintains its ROIC-focused value approach, seeking companies with improving returns and deep valuation discounts. Key holdings include CVS Health recovering from Medicare Advantage pressures and MarketAxess benefiting from structural change. Strict valuation discipline and margin of safety remain paramount. Full Quick Take RS Large Cap Value underperformed in Q2 2026, returning 5.03% net versus 13.87% for the Russell 1000 Value Index. Market leadership shifted from hyperscalers to AI infrastructure providers. The team maintains its ROIC-focused value approach, seeking companies with improving returns and deep valuation discounts. Key holdings include CVS Health recovering from Medicare Advantage pressures and MarketAxess benefiting from structural change. Strict valuation discipline and margin of safety remain paramount. | |||||||
| +24.8% | +13.6% | NZS Capital delivered 24.76% net returns in Q2 2026 driven by concentrated semiconductor exposure capturing AI infrastructure demand. The manager re-entered NVIDIA at attractive valuations while trimming momentum winners back to optionality. Healthcare presents compelling opportunities with improving fundamentals and multiple compression creating entry points. The portfolio maintains disciplined concentration in AI ecosystem, grid infrastructure, and select healthcare innovators with narrowing outcome ranges. Full Quick Take NZS Capital delivered 24.76% net returns in Q2 2026 driven by concentrated semiconductor exposure capturing AI infrastructure demand. The manager re-entered NVIDIA at attractive valuations while trimming momentum winners back to optionality. Healthcare presents compelling opportunities with improving fundamentals and multiple compression creating entry points. The portfolio maintains disciplined concentration in AI ecosystem, grid infrastructure, and select healthcare innovators with narrowing outcome ranges. | |||||||
| - | +13.6% | Frank Value Fund pursues catalyst-unlocking value in mid-caps trading at 10x earnings, deliberately avoiding the AI Big 10 concentration that mirrors 2000 bubble dynamics. The fund retained large consumer staples positions and added healthcare and defense contractors where depressed valuations enable 10%+ annual capital returns through buybacks. The 66% tech-staples performance gap creates compelling opportunity as management teams accelerate earnings growth, offering simpler bets than complex AI infrastructure unknowns. Full Quick Take Frank Value Fund pursues catalyst-unlocking value in mid-caps trading at 10x earnings, deliberately avoiding the AI Big 10 concentration that mirrors 2000 bubble dynamics. The fund retained large consumer staples positions and added healthcare and defense contractors where depressed valuations enable 10%+ annual capital returns through buybacks. The 66% tech-staples performance gap creates compelling opportunity as management teams accelerate earnings growth, offering simpler bets than complex AI infrastructure unknowns. | - | ||||||
| - | - | Focus Wealth Management warns markets show late-stage bubble characteristics with half the S&P 500 at 10x price-to-sales requiring impossible returns. While AI is genuinely revolutionary, hyperscaler economics are unattractive and three-quarters of U.S. growth depends on this spending. The manager avoids the mania, buying quality businesses left behind like WSP Global and Abbott Laboratories, maintaining discipline and dry powder for inevitable volatility. Full Quick Take Focus Wealth Management warns markets show late-stage bubble characteristics with half the S&P 500 at 10x price-to-sales requiring impossible returns. While AI is genuinely revolutionary, hyperscaler economics are unattractive and three-quarters of U.S. growth depends on this spending. The manager avoids the mania, buying quality businesses left behind like WSP Global and Abbott Laboratories, maintaining discipline and dry powder for inevitable volatility. | |||||||
| - | - | Right Tail Capital established a position in HCA Healthcare, the largest US for-profit hospital operator with dominant market positions in high-growth Sunbelt markets. The company generates 20% EBITDA margins, has retired 50% of shares since 2011, and trades at 12x earnings with 10-15% expected annual earnings growth. Despite healthcare reimbursement risks, HCA's operational excellence and financial strength position it to outperform competitors. Full Quick Take Right Tail Capital established a position in HCA Healthcare, the largest US for-profit hospital operator with dominant market positions in high-growth Sunbelt markets. The company generates 20% EBITDA margins, has retired 50% of shares since 2011, and trades at 12x earnings with 10-15% expected annual earnings growth. Despite healthcare reimbursement risks, HCA's operational excellence and financial strength position it to outperform competitors. | |||||||
| +12.3% | +0.6% | Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak. Full Quick Take Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak. | - | ||||||
| - | +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. | |||||||
| - | -0.6% | Gymkhana Partners significantly outperformed Indian equity benchmarks in H1 2026 with its portfolio of high-quality businesses trading at 15x forward earnings despite faster growth than major indices. The manager remains fully invested and bullish, substantially adding to healthcare positions while trimming stocks following rallies. India's world-leading growth trajectory combined with bargain valuations creates what the manager views as an opportune entry point for long-term investors. Full Quick Take Gymkhana Partners significantly outperformed Indian equity benchmarks in H1 2026 with its portfolio of high-quality businesses trading at 15x forward earnings despite faster growth than major indices. The manager remains fully invested and bullish, substantially adding to healthcare positions while trimming stocks following rallies. India's world-leading growth trajectory combined with bargain valuations creates what the manager views as an opportune entry point for long-term investors. | - | ||||||
| - | - | - | Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period. Their APAC-wide strategy provides critical pattern-matching advantages as Singapore emerges as a global tech hub producing world-class companies. Full Quick Take Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period. Their APAC-wide strategy provides critical pattern-matching advantages as Singapore emerges as a global tech hub producing world-class companies. | - | |||||
| - | - | Matrix delivered strong Q2 returns as markets rallied 15.2%, but remains cautiously optimistic given elevated valuations at 20x earnings. The manager actively rotated the portfolio, trimming overweighted Financials and Technology winners while adding to lagging Consumer Staples and Healthcare names. Portfolios are positioned to benefit from anticipated market broadening beyond concentrated leadership, owning attractively valued companies poised to lead in upcoming periods despite expected volatility. Full Quick Take Matrix delivered strong Q2 returns as markets rallied 15.2%, but remains cautiously optimistic given elevated valuations at 20x earnings. The manager actively rotated the portfolio, trimming overweighted Financials and Technology winners while adding to lagging Consumer Staples and Healthcare names. Portfolios are positioned to benefit from anticipated market broadening beyond concentrated leadership, owning attractively valued companies poised to lead in upcoming periods despite expected volatility. | - | ||||||
| -8.9% | -8.9% | Broyhill underperformed in Q1 due to structural tilts away from energy and toward international/defensive names, but used volatility to add high-conviction positions in healthcare, housing, and European equities. Manager views current disconnect between improving fundamentals and declining prices as positioning-driven, creating asymmetric opportunity as portfolio trades at meaningfully cheaper valuations with unchanged business quality. Full Quick Take Broyhill underperformed in Q1 due to structural tilts away from energy and toward international/defensive names, but used volatility to add high-conviction positions in healthcare, housing, and European equities. Manager views current disconnect between improving fundamentals and declining prices as positioning-driven, creating asymmetric opportunity as portfolio trades at meaningfully cheaper valuations with unchanged business quality. | - | ||||||
| - | - | Antipodes Global Value outperformed in volatile Q1 2026, benefiting from value rotation and energy shock. Strategy added defensive exposures while maintaining selective structural themes including AI infrastructure. Strong performance from energy and industrial holdings offset software sector weakness. New positions in Disney, NVIDIA, and Asian value opportunities reflect focus on meaningful valuation gaps. Full Quick Take Antipodes Global Value outperformed in volatile Q1 2026, benefiting from value rotation and energy shock. Strategy added defensive exposures while maintaining selective structural themes including AI infrastructure. Strong performance from energy and industrial holdings offset software sector weakness. New positions in Disney, NVIDIA, and Asian value opportunities reflect focus on meaningful valuation gaps. | |||||||
| -2.7% | -2.7% | Minot Light delivered -2.7% in Q1 2026 amid macro volatility and adverse sector rotation away from healthcare and consumer discretionary holdings. Despite near-term headwinds, managers express increased confidence in their small/micro-cap strategy, highlighting strong fundamentals in names like Bob's Discount Furniture and ImmuCell. They expect sector rotations to eventually mean-revert, creating strong tailwinds for current out-of-favor positions. Full Quick Take Minot Light delivered -2.7% in Q1 2026 amid macro volatility and adverse sector rotation away from healthcare and consumer discretionary holdings. Despite near-term headwinds, managers express increased confidence in their small/micro-cap strategy, highlighting strong fundamentals in names like Bob's Discount Furniture and ImmuCell. They expect sector rotations to eventually mean-revert, creating strong tailwinds for current out-of-favor positions. | |||||||
| - | - | Mid-cap growth fund focused on AI infrastructure beneficiaries like Vertiv and Quanta Services, which drove outperformance despite broader sector weakness. Energy exposure provided upside from Iran tensions pushing oil above $100. Managers remain constructive on cyclical areas benefiting from AI spending despite geopolitical uncertainty, expecting current volatility to be temporary as valuations normalize. Full Quick Take Mid-cap growth fund focused on AI infrastructure beneficiaries like Vertiv and Quanta Services, which drove outperformance despite broader sector weakness. Energy exposure provided upside from Iran tensions pushing oil above $100. Managers remain constructive on cyclical areas benefiting from AI spending despite geopolitical uncertainty, expecting current volatility to be temporary as valuations normalize. | |||||||
| - | - | DKAM operates a concentrated small cap Canadian portfolio with 10% cash following strategic exits from GoEasy and Constellation Software. Holdings like Zedcor, Blue Ant, and VitalHub are positioned for record 2026 performance. Small caps trade at 30-year lows versus large caps despite superior growth prospects. Fund expects 63% earnings growth at 9.2x P/E while S&P 500 trades at 21.8x for 14% growth. Full Quick Take DKAM operates a concentrated small cap Canadian portfolio with 10% cash following strategic exits from GoEasy and Constellation Software. Holdings like Zedcor, Blue Ant, and VitalHub are positioned for record 2026 performance. Small caps trade at 30-year lows versus large caps despite superior growth prospects. Fund expects 63% earnings growth at 9.2x P/E while S&P 500 trades at 21.8x for 14% growth. | |||||||
| +14.4% | +11.6% | The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin compression, while holding strong conviction in housing and core financial leaders. Full Quick Take The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin compression, while holding strong conviction in housing and core financial leaders. | |||||||
| +12.0% | +9.9% | Prosper Stars & Stripes ended 2025 with solid returns, capitalizing on profitable exits in tech and industrials. The manager is highly constructive on small caps for 2026, expecting monetary easing and tax cuts to drive a cyclical rebound. Full Quick Take Prosper Stars & Stripes ended 2025 with solid returns, capitalizing on profitable exits in tech and industrials. The manager is highly constructive on small caps for 2026, expecting monetary easing and tax cuts to drive a cyclical rebound. | - | ||||||
| +16.3% | +11.8% | Despite lagging its benchmark in 2025, the fund generated strong absolute gains and is shifting capital into robust biotech launches and under-the-radar AI infrastructure plays. Full Quick Take Despite lagging its benchmark in 2025, the fund generated strong absolute gains and is shifting capital into robust biotech launches and under-the-radar AI infrastructure plays. | |||||||
| - | - | Oak Ridge portfolios delivered strong absolute returns in 2025, navigating a major Q4 rotation into Healthcare and preparing for a more selective, broadening market in 2026 where valuation discipline and active management will be critical. Full Quick Take Oak Ridge portfolios delivered strong absolute returns in 2025, navigating a major Q4 rotation into Healthcare and preparing for a more selective, broadening market in 2026 where valuation discipline and active management will be critical. | - | ||||||
| +17.0% | +6.7% | Inefficient Markets and Lack of Coverage, Small-Cap Healthcare Special Situations, Additional Keywords & Themes | Summers Value Fund LP offers concentrated, low-volatility exposure to small-cap healthcare special situations, achieving a 12.0% annualized return since inception through institutional-grade research and private-equity-style public market investing. Full Quick Take Summers Value Fund LP offers concentrated, low-volatility exposure to small-cap healthcare special situations, achieving a 12.0% annualized return since inception through institutional-grade research and private-equity-style public market investing. | ||||||
| - | - | - | RD Capital Partners deploys permanent capital into UK businesses with strong fundamentals, focusing on healthcare and industrial distribution. Their portfolio demonstrates successful execution with RDCP Care expanding from 2 to 20 nursing homes and RDCP Electrical growing from 6 to 18 branches through disciplined buy-and-build strategies, creating sustainable value through long-term ownership. Full Quick Take RD Capital Partners deploys permanent capital into UK businesses with strong fundamentals, focusing on healthcare and industrial distribution. Their portfolio demonstrates successful execution with RDCP Care expanding from 2 to 20 nursing homes and RDCP Electrical growing from 6 to 18 branches through disciplined buy-and-build strategies, creating sustainable value through long-term ownership. | - | |||||
| - | +22.0% | Davis Opportunity Fund materially outperformed the S&P 1500 in 2025, returning +22.02%, while cautioning investors to shift capital away from expensive, hyper-concentrated passive index structures into active, value-conscious equities. Full Quick Take Davis Opportunity Fund materially outperformed the S&P 1500 in 2025, returning +22.02%, while cautioning investors to shift capital away from expensive, hyper-concentrated passive index structures into active, value-conscious equities. | |||||||
| +13.8% | +13.3% | The RiverPark Large Growth Fund posted a modest 1.38% return in Q4 2025, outperforming its growth benchmark for the quarter but trailing for the full year, as robust fundamentals in AI and healthcare were offset by investor concerns over rising AI-related capital expenditure. Full Quick Take The RiverPark Large Growth Fund posted a modest 1.38% return in Q4 2025, outperforming its growth benchmark for the quarter but trailing for the full year, as robust fundamentals in AI and healthcare were offset by investor concerns over rising AI-related capital expenditure. | - | ||||||
| +29.1% | +20.7% | The Oakmark Global Select Fund underperformed the MSCI World Index in Q4 2025. Key activity included establishing a new position in Sanofi and completely exiting Mercedes-Benz and Roche, while Bayer and Alibaba acted as the quarter's primary driver and detractor, respectively. Full Quick Take The Oakmark Global Select Fund underperformed the MSCI World Index in Q4 2025. Key activity included establishing a new position in Sanofi and completely exiting Mercedes-Benz and Roche, while Bayer and Alibaba acted as the quarter's primary driver and detractor, respectively. | |||||||
| +42.7% | +14.3% | Artificial Intelligence & Technology, Macro Environment & Market Valuation, Additional Keywords & Themes | Hardman Johnston Large Cap Equity outpaced the S&P 500 in Q4 2025 with a 4.27% net return, led by tech and lithium holdings, while actively rebalancing into Broadcom, Cameco, and HDFC Bank. Full Quick Take Hardman Johnston Large Cap Equity outpaced the S&P 500 in Q4 2025 with a 4.27% net return, led by tech and lithium holdings, while actively rebalancing into Broadcom, Cameco, and HDFC Bank. | ||||||
| - | +1.8% | GROW Funds posts strong 2025 returns, heavily rotates into defensive-growth healthcare names, and targets small/mid-caps amid bubble-like mega-cap valuations. Full Quick Take GROW Funds posts strong 2025 returns, heavily rotates into defensive-growth healthcare names, and targets small/mid-caps amid bubble-like mega-cap valuations. |
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