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 |
|---|---|---|---|---|---|---|---|---|---|
| - | 0.0% | Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. Full Quick Take Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. | - | ||||||
| +5.8% | - | - | PGIM High Yield Fund maintains a constructive but cautious stance as spreads compressed to 270 bps in Q2 2026. The manager favors high-quality, short-duration bonds and overweights homebuilders and telecom while underweighting media and restaurants. With risks skewed to the downside at tight spreads, the focus is on carry generation and credit selection, particularly favoring BB and high-B leveraged loans over lower-quality credits. Full Quick Take PGIM High Yield Fund maintains a constructive but cautious stance as spreads compressed to 270 bps in Q2 2026. The manager favors high-quality, short-duration bonds and overweights homebuilders and telecom while underweighting media and restaurants. With risks skewed to the downside at tight spreads, the focus is on carry generation and credit selection, particularly favoring BB and high-B leveraged loans over lower-quality credits. | - | |||||
| +0.1% | +5.4% | Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. Full Quick Take Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. | |||||||
| +2.1% | +6.5% | - | Pelican Bay's concentrated value portfolio underperformed in Q2 2026 as AI euphoria drove the benchmark 13.8% higher while the portfolio gained just 2.1%. The manager maintains conviction in high-quality holdings trading at steep discounts to intrinsic value with superior metrics versus the index. New energy positions were added on the thesis that supply shocks and surging data center electricity demand create material mispricing opportunities. Full Quick Take Pelican Bay's concentrated value portfolio underperformed in Q2 2026 as AI euphoria drove the benchmark 13.8% higher while the portfolio gained just 2.1%. The manager maintains conviction in high-quality holdings trading at steep discounts to intrinsic value with superior metrics versus the index. New energy positions were added on the thesis that supply shocks and surging data center electricity demand create material mispricing opportunities. | ||||||
| - | -2.3% | Bonhoeffer Fund lost 2.3% in 1H 2026 while continuing to rotate from slower-growth firms into durable compounders in distribution, community banks, and homebuilders. The portfolio targets deep value with growth, seeking 30-40% expected returns from firms trading at high single-digit forward earnings multiples. Distribution holdings benefit from copper demand for data centers and EVs. Community banks deliver 15%+ earnings growth through SBA lending despite near-term policy headwinds. Full Quick Take Bonhoeffer Fund lost 2.3% in 1H 2026 while continuing to rotate from slower-growth firms into durable compounders in distribution, community banks, and homebuilders. The portfolio targets deep value with growth, seeking 30-40% expected returns from firms trading at high single-digit forward earnings multiples. Distribution holdings benefit from copper demand for data centers and EVs. Community banks deliver 15%+ earnings growth through SBA lending despite near-term policy headwinds. | |||||||
| +13.9% | +19.2% | Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. Full Quick Take Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. | |||||||
| -10.4% | +1.5% | Black Bear underperformed in Q2 amid market concentration in mega-cap tech, but the manager sees an unusually wide gap between price and value. The portfolio owns cash-generative energy, commodity, and housing businesses at sensible valuations while shorting overleveraged businesses with unrealistic expectations. Many holdings are entering their most cash-generative phases. The manager remains invested alongside partners and expects patience to be rewarded. Full Quick Take Black Bear underperformed in Q2 amid market concentration in mega-cap tech, but the manager sees an unusually wide gap between price and value. The portfolio owns cash-generative energy, commodity, and housing businesses at sensible valuations while shorting overleveraged businesses with unrealistic expectations. Many holdings are entering their most cash-generative phases. The manager remains invested alongside partners and expects patience to be rewarded. | |||||||
| +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. | |||||||
| - | - | GDS Investments is aggressively repositioning into high-quality businesses trading at cyclically depressed valuations while the market remains fixated on AI. The AI bubble is leaking as investors begin discriminating between winners and losers. The manager has upgraded the portfolio by swapping into equally strong or stronger businesses at materially better prices, particularly in housing, positioning for a shift toward valuation discipline. Full Quick Take GDS Investments is aggressively repositioning into high-quality businesses trading at cyclically depressed valuations while the market remains fixated on AI. The AI bubble is leaking as investors begin discriminating between winners and losers. The manager has upgraded the portfolio by swapping into equally strong or stronger businesses at materially better prices, particularly in housing, positioning for a shift toward valuation discipline. | - | ||||||
| +5.7% | -5.8% | Olesen pursues global value investing, exploiting AI-driven market distortions by buying overlooked physical economy businesses at deep discounts. UK homebuilders are core holdings trading at 66% of book value and half of intrinsic value with strong balance sheets and stable demand. European micro caps in specialty finance and distribution offer 60-80% upside as fundamentals improve. Portfolio concentrated in non-US opportunities where investor psychology creates better value. Full Quick Take Olesen pursues global value investing, exploiting AI-driven market distortions by buying overlooked physical economy businesses at deep discounts. UK homebuilders are core holdings trading at 66% of book value and half of intrinsic value with strong balance sheets and stable demand. European micro caps in specialty finance and distribution offer 60-80% upside as fundamentals improve. Portfolio concentrated in non-US opportunities where investor psychology creates better value. | - | ||||||
| - | +6.0% | EdgePoint maintains strict credit underwriting despite decade-low spreads compressing margins of safety across fixed income markets. The firm refuses to reach for yield, keeping portfolio credit ratings consistently at A/BBB while participating in only 32 of 717 new Canadian issues since 2023. Recent investments target company-specific opportunities with strong downside protection in retail real estate, building products, homebuilders, broadcasting, and energy, positioning for inevitable credit cycle turns. Full Quick Take EdgePoint maintains strict credit underwriting despite decade-low spreads compressing margins of safety across fixed income markets. The firm refuses to reach for yield, keeping portfolio credit ratings consistently at A/BBB while participating in only 32 of 717 new Canadian issues since 2023. Recent investments target company-specific opportunities with strong downside protection in retail real estate, building products, homebuilders, broadcasting, and energy, positioning for inevitable credit cycle turns. | - | ||||||
| +11.8% | +5.7% | Baron Real Estate Fund is positioned for a multi-year real estate recovery. Public real estate trades at significant discounts to private market values despite favorable supply-demand dynamics and decade-low construction activity. Three portfolio companies received takeover bids in Q2 at substantial premiums, validating the valuation disconnect. The Fund's diversified approach across REITs and non-REIT real estate companies, combined with compelling valuations and improving fundamentals, supports a path to double-digit annual returns. Full Quick Take Baron Real Estate Fund is positioned for a multi-year real estate recovery. Public real estate trades at significant discounts to private market values despite favorable supply-demand dynamics and decade-low construction activity. Three portfolio companies received takeover bids in Q2 at substantial premiums, validating the valuation disconnect. The Fund's diversified approach across REITs and non-REIT real estate companies, combined with compelling valuations and improving fundamentals, supports a path to double-digit annual returns. | |||||||
| +22.7% | +34.7% | Invesco Small Cap Value Fund surged 22.75% in Q2 2026, crushing its benchmark by 548 basis points on the strength of AI infrastructure and semiconductor holdings. Penguin Solutions, Coherent, and MKS delivered outsized gains as AI spending accelerated. Energy holdings detracted as oil prices fell. Managers see compelling long-term value in small caps given historical valuation discounts to large caps and attractive gaps between current prices and intrinsic value estimates. Full Quick Take Invesco Small Cap Value Fund surged 22.75% in Q2 2026, crushing its benchmark by 548 basis points on the strength of AI infrastructure and semiconductor holdings. Penguin Solutions, Coherent, and MKS delivered outsized gains as AI spending accelerated. Energy holdings detracted as oil prices fell. Managers see compelling long-term value in small caps given historical valuation discounts to large caps and attractive gaps between current prices and intrinsic value estimates. | - | ||||||
| - | - | Colebrooke deliberately upgraded portfolio quality in H1 2026, selling Eurocell and Macfarlane to fund Howden Joinery at £7.30 during rate-driven volatility. Howdens possesses an exceptional moat through uncopiable depot density and national infrastructure, earns 23% ROIC, and gains share through downturns. The concentrated eight-position portfolio now offers the highest quality and defensibility in the fund's history, with valuations requiring minimal future assumptions. Full Quick Take Colebrooke deliberately upgraded portfolio quality in H1 2026, selling Eurocell and Macfarlane to fund Howden Joinery at £7.30 during rate-driven volatility. Howdens possesses an exceptional moat through uncopiable depot density and national infrastructure, earns 23% ROIC, and gains share through downturns. The concentrated eight-position portfolio now offers the highest quality and defensibility in the fund's history, with valuations requiring minimal future assumptions. | |||||||
| +7.4% | +16.5% | Smead Value Fund runs a concentrated 25-30 stock portfolio with 96% active share, deliberately avoiding expensive technology stocks. Q2 winners were mall REITs benefiting from record occupancy and pricing power. Oil holdings detracted short-term but offer compelling value with $40 breakevens versus structural $80 mid-cycle prices driven by permanent geopolitical premiums. The fund targets out-of-favor companies with repeat customers and strong free cash flow generation. Full Quick Take Smead Value Fund runs a concentrated 25-30 stock portfolio with 96% active share, deliberately avoiding expensive technology stocks. Q2 winners were mall REITs benefiting from record occupancy and pricing power. Oil holdings detracted short-term but offer compelling value with $40 breakevens versus structural $80 mid-cycle prices driven by permanent geopolitical premiums. The fund targets out-of-favor companies with repeat customers and strong free cash flow generation. | - | ||||||
| +12.7% | +12.9% | Madison Small Cap Fund underperformed the Russell 2000's 21.5% Q2 rally, returning 12.7% as AI-driven tech and biotech surged. Recent software investments and healthcare positions dragged performance despite strong conviction in their long-term value. The fund actively repositioned, adding four new holdings in semiconductors, networking, and HVAC while exiting underperformers. Managers see encouraging signs in small-cap breadth, software recovery, and potential housing rebound. Full Quick Take Madison Small Cap Fund underperformed the Russell 2000's 21.5% Q2 rally, returning 12.7% as AI-driven tech and biotech surged. Recent software investments and healthcare positions dragged performance despite strong conviction in their long-term value. The fund actively repositioned, adding four new holdings in semiconductors, networking, and HVAC while exiting underperformers. Managers see encouraging signs in small-cap breadth, software recovery, and potential housing rebound. | |||||||
| +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. | |||||||
| +6.0% | - | Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance. Full Quick Take Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance. | |||||||
| +12.8% | +21.7% | Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. Full Quick Take Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. | - | ||||||
| +12.0% | +12.0% | - | Kennedy Capital's mid-cap value strategy underperformed in Q1 due to homebuilding exposure amid rising rates and conflict-driven sector rotation away from Industrials toward Utilities and data center technology stocks. Manager maintains homebuilding positions on attractive valuations, added refining exposure, and avoids cyclical tech names while making tactical adjustments to navigate geopolitical volatility. Full Quick Take Kennedy Capital's mid-cap value strategy underperformed in Q1 due to homebuilding exposure amid rising rates and conflict-driven sector rotation away from Industrials toward Utilities and data center technology stocks. Manager maintains homebuilding positions on attractive valuations, added refining exposure, and avoids cyclical tech names while making tactical adjustments to navigate geopolitical volatility. | - | |||||
| -10.9% | -10.9% | Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading at half intrinsic value. Defense holding Solitron surged 32% on earnings growth and acquisition interest. Fund positioned for potential doubling over next few years through concentrated value investing approach. Full Quick Take Olesen Value Fund fell 10.9% in Q1 as UK homebuilder positions declined sharply due to Iran war concerns. Manager believes portfolio is most undervalued since 2009 crisis, trading at half intrinsic value. Defense holding Solitron surged 32% on earnings growth and acquisition interest. Fund positioned for potential doubling over next few years through concentrated value investing approach. | |||||||
| -6.4% | -6.4% | GoodHaven runs a concentrated 18-position value portfolio targeting quality businesses at discounts to intrinsic value. Core themes include digital advertising secular growth, undervalued financials with strong balance sheets, housing demographic tailwinds, and disciplined energy companies returning cash to shareholders. Portfolio trades at 16.8x forward P/E versus 21.0x for S&P 500. Full Quick Take GoodHaven runs a concentrated 18-position value portfolio targeting quality businesses at discounts to intrinsic value. Core themes include digital advertising secular growth, undervalued financials with strong balance sheets, housing demographic tailwinds, and disciplined energy companies returning cash to shareholders. Portfolio trades at 16.8x forward P/E versus 21.0x for S&P 500. | - | ||||||
| +3.0% | +5.1% | Smead Value Fund warns of a historic valuation bubble in the S&P 500 that will trigger a decade of poor index returns, choosing instead to focus on resilient, out-of-favor sectors like homebuilding, healthcare, and energy. Full Quick Take Smead Value Fund warns of a historic valuation bubble in the S&P 500 that will trigger a decade of poor index returns, choosing instead to focus on resilient, out-of-favor sectors like homebuilding, healthcare, and energy. | - | ||||||
| -1.0% | -12.7% | Black Bear Value Partners underperformed in Q3 due to short positions in overvalued AI companies while long positions in cyclical industries at trough levels showed modest gains. The fund targets homebuilding, chemicals, energy services, banking, and coal companies with structural tailwinds and significant upside potential when market conditions normalize. Full Quick Take Black Bear Value Partners underperformed in Q3 due to short positions in overvalued AI companies while long positions in cyclical industries at trough levels showed modest gains. The fund targets homebuilding, chemicals, energy services, banking, and coal companies with structural tailwinds and significant upside potential when market conditions normalize. | |||||||
| - | +11.7% | Tapasya Investment Fund I outperformed the S&P 500 in H1 2025 with an 11.7% net return, driven by top performers Prosus and Uber, while optimizing cash management and capitalizing on market volatility. Full Quick Take Tapasya Investment Fund I outperformed the S&P 500 in H1 2025 with an 11.7% net return, driven by top performers Prosus and Uber, while optimizing cash management and capitalizing on market volatility. | - | ||||||
| +40.0% | -30.0% | Baron Real Estate Fund manager sees compelling opportunity in real estate trading below replacement cost with improving demand-supply dynamics. Fund returned 3.61% in Q2 2025 with diversified exposure across REITs and non-REIT categories. Key themes include residential real estate benefiting from structural underinvestment, travel recovery, and data center growth from AI demand. Manager remains optimistic despite near-term headwinds. Full Quick Take Baron Real Estate Fund manager sees compelling opportunity in real estate trading below replacement cost with improving demand-supply dynamics. Fund returned 3.61% in Q2 2025 with diversified exposure across REITs and non-REIT categories. Key themes include residential real estate benefiting from structural underinvestment, travel recovery, and data center growth from AI demand. Manager remains optimistic despite near-term headwinds. | - | ||||||
| - | - | Argosy Investors warns of unprecedented US fiscal risks while making selective value investments in Wayfair, Hovnanian, Celsius, and Femsa. Manager maintains defensive positioning against mounting debt service costs and policy uncertainty, focusing on undervalued companies with strong fundamentals. Trimmed Trisura for portfolio management. Expects more challenging environment ahead requiring continued conservatism. Full Quick Take Argosy Investors warns of unprecedented US fiscal risks while making selective value investments in Wayfair, Hovnanian, Celsius, and Femsa. Manager maintains defensive positioning against mounting debt service costs and policy uncertainty, focusing on undervalued companies with strong fundamentals. Trimmed Trisura for portfolio management. Expects more challenging environment ahead requiring continued conservatism. | |||||||
| -3.4% | - | Giverny Capital outperformed during Q1 2025's tariff-induced volatility by focusing on quality companies with strong balance sheets. The manager established new positions in insurance, HVAC, and building products while maintaining conviction in technology leaders. Despite trade policy headwinds creating market uncertainty, the portfolio's cash-rich holdings are positioned to capitalize on dislocations while delivering long-term earnings growth. Full Quick Take Giverny Capital outperformed during Q1 2025's tariff-induced volatility by focusing on quality companies with strong balance sheets. The manager established new positions in insurance, HVAC, and building products while maintaining conviction in technology leaders. Despite trade policy headwinds creating market uncertainty, the portfolio's cash-rich holdings are positioned to capitalize on dislocations while delivering long-term earnings growth. | - | ||||||
| -5.4% | -5.4% | Olesen Value Fund's portfolio trades at 15-year valuation lows despite strong fundamentals across European homebuilders and regional banks. Manager pivoted from complex institutions like Citigroup toward proven, simple businesses with exceptional track records. Portfolio offers significant upside through multiple expansion while maintaining downside protection through strong balance sheets and cash-generative business models. Full Quick Take Olesen Value Fund's portfolio trades at 15-year valuation lows despite strong fundamentals across European homebuilders and regional banks. Manager pivoted from complex institutions like Citigroup toward proven, simple businesses with exceptional track records. Portfolio offers significant upside through multiple expansion while maintaining downside protection through strong balance sheets and cash-generative business models. | - | ||||||
| -1.3% | -1.3% | Black Bear outperformed during Q1 volatility by positioning defensively ahead of tariff announcements. The fund owns businesses with pricing power and fortress balance sheets including auto dealers, building materials, met coal producers, and a discounted bank turnaround. Current market stress creates opportunities for patient capital to acquire quality companies at attractive valuations. Full Quick Take Black Bear outperformed during Q1 volatility by positioning defensively ahead of tariff announcements. The fund owns businesses with pricing power and fortress balance sheets including auto dealers, building materials, met coal producers, and a discounted bank turnaround. Current market stress creates opportunities for patient capital to acquire quality companies at attractive valuations. | - | ||||||
| -3.0% | -3.0% | Smead Value Fund outperformed the S&P 500 in Q1 2025 despite a -3.05% decline, maintaining focus on quality companies at attractive valuations. Core positions in homebuilders and energy benefit from scarcity economics and demographic tailwinds. While tariff uncertainty and rising rates create near-term headwinds, the manager expects patient capital in undervalued, wide-moat businesses to generate superior long-term returns. Full Quick Take Smead Value Fund outperformed the S&P 500 in Q1 2025 despite a -3.05% decline, maintaining focus on quality companies at attractive valuations. Core positions in homebuilders and energy benefit from scarcity economics and demographic tailwinds. While tariff uncertainty and rising rates create near-term headwinds, the manager expects patient capital in undervalued, wide-moat businesses to generate superior long-term returns. | - | ||||||
| -7.6% | -1.6% | Crossroads navigated Q1 tariff volatility by shifting to trade-war-resilient holdings while maintaining cash for opportunities. Key positions include Nintendo's Switch 2 transformation, FTAI's aerospace pivot, and Magnite's advertising platform benefits. Despite -7.6% quarterly decline, the fund recovered to -1.6% YTD and continues outperforming with 13.3% annualized returns since inception through disciplined value investing. Full Quick Take Crossroads navigated Q1 tariff volatility by shifting to trade-war-resilient holdings while maintaining cash for opportunities. Key positions include Nintendo's Switch 2 transformation, FTAI's aerospace pivot, and Magnite's advertising platform benefits. Despite -7.6% quarterly decline, the fund recovered to -1.6% YTD and continues outperforming with 13.3% annualized returns since inception through disciplined value investing. | - | ||||||
| -4.2% | -4.2% | Diamond Hill's Small-Mid Cap Strategy outperformed in Q1 despite 4.15% decline, as trade policy uncertainty drove broad market volatility. Managers actively repositioned portfolio, adding quality names like Illumina and Builders First Source while maintaining conviction in defense and technology holdings. Current tariff-driven uncertainty creates compelling opportunities for disciplined value investors to acquire well-positioned companies at attractive prices. Full Quick Take Diamond Hill's Small-Mid Cap Strategy outperformed in Q1 despite 4.15% decline, as trade policy uncertainty drove broad market volatility. Managers actively repositioned portfolio, adding quality names like Illumina and Builders First Source while maintaining conviction in defense and technology holdings. Current tariff-driven uncertainty creates compelling opportunities for disciplined value investors to acquire well-positioned companies at attractive prices. | - | ||||||
| -0.5% | - | Third Avenue Real Estate Value Fund maintains conviction in demographic-driven real estate opportunities, initiating positions in PulteGroup and Unite Group despite Q1 underperformance. The portfolio emphasizes well-capitalized homebuilders and commercial real estate platforms trading at significant NAV discounts. Demographic tailwinds from millennials and aging populations support long-term thesis, while potential policy reforms could unlock housing market liquidity. Full Quick Take Third Avenue Real Estate Value Fund maintains conviction in demographic-driven real estate opportunities, initiating positions in PulteGroup and Unite Group despite Q1 underperformance. The portfolio emphasizes well-capitalized homebuilders and commercial real estate platforms trading at significant NAV discounts. Demographic tailwinds from millennials and aging populations support long-term thesis, while potential policy reforms could unlock housing market liquidity. | - | ||||||
| -10.0% | - | Parnassus Mid Cap Growth underperformed in Q1 as AI concerns and macro uncertainty pressured growth stocks. Managers opportunistically added eight new positions during the selloff, including disruptive companies like Robinhood and AppLovin at attractive valuations. Despite maintaining thematic focus on cyclical sectors still in rolling recessions, the fund believes recent additions position it well for the next market rally. Full Quick Take Parnassus Mid Cap Growth underperformed in Q1 as AI concerns and macro uncertainty pressured growth stocks. Managers opportunistically added eight new positions during the selloff, including disruptive companies like Robinhood and AppLovin at attractive valuations. Despite maintaining thematic focus on cyclical sectors still in rolling recessions, the fund believes recent additions position it well for the next market rally. | - | ||||||
| -12.4% | - | - | Kennedy Capital's small-cap growth strategy underperformed in Q1 2025 amid tariff uncertainty and policy shifts that pressured equities. Housing and insurance brokerage positions outperformed while semiconductor and healthcare services detracted. Despite elevated near-term risks from aggressive trade policies increasing recession probability, managers see compelling long-term opportunities emerging from current volatility and maintain focus on market share gainers. Full Quick Take Kennedy Capital's small-cap growth strategy underperformed in Q1 2025 amid tariff uncertainty and policy shifts that pressured equities. Housing and insurance brokerage positions outperformed while semiconductor and healthcare services detracted. Despite elevated near-term risks from aggressive trade policies increasing recession probability, managers see compelling long-term opportunities emerging from current volatility and maintain focus on market share gainers. | - | |||||
| +1.0% | - | - | PGIM High Yield Fund takes a defensive approach amid trade policy uncertainty, overweighting high-quality short-duration bonds, home construction, utilities, and telecom while avoiding cyclicals and European tariff-exposed names. Strong credit fundamentals with 1.2% defaults and supportive technicals provide foundation for selective risk-taking as economic concerns get reflected in spreads. Full Quick Take PGIM High Yield Fund takes a defensive approach amid trade policy uncertainty, overweighting high-quality short-duration bonds, home construction, utilities, and telecom while avoiding cyclicals and European tariff-exposed names. Strong credit fundamentals with 1.2% defaults and supportive technicals provide foundation for selective risk-taking as economic concerns get reflected in spreads. | - | |||||
| -55.0% | -55.0% | GoodHaven runs a concentrated value strategy targeting quality businesses at discounts to intrinsic value. The portfolio emphasizes digital advertising, financials, homebuilders, and energy with strong competitive positions. Trading at attractive 18.3x forward P/E with 13.9% growth expectations, the fund focuses on companies with growth tailwinds and capital allocation discipline. Full Quick Take GoodHaven runs a concentrated value strategy targeting quality businesses at discounts to intrinsic value. The portfolio emphasizes digital advertising, financials, homebuilders, and energy with strong competitive positions. Trading at attractive 18.3x forward P/E with 13.9% growth expectations, the fund focuses on companies with growth tailwinds and capital allocation discipline. | - | ||||||
| +18.6% | +39.5% | Laughing Water Capital's concentrated small-cap strategy delivered 39.5% returns in 2024, driven by five key positions including spectrum play NextNav and CDMO Lifecore Biomedical. The manager sees rich opportunities ahead in off-the-beaten-path equities, with underperforming holdings executing well and positioned for recognition as temporary issues resolve. Strong alignment with permanent capital structure supports patient value realization. Full Quick Take Laughing Water Capital's concentrated small-cap strategy delivered 39.5% returns in 2024, driven by five key positions including spectrum play NextNav and CDMO Lifecore Biomedical. The manager sees rich opportunities ahead in off-the-beaten-path equities, with underperforming holdings executing well and positioned for recognition as temporary issues resolve. Strong alignment with permanent capital structure supports patient value realization. | - | ||||||
| +47.0% | +14.4% | Third Avenue Real Estate Value Fund delivered 14.37% returns in 2024 by investing in well-capitalized real estate companies trading at significant NAV discounts. The Fund increased U.K./European exposure where price-to-value gaps compensate for uncertainties, while maintaining focus on financially strong platforms with aligned management and value creation prospects in a higher real rate environment. Full Quick Take Third Avenue Real Estate Value Fund delivered 14.37% returns in 2024 by investing in well-capitalized real estate companies trading at significant NAV discounts. The Fund increased U.K./European exposure where price-to-value gaps compensate for uncertainties, while maintaining focus on financially strong platforms with aligned management and value creation prospects in a higher real rate environment. | - | ||||||
| -10.0% | - | Deep value fund targeting consolidation opportunities and niche growth companies at mid-single digit forward earnings multiples. Portfolio emphasizes distribution, banking, and construction themes with 13.7% earnings yield and growth versus benchmark's 11.4% yield and 7.9% growth. Manager sees highest-quality businesses in fund history with persistent market discounts despite operational improvements. Full Quick Take Deep value fund targeting consolidation opportunities and niche growth companies at mid-single digit forward earnings multiples. Portfolio emphasizes distribution, banking, and construction themes with 13.7% earnings yield and growth versus benchmark's 11.4% yield and 7.9% growth. Manager sees highest-quality businesses in fund history with persistent market discounts despite operational improvements. | - | ||||||
| +10.0% | - | Bretton Fund hit new highs with 9.99% quarterly returns led by Progressive's data-driven insurance growth and homebuilders benefiting from rate cuts. Despite acknowledging frothy market conditions with S&P 500 at elevated 22x earnings, managers maintain concentrated portfolio of 20 quality businesses trading below intrinsic value, positioned for long-term earnings compounding. Full Quick Take Bretton Fund hit new highs with 9.99% quarterly returns led by Progressive's data-driven insurance growth and homebuilders benefiting from rate cuts. Despite acknowledging frothy market conditions with S&P 500 at elevated 22x earnings, managers maintain concentrated portfolio of 20 quality businesses trading below intrinsic value, positioned for long-term earnings compounding. | - | ||||||
| -3.2% | +3.3% | Heartland Value Fund leverages significant valuation discounts in small-cap value stocks, trading at 10.5x 2025 earnings versus 19.9x for the S&P 500. Recent takeover activity validates their approach of identifying undervalued, well-managed businesses. New positions in aerospace and regional banking capitalize on sector-specific opportunities while maintaining discipline through sector allocation guardrails. Full Quick Take Heartland Value Fund leverages significant valuation discounts in small-cap value stocks, trading at 10.5x 2025 earnings versus 19.9x for the S&P 500. Recent takeover activity validates their approach of identifying undervalued, well-managed businesses. New positions in aerospace and regional banking capitalize on sector-specific opportunities while maintaining discipline through sector allocation guardrails. | - | ||||||
| -91.0% | +5.0% | Aristotle/Saul Global Equity Fund underperformed in Q2 2024 due to housing affordability pressures on Lennar and industrial headwinds for Oshkosh. Nuclear energy leader Cameco and semiconductor diversification story Qualcomm drove positive returns. Management sold KDDI and Veralto, maintaining focus on quality businesses with catalysts over macro timing. Full Quick Take Aristotle/Saul Global Equity Fund underperformed in Q2 2024 due to housing affordability pressures on Lennar and industrial headwinds for Oshkosh. Nuclear energy leader Cameco and semiconductor diversification story Qualcomm drove positive returns. Management sold KDDI and Veralto, maintaining focus on quality businesses with catalysts over macro timing. | - | ||||||
| 0.0% | - | Ariel Global Fund fell 3.12% in Q2 as AI-driven tech rally left value stocks behind. Fund added homebuilders and insurers while trimming telecom positions. Strong performance from NetApp and TSMC offset weakness in Intel and CVS Health. Manager sees brightening global outlook for H2 2024 but expects volatility from geopolitical risks and election uncertainty to create opportunities for quality-focused value investors. Full Quick Take Ariel Global Fund fell 3.12% in Q2 as AI-driven tech rally left value stocks behind. Fund added homebuilders and insurers while trimming telecom positions. Strong performance from NetApp and TSMC offset weakness in Intel and CVS Health. Manager sees brightening global outlook for H2 2024 but expects volatility from geopolitical risks and election uncertainty to create opportunities for quality-focused value investors. | - | ||||||
| -1.7% | +5.6% | Aristotle Value outperformed value peers through strong tech stock selection, particularly Qualcomm's automotive expansion and Microsoft's AI infrastructure development. Homebuilder Lennar faced affordability headwinds despite capital optimization. Portfolio changes included exiting Crown Castle amid strategic uncertainty and adding American Water Works for regulated utility exposure with substantial infrastructure investment runway. Full Quick Take Aristotle Value outperformed value peers through strong tech stock selection, particularly Qualcomm's automotive expansion and Microsoft's AI infrastructure development. Homebuilder Lennar faced affordability headwinds despite capital optimization. Portfolio changes included exiting Crown Castle amid strategic uncertainty and adding American Water Works for regulated utility exposure with substantial infrastructure investment runway. | - | ||||||
| +10.6% | +10.6% | GoodHaven runs a concentrated value strategy with 23 positions focused on quality companies at discounted valuations. Portfolio themes include digital advertising, financials, housing, and energy. Strong Q1 2024 performance of 10.6% continues top-tier 5-year track record. Manager co-invested with significant personal capital alignment. Full Quick Take GoodHaven runs a concentrated value strategy with 23 positions focused on quality companies at discounted valuations. Portfolio themes include digital advertising, financials, housing, and energy. Strong Q1 2024 performance of 10.6% continues top-tier 5-year track record. Manager co-invested with significant personal capital alignment. | - | ||||||
| - | - | Crossroads delivered 25.4% net returns in 2023 through concentrated positions in mispriced assets with catalysts. The fund's four key holdings span UK housing transformation, sustainable aviation fuel, AI networking infrastructure, and gaming platform evolution. Manager warns of systemic risks from mega-cap tech concentration while Chinese competitors gain share, positioning for dispersion-driven outperformance ahead. Full Quick Take Crossroads delivered 25.4% net returns in 2023 through concentrated positions in mispriced assets with catalysts. The fund's four key holdings span UK housing transformation, sustainable aviation fuel, AI networking infrastructure, and gaming platform evolution. Manager warns of systemic risks from mega-cap tech concentration while Chinese competitors gain share, positioning for dispersion-driven outperformance ahead. | - | ||||||
| - | - | Ashva Capital returned 16.18% in 2023 betting against recession fears and on housing shortages. Manager correctly called the Fed's soft landing while investing in structural housing demand from millennials facing decades of supply constraints. Expects current bull market to broaden beyond tech, drawing parallels to late 1990s Goldilocks economy. Full Quick Take Ashva Capital returned 16.18% in 2023 betting against recession fears and on housing shortages. Manager correctly called the Fed's soft landing while investing in structural housing demand from millennials facing decades of supply constraints. Expects current bull market to broaden beyond tech, drawing parallels to late 1990s Goldilocks economy. | - | ||||||
| - | +24.0% | Moon Capital's contrarian value strategy delivered 24% returns in 2023 by buying quality companies at discounted prices. Strong performance from homebuilders and financials defied conventional wisdom about interest rate sensitivity. Recent purchase Merchants Bancorp represents the approach: exceptional 30% book value growth, 25%+ ROE, yet trading at only 5x earnings. Full Quick Take Moon Capital's contrarian value strategy delivered 24% returns in 2023 by buying quality companies at discounted prices. Strong performance from homebuilders and financials defied conventional wisdom about interest rate sensitivity. Recent purchase Merchants Bancorp represents the approach: exceptional 30% book value growth, 25%+ ROE, yet trading at only 5x earnings. | - |
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