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 |
|---|---|---|---|---|---|---|---|---|---|
| - | -5.0% | REQ Global Compounders fell 5.0% in H1 2026 as AI rotation pressured software holdings despite strong fundamentals—portfolio companies grew EBITA 14% while the fund trades at 17.7x NTM, the lowest valuation since inception. Aerospace holdings HEICO and Diploma surged on booming demand. Management added proven industrial distributors Applied and DiscoverIE while trimming AI-concentrated Amphenol, viewing current prices as creating exceptional long-term entry points for patient capital. Full Quick Take REQ Global Compounders fell 5.0% in H1 2026 as AI rotation pressured software holdings despite strong fundamentals—portfolio companies grew EBITA 14% while the fund trades at 17.7x NTM, the lowest valuation since inception. Aerospace holdings HEICO and Diploma surged on booming demand. Management added proven industrial distributors Applied and DiscoverIE while trimming AI-concentrated Amphenol, viewing current prices as creating exceptional long-term entry points for patient capital. | |||||||
| +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. | |||||||
| +12.5% | +3.5% | Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. Full Quick Take Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. | |||||||
| +21.9% | +20.9% | Impax Global Environmental Markets Fund surged 21.98% in Q2 2026, outperforming on AI infrastructure tailwinds driving semiconductor and data center holdings. The team maintains high conviction in picks and shovels AI exposure while balancing with defensive waste, industrial gas, and utility positions. Water infrastructure faced headwinds from rates and macro uncertainty. Portfolio remains concentrated in 42 high-quality names with pricing power and secular environmental growth drivers. Full Quick Take Impax Global Environmental Markets Fund surged 21.98% in Q2 2026, outperforming on AI infrastructure tailwinds driving semiconductor and data center holdings. The team maintains high conviction in picks and shovels AI exposure while balancing with defensive waste, industrial gas, and utility positions. Water infrastructure faced headwinds from rates and macro uncertainty. Portfolio remains concentrated in 42 high-quality names with pricing power and secular environmental growth drivers. | - | ||||||
| - | - | Barometer navigated a volatile, choppy quarter dominated by Iran geopolitical risk and policy uncertainty. Semiconductors and financials emerged as clear leaders, prompting substantial position additions in AI infrastructure names and banks. Industrials contributed on data center power and aerospace strength. Precious metals corrected sharply after extended gains, leading to reduced exposure. The manager maintains conviction in semiconductor, financial, and industrial themes while staying disciplined and flexible. Full Quick Take Barometer navigated a volatile, choppy quarter dominated by Iran geopolitical risk and policy uncertainty. Semiconductors and financials emerged as clear leaders, prompting substantial position additions in AI infrastructure names and banks. Industrials contributed on data center power and aerospace strength. Precious metals corrected sharply after extended gains, leading to reduced exposure. The manager maintains conviction in semiconductor, financial, and industrial themes while staying disciplined and flexible. | - | ||||||
| +2.4% | -0.2% | - | Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +7.2% | +8.6% | Greystone Capital pursues concentrated small-cap value in neglected niche industrials while actively avoiding overvalued AI infrastructure. Q2 return of +7.2% lagged AI-driven indices but core holdings like Pitney Bowes, Natural Resource Partners, and Shift4 offer asymmetric upside at 13-15% cash flow yields and mid-single-digit EBITDA multiples. Manager adding to positions during volatility and researching new opportunities in attractive environment for mispriced earnings power. Full Quick Take Greystone Capital pursues concentrated small-cap value in neglected niche industrials while actively avoiding overvalued AI infrastructure. Q2 return of +7.2% lagged AI-driven indices but core holdings like Pitney Bowes, Natural Resource Partners, and Shift4 offer asymmetric upside at 13-15% cash flow yields and mid-single-digit EBITDA multiples. Manager adding to positions during volatility and researching new opportunities in attractive environment for mispriced earnings power. | |||||||
| - | +26.8%SI: +1551.3% | SRK Fund I gained 26.80% net of fees in the first half of 2026 by avoiding crowded AI momentum trades and focusing on mispriced micro-cap turnarounds with substantial operating leverage, disciplined capital allocation, and visible cash flows. Full Quick Take SRK Fund I gained 26.80% net of fees in the first half of 2026 by avoiding crowded AI momentum trades and focusing on mispriced micro-cap turnarounds with substantial operating leverage, disciplined capital allocation, and visible cash flows. | |||||||
| - | +7.8% | Global Alpha's portfolio trades at an unprecedented discount to the market despite delivering strong fundamental growth and higher expected earnings. The strategy maintains concentrated exposure to AI leaders NVIDIA and TSMC while building breadth across emerging market champions, industry consolidators, and mispriced software businesses. The valuation disconnect creates substantial upside potential as the market's mono-thematic focus on AI hardware eventually broadens to recognize quality growth across multiple drivers. Full Quick Take Global Alpha's portfolio trades at an unprecedented discount to the market despite delivering strong fundamental growth and higher expected earnings. The strategy maintains concentrated exposure to AI leaders NVIDIA and TSMC while building breadth across emerging market champions, industry consolidators, and mispriced software businesses. The valuation disconnect creates substantial upside potential as the market's mono-thematic focus on AI hardware eventually broadens to recognize quality growth across multiple drivers. | |||||||
| +20.0% | +11.6% | Parnassus Mid Cap Growth delivered 20.04% in Q2 2026, crushing the benchmark by 549 basis points on AI-driven semiconductor strength. The managers repositioned toward idiosyncratic growth stories, adding AI infrastructure plays while exiting disruption-vulnerable software names. With 31% in Technology and 28% in Industrials, the portfolio balances AI momentum against broadening growth opportunities as manufacturing recovers and economic expansion potentially extends beyond AI in H2 2026. Full Quick Take Parnassus Mid Cap Growth delivered 20.04% in Q2 2026, crushing the benchmark by 549 basis points on AI-driven semiconductor strength. The managers repositioned toward idiosyncratic growth stories, adding AI infrastructure plays while exiting disruption-vulnerable software names. With 31% in Technology and 28% in Industrials, the portfolio balances AI momentum against broadening growth opportunities as manufacturing recovers and economic expansion potentially extends beyond AI in H2 2026. | - | ||||||
| +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. | - | |||||
| +13.0% | +7.9% | - | Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. Full Quick Take Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. | - | |||||
| +0.7% | - | - | The Fund sharply reduced duration to under one year as managers position for a structural shift to higher inflation. Globalization's disinflationary era is over, replaced by supply-chain fragmentation, labor scarcity, and capital-intensive industrial policy that will push equilibrium inflation from 1.5%-3.5% toward 3.5%-4.5%. Long-term Treasury yields face upward pressure from rising real rates, higher term premiums, and greater volatility. Full Quick Take The Fund sharply reduced duration to under one year as managers position for a structural shift to higher inflation. Globalization's disinflationary era is over, replaced by supply-chain fragmentation, labor scarcity, and capital-intensive industrial policy that will push equilibrium inflation from 1.5%-3.5% toward 3.5%-4.5%. Long-term Treasury yields face upward pressure from rising real rates, higher term premiums, and greater volatility. | - | |||||
| +14.4% | +16.9% | Cambiar SMID returned 14.39% in 2Q 2026, trailing the index as AI-driven semiconductors dominated. The manager is trimming expensive technology positions despite strong fundamentals, reallocating to quality value names with robust cash flows and reasonable valuations. Industrials rebounded sharply while Financials lagged modestly. With 4% cash and disciplined positioning, the fund is positioned for potential small cap leadership after years of underperformance while avoiding speculative excess in concentrated mega-cap technology. Full Quick Take Cambiar SMID returned 14.39% in 2Q 2026, trailing the index as AI-driven semiconductors dominated. The manager is trimming expensive technology positions despite strong fundamentals, reallocating to quality value names with robust cash flows and reasonable valuations. Industrials rebounded sharply while Financials lagged modestly. With 4% cash and disciplined positioning, the fund is positioned for potential small cap leadership after years of underperformance while avoiding speculative excess in concentrated mega-cap technology. | - | ||||||
| +12.3% | +18.0% | SouthernSun underperformed in Q2 2026 by avoiding speculative AI concentration that drove index returns. The manager took profits in AI names and maintains disciplined underweight positioning, questioning market stability. Strong results from Extreme Networks and Generac were offset by Darling's oil-price-driven decline and Broadridge's AI-fear selloff. Extensive field research continues across niche industrials and out-of-favor opportunities, with conviction grounded in fundamentals not sentiment. Full Quick Take SouthernSun underperformed in Q2 2026 by avoiding speculative AI concentration that drove index returns. The manager took profits in AI names and maintains disciplined underweight positioning, questioning market stability. Strong results from Extreme Networks and Generac were offset by Darling's oil-price-driven decline and Broadridge's AI-fear selloff. Extensive field research continues across niche industrials and out-of-favor opportunities, with conviction grounded in fundamentals not sentiment. | |||||||
| +25.8% | +25.5% | Small cap growth stocks delivered historic outperformance in Q2 2026, with the strategy returning 25.83% driven by the massive AI capex cycle, record small cap earnings, and attractive valuations. Semiconductors surged 90% as AI infrastructure demand exploded. The manager trimmed AI exposure late quarter expecting consolidation but remains bullish on the second half given strong fundamentals and broadening market leadership. Full Quick Take Small cap growth stocks delivered historic outperformance in Q2 2026, with the strategy returning 25.83% driven by the massive AI capex cycle, record small cap earnings, and attractive valuations. Semiconductors surged 90% as AI infrastructure demand exploded. The manager trimmed AI exposure late quarter expecting consolidation but remains bullish on the second half given strong fundamentals and broadening market leadership. | - | ||||||
| +22.1% | +23.4% | Small caps delivered exceptional Q2 outperformance with the Russell 2000 up 21.49%, the strongest relative performance versus large caps since 2001. The strategy gained 22.14% driven by AI-fueled strength in semiconductors and industrials. Small cap earnings hit new highs while trading at discounts to large caps. Manager reduced AI capex exposure after strong gains but remains constructive on continued economic growth and earnings strength for the second half. Full Quick Take Small caps delivered exceptional Q2 outperformance with the Russell 2000 up 21.49%, the strongest relative performance versus large caps since 2001. The strategy gained 22.14% driven by AI-fueled strength in semiconductors and industrials. Small cap earnings hit new highs while trading at discounts to large caps. Manager reduced AI capex exposure after strong gains but remains constructive on continued economic growth and earnings strength for the second half. | - | ||||||
| +30.5% | +38.8% | Invesco Discovery Fund outperformed significantly in Q2 2026 with a 30.63% return, driven by concentrated semiconductor and AI infrastructure holdings. Top contributors TTM Technologies, Sterling Infrastructure, and MACOM benefited from cyclical recovery and AI-driven demand. Management added three industrial positions targeting AI infrastructure and industrial renewal opportunities. The team maintains a constructive outlook on small-cap growth, supported by strong corporate fundamentals, broadening market participation, and robust AI innovation. Full Quick Take Invesco Discovery Fund outperformed significantly in Q2 2026 with a 30.63% return, driven by concentrated semiconductor and AI infrastructure holdings. Top contributors TTM Technologies, Sterling Infrastructure, and MACOM benefited from cyclical recovery and AI-driven demand. Management added three industrial positions targeting AI infrastructure and industrial renewal opportunities. The team maintains a constructive outlook on small-cap growth, supported by strong corporate fundamentals, broadening market participation, and robust AI innovation. | - | ||||||
| +15.6% | - | American Century Small Cap Value underperformed in Q2 2026, returning 15.58% versus the benchmark's 17.19%, primarily due to missing AI-driven technology rallies and energy sector weakness from lower oil prices. Semiconductor equipment providers and AI-enabled advertising technology were bright spots. The portfolio maintains conviction in financials and industrials trading below historical valuations with strong cash flow generation, while avoiding health care due to unattractive risk/reward profiles. Full Quick Take American Century Small Cap Value underperformed in Q2 2026, returning 15.58% versus the benchmark's 17.19%, primarily due to missing AI-driven technology rallies and energy sector weakness from lower oil prices. Semiconductor equipment providers and AI-enabled advertising technology were bright spots. The portfolio maintains conviction in financials and industrials trading below historical valuations with strong cash flow generation, while avoiding health care due to unattractive risk/reward profiles. | - | ||||||
| - | - | 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. | |||||||
| - | - | - | Hoisington argues the U.S. is exiting globalization's disinflationary era and entering a structurally higher inflation regime (3.5-4.5%) driven by supply chain fragmentation, labor scarcity, and surging capital demands from industrial policy and AI infrastructure. With net national saving near historic lows and the Fed under Warsh expected to pursue balance sheet restraint, the outlook is for more volatile interest rates with upward pressure on long-term Treasury yields. Full Quick Take Hoisington argues the U.S. is exiting globalization's disinflationary era and entering a structurally higher inflation regime (3.5-4.5%) driven by supply chain fragmentation, labor scarcity, and surging capital demands from industrial policy and AI infrastructure. With net national saving near historic lows and the Fed under Warsh expected to pursue balance sheet restraint, the outlook is for more volatile interest rates with upward pressure on long-term Treasury yields. | - | |||||
| +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. | |||||||
| +20.1% | +31.1% | Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes. Full Quick Take Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes. | |||||||
| - | - | Castlebay returned 9% in Q2 2026, outperforming the UK market by 5% as capital rotated back to quality. The fund targets high-quality compounders with 37% ROE and 5.5% free cash flow yields trading at attractive valuations. A new position in Spirax Group exemplifies the strategy: a cash-generative industrial business with a structural growth engine in biopharma that the market undervalues. The UK quality re-rating has only just begun. Full Quick Take Castlebay returned 9% in Q2 2026, outperforming the UK market by 5% as capital rotated back to quality. The fund targets high-quality compounders with 37% ROE and 5.5% free cash flow yields trading at attractive valuations. A new position in Spirax Group exemplifies the strategy: a cash-generative industrial business with a structural growth engine in biopharma that the market undervalues. The UK quality re-rating has only just begun. | |||||||
| - | -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. | - | ||||||
| +8.4% | -8.6% | Polen Global Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing Software and Healthcare holdings. The managers are adapting to a market where thematic flows and index concentration dominate short-term performance by redeploying capital toward businesses with stronger current momentum and visible demand tailwinds, including aerospace, power infrastructure, and defense, while maintaining their focus on competitively advantaged compounders. Full Quick Take Polen Global Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing Software and Healthcare holdings. The managers are adapting to a market where thematic flows and index concentration dominate short-term performance by redeploying capital toward businesses with stronger current momentum and visible demand tailwinds, including aerospace, power infrastructure, and defense, while maintaining their focus on competitively advantaged compounders. | - | ||||||
| +43.5% | +40.4% | The Carmignac Portfolio Tech Solutions fund returned +43.45% in Q2 2026, underperforming its benchmark as speculative semiconductor names led a highly concentrated rally. Tactically, the fund is shifting away from speculative hardware and hyperscalers, redeploying capital into high-quality leaders like Nvidia and developer software companies poised to capture enterprise-scale AI deployment. Full Quick Take The Carmignac Portfolio Tech Solutions fund returned +43.45% in Q2 2026, underperforming its benchmark as speculative semiconductor names led a highly concentrated rally. Tactically, the fund is shifting away from speculative hardware and hyperscalers, redeploying capital into high-quality leaders like Nvidia and developer software companies poised to capture enterprise-scale AI deployment. | - | ||||||
| -76.0% | -76.0% | Impax outperformed during volatile Q1 2026 through defensive industrial gas holdings and semiconductor exposure benefiting from AI demand. Middle East conflict and energy price surge created market stress, but the team sees opportunities for patient investors in environmental solutions. Portfolio maintains AI infrastructure focus while emphasizing defensive waste management and utilities businesses. Full Quick Take Impax outperformed during volatile Q1 2026 through defensive industrial gas holdings and semiconductor exposure benefiting from AI demand. Middle East conflict and energy price surge created market stress, but the team sees opportunities for patient investors in environmental solutions. Portfolio maintains AI infrastructure focus while emphasizing defensive waste management and utilities businesses. | - | ||||||
| -4.2% | -4.2% | - | Smith's Antero Peak outperformed in Q1 by avoiding AI-pressured software and expanding industrial exposure. The manager emphasizes speed over stubbornness, capitalizing on US manufacturing rebuild supported by massive policy incentives. Portfolio benefited from newer positions in Caterpillar and semiconductor equipment while AI chips detracted. Focuses on knowable opportunities amid AI uncertainty and geopolitical volatility. Full Quick Take Smith's Antero Peak outperformed in Q1 by avoiding AI-pressured software and expanding industrial exposure. The manager emphasizes speed over stubbornness, capitalizing on US manufacturing rebuild supported by massive policy incentives. Portfolio benefited from newer positions in Caterpillar and semiconductor equipment while AI chips detracted. Focuses on knowable opportunities amid AI uncertainty and geopolitical volatility. | - | |||||
| -14.2% | -14.2% | Fairlight's quality-focused global small-cap fund underperformed with -14.2% quarterly returns despite strong underlying company earnings. Key holdings Diploma and Halma benefited from AI data center trends, rising 50%+ annually. Market volatility from geopolitical tensions created buying opportunities. Management added to discounted positions and initiated new investments, maintaining confidence in 13% forecasted EPS growth and long-term outperformance potential. Full Quick Take Fairlight's quality-focused global small-cap fund underperformed with -14.2% quarterly returns despite strong underlying company earnings. Key holdings Diploma and Halma benefited from AI data center trends, rising 50%+ annually. Market volatility from geopolitical tensions created buying opportunities. Management added to discounted positions and initiated new investments, maintaining confidence in 13% forecasted EPS growth and long-term outperformance potential. | - | ||||||
| -45.0% | -45.0% | Guinness Global Innovators underperformed in Q1 2026 due to geopolitical tensions and AI-driven software sector weakness. Strong semiconductor equipment performance from Applied Materials, Lam Research, and KLA offset headwinds from zero Energy exposure and software holdings pressure. Fund maintains conviction in quality growth approach despite near-term macro volatility and AI disruption concerns. Full Quick Take Guinness Global Innovators underperformed in Q1 2026 due to geopolitical tensions and AI-driven software sector weakness. Strong semiconductor equipment performance from Applied Materials, Lam Research, and KLA offset headwinds from zero Energy exposure and software holdings pressure. Fund maintains conviction in quality growth approach despite near-term macro volatility and AI disruption concerns. | - | ||||||
| -7.7% | -7.7% | The Value Line Select Growth Fund focused on high-quality large- and mid-cap companies with predictable earnings and consistent growth during Q1 2026, delivering a return of -7.74% and outperforming its benchmark category amidst macro uncertainty and market volatility driven by geopolitical tensions. Full Quick Take The Value Line Select Growth Fund focused on high-quality large- and mid-cap companies with predictable earnings and consistent growth during Q1 2026, delivering a return of -7.74% and outperforming its benchmark category amidst macro uncertainty and market volatility driven by geopolitical tensions. | |||||||
| -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. | ||||||
| - | +11.0% | The fund targets long-term compounding growth by investing in leading global companies aligned with the expansion of the global middle class. Amid extreme tech volatility and fully priced tech valuations, the manager is shifting capital into food, energy, and logistics, while anticipating that Western rearmament will act as a major catalyst for industrial activity and future tech demand. Full Quick Take The fund targets long-term compounding growth by investing in leading global companies aligned with the expansion of the global middle class. Amid extreme tech volatility and fully priced tech valuations, the manager is shifting capital into food, energy, and logistics, while anticipating that Western rearmament will act as a major catalyst for industrial activity and future tech demand. | - | ||||||
| +9.1% | +35.6% | The fund delivered an outstanding 35.6% return in 2025 by avoiding crowded mega-cap tech trades in favor of macro themes like precious metals, shipping, and selective growth equities. Moving into 2026, the manager remains constructive on a market broadening toward mid- and small-caps, financial deregulation, and the emerging wave of asset tokenization. Full Quick Take The fund delivered an outstanding 35.6% return in 2025 by avoiding crowded mega-cap tech trades in favor of macro themes like precious metals, shipping, and selective growth equities. Moving into 2026, the manager remains constructive on a market broadening toward mid- and small-caps, financial deregulation, and the emerging wave of asset tokenization. | |||||||
| - | - | AI Disruption vs. Enablement, Cyclical Recovery and Industrial Stabilization, Additional Keywords & Themes | The ClearBridge Mid Cap Growth Strategy outperformed its benchmark in Q1 2026 by leveraging cyclical industrials and actively managing AI disruption risk. Full Quick Take The ClearBridge Mid Cap Growth Strategy outperformed its benchmark in Q1 2026 by leveraging cyclical industrials and actively managing AI disruption risk. | - | |||||
| +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. | - | ||||||
| - | +10.3% | Multipolar World & Resilient Supply Chains, Critical Materials & Electrification, Additional Keywords & Themes | Tall Oak Capital delivered robust 2025 returns and is positioning portfolios to benefit from a structural shift toward a multipolar, re-shored global economy by emphasizing automation and transition materials. Full Quick Take Tall Oak Capital delivered robust 2025 returns and is positioning portfolios to benefit from a structural shift toward a multipolar, re-shored global economy by emphasizing automation and transition materials. | - | |||||
| +20.0% | +15.1% | WestEnd delivered a solid 15.11% return in 2025, actively rotating capital out of over-concentrated mega-cap technology and into high-conviction cyclicals, healthcare, and industrials levered to the physical buildout of the AI ecosystem. Full Quick Take WestEnd delivered a solid 15.11% return in 2025, actively rotating capital out of over-concentrated mega-cap technology and into high-conviction cyclicals, healthcare, and industrials levered to the physical buildout of the AI ecosystem. | |||||||
| - | -11.0% | Sector Rotation from Auto/chemicals to Defense/industrials, India's 'reform Express', Additional Keywords & Themes | Despite an 11% decline in 2025, Gymkhana remains highly bullish on India's 'reform express,' actively rotating its portfolio into deeply undervalued small-cap industrials and defense suppliers. Full Quick Take Despite an 11% decline in 2025, Gymkhana remains highly bullish on India's 'reform express,' actively rotating its portfolio into deeply undervalued small-cap industrials and defense suppliers. | - | |||||
| -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. | ||||||
| -11.6% | +25.6% | The Fund delivered a strong +25.56% return in 2025, significantly validating its deep-value thesis through major privatization activity in key holdings, and enters 2026 highly constructive on historically cheap valuations. Full Quick Take The Fund delivered a strong +25.56% return in 2025, significantly validating its deep-value thesis through major privatization activity in key holdings, and enters 2026 highly constructive on historically cheap valuations. | - | ||||||
| - | +1.1% | Parabolic Silver and Precious Metals Warning, Baton Pass to Industrial Metals, Additional Keywords & Themes | MJG Capital logged a stellar 109.26% return in 2025, but is cutting precious metals exposure to below 30% and raising cash to 14% to brace for a potential sector-wide correction, while heavily prioritizing copper and capital-efficient prospect generators. Full Quick Take MJG Capital logged a stellar 109.26% return in 2025, but is cutting precious metals exposure to below 30% and raising cash to 14% to brace for a potential sector-wide correction, while heavily prioritizing copper and capital-efficient prospect generators. | - | |||||
| +6.6% | +37.7% | Industrial Beneficiaries of AI & Digitalization, Hype Avoidance and Value Discipline, Additional Keywords & Themes | With a strong 37.7% return in 2025, Smallvalue maintains its patient, disciplined approach. The fund shrugged off Q4 volatility, choosing to hold conviction positions in Sprouts Farmers Market and Olvi Oyj while highlighting long-term structural themes like Europe's electrification and copper. Full Quick Take With a strong 37.7% return in 2025, Smallvalue maintains its patient, disciplined approach. The fund shrugged off Q4 volatility, choosing to hold conviction positions in Sprouts Farmers Market and Olvi Oyj while highlighting long-term structural themes like Europe's electrification and copper. | - | |||||
| - | +7.0% | GoodHaven employs a highly concentrated value style under Larry Pitkowsky, prioritizing high-conviction holdings with a lower average P/E of 19.7x relative to the broader market. Full Quick Take GoodHaven employs a highly concentrated value style under Larry Pitkowsky, prioritizing high-conviction holdings with a lower average P/E of 19.7x relative to the broader market. | |||||||
| - | - | - | 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. | - | |||||
| - | +29.4% | Small Resources vs Small Industrials Divergence, Macroeconomic Policy and Inflation, Additional Keywords & Themes | The 1851 Emerging Companies Fund delivered strong outperformance in the December half with a +20.8% return, and remains positioned with an 11% cash holding to exploit macro-driven volatility in 2026. Full Quick Take The 1851 Emerging Companies Fund delivered strong outperformance in the December half with a +20.8% return, and remains positioned with an 11% cash holding to exploit macro-driven volatility in 2026. | - | |||||
| +34.3% | +34.0% | The Madison Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions in Fiserv and Nike. Full Quick Take The Madison Large Cap Fund gained 3.43% in Q4 2025, outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions in Fiserv and Nike. | |||||||
| -18.9% | -10.1% | Conestoga's conservative growth strategies faced relative performance headwinds in 2025 due to a highly concentrated, speculative 'low-quality' rally, but they remain strongly bullish on a high-quality small-cap rebound in 2026. Full Quick Take Conestoga's conservative growth strategies faced relative performance headwinds in 2025 due to a highly concentrated, speculative 'low-quality' rally, but they remain strongly bullish on a high-quality small-cap rebound in 2026. | |||||||
| -16.7% | +17.5% | AI Infrastructure Investment Volatility, Automation and Industrial Precision, Additional Keywords & Themes | The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy high-quality automation and platform leaders. Full Quick Take The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy high-quality automation and platform leaders. | - |
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
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q1 2026
Q4 2025
Q4 2025
