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% | +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. | |||||||
| - | - | 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. | |||||||
| +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. | - | |||||
| +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. | - | ||||||
| +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. | |||||||
| -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. | |||||||
| - | -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. | ||||||
| - | +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. | - | |||||
| -34.4% | +12.6% | Fidelity Growth Strategies Fund slightly outperformed its benchmark in Q4 (-3.44% vs -3.70%), propelled by strong selections in AI-focused tech hardware, and enters 2026 with a constructive outlook supported by ongoing rate cuts. Full Quick Take Fidelity Growth Strategies Fund slightly outperformed its benchmark in Q4 (-3.44% vs -3.70%), propelled by strong selections in AI-focused tech hardware, and enters 2026 with a constructive outlook supported by ongoing rate cuts. | |||||||
| +36.1% | +41.5% | Massif Capital posted a blowout 36.1% return in Q3 2025, driven by copper and gold miners. The fund is now taking profits in gold to rebalance into industrials like Enovix, while maintaining a high-conviction, contrarian position in European energy ahead of winter. Full Quick Take Massif Capital posted a blowout 36.1% return in Q3 2025, driven by copper and gold miners. The fund is now taking profits in gold to rebalance into industrials like Enovix, while maintaining a high-conviction, contrarian position in European energy ahead of winter. | - | ||||||
| - | +6.8% | GoodHaven's '2.0' transition under Larry Pitkowsky has delivered top-tier 3 and 5-year risk-adjusted returns by refocusing on a highly concentrated portfolio of high-quality companies with deep value characteristics. Full Quick Take GoodHaven's '2.0' transition under Larry Pitkowsky has delivered top-tier 3 and 5-year risk-adjusted returns by refocusing on a highly concentrated portfolio of high-quality companies with deep value characteristics. | - | ||||||
| - | - | - | Foreign small-caps delivered exceptional Q2 returns but remain attractively valued at 18% discount to U.S. large caps. High-quality foreign funds face technical dislocation from outflows despite superior fundamentals, creating opportunity for rebound. Strong performance across Industrials, recovering Semiconductors, and Consumer holdings. India research trip reinforced compelling long-term consumer growth story with infrastructure improvements and low penetration rates. Full Quick Take Foreign small-caps delivered exceptional Q2 returns but remain attractively valued at 18% discount to U.S. large caps. High-quality foreign funds face technical dislocation from outflows despite superior fundamentals, creating opportunity for rebound. Strong performance across Industrials, recovering Semiconductors, and Consumer holdings. India research trip reinforced compelling long-term consumer growth story with infrastructure improvements and low penetration rates. | - | |||||
| -39.0% | - | The American Century Small Cap Value Fund lagged its benchmark in Q2 2025 due to weak stock selection in energy and financials, but benefited from strong performance in industrials and positive M&A activity. Full Quick Take The American Century Small Cap Value Fund lagged its benchmark in Q2 2025 due to weak stock selection in energy and financials, but benefited from strong performance in industrials and positive M&A activity. | - | ||||||
| - | +11.5% | Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of undervalued financials, healthcare, and dull industrials. Full Quick Take Davis New York Venture Fund returned +11.51% in 1H 2025, outperforming the S&P 500. The fund is heavily underweight overvalued tech darlings, favoring a selective portfolio of undervalued financials, healthcare, and dull industrials. | - | ||||||
| -8.0% | -8.0% | Fidelity Growth Strategies Fund fell 8.03% in Q1 2025, underperforming on policy uncertainty and tariff concerns. Coherent and Cloudflare were key detractors while Howmet Aerospace contributed positively. The fund maintains its industrials overweight despite reducing exposure, focusing on high-quality companies with strong free cash flow generation and attractive valuations amid volatile markets. Full Quick Take Fidelity Growth Strategies Fund fell 8.03% in Q1 2025, underperforming on policy uncertainty and tariff concerns. Coherent and Cloudflare were key detractors while Howmet Aerospace contributed positively. The fund maintains its industrials overweight despite reducing exposure, focusing on high-quality companies with strong free cash flow generation and attractive valuations amid volatile markets. | - | ||||||
| -5.7% | - | Conestoga's SMid Cap strategy significantly outperformed during Q1's market selloff, declining 5.73% versus benchmark's 10.80% drop. High-quality factor leadership drove outperformance as profitable companies with strong margins outpaced high-beta peers. Strong stock selection in Industrials and Technology, combined with domestic revenue exposure positioning for tariff environment, supported relative performance despite broad market weakness. Full Quick Take Conestoga's SMid Cap strategy significantly outperformed during Q1's market selloff, declining 5.73% versus benchmark's 10.80% drop. High-quality factor leadership drove outperformance as profitable companies with strong margins outpaced high-beta peers. Strong stock selection in Industrials and Technology, combined with domestic revenue exposure positioning for tariff environment, supported relative performance despite broad market weakness. | - | ||||||
| - | +0.1% | Small cap fund targeting quality companies at attractive valuations, with small caps trading at 29% discount to S&P 500 despite superior earnings growth estimates. Active portfolio management adding to high-conviction positions while trimming appreciated holdings. Optimistic on small cap rotation potential given historical cycles and improving business fundamentals across portfolio companies. Full Quick Take Small cap fund targeting quality companies at attractive valuations, with small caps trading at 29% discount to S&P 500 despite superior earnings growth estimates. Active portfolio management adding to high-conviction positions while trimming appreciated holdings. Optimistic on small cap rotation potential given historical cycles and improving business fundamentals across portfolio companies. | - | ||||||
| -1.6% | +7.3% | Concentrated European equity fund outperformed in Q4 despite challenging industrial end markets. Strong performance from Compass and Essilor offset weakness in materials holdings Linde and Sika. Manager maintains conviction in medium-term growth prospects while selectively trimming weaker positions like Michelin. Strategy focuses on resilient operating models and attractive valuations through industrial cycle. Full Quick Take Concentrated European equity fund outperformed in Q4 despite challenging industrial end markets. Strong performance from Compass and Essilor offset weakness in materials holdings Linde and Sika. Manager maintains conviction in medium-term growth prospects while selectively trimming weaker positions like Michelin. Strategy focuses on resilient operating models and attractive valuations through industrial cycle. | - | ||||||
| +5.8% | +24.8% | Brandes Small Cap Value Fund outperformed significantly in Q4 2024 with a 5.76% return versus 0.33% for Russell 2000, driven by strong industrials exposure including machinery and aerospace companies. The fund maintains its value-oriented approach with lower valuations than the benchmark while focusing on companies with strong balance sheets and durable cash flow generation. Full Quick Take Brandes Small Cap Value Fund outperformed significantly in Q4 2024 with a 5.76% return versus 0.33% for Russell 2000, driven by strong industrials exposure including machinery and aerospace companies. The fund maintains its value-oriented approach with lower valuations than the benchmark while focusing on companies with strong balance sheets and durable cash flow generation. | - | ||||||
| +6.3% | +17.9% | Fidelity Growth Strategies Fund slightly underperformed in Q3 with a 6.28% return versus 6.54% benchmark. The fund maintains its largest overweight in industrials, seeing AI data center beneficiaries. Strong performance from Doximity and healthcare names offset CrowdStrike's software glitch impact. The manager reduced healthcare exposure while staying selective on quality companies with strong cash generation. Full Quick Take Fidelity Growth Strategies Fund slightly underperformed in Q3 with a 6.28% return versus 6.54% benchmark. The fund maintains its largest overweight in industrials, seeing AI data center beneficiaries. Strong performance from Doximity and healthcare names offset CrowdStrike's software glitch impact. The manager reduced healthcare exposure while staying selective on quality companies with strong cash generation. | - | ||||||
| - | - | - | Markets hit new highs on Fed easing and AI enthusiasm, but narrow leadership and speculative momentum create fragility. Industrial recovery emerging after longest downturn while health care offers compelling value at depressed valuations. Small cap earnings set to outpace large caps in 2026. Constructive but cautious stance emphasizing quality and selective opportunities in cyclicals and health care. Full Quick Take Markets hit new highs on Fed easing and AI enthusiasm, but narrow leadership and speculative momentum create fragility. Industrial recovery emerging after longest downturn while health care offers compelling value at depressed valuations. Small cap earnings set to outpace large caps in 2026. Constructive but cautious stance emphasizing quality and selective opportunities in cyclicals and health care. | - | |||||
| - | - | Olstein believes market leadership is rotating from overvalued Magnificent Seven stocks to undervalued companies across financials, industrials, and materials. The firm is deploying cash into discounted opportunities while reducing growth stock exposure. Their RTX case study demonstrates capitalizing on temporary issues creating price dislocations. Expected rate cuts and economic improvement should benefit their undervalued holdings. Full Quick Take Olstein believes market leadership is rotating from overvalued Magnificent Seven stocks to undervalued companies across financials, industrials, and materials. The firm is deploying cash into discounted opportunities while reducing growth stock exposure. Their RTX case study demonstrates capitalizing on temporary issues creating price dislocations. Expected rate cuts and economic improvement should benefit their undervalued holdings. | - | ||||||
| +9.4% | +12.4% | Tweedy Browne's high dividend yield value fund returned 9.41% in Q4 2023, underperforming in a momentum-driven market. Industrial holdings led performance while the fund maintains its focus on companies with competitive moats trading at discounts to intrinsic value. The managers are optimistic about price-sensitive strategies as persistent inflation makes valuations matter again. Full Quick Take Tweedy Browne's high dividend yield value fund returned 9.41% in Q4 2023, underperforming in a momentum-driven market. Industrial holdings led performance while the fund maintains its focus on companies with competitive moats trading at discounts to intrinsic value. The managers are optimistic about price-sensitive strategies as persistent inflation makes valuations matter again. | - | ||||||
| +5.7% | +12.5% | Tweedy, Browne's value-focused International Value Fund returned 5.71% in Q4 2023, lagging benchmarks in the momentum-driven rally. Industrial holdings led performance while healthcare and energy disappointed. The managers added new positions in Japanese industrials and Korean insurance, maintaining focus on companies with competitive moats trading below intrinsic value. They remain optimistic about value strategies in the new higher-rate environment. Full Quick Take Tweedy, Browne's value-focused International Value Fund returned 5.71% in Q4 2023, lagging benchmarks in the momentum-driven rally. Industrial holdings led performance while healthcare and energy disappointed. The managers added new positions in Japanese industrials and Korean insurance, maintaining focus on companies with competitive moats trading below intrinsic value. They remain optimistic about value strategies in the new higher-rate environment. | - | ||||||
| +13.8% | +9.4% | Diamond Hill's Mid Cap Fund outperformed in Q4 driven by real estate and industrial holdings benefiting from rate cut expectations. The fund actively deployed capital into four new positions while maintaining conviction in quality companies trading below intrinsic value. Despite elevated market valuations creating headwinds, the manager believes their disciplined bottom-up approach can generate above-average returns. Full Quick Take Diamond Hill's Mid Cap Fund outperformed in Q4 driven by real estate and industrial holdings benefiting from rate cut expectations. The fund actively deployed capital into four new positions while maintaining conviction in quality companies trading below intrinsic value. Despite elevated market valuations creating headwinds, the manager believes their disciplined bottom-up approach can generate above-average returns. | - | ||||||
| +6.9% | +15.2% | Tweedy, Browne's Value Fund delivered solid returns despite trailing momentum-driven markets, with industrial holdings leading performance. The firm continues targeting undervalued companies with competitive moats and strong balance sheets, particularly in smaller industrials and Japan. Management believes persistent inflation and higher rates create favorable conditions for price-sensitive value strategies going forward. Full Quick Take Tweedy, Browne's Value Fund delivered solid returns despite trailing momentum-driven markets, with industrial holdings leading performance. The firm continues targeting undervalued companies with competitive moats and strong balance sheets, particularly in smaller industrials and Japan. Management believes persistent inflation and higher rates create favorable conditions for price-sensitive value strategies going forward. | - | ||||||
| - | - | Baird's small/mid-cap growth strategy underperformed in Q2 as their bias toward profitable, higher-multiple stocks faced headwinds. Consumer discretionary led by Deckers performed well, while technology lagged despite AI enthusiasm. Healthcare showed mixed results with device companies benefiting from surgical volume recovery but biotech facing spending constraints. Management maintains focus on quality companies with strong competitive advantages. Full Quick Take Baird's small/mid-cap growth strategy underperformed in Q2 as their bias toward profitable, higher-multiple stocks faced headwinds. Consumer discretionary led by Deckers performed well, while technology lagged despite AI enthusiasm. Healthcare showed mixed results with device companies benefiting from surgical volume recovery but biotech facing spending constraints. Management maintains focus on quality companies with strong competitive advantages. | - | ||||||
| +4.6% | +2.6% | Diamond Hill's Mid Cap Fund focuses on value-oriented mid-cap companies that can generate consistent cash flows in a higher rate environment. The fund added three new positions in Q2 including Ferguson and SBA Communications while maintaining conviction in industrial holdings like WESCO International. Despite market headwinds, the manager sees selective opportunities for above-average returns through disciplined value investing. Full Quick Take Diamond Hill's Mid Cap Fund focuses on value-oriented mid-cap companies that can generate consistent cash flows in a higher rate environment. The fund added three new positions in Q2 including Ferguson and SBA Communications while maintaining conviction in industrial holdings like WESCO International. Despite market headwinds, the manager sees selective opportunities for above-average returns through disciplined value investing. | - | ||||||
| -3.3% | -3.3% | Ennismore's European small-cap long/short fund declined 3.3% in Q1 2023 but maintains conviction in undervalued holdings. The detailed Washtec investment case highlights their strategy: dominant market positions with recurring revenue streams trading at attractive valuations during temporary margin compression. Strong cash generation and competitive moats support recovery expectations across the concentrated 77-position long book. Full Quick Take Ennismore's European small-cap long/short fund declined 3.3% in Q1 2023 but maintains conviction in undervalued holdings. The detailed Washtec investment case highlights their strategy: dominant market positions with recurring revenue streams trading at attractive valuations during temporary margin compression. Strong cash generation and competitive moats support recovery expectations across the concentrated 77-position long book. | - |
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