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 |
|---|---|---|---|---|---|---|---|---|---|
| - | +10.2% | Silver Beech posted a 10.2% YTD net return through July 2026, staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. Gallagher at attractive valuations, maintaining focus on durable, asset-light, cash-generative franchises. Full Quick Take Silver Beech posted a 10.2% YTD net return through July 2026, staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. Gallagher at attractive valuations, maintaining focus on durable, asset-light, cash-generative franchises. | |||||||
| - | +11.0% | McElvaine Value Fund emphasizes balance sheet resilience over thematic investing, holding concentrated positions in owner-managed businesses with net cash or minimal debt. The portfolio is defensively positioned following 2008 lessons, with 22% cash and strong fundamentals across energy, insurance, and pharmaceuticals holdings. PrairieSky and Knight Therapeutics delivered strong operational results. The manager views the environment as fragile but remains confident in the portfolio's setup despite uncertain timing for value realization. Full Quick Take McElvaine Value Fund emphasizes balance sheet resilience over thematic investing, holding concentrated positions in owner-managed businesses with net cash or minimal debt. The portfolio is defensively positioned following 2008 lessons, with 22% cash and strong fundamentals across energy, insurance, and pharmaceuticals holdings. PrairieSky and Knight Therapeutics delivered strong operational results. The manager views the environment as fragile but remains confident in the portfolio's setup despite uncertain timing for value realization. | |||||||
| - | - | - | Atherean Asset Management is skeptical of AI infrastructure economics and semiconductor sustainability despite strong market performance. The manager avoids hyperscalers and frontier model developers, instead emphasizing long-term ownership of durable businesses with strong capital allocation. The portfolio is heavily weighted toward insurance, viewed as a timeless industry that will benefit from AI operationally while compounding shareholder value through disciplined underwriting and conservative balance sheets. Full Quick Take Atherean Asset Management is skeptical of AI infrastructure economics and semiconductor sustainability despite strong market performance. The manager avoids hyperscalers and frontier model developers, instead emphasizing long-term ownership of durable businesses with strong capital allocation. The portfolio is heavily weighted toward insurance, viewed as a timeless industry that will benefit from AI operationally while compounding shareholder value through disciplined underwriting and conservative balance sheets. | - | |||||
| -2.6% | -14.4% | Baron Generational Growth Fund's high-quality, founder-led portfolio delivered mid-teens earnings growth but declined 2.51% as investors rotated into riskier stocks. The portfolio now trades at 25-36% discounts to historical valuations despite superior profitability. P&C insurance softening and AI disruption fears drove compression in key holdings. Portfolio companies are aggressively repurchasing shares. Management sees exceptional value with strong earnings growth continuing. Full Quick Take Baron Generational Growth Fund's high-quality, founder-led portfolio delivered mid-teens earnings growth but declined 2.51% as investors rotated into riskier stocks. The portfolio now trades at 25-36% discounts to historical valuations despite superior profitability. P&C insurance softening and AI disruption fears drove compression in key holdings. Portfolio companies are aggressively repurchasing shares. Management sees exceptional value with strong earnings growth continuing. | |||||||
| +11.0% | - | Greenhaven Road is repositioning toward lower concentration and near-term catalysts while maintaining differentiated research focus. Top holdings face 12-month validation events: Burford protein settlements approaching trial, Hagerty State Farm acceleration beating consensus, Cellebrite Genesis shifting AI narrative, and special situations at Compass, Lifecore, and AnaptysBio nearing resolution. The portfolio backs advantaged businesses where non-consensus views will be tested quickly, not requiring multi-year patience. Full Quick Take Greenhaven Road is repositioning toward lower concentration and near-term catalysts while maintaining differentiated research focus. Top holdings face 12-month validation events: Burford protein settlements approaching trial, Hagerty State Farm acceleration beating consensus, Cellebrite Genesis shifting AI narrative, and special situations at Compass, Lifecore, and AnaptysBio nearing resolution. The portfolio backs advantaged businesses where non-consensus views will be tested quickly, not requiring multi-year patience. | |||||||
| -12.6% | -4.3% | Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. Full Quick Take Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. | |||||||
| +18.9% | +9.5% | Baron Asset Fund outperformed by 443 basis points in Q2 2026 despite headwinds from narrow AI-driven market leadership, powered by SpaceX's historic IPO and 3,000%+ appreciation. Software and services holdings trade at 47% discounts to historical multiples after indiscriminate AI disruption fears drove 46% multiple compression despite 27% fundamental growth. The manager expects re-rating as these high-quality businesses demonstrate AI enhances rather than disrupts their competitive positions. Full Quick Take Baron Asset Fund outperformed by 443 basis points in Q2 2026 despite headwinds from narrow AI-driven market leadership, powered by SpaceX's historic IPO and 3,000%+ appreciation. Software and services holdings trade at 47% discounts to historical multiples after indiscriminate AI disruption fears drove 46% multiple compression despite 27% fundamental growth. The manager expects re-rating as these high-quality businesses demonstrate AI enhances rather than disrupts their competitive positions. | |||||||
| - | -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. | |||||||
| - | - | - | MPD SME Capital One is a European small-cap PE vehicle with limited deployment capacity. Primary holding La Centrale de Prévoyance, a Swiss insurance broker, completed financial reconciliation and positions for potential service provider role to future fund portfolios. One investment written off, R&D program cancelled. Management operates lean while evaluating strategic options including wealth management expansion and preparing new vehicle launch. Funding constraints limit near-term portfolio development. Full Quick Take MPD SME Capital One is a European small-cap PE vehicle with limited deployment capacity. Primary holding La Centrale de Prévoyance, a Swiss insurance broker, completed financial reconciliation and positions for potential service provider role to future fund portfolios. One investment written off, R&D program cancelled. Management operates lean while evaluating strategic options including wealth management expansion and preparing new vehicle launch. Funding constraints limit near-term portfolio development. | - | |||||
| +7.1% | +4.6% | The Fund underperformed in Q2 2026 as AI infrastructure stocks rallied sharply while the portfolio's quality-focused positioning lagged. Samsung and Qualcomm contributed on memory cycle strength, while Munich Re and Martin Marietta detracted on cyclical concerns. The manager exited Danaher and Dolby after thesis realization, redeploying into Techtronic Industries and Wal-Mart de México. The team remains focused on high-quality businesses at attractive valuations with identifiable catalysts rather than macro positioning. Full Quick Take The Fund underperformed in Q2 2026 as AI infrastructure stocks rallied sharply while the portfolio's quality-focused positioning lagged. Samsung and Qualcomm contributed on memory cycle strength, while Munich Re and Martin Marietta detracted on cyclical concerns. The manager exited Danaher and Dolby after thesis realization, redeploying into Techtronic Industries and Wal-Mart de México. The team remains focused on high-quality businesses at attractive valuations with identifiable catalysts rather than macro positioning. | |||||||
| -6.7% | - | Classic value investor running concentrated compounder portfolio down 3.86% in 2025 but up over 10% excluding currency headwinds from NIS strength. Actively avoiding Magnificent Ten AI bubble while portfolio companies compound FCF at 20% annually versus 3.5% for S&P 500, trading at half the market multiple. Increased positions in insurance, asset managers, and Constellation Software at 50% discount. Maintains full equity exposure with multi-year horizon. Full Quick Take Classic value investor running concentrated compounder portfolio down 3.86% in 2025 but up over 10% excluding currency headwinds from NIS strength. Actively avoiding Magnificent Ten AI bubble while portfolio companies compound FCF at 20% annually versus 3.5% for S&P 500, trading at half the market multiple. Increased positions in insurance, asset managers, and Constellation Software at 50% discount. Maintains full equity exposure with multi-year horizon. | |||||||
| -1.5% | -1.2% | ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. Full Quick Take ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. | |||||||
| +19.9% | - | Orbis Global Equity outperformed by 7.8% in H1 2026 by hunting mispriced AI casualties in a historically narrow market. The strategy targets businesses like insurance brokers and building-products distributors that use AI to enhance operations rather than face disruption. Leadership transitioned to Ben Preston while philosophy and process remain unchanged. Focus is on companies redesigning workflows around AI rather than simply adopting technology. Full Quick Take Orbis Global Equity outperformed by 7.8% in H1 2026 by hunting mispriced AI casualties in a historically narrow market. The strategy targets businesses like insurance brokers and building-products distributors that use AI to enhance operations rather than face disruption. Leadership transitioned to Ben Preston while philosophy and process remain unchanged. Focus is on companies redesigning workflows around AI rather than simply adopting technology. | |||||||
| - | - | Markel Group's Q2 2026 results demonstrate operational momentum in specialty insurance with a 40% increase in insurance segment adjusted operating income and improved 93% combined ratio. The diversified holding company generated strong cash flow, enabling $237 million in share repurchases while maintaining consistent revenues. Management expects continued insurance improvement through year-end, building on reorganization progress initiated in 2025. Full Quick Take Markel Group's Q2 2026 results demonstrate operational momentum in specialty insurance with a 40% increase in insurance segment adjusted operating income and improved 93% combined ratio. The diversified holding company generated strong cash flow, enabling $237 million in share repurchases while maintaining consistent revenues. Management expects continued insurance improvement through year-end, building on reorganization progress initiated in 2025. | |||||||
| +11.2% | +11.1% | The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings. Full Quick Take The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings. | |||||||
| +9.2% | +0.5% | Harris Associates' concentrated value strategy underperformed in Q2 2026 as markets favored AI beneficiaries. The manager added Marsh & McLennan on insurance rate weakness and maintained conviction in Salesforce and Intercontinental Exchange despite AI disruption concerns. Managed care holdings like Centene benefited from stabilizing medical costs. The strategy remains disciplined, targeting quality businesses at discounts to intrinsic value rather than chasing momentum themes. Full Quick Take Harris Associates' concentrated value strategy underperformed in Q2 2026 as markets favored AI beneficiaries. The manager added Marsh & McLennan on insurance rate weakness and maintained conviction in Salesforce and Intercontinental Exchange despite AI disruption concerns. Managed care holdings like Centene benefited from stabilizing medical costs. The strategy remains disciplined, targeting quality businesses at discounts to intrinsic value rather than chasing momentum themes. | |||||||
| +36.0% | +29.7% | Buckley Capital returned 36% in Q2 2026 through disciplined capital recycling, exiting Dave at peak valuations and Root after industry headwinds deepened, while maintaining conviction in Liquidia ahead of a catalyst and initiating positions in mispriced Celsius and Light & Wonder. The small-cap portfolio is concentrated in businesses with improving fundamentals and identifiable catalysts where the market underestimates normalized earnings power, positioned for continued compounding. Full Quick Take Buckley Capital returned 36% in Q2 2026 through disciplined capital recycling, exiting Dave at peak valuations and Root after industry headwinds deepened, while maintaining conviction in Liquidia ahead of a catalyst and initiating positions in mispriced Celsius and Light & Wonder. The small-cap portfolio is concentrated in businesses with improving fundamentals and identifiable catalysts where the market underestimates normalized earnings power, positioned for continued compounding. | |||||||
| +10.4% | -10.7% | Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. Full Quick Take Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. | |||||||
| +10.5% | -10.6% | Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. Full Quick Take Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. | |||||||
| +8.7% | +4.0% | Madison Mid Cap underperformed in Q2 2026 as markets became hyper-concentrated in AI infrastructure plays, with nine of the Russell Midcap's ten largest companies being direct AI beneficiaries. While the fund's AI-exposed holdings led performance, managers warn current euphoria reflects excessive risk appetite. They're adding to overlooked quality companies at attractive valuations, positioning for eventual rotation away from narrow AI concentration toward broader market participation. Full Quick Take Madison Mid Cap underperformed in Q2 2026 as markets became hyper-concentrated in AI infrastructure plays, with nine of the Russell Midcap's ten largest companies being direct AI beneficiaries. While the fund's AI-exposed holdings led performance, managers warn current euphoria reflects excessive risk appetite. They're adding to overlooked quality companies at attractive valuations, positioning for eventual rotation away from narrow AI concentration toward broader market participation. | |||||||
| +13.7% | - | T. Bailey Global Thematic returned 13.7% in Q2 as markets began questioning AI infrastructure valuations following Broadcom's guidance miss. The Fund is shifting AI exposure toward technology beneficiaries while emphasizing themes with proven cash flows in healthcare, insurance, and commodities. With 6.3% cash and positioning in grounded valuations, managers distinguish between companies earning their multiples versus those dependent on future promises. Full Quick Take T. Bailey Global Thematic returned 13.7% in Q2 as markets began questioning AI infrastructure valuations following Broadcom's guidance miss. The Fund is shifting AI exposure toward technology beneficiaries while emphasizing themes with proven cash flows in healthcare, insurance, and commodities. With 6.3% cash and positioning in grounded valuations, managers distinguish between companies earning their multiples versus those dependent on future promises. | - | ||||||
| +13.7% | - | Ariel Appreciation Fund returned 13.71% in Q2 2026, driven by strong performance from Knowles, Generac, and Madison Square Garden Entertainment. The fund added five new positions including Haemonetics, Houlihan Lokey, Masco, Progressive, and Royal Caribbean, while exiting three names to redeploy capital. Despite concentrated market leadership and geopolitical uncertainty, the fund remains focused on owning high-quality mid-cap businesses at attractive valuations with durable competitive advantages. Full Quick Take Ariel Appreciation Fund returned 13.71% in Q2 2026, driven by strong performance from Knowles, Generac, and Madison Square Garden Entertainment. The fund added five new positions including Haemonetics, Houlihan Lokey, Masco, Progressive, and Royal Caribbean, while exiting three names to redeploy capital. Despite concentrated market leadership and geopolitical uncertainty, the fund remains focused on owning high-quality mid-cap businesses at attractive valuations with durable competitive advantages. | |||||||
| +13.6% | - | Ariel Fund returned 13.59% in Q2 2026, underperforming benchmarks despite strong market gains. The fund added entertainment positions MSGE and SPHR on resilient demand and venue expansion opportunities, initiated healthcare and insurance positions HAE and RLI, while Core Laboratories and Carlyle Group detracted on energy headwinds and private credit concerns. The manager maintains valuation discipline and long-term focus amid concentrated market leadership and geopolitical uncertainty. Full Quick Take Ariel Fund returned 13.59% in Q2 2026, underperforming benchmarks despite strong market gains. The fund added entertainment positions MSGE and SPHR on resilient demand and venue expansion opportunities, initiated healthcare and insurance positions HAE and RLI, while Core Laboratories and Carlyle Group detracted on energy headwinds and private credit concerns. The manager maintains valuation discipline and long-term focus amid concentrated market leadership and geopolitical uncertainty. | |||||||
| +6.4% | - | - | T. Bailey Multi-Asset Growth Fund returned 6.44% in Q2 2026 despite June volatility. Strong equity performance from insurance, healthcare, and AI holdings offset a 10.6% gold decline following Fed policy shifts. The Fund maintains meaningful positions across specialist insurance, healthcare, Japanese equities, and emerging markets, complemented by fixed income and gold. Positioning targets growth participation while avoiding overreliance on any single theme. Full Quick Take T. Bailey Multi-Asset Growth Fund returned 6.44% in Q2 2026 despite June volatility. Strong equity performance from insurance, healthcare, and AI holdings offset a 10.6% gold decline following Fed policy shifts. The Fund maintains meaningful positions across specialist insurance, healthcare, Japanese equities, and emerging markets, complemented by fixed income and gold. Positioning targets growth participation while avoiding overreliance on any single theme. | - | |||||
| +6.1% | - | Ganes Focused Value Fund returned 6.1% in Q2 2026, outperforming the market's 4.1%, but lagged over the full year. The concentrated portfolio of founder-led Australian businesses delivered mixed results with Dicker Data rising 45% on data centre and AI demand while ARB Corporation fell 40% on its first profit downgrade in 25 years. The manager maintains conviction in long-term value despite near-term challenges. Full Quick Take Ganes Focused Value Fund returned 6.1% in Q2 2026, outperforming the market's 4.1%, but lagged over the full year. The concentrated portfolio of founder-led Australian businesses delivered mixed results with Dicker Data rising 45% on data centre and AI demand while ARB Corporation fell 40% on its first profit downgrade in 25 years. The manager maintains conviction in long-term value despite near-term challenges. | |||||||
| +2.5% | -0.1% | Oakmark Fund underperformed in Q2 2026 as AI-driven market leadership persisted, but the managers remain disciplined value investors. Delta Air Lines led performance on improved airline industry rationality and strong premium travel demand. New positions in Booking Holdings and Equitable Holdings were initiated at significant discounts to intrinsic value. The fund continues avoiding overvalued AI equities, focusing instead on mispriced businesses with clear catalysts. Full Quick Take Oakmark Fund underperformed in Q2 2026 as AI-driven market leadership persisted, but the managers remain disciplined value investors. Delta Air Lines led performance on improved airline industry rationality and strong premium travel demand. New positions in Booking Holdings and Equitable Holdings were initiated at significant discounts to intrinsic value. The fund continues avoiding overvalued AI equities, focusing instead on mispriced businesses with clear catalysts. | |||||||
| +9.3% | - | FAM Value Fund returned 9.35% in Q2 2026, lagging the Russell Midcap's 13.83% as AI infrastructure investments dominated. Semiconductor holdings Amphenol and Analog Devices led performance. The manager added three new positions—Ryan Specialty, Thermo Fisher, and Tyler Technologies—viewing AI disruption fears as creating opportunities in high-quality businesses. Defensive holdings lagged in the risk-on environment. Portfolio activity expected to remain elevated. Full Quick Take FAM Value Fund returned 9.35% in Q2 2026, lagging the Russell Midcap's 13.83% as AI infrastructure investments dominated. Semiconductor holdings Amphenol and Analog Devices led performance. The manager added three new positions—Ryan Specialty, Thermo Fisher, and Tyler Technologies—viewing AI disruption fears as creating opportunities in high-quality businesses. Defensive holdings lagged in the risk-on environment. Portfolio activity expected to remain elevated. | |||||||
| +16.2% | +10.9% | The fund delivered 16.17% in Q2 2026, outperforming on concentrated AI infrastructure exposure as hyperscaler capex surged past 60% growth. Seagate, Micron, and TSMC drove returns while perceived AI disruption victims lagged. Managers trimmed AI winners after exceptional performance and rotated into undervalued quality names with durable moats. The portfolio balances genuine AI beneficiaries with resilient businesses, maintaining focus on sustainability, energy security, and companies positioned for multi-year secular trends. Full Quick Take The fund delivered 16.17% in Q2 2026, outperforming on concentrated AI infrastructure exposure as hyperscaler capex surged past 60% growth. Seagate, Micron, and TSMC drove returns while perceived AI disruption victims lagged. Managers trimmed AI winners after exceptional performance and rotated into undervalued quality names with durable moats. The portfolio balances genuine AI beneficiaries with resilient businesses, maintaining focus on sustainability, energy security, and companies positioned for multi-year secular trends. | |||||||
| +9.5% | - | FAM Small Cap underperformed in Q2 by avoiding AI data center plays the manager views as lacking moats. The portfolio trades at severely discounted valuations with double-digit earnings growth projected. Top performers included Frontdoor and Landstar System on recovering end markets. The fund initiated Ryan Specialty during weakness and expects elevated activity as volatility creates selective opportunities in high-quality small caps. Full Quick Take FAM Small Cap underperformed in Q2 by avoiding AI data center plays the manager views as lacking moats. The portfolio trades at severely discounted valuations with double-digit earnings growth projected. Top performers included Frontdoor and Landstar System on recovering end markets. The fund initiated Ryan Specialty during weakness and expects elevated activity as volatility creates selective opportunities in high-quality small caps. | |||||||
| - | - | Esk delivered positive returns but lagged AI-driven indices due to deliberate diversification. The fund added energy, industrial, and gold exposure while trimming software names facing AI disruption. Bank holdings outperformed on higher rates and trading volumes, with the manager maintaining elevated weights. Insurance positions face cyclical pressure but are held for quality through the downturn. Disciplined risk management trumps momentum chasing. Full Quick Take Esk delivered positive returns but lagged AI-driven indices due to deliberate diversification. The fund added energy, industrial, and gold exposure while trimming software names facing AI disruption. Bank holdings outperformed on higher rates and trading volumes, with the manager maintaining elevated weights. Insurance positions face cyclical pressure but are held for quality through the downturn. Disciplined risk management trumps momentum chasing. | - | ||||||
| - | -4.6% | Pangolin Asia Fund is deploying into ASEAN market weakness, particularly Indonesia, where MSCI downgrade fears have created compelling entry points. The portfolio trades at 8.9x forward PE with 20% ROIC and estimated 30% free cash flow yield by 2030. Bottom-up stock selection focuses on quality businesses like Allianz Malaysia that passive ETF strategies miss, with local broker targets averaging 82% upside for Indonesian holdings. Full Quick Take Pangolin Asia Fund is deploying into ASEAN market weakness, particularly Indonesia, where MSCI downgrade fears have created compelling entry points. The portfolio trades at 8.9x forward PE with 20% ROIC and estimated 30% free cash flow yield by 2030. Bottom-up stock selection focuses on quality businesses like Allianz Malaysia that passive ETF strategies miss, with local broker targets averaging 82% upside for Indonesian holdings. | |||||||
| +9.5% | -5.9% | Vulcan Value Partners compounds long-term wealth by investing in exceptional, competitively entrenched businesses trading at a substantial discount to intrinsic value. Despite an overvalued broader market, the manager is finding an abundant opportunity set, actively deploying capital into premium software and service names whose valuations are temporarily depressed by irrational AI disruption fears. Full Quick Take Vulcan Value Partners compounds long-term wealth by investing in exceptional, competitively entrenched businesses trading at a substantial discount to intrinsic value. Despite an overvalued broader market, the manager is finding an abundant opportunity set, actively deploying capital into premium software and service names whose valuations are temporarily depressed by irrational AI disruption fears. | |||||||
| - | - | Markel delivered strong insurance underwriting results with a 93% combined ratio and 31% growth in insurance operating income, but investment portfolio volatility created significant headwinds. The company maintained disciplined capital allocation with $134 million in share repurchases while demonstrating operational resilience in its core specialty insurance franchise. Full Quick Take Markel delivered strong insurance underwriting results with a 93% combined ratio and 31% growth in insurance operating income, but investment portfolio volatility created significant headwinds. The company maintained disciplined capital allocation with $134 million in share repurchases while demonstrating operational resilience in its core specialty insurance franchise. | - | ||||||
| -40.0% | -40.0% | Middle Coast Investing navigated Q1 2026's meme-driven market volatility by focusing on quality companies with strong balance sheets and adaptable management. Despite AI disruption fears and geopolitical tensions, the fund added aerospace and travel positions while maintaining conviction in long-term winners. The strategy emphasizes playing for time rather than chasing market themes. Full Quick Take Middle Coast Investing navigated Q1 2026's meme-driven market volatility by focusing on quality companies with strong balance sheets and adaptable management. Despite AI disruption fears and geopolitical tensions, the fund added aerospace and travel positions while maintaining conviction in long-term winners. The strategy emphasizes playing for time rather than chasing market themes. | |||||||
| - | - | - | MPD Partners operates a specialized SME private equity strategy with two portfolio companies. LCP, a profitable Swiss insurance brokerage, generated positive cash flow while expanding capabilities and pursuing wealth management authorization. The firm is developing proprietary lead generation software and launching a new Swiss acquisition vehicle in H2 2026. Full Quick Take MPD Partners operates a specialized SME private equity strategy with two portfolio companies. LCP, a profitable Swiss insurance brokerage, generated positive cash flow while expanding capabilities and pursuing wealth management authorization. The firm is developing proprietary lead generation software and launching a new Swiss acquisition vehicle in H2 2026. | - | |||||
| -13.1% | -13.1% | Fenimore's Value Fund underperformed in Q1 due to insurance broker exposure amid rate softening and AI fears. Manager views AI disruption concerns as overblown for complex commercial businesses, adding to insurance brokers and S&P Global on weakness. Strong earnings growth across holdings despite lagging stock prices has compressed valuations to compelling levels for long-term compounding. Full Quick Take Fenimore's Value Fund underperformed in Q1 due to insurance broker exposure amid rate softening and AI fears. Manager views AI disruption concerns as overblown for complex commercial businesses, adding to insurance brokers and S&P Global on weakness. Strong earnings growth across holdings despite lagging stock prices has compressed valuations to compelling levels for long-term compounding. | - | ||||||
| +20.0% | -12.0% | Bengal Catalyst Fund returned 20% in Q4 '25 (-12% for FY 2025), driven by cannabis policy anticipation. The fund remains highly constructive on Grown Rogue's operational expansion and is taking a long-term value approach amid regulatory delays. Full Quick Take Bengal Catalyst Fund returned 20% in Q4 '25 (-12% for FY 2025), driven by cannabis policy anticipation. The fund remains highly constructive on Grown Rogue's operational expansion and is taking a long-term value approach amid regulatory delays. | - | ||||||
| - | - | Fairfax delivered record results with $4.8 billion net income and 21% book value growth. The decentralized insurance business generated $1.8 billion underwriting profit while investment gains drove 9.3% portfolio returns. Strong balance sheet supports $1.6 billion in buybacks. Management sees continued opportunities in India and quality global investments despite warning of extreme U.S. market valuations. Full Quick Take Fairfax delivered record results with $4.8 billion net income and 21% book value growth. The decentralized insurance business generated $1.8 billion underwriting profit while investment gains drove 9.3% portfolio returns. Strong balance sheet supports $1.6 billion in buybacks. Management sees continued opportunities in India and quality global investments despite warning of extreme U.S. market valuations. | - | ||||||
| - | +10.9% | In his inaugural shareholder letter, Greg Abel charts a steady course for Berkshire Hathaway, emphasizing capital discipline, the acquisition of OxyChem and Bell Laboratories, and a cautious stance on insurance markets while holding a fortress-like $370 billion in cash and Treasuries. Full Quick Take In his inaugural shareholder letter, Greg Abel charts a steady course for Berkshire Hathaway, emphasizing capital discipline, the acquisition of OxyChem and Bell Laboratories, and a cautious stance on insurance markets while holding a fortress-like $370 billion in cash and Treasuries. | - | ||||||
| - | - | Biglari Holdings grew its total investments to $1.1 billion, supported by its core holding in Ferrari and a robust turnaround at Steak n Shake. The company is strategically holding $225 million in cash, waiting to deploy capital into high-quality acquisitions. Full Quick Take Biglari Holdings grew its total investments to $1.1 billion, supported by its core holding in Ferrari and a robust turnaround at Steak n Shake. The company is strategically holding $225 million in cash, waiting to deploy capital into high-quality acquisitions. | - | ||||||
| - | +10.5% | Markel Group delivered solid 2025 results with 12% growth in intrinsic value and executed key strategic initiatives, including a major insurance division reorganization and the exit of reinsurance renewal rights to focus on high-return specialty lines. Full Quick Take Markel Group delivered solid 2025 results with 12% growth in intrinsic value and executed key strategic initiatives, including a major insurance division reorganization and the exit of reinsurance renewal rights to focus on high-return specialty lines. | - | ||||||
| -15.0% | +7.9% | Vulcan Value Partners draws stark parallels between today's AI bubble and 1999's dot-com era, actively rotating capital away from expensive mega-cap tech into neglected, deeply discounted small-cap, SMID, and insurance names. Full Quick Take Vulcan Value Partners draws stark parallels between today's AI bubble and 1999's dot-com era, actively rotating capital away from expensive mega-cap tech into neglected, deeply discounted small-cap, SMID, and insurance names. | - | ||||||
| -15.0% | +7.9% | Vulcan Value Partners is navigating an overvalued, top-heavy market by strictly avoiding speculative AI valuations and rotating capital into highly discounted, high-quality healthcare, insurance, and Small/SMID cap businesses trading at wide margins of safety. Full Quick Take Vulcan Value Partners is navigating an overvalued, top-heavy market by strictly avoiding speculative AI valuations and rotating capital into highly discounted, high-quality healthcare, insurance, and Small/SMID cap businesses trading at wide margins of safety. | - | ||||||
| - | - | Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bitcoin as the ultimate protection against fiat currency debasement. Full Quick Take Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bitcoin as the ultimate protection against fiat currency debasement. | - | ||||||
| -15.0% | -27.0% | The Bengal Catalyst Fund posted a -15% return in Q3 2025 due to a drop in Grown Rogue's stock, but remains confident in its highly concentrated strategy, backed by a proprietary profit-sustainability framework and protected debt positions. Full Quick Take The Bengal Catalyst Fund posted a -15% return in Q3 2025 due to a drop in Grown Rogue's stock, but remains confident in its highly concentrated strategy, backed by a proprietary profit-sustainability framework and protected debt positions. | - | ||||||
| - | - | TEAM Asset Management has completely abandoned G7 government bonds due to structural debt risks, pivoting capital into physical gold, silver, and discounted ex-US equities. Full Quick Take TEAM Asset Management has completely abandoned G7 government bonds due to structural debt risks, pivoting capital into physical gold, silver, and discounted ex-US equities. | - | ||||||
| +7.8% | +11.2% | Pelican Bay Capital Management delivered 7.8% in Q3 2025, beating its benchmark by 2.5%, driven by gold miners and technology. The fund proactively rotated capital, initiating positions in ELV and ODFL while completely exiting Kinsale Capital. Full Quick Take Pelican Bay Capital Management delivered 7.8% in Q3 2025, beating its benchmark by 2.5%, driven by gold miners and technology. The fund proactively rotated capital, initiating positions in ELV and ODFL while completely exiting Kinsale Capital. | |||||||
| - | - | Troy Asset Management warns of dotcom-style AI excesses and historic S&P 500 concentration. The fund is defensively positioned, trimming positions in Microsoft and Alphabet, taking profits in gold, and selectively buying unloved consumer staples and healthcare. Full Quick Take Troy Asset Management warns of dotcom-style AI excesses and historic S&P 500 concentration. The fund is defensively positioned, trimming positions in Microsoft and Alphabet, taking profits in gold, and selectively buying unloved consumer staples and healthcare. | - | ||||||
| - | - | MPD Partners' SME-focused private equity fund centers on La Centrale de Prévoyance, a Swiss insurance broker facing broker turnover challenges while expanding client base. The fund is developing proprietary lead generation software using machine learning to enhance portfolio company sales outcomes, though resource constraints limit development activities. Full Quick Take MPD Partners' SME-focused private equity fund centers on La Centrale de Prévoyance, a Swiss insurance broker facing broker turnover challenges while expanding client base. The fund is developing proprietary lead generation software using machine learning to enhance portfolio company sales outcomes, though resource constraints limit development activities. | - | ||||||
| - | - | MPD Partners operates a SME-focused private equity fund with holdings in Swiss insurance brokerage La Centrale de Prévoyance and proprietary lead generation software development. LCP faces broker retention challenges but shows positive cash flow trends. The fund emphasizes technology-driven value creation and maintains lean operations while building track record for future fund raising. Full Quick Take MPD Partners operates a SME-focused private equity fund with holdings in Swiss insurance brokerage La Centrale de Prévoyance and proprietary lead generation software development. LCP faces broker retention challenges but shows positive cash flow trends. The fund emphasizes technology-driven value creation and maintains lean operations while building track record for future fund raising. | - |
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