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 |
|---|---|---|---|---|---|---|---|---|---|
| -2.1% | - | The Fund declined 2.15% as gold miners detracted, but AI infrastructure holdings surged with semiconductor equipment companies up over 100%. Japanese positions led performance on corporate reform and earnings strength. New positions added in discounted gold producers and Japanese tech companies. Markets rallied on Middle East de-escalation and strong earnings. Outlook remains constructive on broadening market participation and productivity gains from AI adoption. Full Quick Take The Fund declined 2.15% as gold miners detracted, but AI infrastructure holdings surged with semiconductor equipment companies up over 100%. Japanese positions led performance on corporate reform and earnings strength. New positions added in discounted gold producers and Japanese tech companies. Markets rallied on Middle East de-escalation and strong earnings. Outlook remains constructive on broadening market participation and productivity gains from AI adoption. | |||||||
| - | -3.6% | GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. Full Quick Take GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. | |||||||
| - | -0.2% | Ruffer's absolute return strategy lost 0.9% in June as Fed hawkishness lifted yields and an Iran deal reversed oil. The fund avoided AI momentum, adding luxury exposure for Asian wealth effects while trimming yen. Gold miners and energy lagged. With concentrated markets and sticky inflation risks, the manager prioritizes capital preservation through diversified protection strategies and contrarian positioning in undervalued areas over chasing current winners. Full Quick Take Ruffer's absolute return strategy lost 0.9% in June as Fed hawkishness lifted yields and an Iran deal reversed oil. The fund avoided AI momentum, adding luxury exposure for Asian wealth effects while trimming yen. Gold miners and energy lagged. With concentrated markets and sticky inflation risks, the manager prioritizes capital preservation through diversified protection strategies and contrarian positioning in undervalued areas over chasing current winners. | - | ||||||
| +18.7% | +1.2% | International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. Full Quick Take International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. | |||||||
| - | +8.2% | International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead. Full Quick Take International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead. | |||||||
| +10.9% | +1.9% | GreensKeeper's concentrated value portfolio surged 10.9% in Q2 as markets rotated back to valuations. ICON exemplified the strategy: aggressively buying a quality business at a 15% free cash flow yield during peak pessimism, then capturing a 90% gain as uncertainty receded. Richemont's pricing discipline, Alphabet's AI-enhanced search growth, and Elevance's margin recovery demonstrate the portfolio's focus on compounding high-quality franchises trading at attractive valuations. Full Quick Take GreensKeeper's concentrated value portfolio surged 10.9% in Q2 as markets rotated back to valuations. ICON exemplified the strategy: aggressively buying a quality business at a 15% free cash flow yield during peak pessimism, then capturing a 90% gain as uncertainty receded. Richemont's pricing discipline, Alphabet's AI-enhanced search growth, and Elevance's margin recovery demonstrate the portfolio's focus on compounding high-quality franchises trading at attractive valuations. | |||||||
| +16.3% | - | WestEnd Capital returned 16.3% net in Q2 2026, driven by owning accelerating earnings growers in a market posting 29% year-over-year profit growth and record margins. The manager added infrastructure, senior housing, fintech, and consumer positions while passing on SpaceX's IPO on valuation grounds. The portfolio targets businesses benefiting from structural themes where earnings growth and free cash flow justify current prices. Full Quick Take WestEnd Capital returned 16.3% net in Q2 2026, driven by owning accelerating earnings growers in a market posting 29% year-over-year profit growth and record margins. The manager added infrastructure, senior housing, fintech, and consumer positions while passing on SpaceX's IPO on valuation grounds. The portfolio targets businesses benefiting from structural themes where earnings growth and free cash flow justify current prices. | |||||||
| - | +4.2% | GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. Full Quick Take GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. | |||||||
| +12.8% | +15.8% | Night Watch delivered 12.80% in Q2 by exploiting market bifurcation, buying quality compounders sold off for AI stocks while taking profits in cyclical memory positions. Marex surged 37% on volatility and M&A execution. The fund added Stryker, Adyen, and Booking.com at depressed valuations while Watches of Switzerland accelerates post-tariff removal. Concentrated positions in overlooked aerospace, capital markets, and payments drive 20% annual compounding with low volatility. Full Quick Take Night Watch delivered 12.80% in Q2 by exploiting market bifurcation, buying quality compounders sold off for AI stocks while taking profits in cyclical memory positions. Marex surged 37% on volatility and M&A execution. The fund added Stryker, Adyen, and Booking.com at depressed valuations while Watches of Switzerland accelerates post-tariff removal. Concentrated positions in overlooked aerospace, capital markets, and payments drive 20% annual compounding with low volatility. | |||||||
| +17.9% | +4.3% | Plural Partners returned 17.9% net in Q2 as small caps recovered. The concentrated portfolio of seven to eight positions trades at 7.7x free cash flow in three years while growing double digits, just 43% of intrinsic value. New holding Strattec is a turnaround generating $30mm annual free cash flow on $345mm market cap. Top contributor Watches of Switzerland has a long runway deploying capital at 20% returns consolidating Rolex retail. Full Quick Take Plural Partners returned 17.9% net in Q2 as small caps recovered. The concentrated portfolio of seven to eight positions trades at 7.7x free cash flow in three years while growing double digits, just 43% of intrinsic value. New holding Strattec is a turnaround generating $30mm annual free cash flow on $345mm market cap. Top contributor Watches of Switzerland has a long runway deploying capital at 20% returns consolidating Rolex retail. | |||||||
| +9.4% | +2.5% | Wedgewood underperformed in Q2 as momentum stocks dominated, but the manager is doubling down on hyperscalers, viewing their massive AI capex as rational given 30%+ returns and investment gains hedging component inflation. Taiwan Semiconductor and Alphabet drove performance. The manager warns semiconductors are at cyclical peaks despite historic growth. New position Hermès offers rare luxury pricing power from artisanal scarcity. Quality stocks at 1999-level discounts present opportunity. Full Quick Take Wedgewood underperformed in Q2 as momentum stocks dominated, but the manager is doubling down on hyperscalers, viewing their massive AI capex as rational given 30%+ returns and investment gains hedging component inflation. Taiwan Semiconductor and Alphabet drove performance. The manager warns semiconductors are at cyclical peaks despite historic growth. New position Hermès offers rare luxury pricing power from artisanal scarcity. Quality stocks at 1999-level discounts present opportunity. | |||||||
| +7.9% | +1.8% | Oakmark Global returned 7.89% in Q2 2026, underperforming on AI enthusiasm but maintaining long-term outperformance. Samsung rallied on AI-driven memory demand while BMW fell on China weakness. The Fund added five quality businesses at discounted valuations: AstraZeneca, Cooper Companies, LVMH, Owens Corning, and Symrise. Management focuses on competitive advantages and intrinsic value rather than AI speculation, finding opportunities where near-term pressures create entry points. Full Quick Take Oakmark Global returned 7.89% in Q2 2026, underperforming on AI enthusiasm but maintaining long-term outperformance. Samsung rallied on AI-driven memory demand while BMW fell on China weakness. The Fund added five quality businesses at discounted valuations: AstraZeneca, Cooper Companies, LVMH, Owens Corning, and Symrise. Management focuses on competitive advantages and intrinsic value rather than AI speculation, finding opportunities where near-term pressures create entry points. | |||||||
| +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. | - | ||||||
| -90.0% | -90.0% | International value manager navigated geopolitical chaos in Q1 2026 with energy and gold holdings driving performance amid Iran war. Sold top performer OceanaGold at fair value, added four new positions including luxury fragrance and travel companies. Plans to deploy 8.4% cash position into attractive individual opportunities despite ongoing macro uncertainties. Full Quick Take International value manager navigated geopolitical chaos in Q1 2026 with energy and gold holdings driving performance amid Iran war. Sold top performer OceanaGold at fair value, added four new positions including luxury fragrance and travel companies. Plans to deploy 8.4% cash position into attractive individual opportunities despite ongoing macro uncertainties. | |||||||
| +30.0% | +30.0% | smallvalue delivered 0.30% in volatile Q1 2026, maintaining discipline by avoiding oil despite strong performance and focusing on traditional industries. Junior Gold Miners ETF leads at 28.56% allocation. Orsero and Vidrala detracted while Mama's Creations and Olvi contributed positively. Manager acknowledged Sprouts mistake, holding too long through $24-$170 surge. Since 2020 inception, portfolio generated 17.50% annualized returns despite ongoing geopolitical and valuation challenges. Full Quick Take smallvalue delivered 0.30% in volatile Q1 2026, maintaining discipline by avoiding oil despite strong performance and focusing on traditional industries. Junior Gold Miners ETF leads at 28.56% allocation. Orsero and Vidrala detracted while Mama's Creations and Olvi contributed positively. Manager acknowledged Sprouts mistake, holding too long through $24-$170 surge. Since 2020 inception, portfolio generated 17.50% annualized returns despite ongoing geopolitical and valuation challenges. | - | ||||||
| -30.8% | -30.8% | Hardman Johnston's concentrated international equity strategy underperformed in Q1 2026 as value outpaced growth. Strong semiconductor positions in ASML and TSMC drove gains from AI infrastructure demand. New positions in Cameco and TechnipFMC target nuclear renaissance and energy security themes. Portfolio maintains high-conviction exposure to structural growth drivers while navigating geopolitical volatility through quality companies with durable competitive advantages. Full Quick Take Hardman Johnston's concentrated international equity strategy underperformed in Q1 2026 as value outpaced growth. Strong semiconductor positions in ASML and TSMC drove gains from AI infrastructure demand. New positions in Cameco and TechnipFMC target nuclear renaissance and energy security themes. Portfolio maintains high-conviction exposure to structural growth drivers while navigating geopolitical volatility through quality companies with durable competitive advantages. | - | ||||||
| -8.0% | -8.0% | International value strategy underperformed in Q1 2026 despite strong semiconductor and mining contributions. Manager actively repositioned portfolio with six new initiations, focusing on companies trading at significant discounts to intrinsic value. Believes current market volatility and short-term noise create opportunities for disciplined investors emphasizing long-term business fundamentals over headlines. Full Quick Take International value strategy underperformed in Q1 2026 despite strong semiconductor and mining contributions. Manager actively repositioned portfolio with six new initiations, focusing on companies trading at significant discounts to intrinsic value. Believes current market volatility and short-term noise create opportunities for disciplined investors emphasizing long-term business fundamentals over headlines. | |||||||
| +2.0% | +2.0% | First Eagle outperformed during Q1 2026's Iran war volatility by owning energy companies that benefited from oil price surges and maintaining strategic gold exposure. While enterprise software holdings faced AI disruption concerns, the fund is selectively deploying capital into quality companies at dislocated valuations, positioning for long-term value creation amid ongoing geopolitical uncertainty. Full Quick Take First Eagle outperformed during Q1 2026's Iran war volatility by owning energy companies that benefited from oil price surges and maintaining strategic gold exposure. While enterprise software holdings faced AI disruption concerns, the fund is selectively deploying capital into quality companies at dislocated valuations, positioning for long-term value creation amid ongoing geopolitical uncertainty. | |||||||
| - | - | GCQ's concentrated quality portfolio delivered strong Q1 earnings with 14% median revenue growth despite year-to-date underperformance creating attractive entry points. AI disruption fears are moderating as portfolio companies successfully integrate AI tools. Cloud leaders Amazon and Microsoft accelerated growth while management teams signal confidence through aggressive share buybacks across high-quality businesses trading at compelling valuations. Full Quick Take GCQ's concentrated quality portfolio delivered strong Q1 earnings with 14% median revenue growth despite year-to-date underperformance creating attractive entry points. AI disruption fears are moderating as portfolio companies successfully integrate AI tools. Cloud leaders Amazon and Microsoft accelerated growth while management teams signal confidence through aggressive share buybacks across high-quality businesses trading at compelling valuations. | - | ||||||
| +1.1% | +1.1% | Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating global tortilla markets and Robertet serving luxury perfume industry. Manager confident tangible assets provide valuable counterweight to intangibles-dominated markets, positioned for long-term demand growth despite near-term geopolitical headwinds. Full Quick Take Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating global tortilla markets and Robertet serving luxury perfume industry. Manager confident tangible assets provide valuable counterweight to intangibles-dominated markets, positioned for long-term demand growth despite near-term geopolitical headwinds. | |||||||
| +5.7% | -2.0% | Value Investing and Intrinsic Value, Luxury Goods Distribution Resilience, Additional Keywords & Themes | Plural Partners Fund reported a net Q4 return of 5.7% (-0.2% for FY 2025). The manager remains highly confident in a deeply undervalued portfolio trading at 7.7x 3-year forward FCF, highlighting WOSG as a key structural holding and detailing their profitable exit from ContextLogic. Full Quick Take Plural Partners Fund reported a net Q4 return of 5.7% (-0.2% for FY 2025). The manager remains highly confident in a deeply undervalued portfolio trading at 7.7x 3-year forward FCF, highlighting WOSG as a key structural holding and detailing their profitable exit from ContextLogic. | ||||||
| - | - | Recurve declined 1.5% in September but used volatility to reposition, trimming Carvana profits to add to Brunello Cucinelli and Paymentus. Carvana continues exceptional execution with 45%+ growth while competitors struggle. Trade policy uncertainty affects RH and ELF but both show best-in-class growth. Manager sees exceptional long-term opportunities despite short-term headwinds. Full Quick Take Recurve declined 1.5% in September but used volatility to reposition, trimming Carvana profits to add to Brunello Cucinelli and Paymentus. Carvana continues exceptional execution with 45%+ growth while competitors struggle. Trade policy uncertainty affects RH and ELF but both show best-in-class growth. Manager sees exceptional long-term opportunities despite short-term headwinds. | |||||||
| - | +100.0% | GreenWood delivered 39.6% first half returns through active ownership strategy, taking board seats in undervalued companies with exceptional management. Leonardo led performance with 100%+ gains from defense tailwinds. New positions in distressed Swatch Group luxury brands and MEI Pharma's crypto pivot demonstrate opportunistic approach. Manager maintains high conviction despite outperformance, seeing stronger competitive positions today. Full Quick Take GreenWood delivered 39.6% first half returns through active ownership strategy, taking board seats in undervalued companies with exceptional management. Leonardo led performance with 100%+ gains from defense tailwinds. New positions in distressed Swatch Group luxury brands and MEI Pharma's crypto pivot demonstrate opportunistic approach. Manager maintains high conviction despite outperformance, seeing stronger competitive positions today. | - | ||||||
| -13.0% | - | Recurve Capital returned -13% net in Q1 2025 amid tariff-driven volatility, with concentrated exposure led by 43.5% Carvana position. Fund opportunistically added to RH during selloff, seeing $50+ EPS potential despite tariff headwinds. Direct tariff exposure under 20% through consumer goods companies. Manager maintains long-term focus on disruptive growth companies while playing offense during market fear. Full Quick Take Recurve Capital returned -13% net in Q1 2025 amid tariff-driven volatility, with concentrated exposure led by 43.5% Carvana position. Fund opportunistically added to RH during selloff, seeing $50+ EPS potential despite tariff headwinds. Direct tariff exposure under 20% through consumer goods companies. Manager maintains long-term focus on disruptive growth companies while playing offense during market fear. | - | ||||||
| -15.1% | - | Value fund down 15% in Q1 on tariff uncertainty despite limited fundamental impact. Portfolio trades 6.4x forward FCF with strong balance sheets. Key positions include cash/NOL shell below net cash, Manhattan real estate turnaround with Meow Wolf catalyst, and Rolex partner facing temporary luxury headwinds. Manager sees exceptional risk/reward opportunities from volatility. Full Quick Take Value fund down 15% in Q1 on tariff uncertainty despite limited fundamental impact. Portfolio trades 6.4x forward FCF with strong balance sheets. Key positions include cash/NOL shell below net cash, Manhattan real estate turnaround with Meow Wolf catalyst, and Rolex partner facing temporary luxury headwinds. Manager sees exceptional risk/reward opportunities from volatility. | - | ||||||
| +0.5% | - | Dynasty Trust posted 0.54% returns amid market volatility, actively repositioning with strong performance from Flow Traders and Sportradar. The fund specializes in controlled companies and aircraft leasing opportunities while managing trade policy risks through luxury and Asian holdings. Portfolio remains nearly fully invested with close monitoring of travel exposures and trade tensions. Full Quick Take Dynasty Trust posted 0.54% returns amid market volatility, actively repositioning with strong performance from Flow Traders and Sportradar. The fund specializes in controlled companies and aircraft leasing opportunities while managing trade policy risks through luxury and Asian holdings. Portfolio remains nearly fully invested with close monitoring of travel exposures and trade tensions. | - | ||||||
| -7.1% | - | Contrarius underperformed in Q1 with their contrarian positioning during trade war uncertainty and AI reassessment. They sold Amazon and Meta after doubling, added Nvidia on weakness, and maintain Tesla as top holding for autonomous driving potential. New position in Swatch Group represents classic contrarian opportunity in cyclically depressed luxury watches trading below pandemic lows despite strong fundamentals. Full Quick Take Contrarius underperformed in Q1 with their contrarian positioning during trade war uncertainty and AI reassessment. They sold Amazon and Meta after doubling, added Nvidia on weakness, and maintain Tesla as top holding for autonomous driving potential. New position in Swatch Group represents classic contrarian opportunity in cyclically depressed luxury watches trading below pandemic lows despite strong fundamentals. | - | ||||||
| -5.9% | - | Fund declined 5.9% as US consumer spending concerns weighed on brand portfolio despite strong Chinese tech performance from Tencent and JD.com. Manager maintains focus on high-quality businesses with strong brands, noting disconnect between solid operational results and weak share prices. Sitting tight through volatility while reviewing fundamentals for long-term opportunities. Full Quick Take Fund declined 5.9% as US consumer spending concerns weighed on brand portfolio despite strong Chinese tech performance from Tencent and JD.com. Manager maintains focus on high-quality businesses with strong brands, noting disconnect between solid operational results and weak share prices. Sitting tight through volatility while reviewing fundamentals for long-term opportunities. | - | ||||||
| +7.9% | - | Harris Associates' International Strategy outperformed with 7.86% net returns, driven by BNP Paribas banking strength, Alibaba's AI-fueled cloud growth, and thyssenkrupp's defense exposure. New positions in LVMH luxury goods, Flutter gambling, and Japanese real estate reflect opportunistic value investing. The manager maintains conviction that persistent value-growth valuation imbalances will drive continued outperformance. Full Quick Take Harris Associates' International Strategy outperformed with 7.86% net returns, driven by BNP Paribas banking strength, Alibaba's AI-fueled cloud growth, and thyssenkrupp's defense exposure. New positions in LVMH luxury goods, Flutter gambling, and Japanese real estate reflect opportunistic value investing. The manager maintains conviction that persistent value-growth valuation imbalances will drive continued outperformance. | - | ||||||
| +8.2% | - | Strong Q1 performance driven by European small-cap exposure, outperforming benchmark by 484 basis points. Portfolio activity included strategic additions in luxury fashion, pharmaceutical packaging, and cloud services while exiting positions at fair value. Geographic focus remains concentrated in developed European markets with selective emerging market exposure, emphasizing undervalued companies with compelling long-term fundamentals. Full Quick Take Strong Q1 performance driven by European small-cap exposure, outperforming benchmark by 484 basis points. Portfolio activity included strategic additions in luxury fashion, pharmaceutical packaging, and cloud services while exiting positions at fair value. Geographic focus remains concentrated in developed European markets with selective emerging market exposure, emphasizing undervalued companies with compelling long-term fundamentals. | - | ||||||
| - | - | Tactile Fund targets global small-cap companies with extraordinary physical assets and permanent competitive advantages. The strategy focuses on essential materials, agricultural processing, and trophy leisure assets across developed markets. With 0.7% Q1 returns versus -4.8% benchmark decline, the fund demonstrates resilience while gradually deploying capital into businesses designed for multi-decade ownership and steady value accumulation. Full Quick Take Tactile Fund targets global small-cap companies with extraordinary physical assets and permanent competitive advantages. The strategy focuses on essential materials, agricultural processing, and trophy leisure assets across developed markets. With 0.7% Q1 returns versus -4.8% benchmark decline, the fund demonstrates resilience while gradually deploying capital into businesses designed for multi-decade ownership and steady value accumulation. | - | ||||||
| -11.1% | -11.1% | PGIM Jennison Global Opportunities Fund suffered an -11.1% decline in Q1 2025, underperforming by nearly 10% due to AI datacenter spending concerns and trade tariff escalation. The team reduced technology exposure while adding healthcare positions, maintaining conviction in global consumer brands, transformational technology, and healthcare innovation as long-term outperformers despite current volatility. Full Quick Take PGIM Jennison Global Opportunities Fund suffered an -11.1% decline in Q1 2025, underperforming by nearly 10% due to AI datacenter spending concerns and trade tariff escalation. The team reduced technology exposure while adding healthcare positions, maintaining conviction in global consumer brands, transformational technology, and healthcare innovation as long-term outperformers despite current volatility. | - | ||||||
| 0.0% | - | Stenham's concentrated quality portfolio lagged in 2024's narrow market dominated by Magnificent 7 momentum. Aerospace outperformed on travel demand while luxury suffered from Chinese weakness. Portfolio valuations compressed 10% as fundamentals improved, creating better opportunities. Management maintains conviction in their 16% IRR underwrite versus market returns, positioning for long-term outperformance through business quality. Full Quick Take Stenham's concentrated quality portfolio lagged in 2024's narrow market dominated by Magnificent 7 momentum. Aerospace outperformed on travel demand while luxury suffered from Chinese weakness. Portfolio valuations compressed 10% as fundamentals improved, creating better opportunities. Management maintains conviction in their 16% IRR underwrite versus market returns, positioning for long-term outperformance through business quality. | - | ||||||
| +1.6% | - | Merchant West Investments maintains a global investment approach while selectively investing in undervalued South African opportunities. Despite economic headwinds and Trump-related uncertainties, they see potential in structural reforms and companies with strong value propositions. Key holdings include discount retailer Boxer and luxury leader LVMH, while their Payers & Growers strategies target sustainable income growth for retirement investors. Full Quick Take Merchant West Investments maintains a global investment approach while selectively investing in undervalued South African opportunities. Despite economic headwinds and Trump-related uncertainties, they see potential in structural reforms and companies with strong value propositions. Key holdings include discount retailer Boxer and luxury leader LVMH, while their Payers & Growers strategies target sustainable income growth for retirement investors. | - | ||||||
| - | - | Aquamarine Fund returned 18.6% in 2024, lagging the S&P 500's 25.0% but maintaining long-term outperformance since 1997. Spier focuses on powerhouse brands like Ferrari and share-repurchasing cannibals including American Express and Berkshire Hathaway. BYD's strong performance contrasts with Nestlé's commodity inflation headwinds. New positions in LVMH and The Economist Group reflect continued emphasis on generational wealth-building through quality franchises. Full Quick Take Aquamarine Fund returned 18.6% in 2024, lagging the S&P 500's 25.0% but maintaining long-term outperformance since 1997. Spier focuses on powerhouse brands like Ferrari and share-repurchasing cannibals including American Express and Berkshire Hathaway. BYD's strong performance contrasts with Nestlé's commodity inflation headwinds. New positions in LVMH and The Economist Group reflect continued emphasis on generational wealth-building through quality franchises. | - | ||||||
| - | - | International growth strategy outperformed despite tariff concerns and European political turmoil. Strong stock selection in e-commerce and stable growers offset pharmaceutical weakness. Added luxury exposure via Hermes and repurchased Spotify. International markets priced for little progress versus elevated U.S. valuations, creating opportunity with multiple catalysts including potential tariff moderation and fiscal stimulus. Full Quick Take International growth strategy outperformed despite tariff concerns and European political turmoil. Strong stock selection in e-commerce and stable growers offset pharmaceutical weakness. Added luxury exposure via Hermes and repurchased Spotify. International markets priced for little progress versus elevated U.S. valuations, creating opportunity with multiple catalysts including potential tariff moderation and fiscal stimulus. | - | ||||||
| -8.5% | -4.6% | Oakmark International underperformed in Q4 with Airbus driving gains from strong aerospace demand while Bayer weighed on returns due to litigation and guidance concerns. The fund added Korean bank KB Financial and increased Kering exposure despite luxury sector headwinds. Managers remain confident in multi-year recovery potential given quality holdings at attractive valuations. Full Quick Take Oakmark International underperformed in Q4 with Airbus driving gains from strong aerospace demand while Bayer weighed on returns due to litigation and guidance concerns. The fund added Korean bank KB Financial and increased Kering exposure despite luxury sector headwinds. Managers remain confident in multi-year recovery potential given quality holdings at attractive valuations. | - | ||||||
| +1.1% | - | Fund underperformed significantly due to underweight US technology exposure but Chinese holdings delivered 20% returns. Added AI-enabled software company NICE and luxury goods maker Richemont at attractive valuations. Manager sees speculative fervour in US markets and maintains discipline, focusing on undervalued opportunities where earnings can grow over three years rather than chasing expensive technology stocks. Full Quick Take Fund underperformed significantly due to underweight US technology exposure but Chinese holdings delivered 20% returns. Added AI-enabled software company NICE and luxury goods maker Richemont at attractive valuations. Manager sees speculative fervour in US markets and maintains discipline, focusing on undervalued opportunities where earnings can grow over three years rather than chasing expensive technology stocks. | - | ||||||
| - | - | Fund underperformed significantly due to underweight US technology positioning, returning 5.2% versus 29% benchmark. Chinese holdings delivered 20% returns but couldn't offset US allocation headwind. Added NICE (AI-enabled contact centre software) and Richemont (luxury recovery play). Manager sees US market speculation and maintains disciplined approach seeking modest valuations with three-year profit growth potential. Full Quick Take Fund underperformed significantly due to underweight US technology positioning, returning 5.2% versus 29% benchmark. Chinese holdings delivered 20% returns but couldn't offset US allocation headwind. Added NICE (AI-enabled contact centre software) and Richemont (luxury recovery play). Manager sees US market speculation and maintains disciplined approach seeking modest valuations with three-year profit growth potential. | - | ||||||
| - | - | Strong stock selection drove 11.9% quarterly returns despite challenging market conditions. Key winners included Amer Sports, Birkenstock, and Trip.com, while new position e.l.f. Beauty capitalizes on cosmetics growth. Portfolio remains defensively positioned in high-quality branded companies, underweight expensive US equities, and positioned for potential trade policy impacts while benefiting from global consumer resilience. Full Quick Take Strong stock selection drove 11.9% quarterly returns despite challenging market conditions. Key winners included Amer Sports, Birkenstock, and Trip.com, while new position e.l.f. Beauty capitalizes on cosmetics growth. Portfolio remains defensively positioned in high-quality branded companies, underweight expensive US equities, and positioned for potential trade policy impacts while benefiting from global consumer resilience. | - | ||||||
| - | - | European small-cap value fund delivered strong Q2 performance of +6.20% versus +1.9% benchmark. Portfolio remains dramatically undervalued with significant earnings growth potential. New investment in Watches of Switzerland provides luxury retail exposure with US consolidation opportunity. Multiple holdings executing attractive capital allocation through buybacks and M&A. Substantial UK exposure positioned for housing policy tailwinds. Full Quick Take European small-cap value fund delivered strong Q2 performance of +6.20% versus +1.9% benchmark. Portfolio remains dramatically undervalued with significant earnings growth potential. New investment in Watches of Switzerland provides luxury retail exposure with US consolidation opportunity. Multiple holdings executing attractive capital allocation through buybacks and M&A. Substantial UK exposure positioned for housing policy tailwinds. | - | ||||||
| - | - | Montaka delivered strong 2023 performance owning megacap winners while maintaining concentrated exposure to structural transformation themes. Added LVMH after 30% decline, sold Carlyle Group. Portfolio focused on AI beneficiaries, alternative asset managers, luxury brands, and mission-critical financial platforms. Low turnover strategy emphasizes time horizon arbitrage with multi-year earnings power growth expectations exceeding market pricing. Full Quick Take Montaka delivered strong 2023 performance owning megacap winners while maintaining concentrated exposure to structural transformation themes. Added LVMH after 30% decline, sold Carlyle Group. Portfolio focused on AI beneficiaries, alternative asset managers, luxury brands, and mission-critical financial platforms. Low turnover strategy emphasizes time horizon arbitrage with multi-year earnings power growth expectations exceeding market pricing. | - | ||||||
| - | +1.4% | - | Arnott Opportunities posted -2.72% in October amid mixed global conditions, with Energy and UK themes detracting. The fund reduced short positions in Luxury and Battery themes after significant declines. Key focus on Japan as potential end of ultra-loose monetary policy could eliminate decades-long liquidity backstop for Western assets, creating asymmetric opportunities. Full Quick Take Arnott Opportunities posted -2.72% in October amid mixed global conditions, with Energy and UK themes detracting. The fund reduced short positions in Luxury and Battery themes after significant declines. Key focus on Japan as potential end of ultra-loose monetary policy could eliminate decades-long liquidity backstop for Western assets, creating asymmetric opportunities. | - | |||||
| - | - | YCG owns global champions with dominant networks and conservative balance sheets that act as toll collectors on GDP growth. The strategy targets businesses with structural supply constraints and untapped pricing power, exploiting investor behavioral biases that discount quality stocks. Portfolio positioning leverages the correlation between improving returns on invested capital and superior stock performance. Full Quick Take YCG owns global champions with dominant networks and conservative balance sheets that act as toll collectors on GDP growth. The strategy targets businesses with structural supply constraints and untapped pricing power, exploiting investor behavioral biases that discount quality stocks. Portfolio positioning leverages the correlation between improving returns on invested capital and superior stock performance. | - | ||||||
| - | - | SVN Capital gained 29.4% in H1 2023 through concentrated portfolio of quality businesses. Added luxury leader Hermès and specialty insurer Kinsale Capital. Existing holdings Copart and HEICO benefiting from normalized market conditions and strategic acquisitions. Manager emphasizes patience and long-term compounding, planning India research trip to identify new opportunities in rapidly transforming market. Full Quick Take SVN Capital gained 29.4% in H1 2023 through concentrated portfolio of quality businesses. Added luxury leader Hermès and specialty insurer Kinsale Capital. Existing holdings Copart and HEICO benefiting from normalized market conditions and strategic acquisitions. Manager emphasizes patience and long-term compounding, planning India research trip to identify new opportunities in rapidly transforming market. | - | ||||||
| - | - | Fundsmith returned 8.5% in H1 2023 as Meta rebounded strongly while tech growth slowed due to cyclical headwinds. Healthcare stayed resilient and luxury outperformed, but consumer margins faced input cost pressure. Smith sold Amazon over capital allocation concerns while maintaining his quality-focused, long-term approach despite tougher operating conditions. Full Quick Take Fundsmith returned 8.5% in H1 2023 as Meta rebounded strongly while tech growth slowed due to cyclical headwinds. Healthcare stayed resilient and luxury outperformed, but consumer margins faced input cost pressure. Smith sold Amazon over capital allocation concerns while maintaining his quality-focused, long-term approach despite tougher operating conditions. | - | ||||||
| +4.1% | +4.1% | EdgePoint delivered strong three-year returns by buying growth without paying for it during COVID-19 uncertainty. Key winners included Berry Global, CSX, and Restaurant Brands purchased at attractive valuations. The manager acknowledges missing opportunities in Tesla, LVMH, and Deere that delivered exceptional results despite high expectations, while maintaining conviction in the long-term value creation approach. Full Quick Take EdgePoint delivered strong three-year returns by buying growth without paying for it during COVID-19 uncertainty. Key winners included Berry Global, CSX, and Restaurant Brands purchased at attractive valuations. The manager acknowledges missing opportunities in Tesla, LVMH, and Deere that delivered exceptional results despite high expectations, while maintaining conviction in the long-term value creation approach. | - | ||||||
| +10.0% | +11.1% | Stenham outperformed in Q1 2023 despite banking sector turmoil, driven by technology and luxury holdings. The manager has strategically repositioned away from disruptive technology toward durable businesses with 70-year average age, including railroads, luxury brands, and infrastructure plays. This focus on companies with staying power aims to capitalize on market short-termism while delivering sustainable long-term outperformance through concentrated quality investing. Full Quick Take Stenham outperformed in Q1 2023 despite banking sector turmoil, driven by technology and luxury holdings. The manager has strategically repositioned away from disruptive technology toward durable businesses with 70-year average age, including railroads, luxury brands, and infrastructure plays. This focus on companies with staying power aims to capitalize on market short-termism while delivering sustainable long-term outperformance through concentrated quality investing. | - | ||||||
| +10.0% | +10.0% | - | Pangolin Asia Fund delivered 10% year-to-date returns by investing in undervalued ASEAN companies with net cash balance sheets. The fund is 65% invested in Indonesia, benefiting from lack of global investor interest despite 5% GDP growth and rising consumer spending. Manager sees continued opportunity as markets remain cheap and out of favor. Full Quick Take Pangolin Asia Fund delivered 10% year-to-date returns by investing in undervalued ASEAN companies with net cash balance sheets. The fund is 65% invested in Indonesia, benefiting from lack of global investor interest despite 5% GDP growth and rising consumer spending. Manager sees continued opportunity as markets remain cheap and out of favor. | - | |||||
| +11.0% | +10.0% | Longleaf International delivered 12.30% in Q1 2023, led by Millicom's 50% surge on acquisition interest and strong European performance. The concentrated value strategy benefits from China reopening dynamics and active management engagement across Europe and Asia. With minimal cash and systematic portfolio review against new opportunities, managers see early stages of sustained outperformance ahead. Full Quick Take Longleaf International delivered 12.30% in Q1 2023, led by Millicom's 50% surge on acquisition interest and strong European performance. The concentrated value strategy benefits from China reopening dynamics and active management engagement across Europe and Asia. With minimal cash and systematic portfolio review against new opportunities, managers see early stages of sustained outperformance ahead. | - |
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