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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. Full Quick Take Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. | - | ||||||
| +12.2% | +5.3% | Core Leaders returned 12.24% in Q2 but lagged the S&P 500's 15.20% due to underweight semiconductor exposure during an 88% sector rally. The managers view unprecedented investor crowding and 11x sales valuations as unsustainable despite strong AI infrastructure fundamentals. They trimmed winners like Marvell and UnitedHealth while adding defensive quality positions including Constellation Energy and Berkshire Hathaway. The team maintains discipline on intrinsic value investing, expecting eventual market broadening to favor their quality-focused approach. Full Quick Take Core Leaders returned 12.24% in Q2 but lagged the S&P 500's 15.20% due to underweight semiconductor exposure during an 88% sector rally. The managers view unprecedented investor crowding and 11x sales valuations as unsustainable despite strong AI infrastructure fundamentals. They trimmed winners like Marvell and UnitedHealth while adding defensive quality positions including Constellation Energy and Berkshire Hathaway. The team maintains discipline on intrinsic value investing, expecting eventual market broadening to favor their quality-focused approach. | |||||||
| +5.7% | +1.8% | Bristol Gate's Canadian equity strategy trailed by 123 basis points net in Q2 as commodity trades reversed and Canadian banks surged +25.6%, driving nearly all benchmark gains. The portfolio's Materials and Energy underweights added +258 basis points, but underweight bank exposure cost -340 basis points. New positions in Cenovus and Cameco target dividend growth in energy and uranium. The concentrated, quality-focused approach remains unchanged. Full Quick Take Bristol Gate's Canadian equity strategy trailed by 123 basis points net in Q2 as commodity trades reversed and Canadian banks surged +25.6%, driving nearly all benchmark gains. The portfolio's Materials and Energy underweights added +258 basis points, but underweight bank exposure cost -340 basis points. New positions in Cenovus and Cameco target dividend growth in energy and uranium. The concentrated, quality-focused approach remains unchanged. | - | ||||||
| +28.2% | +23.6% | Polen 5Perspectives Small-Mid Growth returned 28.2% net in Q2 2026, outperforming during a banner quarter for SMID caps. The portfolio capitalized on AI infrastructure acceleration and power availability constraints, significantly increasing Technology exposure through neocloud providers and Agentic AI while maintaining conviction in Electrification and Aerospace themes. Top contributors included Bloom Energy and DigitalOcean as hyperscaler spending announcements confirmed the AI buildout continues accelerating. Full Quick Take Polen 5Perspectives Small-Mid Growth returned 28.2% net in Q2 2026, outperforming during a banner quarter for SMID caps. The portfolio capitalized on AI infrastructure acceleration and power availability constraints, significantly increasing Technology exposure through neocloud providers and Agentic AI while maintaining conviction in Electrification and Aerospace themes. Top contributors included Bloom Energy and DigitalOcean as hyperscaler spending announcements confirmed the AI buildout continues accelerating. | - | ||||||
| - | - | ClearBridge Mid Cap Growth outperformed in Q2 2026 by identifying durable value in AI infrastructure bottlenecks like memory and data connectivity while capturing industrial recovery in equipment rental and modular space. The Strategy added AI beneficiaries Lumentum and Sterling Infrastructure alongside nuclear and biotech opportunities, balancing exposure across the generational AI investment cycle and emerging cyclical recovery rather than chasing benchmark shifts. Full Quick Take ClearBridge Mid Cap Growth outperformed in Q2 2026 by identifying durable value in AI infrastructure bottlenecks like memory and data connectivity while capturing industrial recovery in equipment rental and modular space. The Strategy added AI beneficiaries Lumentum and Sterling Infrastructure alongside nuclear and biotech opportunities, balancing exposure across the generational AI investment cycle and emerging cyclical recovery rather than chasing benchmark shifts. | - | ||||||
| - | - | ACATIS delivered resilient performance during March 2026's Iran war volatility through strategic oil and commodity positioning. The value-focused approach identified opportunities in AI infrastructure, fertilizer supply disruptions, and nuclear renaissance themes. Despite geopolitical headwinds, the manager sees attractive entry points with P/E ratios of 10-15 available, maintaining conviction in quality companies while expecting conflict resolution by mid-2026. Full Quick Take ACATIS delivered resilient performance during March 2026's Iran war volatility through strategic oil and commodity positioning. The value-focused approach identified opportunities in AI infrastructure, fertilizer supply disruptions, and nuclear renaissance themes. Despite geopolitical headwinds, the manager sees attractive entry points with P/E ratios of 10-15 available, maintaining conviction in quality companies while expecting conflict resolution by mid-2026. | - | ||||||
| -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. | - | ||||||
| - | - | Goehring & Rozencwajg advises reducing gold/silver exposure to rotate into oil and gas, while maintaining structural long positions in uranium and turning bearish on oversupplied copper. Full Quick Take Goehring & Rozencwajg advises reducing gold/silver exposure to rotate into oil and gas, while maintaining structural long positions in uranium and turning bearish on oversupplied copper. | - | ||||||
| +37.3% | +29.1% | EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to an overweight and buying into uranium to fuel AI's staggering power requirements. Full Quick Take EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to an overweight and buying into uranium to fuel AI's staggering power requirements. | - | ||||||
| +34.5% | +5.8% | TimesSquare's U.S. Small Cap Growth Strategy rebounded strongly in 4Q25, returning 3.45% (Net) and outperforming its benchmark through active rotation and fundamental stock picking. Full Quick Take TimesSquare's U.S. Small Cap Growth Strategy rebounded strongly in 4Q25, returning 3.45% (Net) and outperforming its benchmark through active rotation and fundamental stock picking. | |||||||
| -28.7% | +8.8% | Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets established nuclear operators and plant restarts over pre-commercial SMR technologies. Full Quick Take Miller/Howard recorded its 5th straight positive year, lagging a tech-led Q4 market. The team is constructive on a structural 'nuclear renaissance' but selectively targets established nuclear operators and plant restarts over pre-commercial SMR technologies. | - | ||||||
| - | - | Brookfield reports a highly active Q3 2025, driven by massive AI-infrastructure demand, a landmark $80 billion nuclear partnership with the U.S. government, and the full acquisition of Oaktree to consolidate its $350 billion credit business. Full Quick Take Brookfield reports a highly active Q3 2025, driven by massive AI-infrastructure demand, a landmark $80 billion nuclear partnership with the U.S. government, and the full acquisition of Oaktree to consolidate its $350 billion credit business. | - | ||||||
| - | - | - | Essex Small Cap Growth Fund capitalized on AI infrastructure resurgence and power grid modernization themes in Q3 2025. Strong positioning in defense technologies, healthcare innovation, and manufacturing reshoring drove outperformance despite micro-cap headwinds. With small cap earnings finally turning positive after ten quarters and valuations at historically attractive levels, the fund is positioned for continued outperformance. Full Quick Take Essex Small Cap Growth Fund capitalized on AI infrastructure resurgence and power grid modernization themes in Q3 2025. Strong positioning in defense technologies, healthcare innovation, and manufacturing reshoring drove outperformance despite micro-cap headwinds. With small cap earnings finally turning positive after ten quarters and valuations at historically attractive levels, the fund is positioned for continued outperformance. | - | |||||
| -90.0% | +5.3% | Portfolio underperformed despite strong fundamentals as Trump's pro-growth policies create favorable environment. AI drives structural demand in semiconductors and enterprise software, while nuclear power becomes essential for data center expansion. Sold cable exposure due to subscriber headwinds, added memory exposure via Micron. Policy clarity enables focus on execution over uncertainty. Full Quick Take Portfolio underperformed despite strong fundamentals as Trump's pro-growth policies create favorable environment. AI drives structural demand in semiconductors and enterprise software, while nuclear power becomes essential for data center expansion. Sold cable exposure due to subscriber headwinds, added memory exposure via Micron. Policy clarity enables focus on execution over uncertainty. | - | ||||||
| -90.0% | +5.3% | Portfolio underperformed despite strong fundamentals as AI disruption fears pressured enterprise software holdings. Sold Charter due to broadband subscriber weakness, added Micron for AI memory demand. Trump's pro-growth policy framework now set with favorable trade, tax, and regulatory environment. Manager expects portfolio companies to excel as focus shifts from policy uncertainty to execution under new rules. Full Quick Take Portfolio underperformed despite strong fundamentals as AI disruption fears pressured enterprise software holdings. Sold Charter due to broadband subscriber weakness, added Micron for AI memory demand. Trump's pro-growth policy framework now set with favorable trade, tax, and regulatory environment. Manager expects portfolio companies to excel as focus shifts from policy uncertainty to execution under new rules. | - | ||||||
| -90.0% | +5.3% | Portfolio underperformed despite strong fundamentals as AI disruption fears pressured enterprise software holdings. Manager maintains conviction in ServiceNow and Salesforce as critical AI partners while adding Micron for structural memory demand. Trump administration's pro-growth policy framework creates favorable environment for technology leaders positioned around AI infrastructure and enterprise platforms. Full Quick Take Portfolio underperformed despite strong fundamentals as AI disruption fears pressured enterprise software holdings. Manager maintains conviction in ServiceNow and Salesforce as critical AI partners while adding Micron for structural memory demand. Trump administration's pro-growth policy framework creates favorable environment for technology leaders positioned around AI infrastructure and enterprise platforms. | - | ||||||
| - | - | Nuclear Power and AI Data Center Infrastructure, Domestic Reshoring Trends, Additional Keywords & Themes | The Micro Opportunities Strategy navigated Q3 2025 by adhering to a quality-first approach, trailing a speculative momentum rally but adding key new positions in community banking, network security, and specialty agriculture. Full Quick Take The Micro Opportunities Strategy navigated Q3 2025 by adhering to a quality-first approach, trailing a speculative momentum rally but adding key new positions in community banking, network security, and specialty agriculture. | ||||||
| - | - | Despite Q3 underperformance relative to a highly speculative market, Riverwater is sticking to its quality-first strategy, recycling capital from low-visibility names into resilient, profitable additions to capture eventual fundamental-driven small-cap outperformance. Full Quick Take Despite Q3 underperformance relative to a highly speculative market, Riverwater is sticking to its quality-first strategy, recycling capital from low-visibility names into resilient, profitable additions to capture eventual fundamental-driven small-cap outperformance. | |||||||
| +13.3% | +28.7% | L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic names into highly asymmetric offshore value opportunities. Full Quick Take L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic names into highly asymmetric offshore value opportunities. | |||||||
| +16.3% | +38.9% | City Different generated exceptional outperformance in Q3 2025 led by Tidewater and nuclear energy holdings, while warning that current AI valuations have reached highly speculative, frothy territory. Full Quick Take City Different generated exceptional outperformance in Q3 2025 led by Tidewater and nuclear energy holdings, while warning that current AI valuations have reached highly speculative, frothy territory. | - | ||||||
| +13.9% | +18.8% | RLH SPAC Fund generated an outstanding 13.9% return in Q2 2025, fueled by a thematic SPAC market revival and the highly successful IPO monetization of Airo Group. Full Quick Take RLH SPAC Fund generated an outstanding 13.9% return in Q2 2025, fueled by a thematic SPAC market revival and the highly successful IPO monetization of Airo Group. | |||||||
| - | +15.8% | LVS Advisory delivered strong H1 2025 results, highlighting a double-down on monopolistic defense and nuclear provider Curtiss-Wright, alongside highly profitable, cash-backed biotech liquidation trades. Full Quick Take LVS Advisory delivered strong H1 2025 results, highlighting a double-down on monopolistic defense and nuclear provider Curtiss-Wright, alongside highly profitable, cash-backed biotech liquidation trades. | - | ||||||
| - | +15.8% | LVS Advisory delivered strong H1 2025 performance driven by its long-term investment in defense and nuclear player Curtiss-Wright and highly profitable event-driven arbitrage in biotech liquidations. Full Quick Take LVS Advisory delivered strong H1 2025 performance driven by its long-term investment in defense and nuclear player Curtiss-Wright and highly profitable event-driven arbitrage in biotech liquidations. | - | ||||||
| +23.7% | - | The Apis Flagship Fund posted a stellar 23.7% net return in Q2 2025, heavily propelled by a recovery in Korean equities and strong structural themes in defense and power infrastructure. The fund remains focused on high-conviction long ideas like Magnite and NOF Corp while using tactical shorts against overhyped sectors like quantum computing SPACs. Full Quick Take The Apis Flagship Fund posted a stellar 23.7% net return in Q2 2025, heavily propelled by a recovery in Korean equities and strong structural themes in defense and power infrastructure. The fund remains focused on high-conviction long ideas like Magnite and NOF Corp while using tactical shorts against overhyped sectors like quantum computing SPACs. | |||||||
| +24.0% | +23.6% | The Apis Global Discovery Fund was up 23.6% net YTD through Q2 2025, buoyed by a South Korean equity rebound and strong alpha generation in structural defense and infrastructure sectors. Full Quick Take The Apis Global Discovery Fund was up 23.6% net YTD through Q2 2025, buoyed by a South Korean equity rebound and strong alpha generation in structural defense and infrastructure sectors. | |||||||
| +23.2% | - | Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains constructive on global infrastructure, nuclear energy, and selective 'Trump Trades' while avoiding speculative areas. Full Quick Take Apis Deep Value Fund delivered an exceptional 23.2% net return in Q2 2025, powered by long positions in South Korean defense and power infrastructure. The manager remains constructive on global infrastructure, nuclear energy, and selective 'Trump Trades' while avoiding speculative areas. | - | ||||||
| - | - | North Sky Capital sees tremendous opportunity amid 2025's policy and market turbulence. The OBBB provides needed certainty for their infrastructure strategy while maintaining renewable incentives. Their secondaries team benefits from distressed primary impact investors seeking liquidity. With SIF IV closed and ample dry powder, they're positioned to capitalize on energy transition, data center infrastructure, and secondary market dislocations. Full Quick Take North Sky Capital sees tremendous opportunity amid 2025's policy and market turbulence. The OBBB provides needed certainty for their infrastructure strategy while maintaining renewable incentives. Their secondaries team benefits from distressed primary impact investors seeking liquidity. With SIF IV closed and ample dry powder, they're positioned to capitalize on energy transition, data center infrastructure, and secondary market dislocations. | - | ||||||
| +8.1% | +8.9% | Rocklinc posts a strong Q2 return of 8.1% driven by precious metals, while maintaining a cautious market posture, holding high cash reserves, and heavily advocating for nuclear energy (via Cameco) and hard assets to hedge against government and currency risks. Full Quick Take Rocklinc posts a strong Q2 return of 8.1% driven by precious metals, while maintaining a cautious market posture, holding high cash reserves, and heavily advocating for nuclear energy (via Cameco) and hard assets to hedge against government and currency risks. | - | ||||||
| +3.0% | - | Platinum is actively hedging against a potential US market correction using shorts and cash, while selectively deploying capital into undervalued Korean stocks and bottoming analog semiconductors. Full Quick Take Platinum is actively hedging against a potential US market correction using shorts and cash, while selectively deploying capital into undervalued Korean stocks and bottoming analog semiconductors. | - | ||||||
| +3.0% | - | Platinum Asset Management is cautiously positioned with defensive cash and protective shorts, actively rotating capital away from expensive US mega-caps into undervalued, high-quality international themes like South Korean corporate governance reform and nuclear energy. Full Quick Take Platinum Asset Management is cautiously positioned with defensive cash and protective shorts, actively rotating capital away from expensive US mega-caps into undervalued, high-quality international themes like South Korean corporate governance reform and nuclear energy. | |||||||
| +10.6% | +3.4% | Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure holdings, while maintaining a constructive long-term view. Full Quick Take Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure holdings, while maintaining a constructive long-term view. | - | ||||||
| +16.4% | - | Automation and Labor Optimization, Nuclear Power & Clean Energy Transition, Additional Keywords & Themes | The Meridian Contrarian Fund outperformed its benchmark in Q2 2025, returning 16.42% net compared to 8.59% for the Russell 2500 Index, driven by strong performance in nuclear power and semiconductor holdings. Full Quick Take The Meridian Contrarian Fund outperformed its benchmark in Q2 2025, returning 16.42% net compared to 8.59% for the Russell 2500 Index, driven by strong performance in nuclear power and semiconductor holdings. | ||||||
| +7.0% | - | The Fund underperformed its benchmark in Q2 2025 as the market's sharp recovery favored high-beta, high-momentum stocks which the Fund's disciplined, risk-conscious strategy avoids, though its downside protection remains robust. Full Quick Take The Fund underperformed its benchmark in Q2 2025 as the market's sharp recovery favored high-beta, high-momentum stocks which the Fund's disciplined, risk-conscious strategy avoids, though its downside protection remains robust. | |||||||
| - | - | Despite Q2 underperformance driven by a defensive stance and a market pivot to low-quality stocks, the fund is capitalizing on a strong secular nuclear-AI tailwind and remains focused on high-quality micro-cap compounders. Full Quick Take Despite Q2 underperformance driven by a defensive stance and a market pivot to low-quality stocks, the fund is capitalizing on a strong secular nuclear-AI tailwind and remains focused on high-quality micro-cap compounders. | |||||||
| +26.9% | - | Artificial Intelligence & Infrastructure, European Defense & Emerging Markets, Additional Keywords & Themes | The fund delivered robust outperformance (+26.90% vs +16.93% benchmark) in Q2 2025 by relying on fundamental stock selection, while actively pivoting from over-extended AI and uranium trades into European defense, semiconductor materials, and undervalued emerging market small-caps. Full Quick Take The fund delivered robust outperformance (+26.90% vs +16.93% benchmark) in Q2 2025 by relying on fundamental stock selection, while actively pivoting from over-extended AI and uranium trades into European defense, semiconductor materials, and undervalued emerging market small-caps. | - | |||||
| -18.0% | - | Heartwood delivered -18.04% in Q1 as Trump tariffs sparked broad market selloff. Fund focuses on misunderstood growth companies including Upstart, CrowdStrike, and Reddit, using covered calls for risk management. Manager maintains conviction despite underperformance, viewing volatility as opportunity to average into high-conviction positions. Expects continued pressure in Q2 but believes patient capital will benefit from eventual recovery. Full Quick Take Heartwood delivered -18.04% in Q1 as Trump tariffs sparked broad market selloff. Fund focuses on misunderstood growth companies including Upstart, CrowdStrike, and Reddit, using covered calls for risk management. Manager maintains conviction despite underperformance, viewing volatility as opportunity to average into high-conviction positions. Expects continued pressure in Q2 but believes patient capital will benefit from eventual recovery. | - | ||||||
| -13.6% | - | Jonagold's concentrated growth strategy faced headwinds in Q1 with -13.64% returns as Trump tariffs spooked markets. Manager doubled down on conviction, significantly increasing Upstart position following strong earnings while generating covered call income. Despite near-term challenges from trade war volatility, the fund maintains focus on misunderstood AI-enabled businesses positioned for long-term outperformance once market sentiment recovers. Full Quick Take Jonagold's concentrated growth strategy faced headwinds in Q1 with -13.64% returns as Trump tariffs spooked markets. Manager doubled down on conviction, significantly increasing Upstart position following strong earnings while generating covered call income. Despite near-term challenges from trade war volatility, the fund maintains focus on misunderstood AI-enabled businesses positioned for long-term outperformance once market sentiment recovers. | - | ||||||
| +3.8% | +3.8% | Aristotle International Equity Fund underperformed in Q1 2025 despite strong contributions from Munich Re and Sony. Trade policy uncertainty and AI competition dominated headlines while the fund swapped Magna International for Fast Retailing. Management remains focused on high-quality international companies with sustainable competitive advantages rather than attempting to time volatile markets driven by geopolitical developments. Full Quick Take Aristotle International Equity Fund underperformed in Q1 2025 despite strong contributions from Munich Re and Sony. Trade policy uncertainty and AI competition dominated headlines while the fund swapped Magna International for Fast Retailing. Management remains focused on high-quality international companies with sustainable competitive advantages rather than attempting to time volatile markets driven by geopolitical developments. | - | ||||||
| -10.6% | -10.6% | Baird's small/mid cap growth strategy slightly outperformed in a challenging Q1, declining 10.6% versus benchmark's 10.8% drop. AI spending concerns and tariff uncertainty drove market volatility. Portfolio benefited from consumer holdings like BJ's Wholesale Club and healthcare M&A activity, while reducing cyclical tech exposure. Manager maintains focus on quality businesses to navigate market fragility. Full Quick Take Baird's small/mid cap growth strategy slightly outperformed in a challenging Q1, declining 10.6% versus benchmark's 10.8% drop. AI spending concerns and tariff uncertainty drove market volatility. Portfolio benefited from consumer holdings like BJ's Wholesale Club and healthcare M&A activity, while reducing cyclical tech exposure. Manager maintains focus on quality businesses to navigate market fragility. | - | ||||||
| - | - | Horizon Kinetics argues AI and computation create unprecedented energy and water demands that conventional portfolios ignore. Data centers require 3x their rated power capacity, while thermal generation consumes massive water quantities. The firm concentrates in energy and water resources as critical inputs for technology growth, expecting capital flows to shift once resource constraints imposed by physics become apparent to investors. Full Quick Take Horizon Kinetics argues AI and computation create unprecedented energy and water demands that conventional portfolios ignore. Data centers require 3x their rated power capacity, while thermal generation consumes massive water quantities. The firm concentrates in energy and water resources as critical inputs for technology growth, expecting capital flows to shift once resource constraints imposed by physics become apparent to investors. | - | ||||||
| +10.7% | +31.5% | Alger Mid Cap Focus outperformed in Q4 2024 driven by AI and technology themes. Palantir, AppLovin, and Axon led performance with strong AI adoption and growth momentum. The fund maintains focus on secular trends including corporate digitization, cloud computing, and energy infrastructure modernization, positioning for continued benefits from technological transformation and electrification. Full Quick Take Alger Mid Cap Focus outperformed in Q4 2024 driven by AI and technology themes. Palantir, AppLovin, and Axon led performance with strong AI adoption and growth momentum. The fund maintains focus on secular trends including corporate digitization, cloud computing, and energy infrastructure modernization, positioning for continued benefits from technological transformation and electrification. | - | ||||||
| - | - | Barometer Capital Management maintains a constructive outlook driven by U.S. deregulation, reshoring trends, and AI-fueled power demand. The firm remains overweight financials and industrials while holding dominant technology leaders. Portfolio risk is actively managed by eliminating deteriorating momentum names and holding modest cash reserves to navigate near-term monetary and trade policy volatility. Full Quick Take Barometer Capital Management maintains a constructive outlook driven by U.S. deregulation, reshoring trends, and AI-fueled power demand. The firm remains overweight financials and industrials while holding dominant technology leaders. Portfolio risk is actively managed by eliminating deteriorating momentum names and holding modest cash reserves to navigate near-term monetary and trade policy volatility. | |||||||
| - | - | Riverwater Partners' Micro Opportunities Strategy seeks to acquire undervalued domestic microcaps at attractive valuations, leveraging structural trends such as reshoring, Federal Reserve rate cuts, and artificial intelligence hardware expansion while avoiding vulnerable international supply chains. Full Quick Take Riverwater Partners' Micro Opportunities Strategy seeks to acquire undervalued domestic microcaps at attractive valuations, leveraging structural trends such as reshoring, Federal Reserve rate cuts, and artificial intelligence hardware expansion while avoiding vulnerable international supply chains. | |||||||
| +96.0% | +13.3% | Diamond Hill's small-cap value strategy outperformed benchmarks in Q4 and 2024, driven by strong industrials performance and nuclear-related investments. The manager added four new positions while maintaining disciplined value approach despite elevated market valuations. Focus remains on identifying resilient companies trading below intrinsic value with three- to five-year return potential through active portfolio management. Full Quick Take Diamond Hill's small-cap value strategy outperformed benchmarks in Q4 and 2024, driven by strong industrials performance and nuclear-related investments. The manager added four new positions while maintaining disciplined value approach despite elevated market valuations. Focus remains on identifying resilient companies trading below intrinsic value with three- to five-year return potential through active portfolio management. | - | ||||||
| 0.0% | - | Meridian Contrarian Fund outperformed in Q4 2024 with a 1.70% return, driven by contrarian bets on The Honest Company's profitability turnaround, Mirion Technologies' nuclear power tailwinds, and Planet Labs' defense sector opportunity. The concentrated 50-75 position portfolio targets out-of-favor companies with earnings recovery catalysts, maintaining conviction despite expected volatility from inflation and rate concerns. Full Quick Take Meridian Contrarian Fund outperformed in Q4 2024 with a 1.70% return, driven by contrarian bets on The Honest Company's profitability turnaround, Mirion Technologies' nuclear power tailwinds, and Planet Labs' defense sector opportunity. The concentrated 50-75 position portfolio targets out-of-favor companies with earnings recovery catalysts, maintaining conviction despite expected volatility from inflation and rate concerns. | - | ||||||
| 0.0% | - | Heartwood returned 2.44% in Q3, beating guidance but lagging benchmarks due to Krispy Kreme weakness. The manager concentrated holdings, added Crowdstrike and Lyft as turnaround plays, and initiated uranium exposure for AI power demand. With conviction at highs and overtrading addressed, they expect their refined process to drive outperformance in 2025. Full Quick Take Heartwood returned 2.44% in Q3, beating guidance but lagging benchmarks due to Krispy Kreme weakness. The manager concentrated holdings, added Crowdstrike and Lyft as turnaround plays, and initiated uranium exposure for AI power demand. With conviction at highs and overtrading addressed, they expect their refined process to drive outperformance in 2025. | - | ||||||
| +7.0% | +3.0% | Baird Small/Mid Cap Growth matched benchmark returns in Q3 with strong technology performance led by AI and cybersecurity additions. The fund made significant portfolio changes while maintaining disciplined SMID focus, exiting Tyler Technologies due to size constraints. After a challenging eight-month period, the manager remains committed to their investment philosophy and encouraged by Q3's improved relative performance. Full Quick Take Baird Small/Mid Cap Growth matched benchmark returns in Q3 with strong technology performance led by AI and cybersecurity additions. The fund made significant portfolio changes while maintaining disciplined SMID focus, exiting Tyler Technologies due to size constraints. After a challenging eight-month period, the manager remains committed to their investment philosophy and encouraged by Q3's improved relative performance. | - | ||||||
| - | - | Barometer Capital delivered strong Q3 performance by rotating from narrow tech leadership into nuclear energy, gold, and Canadian banks. The firm capitalized on AI infrastructure demand while reducing direct GPU exposure, increased precious metals allocation amid central bank buying, and benefited from Canadian monetary policy leadership. Management maintains optimistic outlook supported by Fed easing and expected fiscal expansion. Full Quick Take Barometer Capital delivered strong Q3 performance by rotating from narrow tech leadership into nuclear energy, gold, and Canadian banks. The firm capitalized on AI infrastructure demand while reducing direct GPU exposure, increased precious metals allocation amid central bank buying, and benefited from Canadian monetary policy leadership. Management maintains optimistic outlook supported by Fed easing and expected fiscal expansion. | - | ||||||
| +3.7% | +11.6% | Global small-cap fund lagged in Q3 due to Asia overweight positioning but remains committed to geographic diversification. Core thesis focuses on independent power producers like Talen Energy and Hallador Energy benefiting from AI data center power demand. Reduced Asia exposure following carry trade volatility while maintaining underweight to expensive U.S. markets trading at historical extremes. Full Quick Take Global small-cap fund lagged in Q3 due to Asia overweight positioning but remains committed to geographic diversification. Core thesis focuses on independent power producers like Talen Energy and Hallador Energy benefiting from AI data center power demand. Reduced Asia exposure following carry trade volatility while maintaining underweight to expensive U.S. markets trading at historical extremes. | - | ||||||
| -91.0% | +5.0% | Aristotle/Saul Global Equity Fund underperformed in Q2 2024 due to housing affordability pressures on Lennar and industrial headwinds for Oshkosh. Nuclear energy leader Cameco and semiconductor diversification story Qualcomm drove positive returns. Management sold KDDI and Veralto, maintaining focus on quality businesses with catalysts over macro timing. Full Quick Take Aristotle/Saul Global Equity Fund underperformed in Q2 2024 due to housing affordability pressures on Lennar and industrial headwinds for Oshkosh. Nuclear energy leader Cameco and semiconductor diversification story Qualcomm drove positive returns. Management sold KDDI and Veralto, maintaining focus on quality businesses with catalysts over macro timing. | - |
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