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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | - | The managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. Full Quick Take The managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. | - | |||||
| +17.8% | - | Meridian Contrarian returned 17.75% in Q2 2026, lagging the momentum-driven Russell 2500's 20.26% as technology concentration dominated returns. Top contributors BlackBerry, CEVA, and PDF Solutions all benefited from accelerating AI and semiconductor cycles, validating the fund's contrarian thesis on operational recovery in out-of-favor names. The manager actively trimmed winners and reduced oil/defense exposure while maintaining conviction in bottom-up research identifying mispriced small-cap recovery opportunities. Full Quick Take Meridian Contrarian returned 17.75% in Q2 2026, lagging the momentum-driven Russell 2500's 20.26% as technology concentration dominated returns. Top contributors BlackBerry, CEVA, and PDF Solutions all benefited from accelerating AI and semiconductor cycles, validating the fund's contrarian thesis on operational recovery in out-of-favor names. The manager actively trimmed winners and reduced oil/defense exposure while maintaining conviction in bottom-up research identifying mispriced small-cap recovery opportunities. | |||||||
| +4.5% | - | Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. Full Quick Take Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. | |||||||
| - | +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. | |||||||
| - | - | - | Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. Full Quick Take Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. | - | |||||
| -0.9% | +14.9% | Old West sees AI infrastructure buildout creating a new industrial revolution where power delivery is the critical constraint. The fund is positioned in power semiconductors, natural gas, coal, uranium, and optical networking. Despite Q2 volatility from oil price swings, the manager believes energy and materials are mispriced relative to surging data center electricity demand. Natural gas reserves represent crude electricity with massive spread potential as infrastructure catches up. Full Quick Take Old West sees AI infrastructure buildout creating a new industrial revolution where power delivery is the critical constraint. The fund is positioned in power semiconductors, natural gas, coal, uranium, and optical networking. Despite Q2 volatility from oil price swings, the manager believes energy and materials are mispriced relative to surging data center electricity demand. Natural gas reserves represent crude electricity with massive spread potential as infrastructure catches up. | |||||||
| +16.0% | +15.9% | Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. Full Quick Take Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. | |||||||
| - | - | - | L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. Full Quick Take L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. | - | |||||
| +14.9% | - | The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. Full Quick Take The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. | |||||||
| - | - | - | U.S. equities gained 10% year-to-date through mid-2026 with the S&P 500 posting a 9-week winning streak, driven by profit growth exceeding 20% across all sectors. Persistent inflation above the Fed's 2% target for 65 months and cooling employment create headwinds, while AI investment drives GDP growth but faces mounting pressure to justify over $1 trillion in debt-financed spending. Diversification into international equities and small-caps has rewarded investors. Full Quick Take U.S. equities gained 10% year-to-date through mid-2026 with the S&P 500 posting a 9-week winning streak, driven by profit growth exceeding 20% across all sectors. Persistent inflation above the Fed's 2% target for 65 months and cooling employment create headwinds, while AI investment drives GDP growth but faces mounting pressure to justify over $1 trillion in debt-financed spending. Diversification into international equities and small-caps has rewarded investors. | - | |||||
| -12.6% | -8.6% | Fairlight Alpha Fund delivered -12.6% in Q2 as cheap stocks became cheaper despite business progress, driven by market regime shifts and Middle East volatility. The fund is positioned in deeply discounted Asian and European small-caps including Korean OLED equipment maker Dong A Eltek and Thai oil producer Valeura Energy, while actively avoiding overvalued AI and technology stocks trading at unsustainable multiples like SpaceX at 158x revenues. Full Quick Take Fairlight Alpha Fund delivered -12.6% in Q2 as cheap stocks became cheaper despite business progress, driven by market regime shifts and Middle East volatility. The fund is positioned in deeply discounted Asian and European small-caps including Korean OLED equipment maker Dong A Eltek and Thai oil producer Valeura Energy, while actively avoiding overvalued AI and technology stocks trading at unsustainable multiples like SpaceX at 158x revenues. | |||||||
| - | - | The S&P 500 rallied +15% in Q2 2026 as oil reversed from $115 to $70 following a Middle East ceasefire, while semiconductor stocks surged +88% on record AI infrastructure spending by major tech companies. Inflation peaked at +4.2% in May but is expected to ease. The Fed shifted toward potential rate hikes. Market breadth strengthened with small caps gaining +21.5%. Key risks include inflation persistence and AI spending sustainability. Full Quick Take The S&P 500 rallied +15% in Q2 2026 as oil reversed from $115 to $70 following a Middle East ceasefire, while semiconductor stocks surged +88% on record AI infrastructure spending by major tech companies. Inflation peaked at +4.2% in May but is expected to ease. The Fed shifted toward potential rate hikes. Market breadth strengthened with small caps gaining +21.5%. Key risks include inflation persistence and AI spending sustainability. | |||||||
| - | - | - | The Federal Reserve under new Chairman Kevin Warsh faces a credibility crisis as inflation persists at 3-4% despite five years above target. The July FOMC meeting's decision to hold rates steady pushed Treasury yields to multi-year highs and left markets pricing in multiple rate hikes ahead. The Iran conflict complicates policy by driving oil-driven inflation that rate hikes cannot directly address. Restoring confidence will require threading a difficult needle. Full Quick Take The Federal Reserve under new Chairman Kevin Warsh faces a credibility crisis as inflation persists at 3-4% despite five years above target. The July FOMC meeting's decision to hold rates steady pushed Treasury yields to multi-year highs and left markets pricing in multiple rate hikes ahead. The Iran conflict complicates policy by driving oil-driven inflation that rate hikes cannot directly address. Restoring confidence will require threading a difficult needle. | - | |||||
| - | 0.0% | Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. Full Quick Take Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. | - | ||||||
| +15.6% | +20.9% | - | Northern Small Cap Value Fund gained 15.60% in Q2 2026 but trailed its Russell 2000 Value benchmark by 159 basis points. Underperformance stemmed from weak stock selection in Health Care and Information Technology despite strength in Financials. The quantitative model's 'BUY'-rated stocks lagged 'SELL'-rated names. Management maintains its disciplined focus on reasonably priced, profitable small-caps while avoiding lower-quality companies. Full Quick Take Northern Small Cap Value Fund gained 15.60% in Q2 2026 but trailed its Russell 2000 Value benchmark by 159 basis points. Underperformance stemmed from weak stock selection in Health Care and Information Technology despite strength in Financials. The quantitative model's 'BUY'-rated stocks lagged 'SELL'-rated names. Management maintains its disciplined focus on reasonably priced, profitable small-caps while avoiding lower-quality companies. | - | |||||
| +30.1% | +23.7% | Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. Full Quick Take Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. | |||||||
| +11.5% | +16.2% | Crossroads returned 11.5% net in Q2 as concentrated small-cap portfolio captured market broadening. Nebius emerged as AI hyperscaler with $46B contracts and 50% margins. AST SpaceMobile scaled to 12 satellites with FCC authorization for 248-satellite constellation. Nintendo marked down on memory headwinds despite 150% profit growth. FTAI secured $1.5B data center power order. Manager added to positions during July momentum unwind, maintaining focus on hard catalysts independent of macro. Full Quick Take Crossroads returned 11.5% net in Q2 as concentrated small-cap portfolio captured market broadening. Nebius emerged as AI hyperscaler with $46B contracts and 50% margins. AST SpaceMobile scaled to 12 satellites with FCC authorization for 248-satellite constellation. Nintendo marked down on memory headwinds despite 150% profit growth. FTAI secured $1.5B data center power order. Manager added to positions during July momentum unwind, maintaining focus on hard catalysts independent of macro. | |||||||
| - | +7.2% | Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value. Full Quick Take Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Added Deutsche Rohstoff oil producer at 2.2x forward earnings to exploit Strait of Hormuz crisis. Over 8% in freight shipping benefiting from geopolitical capacity constraints. Gold mining exposure supported by constructive Senegal permitting. Portfolio of 29 stocks trading at significant discounts to intrinsic value. | |||||||
| +3.0% | - | Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations. Full Quick Take Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations. | |||||||
| - | +11.2% | Aegis Value Fund returned 11.19% in H1 2026, driven by a 38.3% energy allocation capitalizing on structural oil supply constraints and geopolitical risk. The manager warns nearly 40% of S&P 500 exposure to AI buildout risks historical overinvestment patterns. Despite gold's correction, precious metals positions maintained given strengthened long-term fundamentals. New positions in Radian, hotel REITs, and turnaround situations purchased at steep discounts to book value. Full Quick Take Aegis Value Fund returned 11.19% in H1 2026, driven by a 38.3% energy allocation capitalizing on structural oil supply constraints and geopolitical risk. The manager warns nearly 40% of S&P 500 exposure to AI buildout risks historical overinvestment patterns. Despite gold's correction, precious metals positions maintained given strengthened long-term fundamentals. New positions in Radian, hotel REITs, and turnaround situations purchased at steep discounts to book value. | |||||||
| - | - | - | Equity markets delivered one of their strongest quarterly reversals in years, driven by exceptional earnings growth and broadening participation beyond mega-cap tech. The AI trade matured as semiconductor suppliers surged and productivity gains diffused across sectors. A fragile US-Iran ceasefire eased oil prices temporarily. High rates and reaccelerating inflation keep Fed cuts off the table, leaving little margin for error despite constructive fundamentals. Full Quick Take Equity markets delivered one of their strongest quarterly reversals in years, driven by exceptional earnings growth and broadening participation beyond mega-cap tech. The AI trade matured as semiconductor suppliers surged and productivity gains diffused across sectors. A fragile US-Iran ceasefire eased oil prices temporarily. High rates and reaccelerating inflation keep Fed cuts off the table, leaving little margin for error despite constructive fundamentals. | - | |||||
| - | - | Q2 2026 proved that crises do not necessarily mean sell signals. Despite the Strait of Hormuz closure creating a major oil shock, markets delivered positive returns driven by containable energy disruptions and robust US earnings growth of 11.5%. AI is transforming the economy faster than electricity did, with Anthropic and Nvidia showing explosive growth. Expect strong profits, ongoing geopolitical tensions, and elevated volatility ahead. Full Quick Take Q2 2026 proved that crises do not necessarily mean sell signals. Despite the Strait of Hormuz closure creating a major oil shock, markets delivered positive returns driven by containable energy disruptions and robust US earnings growth of 11.5%. AI is transforming the economy faster than electricity did, with Anthropic and Nvidia showing explosive growth. Expect strong profits, ongoing geopolitical tensions, and elevated volatility ahead. | - | ||||||
| +4.9% | +8.3% | Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. Full Quick Take Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. | |||||||
| +7.6% | +13.7% | Yacktman delivered 7.64% in Q2 2026, underperforming benchmarks but maintaining disciplined value approach. Samsung Electronics drove performance trading at three to four times cash flow versus competitors, enabling AI infrastructure participation with downside protection. Energy holdings hedged geopolitical risks from Iran conflict. Added Broadridge and Intuit opportunistically as software sector repriced on AI concerns. Portfolio positioned to protect capital while capturing bargains in elevated market. Full Quick Take Yacktman delivered 7.64% in Q2 2026, underperforming benchmarks but maintaining disciplined value approach. Samsung Electronics drove performance trading at three to four times cash flow versus competitors, enabling AI infrastructure participation with downside protection. Energy holdings hedged geopolitical risks from Iran conflict. Added Broadridge and Intuit opportunistically as software sector repriced on AI concerns. Portfolio positioned to protect capital while capturing bargains in elevated market. | |||||||
| -12.8% | +42.8% | - | Bison returned -12.8% in Q2 but sees the energy drawdown as a compelling entry point with the sector at all-time low S&P weightings and substantial mispricings. The fund opened a new co-investment in an undervalued oil and gas producer with strong improving operations trading at a significant discount to peers, offering multi-bagger upside through asset sales and buybacks amid historic oil supply disruptions and recovering institutional sentiment. Full Quick Take Bison returned -12.8% in Q2 but sees the energy drawdown as a compelling entry point with the sector at all-time low S&P weightings and substantial mispricings. The fund opened a new co-investment in an undervalued oil and gas producer with strong improving operations trading at a significant discount to peers, offering multi-bagger upside through asset sales and buybacks amid historic oil supply disruptions and recovering institutional sentiment. | - | |||||
| - | +30.0% | The fund returned 30% year-to-date as the Strait of Hormuz closure disrupted 14 million barrels per day for four months. Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Inventories approach critical minimums by September if disruption continues, forcing sharp price increases. Full Quick Take The fund returned 30% year-to-date as the Strait of Hormuz closure disrupted 14 million barrels per day for four months. Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Inventories approach critical minimums by September if disruption continues, forcing sharp price increases. | - | ||||||
| - | - | AI's capital expenditure boom faces a reckoning as soaring memory chip and token costs force enterprise migration from expensive US cloud platforms, threatening hyperscaler returns on $800 billion projected 2027 spending. Micron's historic beat validates semiconductor thesis, propelling Asian markets higher. Manager pairs US mega cap tech with Asian memory makers, overweights Japan, and holds elevated cash anticipating volatility will create better summer entry points. Full Quick Take AI's capital expenditure boom faces a reckoning as soaring memory chip and token costs force enterprise migration from expensive US cloud platforms, threatening hyperscaler returns on $800 billion projected 2027 spending. Micron's historic beat validates semiconductor thesis, propelling Asian markets higher. Manager pairs US mega cap tech with Asian memory makers, overweights Japan, and holds elevated cash anticipating volatility will create better summer entry points. | - | ||||||
| - | - | - | PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. The fund positions for U.S. overheating with 2.3% GDP growth driven by AI capex and fiscal stimulus, but expects Fed hikes under Warsh as inflation stays elevated from energy shocks and tariffs. Credit spreads are historically tight, prompting a quality-focused, carry-oriented stance with 7.2-year duration and overweights to emerging markets and financials. Full Quick Take PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. The fund positions for U.S. overheating with 2.3% GDP growth driven by AI capex and fiscal stimulus, but expects Fed hikes under Warsh as inflation stays elevated from energy shocks and tariffs. Credit spreads are historically tight, prompting a quality-focused, carry-oriented stance with 7.2-year duration and overweights to emerging markets and financials. | - | |||||
| +6.7% | - | The Fund returned 6.7% in Q2 as small and mid-cap UK stocks reversed multi-year underperformance. Holdings like Intertek, Renishaw, and Auction Technology delivered strong gains on positive trading updates and takeover interest. Energy holdings declined on the Iran ceasefire. The Fund now trades at a historic valuation discount to the UK market despite superior Quality characteristics, presenting a compelling opportunity for patient investors. Full Quick Take The Fund returned 6.7% in Q2 as small and mid-cap UK stocks reversed multi-year underperformance. Holdings like Intertek, Renishaw, and Auction Technology delivered strong gains on positive trading updates and takeover interest. Energy holdings declined on the Iran ceasefire. The Fund now trades at a historic valuation discount to the UK market despite superior Quality characteristics, presenting a compelling opportunity for patient investors. | |||||||
| +13.5% | +15.0% | Bailard's International Equity Strategy returned 13.52% net in Q2 2026, outperforming EAFE by 270 bps through country allocation favoring Korea and Taiwan. AI-driven semiconductor demand propelled Information Technology 55.1% as hyperscalers raised capex guidance to $700 billion. Middle East de-escalation sent oil prices lower, pressuring energy-sensitive markets. July saw renewed geopolitical tensions and valuation pressure on AI beneficiaries, reinforcing the value of disciplined, all-weather positioning. Full Quick Take Bailard's International Equity Strategy returned 13.52% net in Q2 2026, outperforming EAFE by 270 bps through country allocation favoring Korea and Taiwan. AI-driven semiconductor demand propelled Information Technology 55.1% as hyperscalers raised capex guidance to $700 billion. Middle East de-escalation sent oil prices lower, pressuring energy-sensitive markets. July saw renewed geopolitical tensions and valuation pressure on AI beneficiaries, reinforcing the value of disciplined, all-weather positioning. | - | ||||||
| - | - | Ameliora reduced technology exposure in late June despite market highs, concerned that $3 trillion in AI debt creates unsustainable servicing burdens for an unproven commercial model. Record margin debt signals fragility while semiconductor valuations appear bubble-like. The firm favors gold miners and defense stocks offering strong cash flows but unloved by momentum investors, maintaining a constructive equity stance supported by AI capex flowing through the broader economy. Full Quick Take Ameliora reduced technology exposure in late June despite market highs, concerned that $3 trillion in AI debt creates unsustainable servicing burdens for an unproven commercial model. Record margin debt signals fragility while semiconductor valuations appear bubble-like. The firm favors gold miners and defense stocks offering strong cash flows but unloved by momentum investors, maintaining a constructive equity stance supported by AI capex flowing through the broader economy. | - | ||||||
| +14.7% | +9.6% | Aristotle Core Equity returned 14.69% in Q2 2026, slightly trailing the S&P 500 on allocation effects. AI infrastructure drove market leadership, with the Fund adding semiconductor exposure through AMD and Micron positions. The manager sees memory entering a four- to five-year super-cycle driven by AI demand and HBM constraints. Valuations appear reasonable given earnings growth, with focus on secular growth companies despite geopolitical and inflation headwinds. Full Quick Take Aristotle Core Equity returned 14.69% in Q2 2026, slightly trailing the S&P 500 on allocation effects. AI infrastructure drove market leadership, with the Fund adding semiconductor exposure through AMD and Micron positions. The manager sees memory entering a four- to five-year super-cycle driven by AI demand and HBM constraints. Valuations appear reasonable given earnings growth, with focus on secular growth companies despite geopolitical and inflation headwinds. | |||||||
| - | - | - | Corporate resilience dominated the first half of 2026 as companies delivered earnings growth exceeding 25% and record profit margins despite geopolitical shocks from Iran conflict. The S&P 500 rose 10% year-to-date driven by fundamentals rather than valuation expansion. AI capital spending accelerated with broadening leadership. Inflation from energy remains the key risk, but cessation of Middle East hostilities could enable a stronger second half. Full Quick Take Corporate resilience dominated the first half of 2026 as companies delivered earnings growth exceeding 25% and record profit margins despite geopolitical shocks from Iran conflict. The S&P 500 rose 10% year-to-date driven by fundamentals rather than valuation expansion. AI capital spending accelerated with broadening leadership. Inflation from energy remains the key risk, but cessation of Middle East hostilities could enable a stronger second half. | - | |||||
| +17.1% | +16.9% | The fund outperformed by 190 basis points in Q2 2026, driven by concentrated bets on AI infrastructure. Western Digital, Seagate, and SK Hynix delivered exceptional returns on exploding data center storage demand. Taiwan Semiconductor remains the largest active position. The manager trimmed energy profits post-Iran conflict and maintains conviction in commercial aerospace recovery through Boeing. Technology underweights include Apple, Amazon, and Microsoft. Full Quick Take The fund outperformed by 190 basis points in Q2 2026, driven by concentrated bets on AI infrastructure. Western Digital, Seagate, and SK Hynix delivered exceptional returns on exploding data center storage demand. Taiwan Semiconductor remains the largest active position. The manager trimmed energy profits post-Iran conflict and maintains conviction in commercial aerospace recovery through Boeing. Technology underweights include Apple, Amazon, and Microsoft. | |||||||
| -5.2% | +10.7% | Massif Capital argues geopolitics has shifted from exogenous shock to endogenous pricing variable, with geography now mattering more than geology in commodity markets. Q2's doubled volatility reflects this regime change, with Iranian diplomacy moving Norwegian energy stocks more than fundamentals and trade policy driving copper names more than drill results. Portfolio positioned for dispersion through critical minerals in allied jurisdictions and un-weaponizable real assets, deliberately taking single-node risks while avoiding financial overlays. Full Quick Take Massif Capital argues geopolitics has shifted from exogenous shock to endogenous pricing variable, with geography now mattering more than geology in commodity markets. Q2's doubled volatility reflects this regime change, with Iranian diplomacy moving Norwegian energy stocks more than fundamentals and trade policy driving copper names more than drill results. Portfolio positioned for dispersion through critical minerals in allied jurisdictions and un-weaponizable real assets, deliberately taking single-node risks while avoiding financial overlays. | |||||||
| +20.8% | - | - | Liberty Park Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Liberty Park Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| -10.4% | +1.5% | Black Bear underperformed in Q2 amid market concentration in mega-cap tech, but the manager sees an unusually wide gap between price and value. The portfolio owns cash-generative energy, commodity, and housing businesses at sensible valuations while shorting overleveraged businesses with unrealistic expectations. Many holdings are entering their most cash-generative phases. The manager remains invested alongside partners and expects patience to be rewarded. Full Quick Take Black Bear underperformed in Q2 amid market concentration in mega-cap tech, but the manager sees an unusually wide gap between price and value. The portfolio owns cash-generative energy, commodity, and housing businesses at sensible valuations while shorting overleveraged businesses with unrealistic expectations. Many holdings are entering their most cash-generative phases. The manager remains invested alongside partners and expects patience to be rewarded. | |||||||
| - | - | - | Global equities surged 15.3% in Q2 2026 on massive AI infrastructure investment and robust earnings, with semiconductors soaring 49.7% as Taiwan and South Korea posted record export growth. The Fed turned hawkish under new Chair Warsh, signaling potential 2026 rate hikes, while easing US-Iran tensions helped oil retreat 21.2%. China declined 6.8% on weak domestic demand. Emerging markets led at 24.2%, driven by exceptional Asian technology performance. Full Quick Take Global equities surged 15.3% in Q2 2026 on massive AI infrastructure investment and robust earnings, with semiconductors soaring 49.7% as Taiwan and South Korea posted record export growth. The Fed turned hawkish under new Chair Warsh, signaling potential 2026 rate hikes, while easing US-Iran tensions helped oil retreat 21.2%. China declined 6.8% on weak domestic demand. Emerging markets led at 24.2%, driven by exceptional Asian technology performance. | - | |||||
| - | - | - | Risk assets rebounded strongly in Q2 2026 as oil prices collapsed from $100 to $70, easing inflation concerns despite Fed hawkishness. Market breadth improved dramatically with small caps and value outperforming. Emerging markets surged 24% on AI-driven semiconductor demand. The manager rebalanced to long-term targets and maintains gold exposure as a diversifier, advocating disciplined diversification over chasing winners despite cautious optimism on growth and earnings. Full Quick Take Risk assets rebounded strongly in Q2 2026 as oil prices collapsed from $100 to $70, easing inflation concerns despite Fed hawkishness. Market breadth improved dramatically with small caps and value outperforming. Emerging markets surged 24% on AI-driven semiconductor demand. The manager rebalanced to long-term targets and maintains gold exposure as a diversifier, advocating disciplined diversification over chasing winners despite cautious optimism on growth and earnings. | - | |||||
| - | -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. | - | ||||||
| +2.9% | +4.6% | First Eagle Global Fund underperformed in Q2 2026 as growth stocks surged, but the manager used volatility to reposition into value opportunities. The fund maintains strategic gold exposure despite a 14% quarterly decline and sees compelling valuations in equal-weighted stocks and international markets. While concerned about extreme risk appetite and unsustainable AI spending, the manager believes scarce, durable assets at sensible prices will deliver long-term value. Full Quick Take First Eagle Global Fund underperformed in Q2 2026 as growth stocks surged, but the manager used volatility to reposition into value opportunities. The fund maintains strategic gold exposure despite a 14% quarterly decline and sees compelling valuations in equal-weighted stocks and international markets. While concerned about extreme risk appetite and unsustainable AI spending, the manager believes scarce, durable assets at sensible prices will deliver long-term value. | - | ||||||
| - | - | - | Q2 2026 delivered exceptional market performance with S&P 500 up 15.2% following Iran ceasefire resolution. Corporate earnings grew 27% in Q1 marking six consecutive quarters of double-digit expansion with notable breadth beyond technology. New Fed leadership under Warsh brings policy changes but core mandate unchanged. AI infrastructure spending drives growth while market participation broadens. Bull market intact as long as earnings momentum continues. Full Quick Take Q2 2026 delivered exceptional market performance with S&P 500 up 15.2% following Iran ceasefire resolution. Corporate earnings grew 27% in Q1 marking six consecutive quarters of double-digit expansion with notable breadth beyond technology. New Fed leadership under Warsh brings policy changes but core mandate unchanged. AI infrastructure spending drives growth while market participation broadens. Bull market intact as long as earnings momentum continues. | - | |||||
| - | - | Generated 17.8% net by trading sector rotation between AI winners and losers in a flat market. Semiconductors peaked climactically in June after a 30% rally driven by memory bottlenecks. Shorted upside volatility in overleveraged memory products while rotating into cheap IT services and quality names. Built defensive energy positions around Iran crisis. Positioned long yen against extreme carry trade positioning. Expect elevated volatility into elections despite low VIX. Full Quick Take Generated 17.8% net by trading sector rotation between AI winners and losers in a flat market. Semiconductors peaked climactically in June after a 30% rally driven by memory bottlenecks. Shorted upside volatility in overleveraged memory products while rotating into cheap IT services and quality names. Built defensive energy positions around Iran crisis. Positioned long yen against extreme carry trade positioning. Expect elevated volatility into elections despite low VIX. | - | ||||||
| - | +4.5% | Rozendal delivered strong absolute and relative returns in H1 2026 despite avoiding the AI mania that drove markets. The Iran war benefited energy holdings while precious metals shorts paid off as gold and platinum sold off. Three successful investment cycles closed including Meta at 31% IRR. The manager remains disciplined on valuation, selling silver and Meta after speculative run-ups, demonstrating that even contrarian value investors must respect price. Full Quick Take Rozendal delivered strong absolute and relative returns in H1 2026 despite avoiding the AI mania that drove markets. The Iran war benefited energy holdings while precious metals shorts paid off as gold and platinum sold off. Three successful investment cycles closed including Meta at 31% IRR. The manager remains disciplined on valuation, selling silver and Meta after speculative run-ups, demonstrating that even contrarian value investors must respect price. | |||||||
| - | +2.1% | Rozendal's Global Fund lagged in H1 2026 by avoiding the AI mania that drove tech 30% higher, while the Iran war disrupted oil and precious metals markets. Three successful investment cycles closed: Meta at 31% annualized, silver at 20%+, and Curro at 22-24%. The manager maintains disciplined valuation focus despite momentum-driven markets favoring speculation over fundamentals. Full Quick Take Rozendal's Global Fund lagged in H1 2026 by avoiding the AI mania that drove tech 30% higher, while the Iran war disrupted oil and precious metals markets. Three successful investment cycles closed: Meta at 31% annualized, silver at 20%+, and Curro at 22-24%. The manager maintains disciplined valuation focus despite momentum-driven markets favoring speculation over fundamentals. | |||||||
| +14.0% | +8.7% | Pzena Focused Value outperformed in Q2 2026 on health care strength, led by managed care insurers benefiting from favorable medical cost trends. The manager trimmed semiconductors on unsustainable 80%+ margins, avoiding the cyclical peak, and initiated software positions after AI-disruption fears created decade-low valuations. Extreme market concentration has created compelling value opportunities in consumer and health care businesses left behind by the AI rally. Full Quick Take Pzena Focused Value outperformed in Q2 2026 on health care strength, led by managed care insurers benefiting from favorable medical cost trends. The manager trimmed semiconductors on unsustainable 80%+ margins, avoiding the cyclical peak, and initiated software positions after AI-disruption fears created decade-low valuations. Extreme market concentration has created compelling value opportunities in consumer and health care businesses left behind by the AI rally. | - | ||||||
| - | - | - | AI infrastructure spending drove Q2 2026's 13.8% global equity surge, with semiconductor-exposed markets Taiwan and Korea delivering exceptional gains on sustained hyperscaler demand. US-Iran ceasefire collapsed oil prices, hammering energy stocks. Emerging markets posted their strongest quarter since 2009, though performance concentrated narrowly in AI beneficiaries. Central banks maintained restrictive policy despite moderating inflation. Technology and semiconductor supply chains dominated returns while commodities and energy lagged sharply. Full Quick Take AI infrastructure spending drove Q2 2026's 13.8% global equity surge, with semiconductor-exposed markets Taiwan and Korea delivering exceptional gains on sustained hyperscaler demand. US-Iran ceasefire collapsed oil prices, hammering energy stocks. Emerging markets posted their strongest quarter since 2009, though performance concentrated narrowly in AI beneficiaries. Central banks maintained restrictive policy despite moderating inflation. Technology and semiconductor supply chains dominated returns while commodities and energy lagged sharply. | - | |||||
| +2.2% | +10.1% | - | The iMGP DBi Managed Futures Strategy ETF delivered 2.23% in Q2 and 10.11% year-to-date, outperforming benchmarks in an increasingly volatile and unpredictable market environment. Emerging markets exposure and currency positioning drove gains while crude oil detracted. The manager positions the fund as a critical diversifier and liquidity provider as traditional bonds have failed allocators, with the meme stock environment expected to persist. Full Quick Take The iMGP DBi Managed Futures Strategy ETF delivered 2.23% in Q2 and 10.11% year-to-date, outperforming benchmarks in an increasingly volatile and unpredictable market environment. Emerging markets exposure and currency positioning drove gains while crude oil detracted. The manager positions the fund as a critical diversifier and liquidity provider as traditional bonds have failed allocators, with the meme stock environment expected to persist. | - | |||||
| - | - | - | Carrington delivered strong Q2 performance by avoiding the semiconductor speculation bubble that dominated markets, maintaining structural underweights to US equities and overweights to China, UK, Europe and Asia. The Iran conflict drove oil volatility while retail investors pushed semiconductors to extreme valuations. Capital rotation toward value late in the quarter validated the positioning. The manager added to precious metals miners and Japanese small caps while reducing bonds for cash as inflation persists above target. Full Quick Take Carrington delivered strong Q2 performance by avoiding the semiconductor speculation bubble that dominated markets, maintaining structural underweights to US equities and overweights to China, UK, Europe and Asia. The Iran conflict drove oil volatility while retail investors pushed semiconductors to extreme valuations. Capital rotation toward value late in the quarter validated the positioning. The manager added to precious metals miners and Japanese small caps while reducing bonds for cash as inflation persists above target. | - | |||||
| +7.8% | +11.6% | Diamond Hill International underperformed in Q2 2026 as narrow AI-driven market leadership favored a small group of semiconductor names. The portfolio benefited from TSMC, Samsung, and SK hynix on strong AI chip demand, but energy holdings declined on weak prices and Alibaba fell on China concerns. The manager eliminated four positions for better opportunities while maintaining focus on quality businesses trading below intrinsic value. Full Quick Take Diamond Hill International underperformed in Q2 2026 as narrow AI-driven market leadership favored a small group of semiconductor names. The portfolio benefited from TSMC, Samsung, and SK hynix on strong AI chip demand, but energy holdings declined on weak prices and Alibaba fell on China concerns. The manager eliminated four positions for better opportunities while maintaining focus on quality businesses trading below intrinsic value. | - |
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