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 |
|---|---|---|---|---|---|---|---|---|---|
| +21.6% | +16.5% | Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. Full Quick Take Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. | - | ||||||
| +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. | |||||||
| +9.9% | +13.6% | The fund underperformed in Q2 2026 as it missed the sharp rally in speculative technology names and quantum computing stocks, while overweights to materials and energy detracted. Semiconductor and defense holdings performed well. The manager added regional banks and commercial real estate services, maintaining conviction in small/mid-cap fundamentals despite near-term geopolitical and election risks. Valuations remain attractive at multi-decade lows relative to large caps. Full Quick Take The fund underperformed in Q2 2026 as it missed the sharp rally in speculative technology names and quantum computing stocks, while overweights to materials and energy detracted. Semiconductor and defense holdings performed well. The manager added regional banks and commercial real estate services, maintaining conviction in small/mid-cap fundamentals despite near-term geopolitical and election risks. Valuations remain attractive at multi-decade lows relative to large caps. | - | ||||||
| - | - | Robotti sees AI's physical appetite creating opportunity in overlooked infrastructure. While AI platforms trade at extreme valuations, the power, materials, and energy required to support them remain undervalued after years of underinvestment. The manager owns real assets through public companies at discounts: offshore energy consolidating with pricing power, North American industrials benefiting from cheap gas, and building products serving demographic housing demand. Recognition lags fundamentals but arrives quickly. Full Quick Take Robotti sees AI's physical appetite creating opportunity in overlooked infrastructure. While AI platforms trade at extreme valuations, the power, materials, and energy required to support them remain undervalued after years of underinvestment. The manager owns real assets through public companies at discounts: offshore energy consolidating with pricing power, North American industrials benefiting from cheap gas, and building products serving demographic housing demand. Recognition lags fundamentals but arrives quickly. | - | ||||||
| +13.7% | +15.4% | The fund underperformed the Russell 2000's exceptional 21.49% Q2 return, missing the quarter's momentum-driven rally in AI, quantum computing and non-earning growth stocks. Top holdings MACOM and Mercury Systems delivered strong results driven by data center and defense demand. The manager remains constructive long-term on small caps given multi-decade low valuations, reaccelerating earnings and structural tailwinds, while acknowledging near-term geopolitical and election-related volatility risks. Full Quick Take The fund underperformed the Russell 2000's exceptional 21.49% Q2 return, missing the quarter's momentum-driven rally in AI, quantum computing and non-earning growth stocks. Top holdings MACOM and Mercury Systems delivered strong results driven by data center and defense demand. The manager remains constructive long-term on small caps given multi-decade low valuations, reaccelerating earnings and structural tailwinds, while acknowledging near-term geopolitical and election-related volatility risks. | |||||||
| +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. | |||||||
| +17.6% | +24.6% | - | Bailard's quantitative small cap value strategy outperformed in Q2 2026 by navigating volatile sentiment shifts through proprietary behavioral finance models. The Path-Dependent Anchoring Bias factor proved most effective. A small cap value renaissance is underway driven by accelerating earnings, attractive valuations, reshoring tailwinds, deregulation, and improving M&A activity. Strategy capacity confirmed at $1.5 billion with low trading impact. Full Quick Take Bailard's quantitative small cap value strategy outperformed in Q2 2026 by navigating volatile sentiment shifts through proprietary behavioral finance models. The Path-Dependent Anchoring Bias factor proved most effective. A small cap value renaissance is underway driven by accelerating earnings, attractive valuations, reshoring tailwinds, deregulation, and improving M&A activity. Strategy capacity confirmed at $1.5 billion with low trading impact. | - | |||||
| +37.5% | +33.1% | - | Kennedy Capital's Small Cap Growth composite surged 37.53% net in Q2 2026, outperforming its benchmark by 1,182 bps through concentrated exposure to AI infrastructure and onshoring themes. A memory and AI infrastructure provider quadrupled after raising guidance on AI-driven demand. Small caps posted their best first half since 1991, finally outpacing large caps. The manager expects earnings growth to drive future returns as valuations are relatively full. Full Quick Take Kennedy Capital's Small Cap Growth composite surged 37.53% net in Q2 2026, outperforming its benchmark by 1,182 bps through concentrated exposure to AI infrastructure and onshoring themes. A memory and AI infrastructure provider quadrupled after raising guidance on AI-driven demand. Small caps posted their best first half since 1991, finally outpacing large caps. The manager expects earnings growth to drive future returns as valuations are relatively full. | - | |||||
| -1.5% | -1.2% | ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. Full Quick Take ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. | |||||||
| +11.6% | +9.0% | BlackRock Global Dividend Fund returned 11.72% in Q2 2026, powered by semiconductor holdings benefiting from AI infrastructure demand. Applied Materials, MediaTek, and SK Hynix drove gains on strong earnings and favorable memory dynamics. Narrow market leadership favoring growth over yield challenged relative performance. The managers maintain conviction in AI opportunities while shifting focus to infrastructure bottlenecks and second-order beneficiaries, emphasizing quality, valuation discipline, and selective global opportunities. Full Quick Take BlackRock Global Dividend Fund returned 11.72% in Q2 2026, powered by semiconductor holdings benefiting from AI infrastructure demand. Applied Materials, MediaTek, and SK Hynix drove gains on strong earnings and favorable memory dynamics. Narrow market leadership favoring growth over yield challenged relative performance. The managers maintain conviction in AI opportunities while shifting focus to infrastructure bottlenecks and second-order beneficiaries, emphasizing quality, valuation discipline, and selective global opportunities. | - | ||||||
| +19.5% | +20.0% | Baron Emerging Markets Fund returned 19.61% in Q2 2026, trailing the benchmark's 24.05% in a semiconductor-dominated quarter. Agentic AI adoption and Iran cease-fire drove returns concentrated in mega-cap memory leaders SK hynix, TSMC, and Samsung. The manager added Indian pharma supply chain plays and maintains conviction in quality growth despite AI concentration risks, viewing digitization beneficiaries as mispriced opportunities after market rotation toward legacy semiconductor names. Full Quick Take Baron Emerging Markets Fund returned 19.61% in Q2 2026, trailing the benchmark's 24.05% in a semiconductor-dominated quarter. Agentic AI adoption and Iran cease-fire drove returns concentrated in mega-cap memory leaders SK hynix, TSMC, and Samsung. The manager added Indian pharma supply chain plays and maintains conviction in quality growth despite AI concentration risks, viewing digitization beneficiaries as mispriced opportunities after market rotation toward legacy semiconductor names. | |||||||
| +5.2% | +1.6% | Cambiar International Equity returned 5.17% in 2Q 2026, lagging the MSCI EAFE's 10.82% gain driven by AI and semiconductor euphoria. The fund's underweight to Technology hurt relative performance despite positive selection elsewhere. The team increased Industrials exposure to 25% of capital, adding CNI and MTU Aero to capture defense, onshoring, and infrastructure tailwinds. International valuations at 14.6x forward P/E appear reasonable versus extreme U.S. multiples. Full Quick Take Cambiar International Equity returned 5.17% in 2Q 2026, lagging the MSCI EAFE's 10.82% gain driven by AI and semiconductor euphoria. The fund's underweight to Technology hurt relative performance despite positive selection elsewhere. The team increased Industrials exposure to 25% of capital, adding CNI and MTU Aero to capture defense, onshoring, and infrastructure tailwinds. International valuations at 14.6x forward P/E appear reasonable versus extreme U.S. multiples. | - | ||||||
| +26.2% | +27.5% | The fund gained 26.31% in Q2 2026, outperforming its benchmark on strong AI-related holdings including JFrog and Cohu, plus defense and semiconductor exposure through Materion. The manager initiated positions in school bus manufacturer Blue Bird and rare disease specialist Travere Therapeutics. Despite Middle East tensions and stagflation concerns, the manager remains optimistic on small caps benefiting from AI adoption, infrastructure spending, and supply chain reshoring. Full Quick Take The fund gained 26.31% in Q2 2026, outperforming its benchmark on strong AI-related holdings including JFrog and Cohu, plus defense and semiconductor exposure through Materion. The manager initiated positions in school bus manufacturer Blue Bird and rare disease specialist Travere Therapeutics. Despite Middle East tensions and stagflation concerns, the manager remains optimistic on small caps benefiting from AI adoption, infrastructure spending, and supply chain reshoring. | - | ||||||
| - | - | - | Hennessy Cornerstone Growth Fund combines value and momentum factors to build a 50-stock small cap portfolio using strict quantitative screens. The Fund is heavily overweight Industrials, Energy, Technology, and Materials, positioning for AI infrastructure buildout, manufacturing reshoring, grid electrification, defense spending, and materials scarcity. With a median 0.9x price-to-sales ratio versus 2.0x for the Russell 2000, the strategy targets attractively valued companies with strong price momentum. Full Quick Take Hennessy Cornerstone Growth Fund combines value and momentum factors to build a 50-stock small cap portfolio using strict quantitative screens. The Fund is heavily overweight Industrials, Energy, Technology, and Materials, positioning for AI infrastructure buildout, manufacturing reshoring, grid electrification, defense spending, and materials scarcity. With a median 0.9x price-to-sales ratio versus 2.0x for the Russell 2000, the strategy targets attractively valued companies with strong price momentum. | - | |||||
| +21.1% | +16.6% | Artisan Focus Fund delivered 21.11% in Q2 2026, outperforming the S&P 500 by 591 basis points through broad-based gains across semiconductors, aerospace, industrials and financials. The concentrated portfolio targets companies experiencing improving fundamentals during major capital formation cycles, with materially lower index dependence than the benchmark while positioned for higher returns on capital and faster earnings growth through 2028. Full Quick Take Artisan Focus Fund delivered 21.11% in Q2 2026, outperforming the S&P 500 by 591 basis points through broad-based gains across semiconductors, aerospace, industrials and financials. The concentrated portfolio targets companies experiencing improving fundamentals during major capital formation cycles, with materially lower index dependence than the benchmark while positioned for higher returns on capital and faster earnings growth through 2028. | - | ||||||
| +44.8% | +45.1% | - | Next Century's SMID Cap strategy surged 44.83% in Q2 2026, crushing benchmarks by over 2,000 basis points on exceptional semiconductor and AI infrastructure performance. Small caps delivered their strongest first half since 1991 as earnings accelerated and markets broadened. The manager trimmed tech winners after valuations expanded, rotating into health care, industrials, and software. Multi-year tailwinds in AI, data centers, defense, and onshoring remain intact despite inflation concerns. Full Quick Take Next Century's SMID Cap strategy surged 44.83% in Q2 2026, crushing benchmarks by over 2,000 basis points on exceptional semiconductor and AI infrastructure performance. Small caps delivered their strongest first half since 1991 as earnings accelerated and markets broadened. The manager trimmed tech winners after valuations expanded, rotating into health care, industrials, and software. Multi-year tailwinds in AI, data centers, defense, and onshoring remain intact despite inflation concerns. | - | |||||
| +27.8% | +14.8% | - | Next Century Growth delivered exceptional Q2 returns led by AI infrastructure, semiconductors, and data centers, with small caps posting their best first half since 1991. The manager trimmed technology winners after sharp valuation expansion and redeployed into health care, industrials, and software. High conviction remains on small cap opportunities where accelerating earnings and reasonable valuations create a multi-year setup despite recent outperformance. Full Quick Take Next Century Growth delivered exceptional Q2 returns led by AI infrastructure, semiconductors, and data centers, with small caps posting their best first half since 1991. The manager trimmed technology winners after sharp valuation expansion and redeployed into health care, industrials, and software. High conviction remains on small cap opportunities where accelerating earnings and reasonable valuations create a multi-year setup despite recent outperformance. | - | |||||
| +45.4% | +42.4% | - | Next Century Growth Investors' small cap strategy surged 45.4% in Q2 2026, crushing benchmarks by 2,000 basis points through concentrated AI infrastructure, semiconductor, and industrial exposure. Technology holdings returned 90-120% as AI capex conviction returned. The manager trimmed winners after sharp gains, redeploying into health care and software. Small caps delivered their strongest first half since 1991, and accelerating earnings with attractive valuations create a compelling multi-year setup. Full Quick Take Next Century Growth Investors' small cap strategy surged 45.4% in Q2 2026, crushing benchmarks by 2,000 basis points through concentrated AI infrastructure, semiconductor, and industrial exposure. Technology holdings returned 90-120% as AI capex conviction returned. The manager trimmed winners after sharp gains, redeploying into health care and software. Small caps delivered their strongest first half since 1991, and accelerating earnings with attractive valuations create a compelling multi-year setup. | - | |||||
| +8.4% | +0.8% | The Insiders Fund underperformed in Q2 2026 after Alphabet's $80 billion dilutive capital raise torpedoed a 30% position. The manager believes AI compute demand is overstated and sold semiconductor holdings to redeploy into insider-buying opportunities across healthcare, energy, and industrials. Energy Transfer leads as the top holding for data center natural gas exposure. Portfolio repositioned for rate cuts and rotation beyond AI infrastructure concentration. Full Quick Take The Insiders Fund underperformed in Q2 2026 after Alphabet's $80 billion dilutive capital raise torpedoed a 30% position. The manager believes AI compute demand is overstated and sold semiconductor holdings to redeploy into insider-buying opportunities across healthcare, energy, and industrials. Energy Transfer leads as the top holding for data center natural gas exposure. Portfolio repositioned for rate cuts and rotation beyond AI infrastructure concentration. | |||||||
| - | - | - | Markets are dangerously concentrated with AI representing 45% of the S&P despite unproven returns, while energy infrastructure sits at only 4%. Hyperscalers are spending over $800 billion annually with investment returns uncertain. The second half of 2026 faces liquidity stress from $1 trillion in share unlocks. Opportunities lie in rotating to undervalued Europe, Japan, and Emerging Markets, plus commodities powering the AI buildout. Full Quick Take Markets are dangerously concentrated with AI representing 45% of the S&P despite unproven returns, while energy infrastructure sits at only 4%. Hyperscalers are spending over $800 billion annually with investment returns uncertain. The second half of 2026 faces liquidity stress from $1 trillion in share unlocks. Opportunities lie in rotating to undervalued Europe, Japan, and Emerging Markets, plus commodities powering the AI buildout. | - | |||||
| - | - | The firm emphasizes a shift from the post-2008 era of easy liquidity and growth-focused investing toward a new landscape characterized by physical scarcity, geopolitical conflict, and persistent inflationary pressures. The investment philosophy prioritizes antifragility, advocating for a portfolio of tangible assets and productive capacity rather than capital-light or purely financialized business models. Returns are viewed through a long-term lens, with the manager cautioning against the fragility inherent in portfolios that rely on low-interest-rate tailwinds. Risk is identified not just in market volatility, but in the structural misallocation of capital and the fragility of systems that ignore the constraints of the physical world. Positioning reflects a conviction in commodities, energy, and the infrastructure required to support AI and national security. The firm maintains a cautious view of speculative technology valuations, favoring businesses that provide the foundational elements of the real economy while steering away from leverage-dependent assets that benefit from current monetary distortions. Full Quick Take The firm emphasizes a shift from the post-2008 era of easy liquidity and growth-focused investing toward a new landscape characterized by physical scarcity, geopolitical conflict, and persistent inflationary pressures. The investment philosophy prioritizes antifragility, advocating for a portfolio of tangible assets and productive capacity rather than capital-light or purely financialized business models. Returns are viewed through a long-term lens, with the manager cautioning against the fragility inherent in portfolios that rely on low-interest-rate tailwinds. Risk is identified not just in market volatility, but in the structural misallocation of capital and the fragility of systems that ignore the constraints of the physical world. Positioning reflects a conviction in commodities, energy, and the infrastructure required to support AI and national security. The firm maintains a cautious view of speculative technology valuations, favoring businesses that provide the foundational elements of the real economy while steering away from leverage-dependent assets that benefit from current monetary distortions. | - | ||||||
| - | - | - | Brookfield deployed $53 billion in Q1 while raising $67 billion in new capital, demonstrating strong execution across digitalization, decarbonization, and deglobalization themes. The firm's leadership in AI infrastructure, energy transition, and global supply chain reorganization positions it to capitalize on massive infrastructure investment needs. Disciplined capital allocation and permanent capital structure support long-term value creation. Full Quick Take Brookfield deployed $53 billion in Q1 while raising $67 billion in new capital, demonstrating strong execution across digitalization, decarbonization, and deglobalization themes. The firm's leadership in AI infrastructure, energy transition, and global supply chain reorganization positions it to capitalize on massive infrastructure investment needs. Disciplined capital allocation and permanent capital structure support long-term value creation. | - | |||||
| +1.7% | +1.7% | Auxier Focus Fund outperformed significantly in Q1 2026, gaining 1.73% versus S&P 500's -4.33% decline. Strong performance driven by defense spending theme, energy crisis beneficiaries, and value orientation. Defense contractors and energy refiners led gains while software faced AI disruption fears. Manager maintains focus on exceptional operators with enduring advantages purchased during uncertainty. Full Quick Take Auxier Focus Fund outperformed significantly in Q1 2026, gaining 1.73% versus S&P 500's -4.33% decline. Strong performance driven by defense spending theme, energy crisis beneficiaries, and value orientation. Defense contractors and energy refiners led gains while software faced AI disruption fears. Manager maintains focus on exceptional operators with enduring advantages purchased during uncertainty. | |||||||
| -4.2% | -4.2% | - | Smith's Antero Peak outperformed in Q1 by avoiding AI-pressured software and expanding industrial exposure. The manager emphasizes speed over stubbornness, capitalizing on US manufacturing rebuild supported by massive policy incentives. Portfolio benefited from newer positions in Caterpillar and semiconductor equipment while AI chips detracted. Focuses on knowable opportunities amid AI uncertainty and geopolitical volatility. Full Quick Take Smith's Antero Peak outperformed in Q1 by avoiding AI-pressured software and expanding industrial exposure. The manager emphasizes speed over stubbornness, capitalizing on US manufacturing rebuild supported by massive policy incentives. Portfolio benefited from newer positions in Caterpillar and semiconductor equipment while AI chips detracted. Focuses on knowable opportunities amid AI uncertainty and geopolitical volatility. | - | |||||
| - | - | Brasada Capital sees a major rotation from Magnificent 7 dominance to broader market participation, with small caps and international stocks already outperforming in 2026. They've exited AI-threatened software positions while adding niche plays like Postal Realty Trust and Mexican airport operator OMAB positioned for nearshoring trends. Full Quick Take Brasada Capital sees a major rotation from Magnificent 7 dominance to broader market participation, with small caps and international stocks already outperforming in 2026. They've exited AI-threatened software positions while adding niche plays like Postal Realty Trust and Mexican airport operator OMAB positioned for nearshoring trends. | |||||||
| -7.0% | -7.0% | Parnassus underperformed in Q1 on healthcare weakness and energy underweight. The fund is strategically repositioning around AI disruption, keeping semiconductor equipment exposure while exiting software names and adding infrastructure plays. Geopolitical tensions create near-term volatility but strong earnings backdrop supports cautious optimism for 2026 returns driven by fundamentals over multiple expansion. Full Quick Take Parnassus underperformed in Q1 on healthcare weakness and energy underweight. The fund is strategically repositioning around AI disruption, keeping semiconductor equipment exposure while exiting software names and adding infrastructure plays. Geopolitical tensions create near-term volatility but strong earnings backdrop supports cautious optimism for 2026 returns driven by fundamentals over multiple expansion. | - | ||||||
| -7.1% | -7.1% | The Insiders Fund targets insider-validated opportunities across five structural themes: semiconductors, AI automation, onshoring, defense, and healthcare demographics. Despite Q1 losses from Iran war volatility, the fund maintains conviction in positions like Alphabet, Energy Transfer, and Rockwell Automation. Successful Intel trade generated 133% returns. Portfolio remains fully invested with defensive positioning through covered calls and selective additions. Full Quick Take The Insiders Fund targets insider-validated opportunities across five structural themes: semiconductors, AI automation, onshoring, defense, and healthcare demographics. Despite Q1 losses from Iran war volatility, the fund maintains conviction in positions like Alphabet, Energy Transfer, and Rockwell Automation. Successful Intel trade generated 133% returns. Portfolio remains fully invested with defensive positioning through covered calls and selective additions. | |||||||
| -5.1% | -5.1% | Baillie Gifford positions their International Alpha Fund as better than ever despite recent underperformance, with the lowest valuation premium since 2010. They've actively adapted to structural shifts by adding exposure to copper miners, energy companies, and AI enablers while exiting software names facing disruption. The fund benefits from faster growth, attractive valuations, and enhanced resilience heading into a complex global environment. Full Quick Take Baillie Gifford positions their International Alpha Fund as better than ever despite recent underperformance, with the lowest valuation premium since 2010. They've actively adapted to structural shifts by adding exposure to copper miners, energy companies, and AI enablers while exiting software names facing disruption. The fund benefits from faster growth, attractive valuations, and enhanced resilience heading into a complex global environment. | - | ||||||
| +6.8% | +39.0% | LWC posted a lackluster 3.9% net return for 2025, hit by a market favoring massive momentum stocks, but remains fully invested and highly convicted in cheap, high-fundamental-growth holdings like LFCR, LQDA, and NN. Full Quick Take LWC posted a lackluster 3.9% net return for 2025, hit by a market favoring massive momentum stocks, but remains fully invested and highly convicted in cheap, high-fundamental-growth holdings like LFCR, LQDA, and NN. | |||||||
| - | +30.8% | The Insiders Fund dramatically outperformed the S&P 500 in 2025, posting a 30.83% net return driven by heavy exposure to mega-cap technology and structural reshoring winners. Full Quick Take The Insiders Fund dramatically outperformed the S&P 500 in 2025, posting a 30.83% net return driven by heavy exposure to mega-cap technology and structural reshoring winners. | - | ||||||
| - | - | - | 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. | - | |||||
| - | - | ACATIS capitalizes on AI infrastructure boom with strong semiconductor equipment exposure while navigating geopolitical shifts. September gains led by Lam Research, TSMC, and Lasertec reflect continued AI demand. New positions in Salesforce and Celestica target AI-driven efficiency and data center growth. Portfolio balances technology leadership with strategic materials exposure amid trade policy uncertainty. Full Quick Take ACATIS capitalizes on AI infrastructure boom with strong semiconductor equipment exposure while navigating geopolitical shifts. September gains led by Lam Research, TSMC, and Lasertec reflect continued AI demand. New positions in Salesforce and Celestica target AI-driven efficiency and data center growth. Portfolio balances technology leadership with strategic materials exposure amid trade policy uncertainty. | - | ||||||
| - | - | PM Capital's Global Companies Fund outperformed in Q1 FY2026 through disciplined exposure to undervalued cyclical sectors. Gold and copper positions drove returns as commodity fundamentals strengthened, while European banks and Macau gaming recovered strongly. The fund maintains contrarian positioning in areas with valuation support, avoiding overvalued megatrend narratives despite market strength extending from April lows. Full Quick Take PM Capital's Global Companies Fund outperformed in Q1 FY2026 through disciplined exposure to undervalued cyclical sectors. Gold and copper positions drove returns as commodity fundamentals strengthened, while European banks and Macau gaming recovered strongly. The fund maintains contrarian positioning in areas with valuation support, avoiding overvalued megatrend narratives despite market strength extending from April lows. | - | ||||||
| +8.4% | - | The Forty Fund focuses on companies aligned with secular growth themes like AI, cloud, and onshoring. Oracle and TSMC drove performance through AI positioning, while Marvell was exited due to data center weakness. Despite Q3 underperformance, managers remain optimistic about broadening economic growth from Fed rate cuts and continued secular trends driving long-term compounding opportunities. Full Quick Take The Forty Fund focuses on companies aligned with secular growth themes like AI, cloud, and onshoring. Oracle and TSMC drove performance through AI positioning, while Marvell was exited due to data center weakness. Despite Q3 underperformance, managers remain optimistic about broadening economic growth from Fed rate cuts and continued secular trends driving long-term compounding opportunities. | - | ||||||
| +5.4% | +5.3% | - | Artificial Intelligence (AI), Market Bifurcation & Low-Quality Factors, Additional Keywords & Themes | KCM Small Cap Growth Composite posted a +5.44% net return in Q3 2025, lagging the benchmark due to a sharp, narrow rally in low-quality and unprofitable companies. The PMs remain disciplined, focusing on secular growth trends with solid unit economics over hype. Full Quick Take KCM Small Cap Growth Composite posted a +5.44% net return in Q3 2025, lagging the benchmark due to a sharp, narrow rally in low-quality and unprofitable companies. The PMs remain disciplined, focusing on secular growth trends with solid unit economics over hype. | - | ||||
| +40.1% | +10.0% | Artificial Intelligence (AI) and Automation, Onshoring and Supply-Chain Diversification, Additional Keywords & Themes | The fund underperformed its benchmark in Q3 2025 due to specific stock selection detractors like Axon, but maintains a constructive outlook on secular US growth powered by AI and onshoring. Full Quick Take The fund underperformed its benchmark in Q3 2025 due to specific stock selection detractors like Axon, but maintains a constructive outlook on secular US growth powered by AI and onshoring. | - | |||||
| - | +48.8% | Crescat is positioning for a multi-year commodities boom fueled by favorable US national security policies and structural undersupply, while aggressively hedging against an imminent bursting of the historic AI-led technology bubble. Full Quick Take Crescat is positioning for a multi-year commodities boom fueled by favorable US national security policies and structural undersupply, while aggressively hedging against an imminent bursting of the historic AI-led technology bubble. | - | ||||||
| - | - | WestEnd outperformed the S&P 500 by 2x in Q2 2025 through concentrated bets on Industrials benefiting from onshoring and record defense spending. The fund redeployed cash after US-China tariff de-escalation and holds Boeing as a turnaround play alongside aerospace suppliers Howmet, Rockwell Automation, and GE Aerospace positioned for domestic manufacturing resurgence. Full Quick Take WestEnd outperformed the S&P 500 by 2x in Q2 2025 through concentrated bets on Industrials benefiting from onshoring and record defense spending. The fund redeployed cash after US-China tariff de-escalation and holds Boeing as a turnaround play alongside aerospace suppliers Howmet, Rockwell Automation, and GE Aerospace positioned for domestic manufacturing resurgence. | |||||||
| - | - | Zeno highlights its high-conviction position in Texas Instruments, arguing that the company's aggressive in-house US manufacturing expansion and focus on long-lived catalog analog chips will generate superior long-term returns despite short-term cyclical headwinds. Full Quick Take Zeno highlights its high-conviction position in Texas Instruments, arguing that the company's aggressive in-house US manufacturing expansion and focus on long-lived catalog analog chips will generate superior long-term returns despite short-term cyclical headwinds. | |||||||
| - | - | The Fund is prioritizing high-quality, defensively positioned equities to weather tariff and macroeconomic uncertainty, while keeping a neutral duration posture in fixed income concentrated in intermediate investment-grade corporate bonds. Full Quick Take The Fund is prioritizing high-quality, defensively positioned equities to weather tariff and macroeconomic uncertainty, while keeping a neutral duration posture in fixed income concentrated in intermediate investment-grade corporate bonds. | - | ||||||
| - | - | Bridgewater argues that US manufacturing reshoring faces insurmountable near-term barriers including massive labor shortages, limited industrial capacity, and cost disadvantages that persist even with 25% tariffs. The firm suggests tariffs will likely result in higher consumer prices rather than increased domestic production, with productivity improvements through technology offering the most viable long-term solution. Full Quick Take Bridgewater argues that US manufacturing reshoring faces insurmountable near-term barriers including massive labor shortages, limited industrial capacity, and cost disadvantages that persist even with 25% tariffs. The firm suggests tariffs will likely result in higher consumer prices rather than increased domestic production, with productivity improvements through technology offering the most viable long-term solution. | - | ||||||
| - | - | - | Trump's tariff tsunami creates a manufacturing renaissance opportunity for India as global supply chains shift away from China. With 45% cash reserves, the fund expects excellent deployment opportunities over 6-12 months despite current elevated valuations. India's geopolitical neutrality, digital infrastructure, and policy support position it to potentially outperform markets and emerge as the next superpower. Full Quick Take Trump's tariff tsunami creates a manufacturing renaissance opportunity for India as global supply chains shift away from China. With 45% cash reserves, the fund expects excellent deployment opportunities over 6-12 months despite current elevated valuations. India's geopolitical neutrality, digital infrastructure, and policy support position it to potentially outperform markets and emerge as the next superpower. | - | |||||
| - | - | WestEnd outperformed by focusing on onshoring and aerospace themes, actively redeploying cash after US-China tariff de-escalation. The portfolio benefits from rising defense spending and aviation recovery through positions in Boeing (turnaround), GE Aerospace (industry leader), Howmet (advanced materials), and Rockwell (industrial automation). OBBBA fiscal stimulus provides additional manufacturing investment tailwinds. Full Quick Take WestEnd outperformed by focusing on onshoring and aerospace themes, actively redeploying cash after US-China tariff de-escalation. The portfolio benefits from rising defense spending and aviation recovery through positions in Boeing (turnaround), GE Aerospace (industry leader), Howmet (advanced materials), and Rockwell (industrial automation). OBBBA fiscal stimulus provides additional manufacturing investment tailwinds. | - | ||||||
| +8.1% | +22.1% | PM Capital delivered 8.1% quarterly returns focusing on undervalued European banks and commodities. European banks trade at 8x earnings versus peers, positioned for infrastructure-driven recovery. Commodity holdings benefit from supply constraints and trade tensions. Key winners included AIB Group, Newmont, and Macau gaming stocks. Fund increased net invested position to 85% during April volatility, maintaining patient approach to multi-year themes. Full Quick Take PM Capital delivered 8.1% quarterly returns focusing on undervalued European banks and commodities. European banks trade at 8x earnings versus peers, positioned for infrastructure-driven recovery. Commodity holdings benefit from supply constraints and trade tensions. Key winners included AIB Group, Newmont, and Macau gaming stocks. Fund increased net invested position to 85% during April volatility, maintaining patient approach to multi-year themes. | - | ||||||
| - | -8.3% | The Mairs & Power Small Cap Fund underperformed in the first half of 2025 with an 8.33% decline, yet the managers remain highly constructive on small-caps given their historic valuation discount compared to large caps. Full Quick Take The Mairs & Power Small Cap Fund underperformed in the first half of 2025 with an 8.33% decline, yet the managers remain highly constructive on small-caps given their historic valuation discount compared to large caps. | - | ||||||
| +19.3% | - | Forty Fund outperformed on strong technology and industrial stock selection, particularly AI infrastructure plays Oracle and Broadcom. Healthcare detracted via UnitedHealth's cost pressures and Mastercard's digital payment competition. Managers remain constructive on markets with Fed easing expected, focusing on secular AI deployment and deglobalization themes while targeting application layer AI beneficiaries. Full Quick Take Forty Fund outperformed on strong technology and industrial stock selection, particularly AI infrastructure plays Oracle and Broadcom. Healthcare detracted via UnitedHealth's cost pressures and Mastercard's digital payment competition. Managers remain constructive on markets with Fed easing expected, focusing on secular AI deployment and deglobalization themes while targeting application layer AI beneficiaries. | - | ||||||
| - | - | KCM Small Cap Growth outperformed by 207bps in Q2 2025 despite tariff volatility, led by digital advertising and diagnostics holdings. Strong earnings season expected while trade policy and Fed decisions create uncertainty. Strategy focuses on transformational trends like AI, onshoring, and power generation driving multi-year growth opportunities rather than short-term macro predictions. Full Quick Take KCM Small Cap Growth outperformed by 207bps in Q2 2025 despite tariff volatility, led by digital advertising and diagnostics holdings. Strong earnings season expected while trade policy and Fed decisions create uncertainty. Strategy focuses on transformational trends like AI, onshoring, and power generation driving multi-year growth opportunities rather than short-term macro predictions. | - | ||||||
| +13.9% | -25.3% | The fund delivered strong outperformance in Q2 2025 returning 13.91% against the benchmark's 11.97%, fueled by Industrials and Technology, while strategically initiating new positions to leverage infrastructure and online consumer trends. Full Quick Take The fund delivered strong outperformance in Q2 2025 returning 13.91% against the benchmark's 11.97%, fueled by Industrials and Technology, while strategically initiating new positions to leverage infrastructure and online consumer trends. | |||||||
| +16.0% | +7.6% | Brown Advisory Mid-Cap Growth returned 16.0% gross in Q2 2025, underperforming its benchmark's 18.2% return due to zero exposure to mega-cap contributor Palantir. The manager remains constructive, adding Cloudflare, Comfort Systems, and Voyager while recycling capital out of fully valued or high-tariff-risk names. Full Quick Take Brown Advisory Mid-Cap Growth returned 16.0% gross in Q2 2025, underperforming its benchmark's 18.2% return due to zero exposure to mega-cap contributor Palantir. The manager remains constructive, adding Cloudflare, Comfort Systems, and Voyager while recycling capital out of fully valued or high-tariff-risk names. | - | ||||||
| -2.8% | - | Silver Beech outperformed major indices in Q1 2025 despite market volatility from tariff uncertainty. The fund exited Brookfield Corporation profitably and invested in First Industrial Realty Trust to capitalize on logistics real estate supply constraints. With a concentrated portfolio of 10 holdings trading at attractive valuations, management maintains a patient, downside-oriented approach amid elevated market risk. Full Quick Take Silver Beech outperformed major indices in Q1 2025 despite market volatility from tariff uncertainty. The fund exited Brookfield Corporation profitably and invested in First Industrial Realty Trust to capitalize on logistics real estate supply constraints. With a concentrated portfolio of 10 holdings trading at attractive valuations, management maintains a patient, downside-oriented approach amid elevated market risk. | - |
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