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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. Full Quick Take AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. | |||||||
| +0.4% | +0.4% | - | Deer Park maintains high conviction in legacy non-agency RMBS and distressed CMBS, driven by collateral quality rather than rate movements. Legacy mortgage pools with 20-year seasoning demonstrate extraordinary payment persistence and declining delinquencies. CMBS distressed pricing creates compelling opportunities as rating agency downgrades forced non-economic sellers. Recent resolutions validate conservative loss assumptions. Structured mortgage credit offers superior risk-adjusted returns versus strained corporate and private credit markets. Full Quick Take Deer Park maintains high conviction in legacy non-agency RMBS and distressed CMBS, driven by collateral quality rather than rate movements. Legacy mortgage pools with 20-year seasoning demonstrate extraordinary payment persistence and declining delinquencies. CMBS distressed pricing creates compelling opportunities as rating agency downgrades forced non-economic sellers. Recent resolutions validate conservative loss assumptions. Structured mortgage credit offers superior risk-adjusted returns versus strained corporate and private credit markets. | - | |||||
| - | - | - | 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. | - | |||||
| - | - | Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. Full Quick Take Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. | - | ||||||
| +5.5% | +5.2% | Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. Full Quick Take Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. | |||||||
| - | - | - | The ETF industry is rapidly expanding product boundaries with autocallable structures, tokenisation emerging as a transformative long-term development, and regulatory changes reshaping competitive dynamics. Private credit ETFs face fundamental liquidity mismatches while digital assets gain cautious institutional acceptance as portfolio diversifiers. Consolidation is expected among issuers as regulatory divergence drives regionalized strategies. Industry sentiment remains strongly positive with innovation momentum accelerating. Full Quick Take The ETF industry is rapidly expanding product boundaries with autocallable structures, tokenisation emerging as a transformative long-term development, and regulatory changes reshaping competitive dynamics. Private credit ETFs face fundamental liquidity mismatches while digital assets gain cautious institutional acceptance as portfolio diversifiers. Consolidation is expected among issuers as regulatory divergence drives regionalized strategies. Industry sentiment remains strongly positive with innovation momentum accelerating. | - | |||||
| +1.6% | - | - | Sigil Stable delivered 1.63% net yield with 2.52 Sharpe in Q2 by pivoting 70%+ into private allocations while avoiding $577M in DeFi exploits. Profited from SpaceX pre-IPO perps that outpriced underwriters and exited MicroStrategy STRC before collapse. DeFi security crisis forces ecosystem evolution but perpetual DEXes remain secular growth driver. Scaling private deals and pre-IPO exposure into institutional adoption wave. Full Quick Take Sigil Stable delivered 1.63% net yield with 2.52 Sharpe in Q2 by pivoting 70%+ into private allocations while avoiding $577M in DeFi exploits. Profited from SpaceX pre-IPO perps that outpriced underwriters and exited MicroStrategy STRC before collapse. DeFi security crisis forces ecosystem evolution but perpetual DEXes remain secular growth driver. Scaling private deals and pre-IPO exposure into institutional adoption wave. | - | |||||
| +44.2% | - | BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. Full Quick Take BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. | - | ||||||
| - | - | - | Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. Full Quick Take Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. | - | |||||
| -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. | |||||||
| +5.4% | +3.0% | Maran Partners returned +5.4% net in Q2 2026 despite market headwinds, executing two high-conviction special situation trades: a bridge loan in the underserved small credit market and a SpaceX IPO arbitrage at a 30% discount. Core small and microcap holdings are actively unlocking value through sales processes and buybacks. The concentrated portfolio has generated mid-teens annualized returns since inception with 9% alpha versus Russell 2000. Full Quick Take Maran Partners returned +5.4% net in Q2 2026 despite market headwinds, executing two high-conviction special situation trades: a bridge loan in the underserved small credit market and a SpaceX IPO arbitrage at a 30% discount. Core small and microcap holdings are actively unlocking value through sales processes and buybacks. The concentrated portfolio has generated mid-teens annualized returns since inception with 9% alpha versus Russell 2000. | - | ||||||
| - | - | Apollo Global Management delivered record Q2 2026 earnings with Fee Related Earnings up 25% year-over-year to $785 million and Spread Related Earnings reaching $877 million. Total AUM hit $1.05 trillion on $298 billion of trailing twelve-month inflows. The firm's integrated platform across Asset Management and Retirement Services, combined with $74 billion of quarterly origination activity, positions Apollo to capitalize on increasing demand for capital in evolving private markets. Full Quick Take Apollo Global Management delivered record Q2 2026 earnings with Fee Related Earnings up 25% year-over-year to $785 million and Spread Related Earnings reaching $877 million. Total AUM hit $1.05 trillion on $298 billion of trailing twelve-month inflows. The firm's integrated platform across Asset Management and Retirement Services, combined with $74 billion of quarterly origination activity, positions Apollo to capitalize on increasing demand for capital in evolving private markets. | |||||||
| +23.9% | +15.6% | TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. Full Quick Take TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. | - | ||||||
| +39.0% | +38.4% | Lord Abbett Developing Growth Fund delivered 39% returns in Q2 2026, crushing its benchmark through concentrated bets on AI infrastructure, semiconductors, and defense technology. The manager sees earnings growth driving markets higher but demands selectivity, favoring quality companies with secular tailwinds and strong balance sheets over leveraged cyclicals. AI adoption across semiconductors, cloud, and industrials remains the core thesis, with defense technology emerging as a new conviction area. Full Quick Take Lord Abbett Developing Growth Fund delivered 39% returns in Q2 2026, crushing its benchmark through concentrated bets on AI infrastructure, semiconductors, and defense technology. The manager sees earnings growth driving markets higher but demands selectivity, favoring quality companies with secular tailwinds and strong balance sheets over leveraged cyclicals. AI adoption across semiconductors, cloud, and industrials remains the core thesis, with defense technology emerging as a new conviction area. | - | ||||||
| -5.6% | +2.6% | EQUAM returned 2.6% in H1 2026 while European indices rose 10-12%, as capital flows ignored small-cap value stocks despite 120% portfolio upside potential. Three companies received takeover bids at 16-73% premiums, validating deep public market discounts. The fund sees exceptional opportunity in structurally undervalued UK equities and oil services entering a multi-year exploration spending cycle. Manager maintains near-zero cash with high conviction in mean reversion. Full Quick Take EQUAM returned 2.6% in H1 2026 while European indices rose 10-12%, as capital flows ignored small-cap value stocks despite 120% portfolio upside potential. Three companies received takeover bids at 16-73% premiums, validating deep public market discounts. The fund sees exceptional opportunity in structurally undervalued UK equities and oil services entering a multi-year exploration spending cycle. Manager maintains near-zero cash with high conviction in mean reversion. | |||||||
| - | - | Wasatch Global Select underperformed in Q2 2026 as AI enthusiasm drove markets. Software stocks sold off on disruption fears, hurting Procore despite strong competitive moats. ASPEED Technology led gains on surging AI server chip demand. Aerospace names rallied on strong fundamentals. The managers are selectively investing in AI beneficiaries while concentrating capital into ignored steady growth companies trading at attractive valuations, positioned to outperform when fundamentals regain focus. Full Quick Take Wasatch Global Select underperformed in Q2 2026 as AI enthusiasm drove markets. Software stocks sold off on disruption fears, hurting Procore despite strong competitive moats. ASPEED Technology led gains on surging AI server chip demand. Aerospace names rallied on strong fundamentals. The managers are selectively investing in AI beneficiaries while concentrating capital into ignored steady growth companies trading at attractive valuations, positioned to outperform when fundamentals regain focus. | |||||||
| +1.6% | +2.5% | - | Angel Oak Multi-Strategy Income Fund outperformed its benchmark by 95 bps in Q2 2026, returning 1.62% through core overweight allocations to non-agency RMBS, agency MBS, and ABS. The Fund opportunistically added CLO and corporate credit exposure during market dislocations, with CLOs delivering the strongest sector returns. Management expects increased credit dispersion ahead and maintains limited exposure to vulnerable segments while favoring high-quality securitized credit. Full Quick Take Angel Oak Multi-Strategy Income Fund outperformed its benchmark by 95 bps in Q2 2026, returning 1.62% through core overweight allocations to non-agency RMBS, agency MBS, and ABS. The Fund opportunistically added CLO and corporate credit exposure during market dislocations, with CLOs delivering the strongest sector returns. Management expects increased credit dispersion ahead and maintains limited exposure to vulnerable segments while favoring high-quality securitized credit. | - | |||||
| - | +6.0% | EdgePoint maintains strict credit underwriting despite decade-low spreads compressing margins of safety across fixed income markets. The firm refuses to reach for yield, keeping portfolio credit ratings consistently at A/BBB while participating in only 32 of 717 new Canadian issues since 2023. Recent investments target company-specific opportunities with strong downside protection in retail real estate, building products, homebuilders, broadcasting, and energy, positioning for inevitable credit cycle turns. Full Quick Take EdgePoint maintains strict credit underwriting despite decade-low spreads compressing margins of safety across fixed income markets. The firm refuses to reach for yield, keeping portfolio credit ratings consistently at A/BBB while participating in only 32 of 717 new Canadian issues since 2023. Recent investments target company-specific opportunities with strong downside protection in retail real estate, building products, homebuilders, broadcasting, and energy, positioning for inevitable credit cycle turns. | - | ||||||
| +11.8% | +5.7% | Baron Real Estate Fund is positioned for a multi-year real estate recovery. Public real estate trades at significant discounts to private market values despite favorable supply-demand dynamics and decade-low construction activity. Three portfolio companies received takeover bids in Q2 at substantial premiums, validating the valuation disconnect. The Fund's diversified approach across REITs and non-REIT real estate companies, combined with compelling valuations and improving fundamentals, supports a path to double-digit annual returns. Full Quick Take Baron Real Estate Fund is positioned for a multi-year real estate recovery. Public real estate trades at significant discounts to private market values despite favorable supply-demand dynamics and decade-low construction activity. Three portfolio companies received takeover bids in Q2 at substantial premiums, validating the valuation disconnect. The Fund's diversified approach across REITs and non-REIT real estate companies, combined with compelling valuations and improving fundamentals, supports a path to double-digit annual returns. | |||||||
| -20.0% | -22.0% | EMA GARP Fund's 20% Q2 decline reflects temporary AI euphoria overshadowing their core monetary debasement thesis. With US debt at 123% of GDP and inevitable massive inflation ahead, gold and silver miners offer extreme asymmetry at current prices. Portfolio concentration in names like Aris and Avino provides multi-bagger potential with substantial operating leverage. Sentiment at 30-year lows signals major rally ahead as financial war drives gold's replacement of Treasuries as global reserve asset. Full Quick Take EMA GARP Fund's 20% Q2 decline reflects temporary AI euphoria overshadowing their core monetary debasement thesis. With US debt at 123% of GDP and inevitable massive inflation ahead, gold and silver miners offer extreme asymmetry at current prices. Portfolio concentration in names like Aris and Avino provides multi-bagger potential with substantial operating leverage. Sentiment at 30-year lows signals major rally ahead as financial war drives gold's replacement of Treasuries as global reserve asset. | |||||||
| - | - | Temasek delivered 10.5% returns with portfolio value reaching S$518 billion, doubling over a decade. The firm restructured into three focused entities to sharpen execution across Singapore companies, global investments, and partnerships. Strategic priorities target scaling AI, infrastructure, and private credit exposure while maintaining disciplined deployment amid geopolitical complexity. Long-term returns of 7.1% over 10 years demonstrate resilience, with active stewardship driving value creation across the portfolio. Full Quick Take Temasek delivered 10.5% returns with portfolio value reaching S$518 billion, doubling over a decade. The firm restructured into three focused entities to sharpen execution across Singapore companies, global investments, and partnerships. Strategic priorities target scaling AI, infrastructure, and private credit exposure while maintaining disciplined deployment amid geopolitical complexity. Long-term returns of 7.1% over 10 years demonstrate resilience, with active stewardship driving value creation across the portfolio. | - | ||||||
| - | - | - | Fiera Capital expects sustained inflation over 12-18 months driven by energy shocks, AI supply stress, and trade uncertainty, keeping central banks on hold and growth at trend. The firm maintains defensive positioning with underweights to equities and bonds, overweights to private credit, real assets, and private equity, and 17.5% cash. Private markets strategies provide superior risk-reward versus traditional 60/40 portfolios in this challenging environment. Full Quick Take Fiera Capital expects sustained inflation over 12-18 months driven by energy shocks, AI supply stress, and trade uncertainty, keeping central banks on hold and growth at trend. The firm maintains defensive positioning with underweights to equities and bonds, overweights to private credit, real assets, and private equity, and 17.5% cash. Private markets strategies provide superior risk-reward versus traditional 60/40 portfolios in this challenging environment. | - | |||||
| +29.6% | +14.8% | The fund returned 29.56% in Q2 2026, outperforming its benchmark by focusing on small and mid cap companies enabling AI infrastructure as the technology enters its agentic phase. Record capital spending is flowing into data center ecosystem companies building, servicing, and powering compute capacity. Top contributors included infrastructure services, semiconductor storage solutions, and cloud providers purpose-built for AI workloads. The fund maintains concentrated exposure to this accelerating demand cycle. Full Quick Take The fund returned 29.56% in Q2 2026, outperforming its benchmark by focusing on small and mid cap companies enabling AI infrastructure as the technology enters its agentic phase. Record capital spending is flowing into data center ecosystem companies building, servicing, and powering compute capacity. Top contributors included infrastructure services, semiconductor storage solutions, and cloud providers purpose-built for AI workloads. The fund maintains concentrated exposure to this accelerating demand cycle. | |||||||
| +0.6% | -8.1% | Bell Global Emerging Companies underperformed in Q2 2026 as momentum-driven markets favored speculation over quality, but the fund's disciplined approach has created compelling valuations. Portfolio holdings trade at 25% discounts to historical multiples while fundamentals remain strong. New positions in AI infrastructure plays like Screen Holdings, Legrand, and Organo offer differentiated exposure at attractive entry points. Management sees this as one of the most attractive risk-reward setups in years. Full Quick Take Bell Global Emerging Companies underperformed in Q2 2026 as momentum-driven markets favored speculation over quality, but the fund's disciplined approach has created compelling valuations. Portfolio holdings trade at 25% discounts to historical multiples while fundamentals remain strong. New positions in AI infrastructure plays like Screen Holdings, Legrand, and Organo offer differentiated exposure at attractive entry points. Management sees this as one of the most attractive risk-reward setups in years. | |||||||
| - | - | Westfield trimmed AI exposure after semiconductors hit technical extremes, rotating into Healthcare, Industrials, and Financials. Healthcare offers compelling value with earnings inflection and $1.4 trillion pharma M&A firepower. Small caps outperformed Mag 7 by 24% year-to-date and could sustain multi-year outperformance. Stock correlations at eight-year lows favor active management. Momentum is extended and correcting—rotate away from mega-cap tech into quality laggards with improving fundamentals. Full Quick Take Westfield trimmed AI exposure after semiconductors hit technical extremes, rotating into Healthcare, Industrials, and Financials. Healthcare offers compelling value with earnings inflection and $1.4 trillion pharma M&A firepower. Small caps outperformed Mag 7 by 24% year-to-date and could sustain multi-year outperformance. Stock correlations at eight-year lows favor active management. Momentum is extended and correcting—rotate away from mega-cap tech into quality laggards with improving fundamentals. | - | ||||||
| +21.1% | - | Burke Wealth's Focused Growth returned 21.1% in Q2 2026, capitalizing on AI infrastructure dominance through Nvidia, memory shortage beneficiary Micron, and new datacenter power play Eaton. Manager sold Abbott and Lowe's on execution concerns and mortgage rate dependency, initiated Apollo on indiscriminate sell-off. Explores resource scarcity—power, memory, capital, talent—as AI's defining constraint. Portfolio's balance sheet strength positions it well as capital access tightens for weaker credits. Full Quick Take Burke Wealth's Focused Growth returned 21.1% in Q2 2026, capitalizing on AI infrastructure dominance through Nvidia, memory shortage beneficiary Micron, and new datacenter power play Eaton. Manager sold Abbott and Lowe's on execution concerns and mortgage rate dependency, initiated Apollo on indiscriminate sell-off. Explores resource scarcity—power, memory, capital, talent—as AI's defining constraint. Portfolio's balance sheet strength positions it well as capital access tightens for weaker credits. | |||||||
| - | -10.3% | SVN Capital fell 10.3% in H1 2026, driven by KKR's 28% decline on overblown private credit fears. Manager views quality stock underperformance as creating opportunity, maintains conviction in KKR's double-digit operating earnings growth and $20/share unrealized value. Indian holdings remain fundamentally strong despite market rotation to AI beneficiaries. Portfolio positioned in durable franchises with patient capital to benefit from the equity yield curve. Full Quick Take SVN Capital fell 10.3% in H1 2026, driven by KKR's 28% decline on overblown private credit fears. Manager views quality stock underperformance as creating opportunity, maintains conviction in KKR's double-digit operating earnings growth and $20/share unrealized value. Indian holdings remain fundamentally strong despite market rotation to AI beneficiaries. Portfolio positioned in durable franchises with patient capital to benefit from the equity yield curve. | |||||||
| - | - | - | 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. | - | |||||
| +0.7% | -0.8% | - | Robinson Opportunistic Income Fund identified an arbitrage opportunity in private credit CEFs trading at discounts comparable to the Great Financial Crisis and moved to overweight despite near-term underperformance. New Fed Chairman Warsh's hawkish stance shifted expectations to rate hikes, benefiting the Fund's floating rate exposure. Long-term fiscal deficit concerns support the strategy of being long corporate credit and short Treasuries. Full Quick Take Robinson Opportunistic Income Fund identified an arbitrage opportunity in private credit CEFs trading at discounts comparable to the Great Financial Crisis and moved to overweight despite near-term underperformance. New Fed Chairman Warsh's hawkish stance shifted expectations to rate hikes, benefiting the Fund's floating rate exposure. Long-term fiscal deficit concerns support the strategy of being long corporate credit and short Treasuries. | - | |||||
| - | - | - | June 2026 saw AI-driven market optimism collide with inflation re-acceleration and hawkish Fed policy, triggering a rotation from large-cap tech into small-cap domestic names. The S&P 500 fell 1.0% while small caps gained 3.7%. Elevated AI and semiconductor valuations faced renewed scrutiny amid multiple selloffs. Geopolitical tensions eased after a US-Iran agreement, sending oil lower. Markets now face heightened uncertainty around inflation persistence and Fed rate trajectory. Full Quick Take June 2026 saw AI-driven market optimism collide with inflation re-acceleration and hawkish Fed policy, triggering a rotation from large-cap tech into small-cap domestic names. The S&P 500 fell 1.0% while small caps gained 3.7%. Elevated AI and semiconductor valuations faced renewed scrutiny amid multiple selloffs. Geopolitical tensions eased after a US-Iran agreement, sending oil lower. Markets now face heightened uncertainty around inflation persistence and Fed rate trajectory. | - | |||||
| - | - | - | Perpetual futures are becoming the dominant trading instrument across asset classes, with Hyperliquid capturing $250B monthly volume as the leading decentralized venue. The platform has proven superior price discovery for pre-IPO equities and 24/7 commodity trading, with recent CFTC approvals opening US adoption. Separately, tokenized startup platforms are converging to restore public access to venture-scale growth, though founder alignment and regulatory clarity remain key challenges. Full Quick Take Perpetual futures are becoming the dominant trading instrument across asset classes, with Hyperliquid capturing $250B monthly volume as the leading decentralized venue. The platform has proven superior price discovery for pre-IPO equities and 24/7 commodity trading, with recent CFTC approvals opening US adoption. Separately, tokenized startup platforms are converging to restore public access to venture-scale growth, though founder alignment and regulatory clarity remain key challenges. | - | |||||
| - | - | North Sky Capital is capitalizing on the convergence of energy transition, AI infrastructure buildout, and secondary market maturation. Multiple portfolio companies went public in Q2 2026 signaling improved liquidity. The firm is deploying capital into EV charging, energy storage, and battery technology positioned to benefit from a $2.3 trillion infrastructure supercycle. Battery advancements from Tesla and CATL could dramatically accelerate EV adoption and expand addressable markets. Full Quick Take North Sky Capital is capitalizing on the convergence of energy transition, AI infrastructure buildout, and secondary market maturation. Multiple portfolio companies went public in Q2 2026 signaling improved liquidity. The firm is deploying capital into EV charging, energy storage, and battery technology positioned to benefit from a $2.3 trillion infrastructure supercycle. Battery advancements from Tesla and CATL could dramatically accelerate EV adoption and expand addressable markets. | - | ||||||
| - | +6.9% | Staude Capital's discount capture strategy delivered 7.7% gross returns in FY2026 despite 4.7% currency drag. Two successful exits completed in June including 150.7% six-year return on Amedeo Air Four Plus. Portfolio concentrated in closed-end funds with active value realisation mechanisms: TRIG with double-digit dividends and buybacks, HarbourVest implementing major tender offers, and RM Infrastructure in managed wind down returning cash. Full Quick Take Staude Capital's discount capture strategy delivered 7.7% gross returns in FY2026 despite 4.7% currency drag. Two successful exits completed in June including 150.7% six-year return on Amedeo Air Four Plus. Portfolio concentrated in closed-end funds with active value realisation mechanisms: TRIG with double-digit dividends and buybacks, HarbourVest implementing major tender offers, and RM Infrastructure in managed wind down returning cash. | - | ||||||
| - | - | AI infrastructure drives massive returns for Korean semiconductor leaders Samsung and SK Hynix, but retail speculation reaches dangerous levels with unprecedented margin debt. Anthropic and Meta demonstrate AI monetization success while structural risks emerge in private credit-backed insurance products that could create doom loops during market downturns. Full Quick Take AI infrastructure drives massive returns for Korean semiconductor leaders Samsung and SK Hynix, but retail speculation reaches dangerous levels with unprecedented margin debt. Anthropic and Meta demonstrate AI monetization success while structural risks emerge in private credit-backed insurance products that could create doom loops during market downturns. | - | ||||||
| +25.0% | +25.0% | - | Berkshire Dividend Growth outperformed during a volatile Q1 marked by value rotation and Iranian geopolitical crisis. Energy surged 30-40% while tech fell 20%+ on AI disruption concerns. Multiple portfolio holdings raised dividends significantly, with the fund maintaining focus on quality dividend growers that compound through uncertainty. Full Quick Take Berkshire Dividend Growth outperformed during a volatile Q1 marked by value rotation and Iranian geopolitical crisis. Energy surged 30-40% while tech fell 20%+ on AI disruption concerns. Multiple portfolio holdings raised dividends significantly, with the fund maintaining focus on quality dividend growers that compound through uncertainty. | - | |||||
| - | - | - | 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. | - | |||||
| - | - | - | Oaktree sees accelerating credit market dispersion with healthy borrowers accessing capital easily while distressed names face severe pressure. CCC loans yield 25% amid refinancing concerns, software sector faces AI-driven repricing, and direct lending shows structural stress. This creates opportunities for skilled managers to avoid losers in performing strategies and target dislocations opportunistically. Full Quick Take Oaktree sees accelerating credit market dispersion with healthy borrowers accessing capital easily while distressed names face severe pressure. CCC loans yield 25% amid refinancing concerns, software sector faces AI-driven repricing, and direct lending shows structural stress. This creates opportunities for skilled managers to avoid losers in performing strategies and target dislocations opportunistically. | - | |||||
| -7.2% | -7.2% | Gator's Q1 financials strategy faced headwinds from AI fears, private credit concerns, and geopolitical tensions, returning -7.22% versus -8.89% for financials. Manager used volatility tactically, trimming winners and adding Ameriprise Financial on AI-driven weakness. Maintains conviction in regional banks and wealth management opportunities through concentrated long/short approach targeting underresearched names. Full Quick Take Gator's Q1 financials strategy faced headwinds from AI fears, private credit concerns, and geopolitical tensions, returning -7.22% versus -8.89% for financials. Manager used volatility tactically, trimming winners and adding Ameriprise Financial on AI-driven weakness. Maintains conviction in regional banks and wealth management opportunities through concentrated long/short approach targeting underresearched names. | |||||||
| - | - | Horos leveraged Q1 2026 market volatility from AI disruption, private credit stress, and Iran war to rebalance portfolios toward higher return potential. Despite modest quarterly performance, strategic moves included adding Booking Holdings post-AI selloff and increasing energy exposure via TGS. The team views current uncertainties as classic value investing opportunities, maintaining their disciplined long-term approach. Full Quick Take Horos leveraged Q1 2026 market volatility from AI disruption, private credit stress, and Iran war to rebalance portfolios toward higher return potential. Despite modest quarterly performance, strategic moves included adding Booking Holdings post-AI selloff and increasing energy exposure via TGS. The team views current uncertainties as classic value investing opportunities, maintaining their disciplined long-term approach. | - | ||||||
| +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. | |||||||
| - | - | - | Horizon sees US economic resilience despite negative headlines. The consumer remains healthy with strong balance sheets and rising real wages. Private credit stress is contained to software without broader transmission. Energy vulnerability has declined significantly. AI enables business formation rather than displacement. Multiple tailwinds including rate cuts and productivity gains support continued growth. Full Quick Take Horizon sees US economic resilience despite negative headlines. The consumer remains healthy with strong balance sheets and rising real wages. Private credit stress is contained to software without broader transmission. Energy vulnerability has declined significantly. AI enables business formation rather than displacement. Multiple tailwinds including rate cuts and productivity gains support continued growth. | - | |||||
| - | - | Apollo delivered record Q1 2026 results with fee-related earnings of $728 million and AUM surpassing $1 trillion. Strong performance across asset management and retirement services, with $115 billion quarterly inflows and continued execution on strategic growth pillars. Returned $1.5 billion to stockholders over twelve months while investing in future growth initiatives. Full Quick Take Apollo delivered record Q1 2026 results with fee-related earnings of $728 million and AUM surpassing $1 trillion. Strong performance across asset management and retirement services, with $115 billion quarterly inflows and continued execution on strategic growth pillars. Returned $1.5 billion to stockholders over twelve months while investing in future growth initiatives. | - | ||||||
| -3.1% | -3.1% | - | Stenham's multi-strategy hedge fund approach delivered mixed Q1 2026 results amid Middle East conflict and oil price surge above $100. AI investment continued driving markets while creating software obsolescence risk. Macro strategies struggled with geopolitical surprises, but credit and event-driven performed well. Firm maintains balanced positioning with strong long-term outlook despite ongoing uncertainty. Full Quick Take Stenham's multi-strategy hedge fund approach delivered mixed Q1 2026 results amid Middle East conflict and oil price surge above $100. AI investment continued driving markets while creating software obsolescence risk. Macro strategies struggled with geopolitical surprises, but credit and event-driven performed well. Firm maintains balanced positioning with strong long-term outlook despite ongoing uncertainty. | - | |||||
| +2.2% | +2.2% | Cambiar SMID Fund returned 2.21% in Q1 2026, lagging the value index due to healthcare headwinds and lower energy exposure. The fund capitalized on volatility with seven new buys including ON Semiconductor, viewing the semiconductor cycle as poised to inflect higher. Focus remains on quality companies with pricing power as markets shift toward margin of safety. Full Quick Take Cambiar SMID Fund returned 2.21% in Q1 2026, lagging the value index due to healthcare headwinds and lower energy exposure. The fund capitalized on volatility with seven new buys including ON Semiconductor, viewing the semiconductor cycle as poised to inflect higher. Focus remains on quality companies with pricing power as markets shift toward margin of safety. | |||||||
| - | - | - | CrossingBridge warns against confusing abundant liquidity with durable value as oil markets show extreme backwardation, AI infrastructure demands massive capital, and private credit faces structural repricing. Manager emphasizes that when markets pay premiums for immediate delivery over financial claims, liquidity is becoming scarce and old rules of price and discipline matter more than ever. Full Quick Take CrossingBridge warns against confusing abundant liquidity with durable value as oil markets show extreme backwardation, AI infrastructure demands massive capital, and private credit faces structural repricing. Manager emphasizes that when markets pay premiums for immediate delivery over financial claims, liquidity is becoming scarce and old rules of price and discipline matter more than ever. | - | |||||
| +13.9% | +13.9% | AGT Partners delivered 13.9% in Q1 2026 despite Middle East conflict volatility. The fund trimmed oil-sensitive positions while adding to core holdings including alternative asset managers and Microsoft on AI fears. Semiconductor equipment suppliers showing recovery signs after four-year downturn. Energy and palm oil holdings provided portfolio protection. Management maintains conviction with team making additional subscriptions. Full Quick Take AGT Partners delivered 13.9% in Q1 2026 despite Middle East conflict volatility. The fund trimmed oil-sensitive positions while adding to core holdings including alternative asset managers and Microsoft on AI fears. Semiconductor equipment suppliers showing recovery signs after four-year downturn. Energy and palm oil holdings provided portfolio protection. Management maintains conviction with team making additional subscriptions. | |||||||
| - | - | Boyar Value Group sees opportunity amid Q1 2026 market volatility, warning against quality bubble while identifying value in overlooked names like Madison Square Garden Sports and Uber. Despite geopolitical oil shocks and AI disruption fears hitting mega-caps, they believe market leadership is broadening toward small caps, favoring disciplined value investors over momentum chasers. Full Quick Take Boyar Value Group sees opportunity amid Q1 2026 market volatility, warning against quality bubble while identifying value in overlooked names like Madison Square Garden Sports and Uber. Despite geopolitical oil shocks and AI disruption fears hitting mega-caps, they believe market leadership is broadening toward small caps, favoring disciplined value investors over momentum chasers. | |||||||
| -2.3% | -2.3% | Maran Partners declined 2.3% in Q1 amid market volatility from AI disruption fears and geopolitical events. The fund used conservative positioning and cash reserves to opportunistically deploy capital, finding value in dislocated names. Special situations continue delivering strong risk-adjusted returns with meaningful progress across multiple positions. Long-term focus on market inefficiencies remains unchanged. Full Quick Take Maran Partners declined 2.3% in Q1 amid market volatility from AI disruption fears and geopolitical events. The fund used conservative positioning and cash reserves to opportunistically deploy capital, finding value in dislocated names. Special situations continue delivering strong risk-adjusted returns with meaningful progress across multiple positions. Long-term focus on market inefficiencies remains unchanged. | - | ||||||
| -4.0% | -4.0% | Longleaf delivered -4.46% in Q1 2026, lagging early but improving as markets turned volatile. Portfolio trades at attractive mid-50s% P/V ratio with 17 concentrated holdings. Key contributors CNH and FedEx offset weakness in Avantor and Exor. Manager sees opportunity from potential private credit stress given portfolio's strong balance sheets and active engagement approach. Full Quick Take Longleaf delivered -4.46% in Q1 2026, lagging early but improving as markets turned volatile. Portfolio trades at attractive mid-50s% P/V ratio with 17 concentrated holdings. Key contributors CNH and FedEx offset weakness in Avantor and Exor. Manager sees opportunity from potential private credit stress given portfolio's strong balance sheets and active engagement approach. | |||||||
| - | - | Avenue navigates 2026's geopolitical turmoil by focusing on quality investments. The U.S.-Iran war disrupts global oil supply, benefiting holdings like Canadian Natural Resources. AI threatens software models while private credit faces redemption stress. Avenue's quality approach emphasizes businesses with stable profitability that can withstand uncertainty, positioning for opportunities emerging from current market volatility. Full Quick Take Avenue navigates 2026's geopolitical turmoil by focusing on quality investments. The U.S.-Iran war disrupts global oil supply, benefiting holdings like Canadian Natural Resources. AI threatens software models while private credit faces redemption stress. Avenue's quality approach emphasizes businesses with stable profitability that can withstand uncertainty, positioning for opportunities emerging from current market volatility. | - |
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