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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | - | Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. Full Quick Take Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. | - | |||||
| - | - | Q2 2026 delivered a decisive equity rebound as geopolitical tensions eased and AI capex reasserted itself. Momentum dominated with one of its strongest quarters since the dot-com era, while Value's outperformance masked a semiconductor concentration bet. Quality's three-year lag now presents a mean-reversion opportunity, with history showing 82% recovery probability. Stretched valuations and momentum dispersion warrant greater factor diversification ahead. Full Quick Take Q2 2026 delivered a decisive equity rebound as geopolitical tensions eased and AI capex reasserted itself. Momentum dominated with one of its strongest quarters since the dot-com era, while Value's outperformance masked a semiconductor concentration bet. Quality's three-year lag now presents a mean-reversion opportunity, with history showing 82% recovery probability. Stretched valuations and momentum dispersion warrant greater factor diversification ahead. | - | ||||||
| +7.6% | -3.7% | LongRun Equity underperformed in Q2 as narrow market breadth favored AI stocks while quality businesses saw multiple compression despite earnings delivery. The fund added Amphenol and Nvidia, viewing AI disruption fears as creating opportunities in fundamentally strong businesses with intact moats. Portfolio metrics remain robust with 31% margins and 63% ROIC. Management expects market rotation to drive low double-digit forward returns from current attractive valuations. Full Quick Take LongRun Equity underperformed in Q2 as narrow market breadth favored AI stocks while quality businesses saw multiple compression despite earnings delivery. The fund added Amphenol and Nvidia, viewing AI disruption fears as creating opportunities in fundamentally strong businesses with intact moats. Portfolio metrics remain robust with 31% margins and 63% ROIC. Management expects market rotation to drive low double-digit forward returns from current attractive valuations. | |||||||
| +0.7% | -3.1% | Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. Full Quick Take Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. | |||||||
| - | +14.5% | Distillate Capital sees extreme market bifurcation with AI names trading at over 50x free cash flow after $25 trillion in gains against minimal fundamental improvement. The manager actively avoids AI due to unfavorable risk/reward in an increasingly competitive industry. Outside mega-caps, tremendous value exists with stocks at double-digit FCF yields. The Small/Mid Quality Value strategy trades at 8% FCF/EV yield versus 2.9% for the S&P 500, positioned for outperformance when fundamentals reassert. Full Quick Take Distillate Capital sees extreme market bifurcation with AI names trading at over 50x free cash flow after $25 trillion in gains against minimal fundamental improvement. The manager actively avoids AI due to unfavorable risk/reward in an increasingly competitive industry. Outside mega-caps, tremendous value exists with stocks at double-digit FCF yields. The Small/Mid Quality Value strategy trades at 8% FCF/EV yield versus 2.9% for the S&P 500, positioned for outperformance when fundamentals reassert. | |||||||
| - | +3.9% | Distillate's International FSV strategy lagged in Q2 2026 as AI-driven momentum and semiconductor concentration dominated returns, but the manager sees this as opportunity. AI names gained $25 trillion in value on just $300 billion of FCF growth, creating extreme valuation bifurcation. The strategy trades at 8.5% FCF/EV yield versus 4.6% for the benchmark, the widest discount since inception, positioning for outperformance when fundamentals reassert themselves as they did post-2000. Full Quick Take Distillate's International FSV strategy lagged in Q2 2026 as AI-driven momentum and semiconductor concentration dominated returns, but the manager sees this as opportunity. AI names gained $25 trillion in value on just $300 billion of FCF growth, creating extreme valuation bifurcation. The strategy trades at 8.5% FCF/EV yield versus 4.6% for the benchmark, the widest discount since inception, positioning for outperformance when fundamentals reassert themselves as they did post-2000. | |||||||
| - | - | - | KAR underperformed in Q2 2026 as AI speculation drove extreme outperformance of low-quality stocks, semiconductors, and non-earners. The firm deliberately avoids these near-term beneficiaries, maintaining focus on durable earnings and competitive moats. Low-quality outperformed high-quality by three standard deviations, matching extremes only seen in 1999 and 2009. KAR expects eventual normalization favoring profitability but acknowledges uncertainty on timing. Full Quick Take KAR underperformed in Q2 2026 as AI speculation drove extreme outperformance of low-quality stocks, semiconductors, and non-earners. The firm deliberately avoids these near-term beneficiaries, maintaining focus on durable earnings and competitive moats. Low-quality outperformed high-quality by three standard deviations, matching extremes only seen in 1999 and 2009. KAR expects eventual normalization favoring profitability but acknowledges uncertainty on timing. | - | |||||
| +7.8% | +10.4% | - | Northern International Equity Fund returned 7.79% in Q2 2026, underperforming its benchmark as geopolitical tensions eased and AI-driven sectors led global markets. The fund's momentum exposure added value while quality and value factors detracted. The manager remains constructive on high-quality, attractively valued international equities despite ongoing geopolitical uncertainty and potential market volatility, believing the disciplined factor-based approach is well positioned for excess returns. Full Quick Take Northern International Equity Fund returned 7.79% in Q2 2026, underperforming its benchmark as geopolitical tensions eased and AI-driven sectors led global markets. The fund's momentum exposure added value while quality and value factors detracted. The manager remains constructive on high-quality, attractively valued international equities despite ongoing geopolitical uncertainty and potential market volatility, believing the disciplined factor-based approach is well positioned for excess returns. | - | |||||
| +10.5% | +12.5% | Northern Large Cap Value Fund posted 10.52% in Q2 2026 but underperformed its benchmark as high-quality value stocks lagged despite broad value outperformance. Semiconductors like MU and INTC surged over 200% on AI demand and memory shortages. The manager maintains conviction in quality-value investing, targeting inexpensive, profitable companies with strong cash flows to outperform through the cycle while avoiding value traps. Full Quick Take Northern Large Cap Value Fund posted 10.52% in Q2 2026 but underperformed its benchmark as high-quality value stocks lagged despite broad value outperformance. Semiconductors like MU and INTC surged over 200% on AI demand and memory shortages. The manager maintains conviction in quality-value investing, targeting inexpensive, profitable companies with strong cash flows to outperform through the cycle while avoiding value traps. | - | ||||||
| -2.6% | -14.4% | Baron Generational Growth Fund's high-quality, founder-led portfolio delivered mid-teens earnings growth but declined 2.51% as investors rotated into riskier stocks. The portfolio now trades at 25-36% discounts to historical valuations despite superior profitability. P&C insurance softening and AI disruption fears drove compression in key holdings. Portfolio companies are aggressively repurchasing shares. Management sees exceptional value with strong earnings growth continuing. Full Quick Take Baron Generational Growth Fund's high-quality, founder-led portfolio delivered mid-teens earnings growth but declined 2.51% as investors rotated into riskier stocks. The portfolio now trades at 25-36% discounts to historical valuations despite superior profitability. P&C insurance softening and AI disruption fears drove compression in key holdings. Portfolio companies are aggressively repurchasing shares. Management sees exceptional value with strong earnings growth continuing. | |||||||
| +6.7% | - | The Fund returned 6.7% in Q2 as small and mid-cap UK stocks reversed multi-year underperformance. Holdings like Intertek, Renishaw, and Auction Technology delivered strong gains on positive trading updates and takeover interest. Energy holdings declined on the Iran ceasefire. The Fund now trades at a historic valuation discount to the UK market despite superior Quality characteristics, presenting a compelling opportunity for patient investors. Full Quick Take The Fund returned 6.7% in Q2 as small and mid-cap UK stocks reversed multi-year underperformance. Holdings like Intertek, Renishaw, and Auction Technology delivered strong gains on positive trading updates and takeover interest. Energy holdings declined on the Iran ceasefire. The Fund now trades at a historic valuation discount to the UK market despite superior Quality characteristics, presenting a compelling opportunity for patient investors. | |||||||
| +4.3% | +2.0% | Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. Full Quick Take Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. | |||||||
| - | +23.1% | Ashva Capital returned 23.1% net through June 2026 versus 9.6% for the S&P 500, driven by concentrated positioning in Micron Technology and disciplined participation in the market recovery. The manager believes the memory semiconductor cycle is structurally improving due to AI demand and contracted supply agreements, creating an asymmetric opportunity where Micron's improving business quality and earnings power are not yet reflected in valuation. The broader market outlook remains constructive, supported by exceptionally strong earnings growth. Full Quick Take Ashva Capital returned 23.1% net through June 2026 versus 9.6% for the S&P 500, driven by concentrated positioning in Micron Technology and disciplined participation in the market recovery. The manager believes the memory semiconductor cycle is structurally improving due to AI demand and contracted supply agreements, creating an asymmetric opportunity where Micron's improving business quality and earnings power are not yet reflected in valuation. The broader market outlook remains constructive, supported by exceptionally strong earnings growth. | |||||||
| - | - | Generation sees Q2 2026 as a compelling entry point for quality investors. Extreme AI-driven market concentration has pushed the ten largest US stocks to 42% of the S&P 500 while their high-quality sustainable holdings trade at historically low valuations despite strong fundamentals. They are highly skeptical of the semiconductor rally and retail exuberance, positioning instead for downstream AI value creation and eventual market rotation toward durable compounders. Full Quick Take Generation sees Q2 2026 as a compelling entry point for quality investors. Extreme AI-driven market concentration has pushed the ten largest US stocks to 42% of the S&P 500 while their high-quality sustainable holdings trade at historically low valuations despite strong fundamentals. They are highly skeptical of the semiconductor rally and retail exuberance, positioning instead for downstream AI value creation and eventual market rotation toward durable compounders. | |||||||
| - | - | - | Hennessy Equity and Income Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Hennessy Equity and Income Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +20.9% | +11.0% | Franklin Growth Opportunities Fund outperformed in Q2 2026 with a 20.9% return, led by Micron Technology's AI-driven surge and SpaceX's successful IPO. The fund maintains a quality-focused, multi-cap growth strategy concentrated in AI and automation themes producing productivity gains across sectors. Despite geopolitical risks, the manager expects robust earnings growth into 2027 to support continued market strength, favoring high-quality franchises with durable competitive advantages. Full Quick Take Franklin Growth Opportunities Fund outperformed in Q2 2026 with a 20.9% return, led by Micron Technology's AI-driven surge and SpaceX's successful IPO. The fund maintains a quality-focused, multi-cap growth strategy concentrated in AI and automation themes producing productivity gains across sectors. Despite geopolitical risks, the manager expects robust earnings growth into 2027 to support continued market strength, favoring high-quality franchises with durable competitive advantages. | - | ||||||
| +2.4% | -0.2% | - | Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| - | - | Eagle Capital has recycled capital away from the AI capex boom, which now represents over 30% of the S&P 500 and is pricing optimistic cases without sufficient downside consideration. The manager sees deteriorating industry structures and mounting risks with parallels to historical capex busts. They've built a portfolio of high-quality businesses trading at a 20% discount to the market with faster growth, including MercadoLibre, managed care, and resilient software, positioned for multiple futures. Full Quick Take Eagle Capital has recycled capital away from the AI capex boom, which now represents over 30% of the S&P 500 and is pricing optimistic cases without sufficient downside consideration. The manager sees deteriorating industry structures and mounting risks with parallels to historical capex busts. They've built a portfolio of high-quality businesses trading at a 20% discount to the market with faster growth, including MercadoLibre, managed care, and resilient software, positioned for multiple futures. | |||||||
| -6.7% | - | Classic value investor running concentrated compounder portfolio down 3.86% in 2025 but up over 10% excluding currency headwinds from NIS strength. Actively avoiding Magnificent Ten AI bubble while portfolio companies compound FCF at 20% annually versus 3.5% for S&P 500, trading at half the market multiple. Increased positions in insurance, asset managers, and Constellation Software at 50% discount. Maintains full equity exposure with multi-year horizon. Full Quick Take Classic value investor running concentrated compounder portfolio down 3.86% in 2025 but up over 10% excluding currency headwinds from NIS strength. Actively avoiding Magnificent Ten AI bubble while portfolio companies compound FCF at 20% annually versus 3.5% for S&P 500, trading at half the market multiple. Increased positions in insurance, asset managers, and Constellation Software at 50% discount. Maintains full equity exposure with multi-year horizon. | |||||||
| - | - | - | Manager views AI enthusiasm as disconnected from fundamentals despite technology's long-term potential, maintaining diversified exposure away from mega-cap hyperscalers. Portfolio emphasizes high-quality businesses with strong cash flow and attractive valuations that have lagged during the narrow rally. Market concentration at multi-year extremes creates opportunity as leadership eventually broadens and fundamentals reassert importance. Geopolitical risks eased but inflation and monetary policy uncertainty persist. Full Quick Take Manager views AI enthusiasm as disconnected from fundamentals despite technology's long-term potential, maintaining diversified exposure away from mega-cap hyperscalers. Portfolio emphasizes high-quality businesses with strong cash flow and attractive valuations that have lagged during the narrow rally. Market concentration at multi-year extremes creates opportunity as leadership eventually broadens and fundamentals reassert importance. Geopolitical risks eased but inflation and monetary policy uncertainty persist. | - | |||||
| +7.1% | +14.8% | FPA Crescent is executing a contrarian pivot away from AI-driven market leaders despite positive long-term technology views, scaling back semiconductor and data center exposure due to expanded valuations and advanced capital cycle stage. The manager is deploying into 14 new AI-agnostic mid-cap businesses at 10-15x earnings and re-entering biotech at half 2020-2021 valuations, prioritizing high-quality industry leaders with strong balance sheets over momentum-driven themes asking difficult sustainability questions. Full Quick Take FPA Crescent is executing a contrarian pivot away from AI-driven market leaders despite positive long-term technology views, scaling back semiconductor and data center exposure due to expanded valuations and advanced capital cycle stage. The manager is deploying into 14 new AI-agnostic mid-cap businesses at 10-15x earnings and re-entering biotech at half 2020-2021 valuations, prioritizing high-quality industry leaders with strong balance sheets over momentum-driven themes asking difficult sustainability questions. | |||||||
| - | - | Tarkio Fund targets companies undergoing Lean cultural transformations at compelling valuations, focusing on struggling businesses when proven transformational leaders are brought in. Recent additions include General Electric, Modine, and Lumen Technologies, with Lumen's Kate Johnson exemplifying required leadership courage. The fund's hands-on transformation experience enables earlier identification of turnarounds before broader market recognition, with five new early-stage holdings added. Full Quick Take Tarkio Fund targets companies undergoing Lean cultural transformations at compelling valuations, focusing on struggling businesses when proven transformational leaders are brought in. Recent additions include General Electric, Modine, and Lumen Technologies, with Lumen's Kate Johnson exemplifying required leadership courage. The fund's hands-on transformation experience enables earlier identification of turnarounds before broader market recognition, with five new early-stage holdings added. | |||||||
| +18.2% | +18.2% | GW&K's small cap core fund trailed the Russell 2000's 21.5% Q2 rally as speculative, low-quality stocks dominated. The fund's quality bias and cash position created headwinds, but June's normalization drove a rebound. With small caps up over 1200 bps versus large caps year-to-date on strong earnings and broadening participation, managers see continued opportunity as fundamentals trump speculation. Full Quick Take GW&K's small cap core fund trailed the Russell 2000's 21.5% Q2 rally as speculative, low-quality stocks dominated. The fund's quality bias and cash position created headwinds, but June's normalization drove a rebound. With small caps up over 1200 bps versus large caps year-to-date on strong earnings and broadening participation, managers see continued opportunity as fundamentals trump speculation. | - | ||||||
| +9.7% | +7.0% | Diamond Hill's Small-Mid Cap Strategy underperformed in Q2 2026 as AI momentum dominated, but the manager used volatility to upgrade portfolio quality. Health care, particularly managed care, was the standout performer with strong positioning in Humana and new addition Centene. The strategy maintains limited exposure to highest-valued AI names while emphasizing higher-quality businesses positioned to protect capital and capitalize on selective opportunities despite elevated market valuations. Full Quick Take Diamond Hill's Small-Mid Cap Strategy underperformed in Q2 2026 as AI momentum dominated, but the manager used volatility to upgrade portfolio quality. Health care, particularly managed care, was the standout performer with strong positioning in Humana and new addition Centene. The strategy maintains limited exposure to highest-valued AI names while emphasizing higher-quality businesses positioned to protect capital and capitalize on selective opportunities despite elevated market valuations. | - | ||||||
| +8.0% | +5.8% | Diamond Hill Mid Cap underperformed in Q2 2026 as AI infrastructure spending drove concentrated market leadership. The managers maintained discipline, limiting exposure to highest-valued semiconductors and memory companies while believing current valuations leave little room for disappointment. Health care provided strength with new positions in managed care. Portfolio emphasizes higher-quality businesses at attractive valuations positioned to protect capital and compound value long-term despite elevated market valuations. Full Quick Take Diamond Hill Mid Cap underperformed in Q2 2026 as AI infrastructure spending drove concentrated market leadership. The managers maintained discipline, limiting exposure to highest-valued semiconductors and memory companies while believing current valuations leave little room for disappointment. Health care provided strength with new positions in managed care. Portfolio emphasizes higher-quality businesses at attractive valuations positioned to protect capital and compound value long-term despite elevated market valuations. | - | ||||||
| +11.2% | -4.8% | Polen International Growth lagged in Q2 2026 as narrow, momentum-driven rally favored semiconductors and AI infrastructure while penalizing Software, Healthcare, and Consumer holdings despite intact fundamentals. Manager redeployed capital toward businesses with stronger current momentum and visible demand tailwinds, exiting InPost and Medtronic. Adapting to market structure dominated by thematic flows and passive concentration while maintaining discipline on owning competitively advantaged compounders. Full Quick Take Polen International Growth lagged in Q2 2026 as narrow, momentum-driven rally favored semiconductors and AI infrastructure while penalizing Software, Healthcare, and Consumer holdings despite intact fundamentals. Manager redeployed capital toward businesses with stronger current momentum and visible demand tailwinds, exiting InPost and Medtronic. Adapting to market structure dominated by thematic flows and passive concentration while maintaining discipline on owning competitively advantaged compounders. | - | ||||||
| +6.6% | -5.4% | SGA's quality growth portfolio delivered strong fundamentals with 15% revenue and 20% EPS growth but underperformed as extreme momentum and AI infrastructure spending dominated Q2 returns. Portfolio now trades at steepest discount to market in 23-year history despite predictable compounding from durable franchises. Manager views current valuation dislocation as unusually attractive opportunity with portfolio positioned for 15% revenue and 19% earnings growth over three years. Full Quick Take SGA's quality growth portfolio delivered strong fundamentals with 15% revenue and 20% EPS growth but underperformed as extreme momentum and AI infrastructure spending dominated Q2 returns. Portfolio now trades at steepest discount to market in 23-year history despite predictable compounding from durable franchises. Manager views current valuation dislocation as unusually attractive opportunity with portfolio positioned for 15% revenue and 19% earnings growth over three years. | |||||||
| +7.6% | -3.7% | SGA's International Growth portfolio delivered 7.6% net in Q2 but underperformed as extreme momentum in AI infrastructure and memory stocks dominated markets. Portfolio fundamentals remained strong with 10% median growth and 60% of holdings beating estimates, yet valuations compressed to near-record discounts versus the benchmark. With 3.4% Enterprise Yield and positioning for 12% revenue and 17% earnings growth over three years, the firm sees compelling opportunity as quality compounders trade at historically attractive levels. Full Quick Take SGA's International Growth portfolio delivered 7.6% net in Q2 but underperformed as extreme momentum in AI infrastructure and memory stocks dominated markets. Portfolio fundamentals remained strong with 10% median growth and 60% of holdings beating estimates, yet valuations compressed to near-record discounts versus the benchmark. With 3.4% Enterprise Yield and positioning for 12% revenue and 17% earnings growth over three years, the firm sees compelling opportunity as quality compounders trade at historically attractive levels. | |||||||
| +7.2% | -7.6% | SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses. Manager sees compelling opportunity as AI hype matures and memory cycle reminds investors cyclicality persists. Full Quick Take SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses. Manager sees compelling opportunity as AI hype matures and memory cycle reminds investors cyclicality persists. | |||||||
| +0.9% | -11.5% | SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. Full Quick Take SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. | |||||||
| - | +32.4% | AGT Partners delivered +32.4% in 1H26 through a dual strategy of owning quality large-caps with durable moats (TSMC, Microsoft, Alphabet) and under-followed small-caps in unglamorous sectors. The manager initiated Alphabet on AI monetization evidence, holds SK Hynix cautiously amid unsustainable memory pricing, and is evolving toward constructive shareholder engagement by appointing ex-Dyna-Mac CEO as advisor to unlock value in smaller holdings. Full Quick Take AGT Partners delivered +32.4% in 1H26 through a dual strategy of owning quality large-caps with durable moats (TSMC, Microsoft, Alphabet) and under-followed small-caps in unglamorous sectors. The manager initiated Alphabet on AI monetization evidence, holds SK Hynix cautiously amid unsustainable memory pricing, and is evolving toward constructive shareholder engagement by appointing ex-Dyna-Mac CEO as advisor to unlock value in smaller holdings. | |||||||
| +12.1% | +16.7% | The London Company Income Equity portfolio returned 12.1% net in Q2, trailing the Russell 1000 Value by 180 basis points as AI-driven semiconductor leadership dominated. The manager trimmed technology winners to manage concentration and initiated waste services provider RSG. While broadly constructive on earnings and AI productivity gains, the manager flags fragile hyperscaler cash flows, elevated valuations, and difficult Fed policy as headwinds warranting discipline and quality focus ahead. Full Quick Take The London Company Income Equity portfolio returned 12.1% net in Q2, trailing the Russell 1000 Value by 180 basis points as AI-driven semiconductor leadership dominated. The manager trimmed technology winners to manage concentration and initiated waste services provider RSG. While broadly constructive on earnings and AI productivity gains, the manager flags fragile hyperscaler cash flows, elevated valuations, and difficult Fed policy as headwinds warranting discipline and quality focus ahead. | |||||||
| +12.6% | +10.4% | The London Company Small Cap returned 12.6% net in Q2 but underperformed the Russell 2000's 21.5% as markets rewarded high-beta momentum over quality fundamentals. The manager maintains conviction in durable, high-quality businesses positioned to compound over full cycles. They express caution on elevated valuations, fragile AI capex with negative hyperscaler free cash flow, and historic index concentration, expecting more modest returns ahead and positioning for mean reversion toward fundamentals-driven performance. Full Quick Take The London Company Small Cap returned 12.6% net in Q2 but underperformed the Russell 2000's 21.5% as markets rewarded high-beta momentum over quality fundamentals. The manager maintains conviction in durable, high-quality businesses positioned to compound over full cycles. They express caution on elevated valuations, fragile AI capex with negative hyperscaler free cash flow, and historic index concentration, expecting more modest returns ahead and positioning for mean reversion toward fundamentals-driven performance. | |||||||
| +10.7% | +13.4% | London Company's quality-focused large cap strategy underperformed in Q2 as high-beta AI and semiconductor names outside their quality threshold drove market gains. The portfolio benefited from semiconductor holdings Entegris and Texas Instruments plus Alphabet's AI-driven cloud strength. Despite constructive earnings and AI productivity outlook, the manager warns of fragile hyperscaler economics, elevated valuations, and historic concentration, expecting modest returns ahead while maintaining conviction in quality and downside protection. Full Quick Take London Company's quality-focused large cap strategy underperformed in Q2 as high-beta AI and semiconductor names outside their quality threshold drove market gains. The portfolio benefited from semiconductor holdings Entegris and Texas Instruments plus Alphabet's AI-driven cloud strength. Despite constructive earnings and AI productivity outlook, the manager warns of fragile hyperscaler economics, elevated valuations, and historic concentration, expecting modest returns ahead while maintaining conviction in quality and downside protection. | |||||||
| +11.8% | +7.8% | The London Company SMID Cap returned 11.8% net in Q2 but lagged the Russell 2500's 20.3% gain as momentum trumped quality. Semiconductors and AI infrastructure drove the rally, benefiting holdings like Entegris and Qualys. The manager made no trades, maintaining conviction in durable businesses despite near-term underperformance. Outlook is constructive but cautious given fragile AI capex dynamics, elevated valuations, and sticky inflation limiting Fed flexibility. Full Quick Take The London Company SMID Cap returned 11.8% net in Q2 but lagged the Russell 2500's 20.3% gain as momentum trumped quality. Semiconductors and AI infrastructure drove the rally, benefiting holdings like Entegris and Qualys. The manager made no trades, maintaining conviction in durable businesses despite near-term underperformance. Outlook is constructive but cautious given fragile AI capex dynamics, elevated valuations, and sticky inflation limiting Fed flexibility. | - | ||||||
| +19.1% | - | The Meridian Growth Fund returned 19.10% in Q2 2026, trailing its benchmark's 24.02% as factor headwinds from the risk-on rally overwhelmed positive stock selection. The portfolio's quality orientation and lower-beta positioning lagged as the market rewarded speculative, high-momentum names following geopolitical de-escalation. Strong contributions from Hinge Health, Definium Therapeutics, and GlobalFoundries partially offset weakness in Trimble and Tandem Diabetes. The manager maintains focus on high-quality businesses with sustainable competitive advantages. Full Quick Take The Meridian Growth Fund returned 19.10% in Q2 2026, trailing its benchmark's 24.02% as factor headwinds from the risk-on rally overwhelmed positive stock selection. The portfolio's quality orientation and lower-beta positioning lagged as the market rewarded speculative, high-momentum names following geopolitical de-escalation. Strong contributions from Hinge Health, Definium Therapeutics, and GlobalFoundries partially offset weakness in Trimble and Tandem Diabetes. The manager maintains focus on high-quality businesses with sustainable competitive advantages. | |||||||
| +21.5% | - | Meridian Small Cap Growth returned 21.54% in Q2 2026, trailing its benchmark's 25.71% as quality-oriented, lower-beta positioning faced headwinds in a risk-on rally favoring high-beta stocks. Strong stock selection partially offset factor drag, led by medical device and biotech winners including Hinge Health, Definium Therapeutics, and Veracyte. The fund maintains its focus on recurring-revenue businesses with competitive moats while monitoring Iran conflict, inflation, and rate risks. Full Quick Take Meridian Small Cap Growth returned 21.54% in Q2 2026, trailing its benchmark's 25.71% as quality-oriented, lower-beta positioning faced headwinds in a risk-on rally favoring high-beta stocks. Strong stock selection partially offset factor drag, led by medical device and biotech winners including Hinge Health, Definium Therapeutics, and Veracyte. The fund maintains its focus on recurring-revenue businesses with competitive moats while monitoring Iran conflict, inflation, and rate risks. | |||||||
| +7.5% | +17.3% | Hotchkis & Wiley Small Cap Value Fund underperformed in Q2 2026 as AI-driven speculation favored low-quality, high-momentum stocks over the fund's quality-focused holdings. The semiconductor industry surged 112% while the fund maintained discipline, avoiding the mania in favor of profitable businesses with strong balance sheets and attractive valuations. Management expects reversion to fundamentals will favor their quality-oriented, value-disciplined approach. Full Quick Take Hotchkis & Wiley Small Cap Value Fund underperformed in Q2 2026 as AI-driven speculation favored low-quality, high-momentum stocks over the fund's quality-focused holdings. The semiconductor industry surged 112% while the fund maintained discipline, avoiding the mania in favor of profitable businesses with strong balance sheets and attractive valuations. Management expects reversion to fundamentals will favor their quality-oriented, value-disciplined approach. | - | ||||||
| +18.2% | +19.7% | - | Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. Full Quick Take Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. | - | |||||
| - | +4.2% | GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. Full Quick Take GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. | |||||||
| +13.0% | +7.9% | - | Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. Full Quick Take Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. | - | |||||
| - | - | Stewart Investors' Asia strategies surged in Q2 2026 on semiconductor strength, with Samsung, MediaTek and TSMC driving returns amid AI-fueled memory demand. The manager trimmed these expensive positions while adding Indian banks and Vietnamese companies at attractive valuations. China faces domestic weakness and capital control concerns. Despite Middle East volatility, the manager sees compelling long-term opportunities in quality Asian businesses trading at discounts to developed markets. Full Quick Take Stewart Investors' Asia strategies surged in Q2 2026 on semiconductor strength, with Samsung, MediaTek and TSMC driving returns amid AI-fueled memory demand. The manager trimmed these expensive positions while adding Indian banks and Vietnamese companies at attractive valuations. China faces domestic weakness and capital control concerns. Despite Middle East volatility, the manager sees compelling long-term opportunities in quality Asian businesses trading at discounts to developed markets. | |||||||
| +8.3% | - | Wasatch Long/Short Alpha returned 8.29% in Q2 2026, significantly trailing the Russell 2500's 20.26% as speculative AI beneficiaries dominated. The quality-focused long/short strategy faced headwinds from lower-quality outperformance. The manager maintains discipline, adding to overlooked quality companies at attractive valuations and increasing shorts amid market euphoria. Portfolio positioned for fundamentals-driven environment with durable AI infrastructure holdings like Everus Construction and JFrog. Full Quick Take Wasatch Long/Short Alpha returned 8.29% in Q2 2026, significantly trailing the Russell 2500's 20.26% as speculative AI beneficiaries dominated. The quality-focused long/short strategy faced headwinds from lower-quality outperformance. The manager maintains discipline, adding to overlooked quality companies at attractive valuations and increasing shorts amid market euphoria. Portfolio positioned for fundamentals-driven environment with durable AI infrastructure holdings like Everus Construction and JFrog. | |||||||
| - | - | YCG owns global champion businesses with permanent competitive advantages that have compounded earnings at 13.9% annually but now trade at a historic discount as capital floods into AI infrastructure. The manager views the $388 billion AI build-out as history's largest capital rush destined to follow patterns where investors lose money. This creates the most compelling opportunity for quality businesses since the firm's inception. Full Quick Take YCG owns global champion businesses with permanent competitive advantages that have compounded earnings at 13.9% annually but now trade at a historic discount as capital floods into AI infrastructure. The manager views the $388 billion AI build-out as history's largest capital rush destined to follow patterns where investors lose money. This creates the most compelling opportunity for quality businesses since the firm's inception. | - | ||||||
| - | - | Zeno argues Danaher is a high-quality compounder trading at a discount despite market-leading positions across Biotechnology, Diagnostics, and Life Sciences. The Biotechnology segment is the crown jewel with 88% recurring revenues and 40% EBIT margins, particularly dominant in chromatography purification. Recent headwinds from COVID normalization, biotech funding winter, and policy uncertainty have delayed but not derailed the thesis. At 5% FCF yield with high-single-digit to low-double-digit growth potential, risk-adjusted returns are compelling. Full Quick Take Zeno argues Danaher is a high-quality compounder trading at a discount despite market-leading positions across Biotechnology, Diagnostics, and Life Sciences. The Biotechnology segment is the crown jewel with 88% recurring revenues and 40% EBIT margins, particularly dominant in chromatography purification. Recent headwinds from COVID normalization, biotech funding winter, and policy uncertainty have delayed but not derailed the thesis. At 5% FCF yield with high-single-digit to low-double-digit growth potential, risk-adjusted returns are compelling. | |||||||
| +14.3% | +8.6% | Conestoga's Small Cap strategy lagged in 2Q26 as AI-driven speculation created historic market concentration, with semiconductors up 98% and high-beta stocks dominating. Portfolio companies delivered superior fundamentals—14.3% sales growth versus 8.4% for the benchmark—but quality factors underperformed. The manager believes this narrow leadership will not persist as AI supply constraints ease and expects quality characteristics to reassert themselves as market leadership broadens and monetary policy potentially tightens. Full Quick Take Conestoga's Small Cap strategy lagged in 2Q26 as AI-driven speculation created historic market concentration, with semiconductors up 98% and high-beta stocks dominating. Portfolio companies delivered superior fundamentals—14.3% sales growth versus 8.4% for the benchmark—but quality factors underperformed. The manager believes this narrow leadership will not persist as AI supply constraints ease and expects quality characteristics to reassert themselves as market leadership broadens and monetary policy potentially tightens. | |||||||
| +18.0% | - | Bengal Catalyst Fund's thesis centers on cannabis cultivation efficiency as the industry's core differentiator. The manager invests in operators with superior unit economics—lower cost per pound, higher yields, consistent craft quality—that survive pricing compression as markets mature. Concentrated portfolio led by Grown Rogue, expanding from competitive West Coast markets to less efficient East Coast regions. Avoids companies chasing regulatory catalysts, focuses on operational execution and sustainable profitability. Full Quick Take Bengal Catalyst Fund's thesis centers on cannabis cultivation efficiency as the industry's core differentiator. The manager invests in operators with superior unit economics—lower cost per pound, higher yields, consistent craft quality—that survive pricing compression as markets mature. Concentrated portfolio led by Grown Rogue, expanding from competitive West Coast markets to less efficient East Coast regions. Avoids companies chasing regulatory catalysts, focuses on operational execution and sustainable profitability. | |||||||
| +7.0% | -3.9% | Conestoga SMid Cap returned 7.04% but lagged the benchmark's 24.02% surge driven by extreme AI speculation in semiconductors and high-beta stocks. Portfolio fundamentals remained strong with sales and EBITDA growth exceeding benchmarks. Defense and data center cooling holdings led gains. The firm added natural gas infrastructure positions and maintains conviction that quality characteristics will outperform as speculative leadership normalizes and rates potentially tighten. Full Quick Take Conestoga SMid Cap returned 7.04% but lagged the benchmark's 24.02% surge driven by extreme AI speculation in semiconductors and high-beta stocks. Portfolio fundamentals remained strong with sales and EBITDA growth exceeding benchmarks. Defense and data center cooling holdings led gains. The firm added natural gas infrastructure positions and maintains conviction that quality characteristics will outperform as speculative leadership normalizes and rates potentially tighten. | |||||||
| - | - | Wasatch Small Cap Growth trailed the benchmark in Q2 2026 as speculative AI stocks reached dot-com-era valuations, but the managers maintain conviction in their quality-focused approach. Portfolio fundamentals remain strong with 20%+ earnings growth across many holdings. AI beneficiaries like JFrog and AAON contributed meaningfully while the team concentrated capital in overlooked steady growers trading at attractive valuations, positioning for long-term outperformance when market leadership broadens. Full Quick Take Wasatch Small Cap Growth trailed the benchmark in Q2 2026 as speculative AI stocks reached dot-com-era valuations, but the managers maintain conviction in their quality-focused approach. Portfolio fundamentals remain strong with 20%+ earnings growth across many holdings. AI beneficiaries like JFrog and AAON contributed meaningfully while the team concentrated capital in overlooked steady growers trading at attractive valuations, positioning for long-term outperformance when market leadership broadens. | |||||||
| +2.7% | -6.3% | Mayar Capital endures its worst five-year stretch, underperforming due to avoiding the AI bubble that dominates markets. The manager draws parallels to the late 1990s, identifying extreme valuations, passive flow distortions, and speculative excess. Despite the pain, he maintains conviction that the disciplined value strategy will be vindicated, with the current portfolio representing the highest-quality, most attractively valued opportunity set in the fund's 15-year history. Full Quick Take Mayar Capital endures its worst five-year stretch, underperforming due to avoiding the AI bubble that dominates markets. The manager draws parallels to the late 1990s, identifying extreme valuations, passive flow distortions, and speculative excess. Despite the pain, he maintains conviction that the disciplined value strategy will be vindicated, with the current portfolio representing the highest-quality, most attractively valued opportunity set in the fund's 15-year history. |
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