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 |
|---|---|---|---|---|---|---|---|---|---|
| - | -8.0% | Seven Corners Capital combines deep value investing with a low-turnover sloth strategy, concentrating eighty percent of portfolio assets in six core holdings. Despite temporary performance headwinds from widening holding company discounts and subsidiary litigation timelines, aggressive corporate buybacks and strategic M&A across core positions provide clear upside potential. Full Quick Take Seven Corners Capital combines deep value investing with a low-turnover sloth strategy, concentrating eighty percent of portfolio assets in six core holdings. Despite temporary performance headwinds from widening holding company discounts and subsidiary litigation timelines, aggressive corporate buybacks and strategic M&A across core positions provide clear upside potential. | |||||||
| +4.5% | - | Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. Full Quick Take Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. | |||||||
| - | - | 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. | |||||||
| +2.9% | +4.0% | Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus. Full Quick Take Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus. | - | ||||||
| +0.9% | +1.0% | Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. Full Quick Take Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. | |||||||
| +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. | - | |||||
| - | - | - | Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. Full Quick Take Leonard Rickey sees a constructive equity backdrop supported by strong earnings growth and broad market participation, but flags elevated valuations, extreme concentration in AI-related names, and persistent inflation as key risks. The firm advocates diversification away from expensive U.S. large caps into value, small caps, and international markets, while favoring high-quality short- and intermediate-term bonds over longer-duration exposure given policy uncertainty. | - | |||||
| - | - | - | L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. Full Quick Take L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. The team reduced duration, raised liquidity, and cut lower-quality credit exposure while maintaining selective positions in subordinated financials and emerging markets. Credit spreads remain tight but face asymmetric risk of widening given elevated macro uncertainty and tight valuations. | - | |||||
| +14.9% | - | The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. Full Quick Take The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. | |||||||
| - | - | The S&P 500 rallied +15% in Q2 2026 as oil reversed from $115 to $70 following a Middle East ceasefire, while semiconductor stocks surged +88% on record AI infrastructure spending by major tech companies. Inflation peaked at +4.2% in May but is expected to ease. The Fed shifted toward potential rate hikes. Market breadth strengthened with small caps gaining +21.5%. Key risks include inflation persistence and AI spending sustainability. Full Quick Take The S&P 500 rallied +15% in Q2 2026 as oil reversed from $115 to $70 following a Middle East ceasefire, while semiconductor stocks surged +88% on record AI infrastructure spending by major tech companies. Inflation peaked at +4.2% in May but is expected to ease. The Fed shifted toward potential rate hikes. Market breadth strengthened with small caps gaining +21.5%. Key risks include inflation persistence and AI spending sustainability. | |||||||
| - | - | - | The Federal Reserve under new Chairman Kevin Warsh faces a credibility crisis as inflation persists at 3-4% despite five years above target. The July FOMC meeting's decision to hold rates steady pushed Treasury yields to multi-year highs and left markets pricing in multiple rate hikes ahead. The Iran conflict complicates policy by driving oil-driven inflation that rate hikes cannot directly address. Restoring confidence will require threading a difficult needle. Full Quick Take The Federal Reserve under new Chairman Kevin Warsh faces a credibility crisis as inflation persists at 3-4% despite five years above target. The July FOMC meeting's decision to hold rates steady pushed Treasury yields to multi-year highs and left markets pricing in multiple rate hikes ahead. The Iran conflict complicates policy by driving oil-driven inflation that rate hikes cannot directly address. Restoring confidence will require threading a difficult needle. | - | |||||
| +2.8% | - | - | Lord Abbett Floating Rate Fund outperformed its benchmark by 87 basis points in Q2 2026, driven by strong CCC-rated credit selection in Consumer Durables and Telecommunications. The manager remains constructive on leveraged loans despite rising defaults, targeting high-carry opportunities amid hawkish Fed policy and resilient US growth. Portfolio maintains balanced sector exposure with selective overweights to Utilities, Materials, and Telecom while monitoring inflation and labor market risks. Full Quick Take Lord Abbett Floating Rate Fund outperformed its benchmark by 87 basis points in Q2 2026, driven by strong CCC-rated credit selection in Consumer Durables and Telecommunications. The manager remains constructive on leveraged loans despite rising defaults, targeting high-carry opportunities amid hawkish Fed policy and resilient US growth. Portfolio maintains balanced sector exposure with selective overweights to Utilities, Materials, and Telecom while monitoring inflation and labor market risks. | - | |||||
| - | - | - | Newport Capital advocates diversified positioning across styles, caps, and regions amid Iran-driven volatility. Q2 saw strong market rebound with S&P 500 up 15.2% on easing tensions and robust earnings. The Fed shifted to tightening bias under new Chairman Warsh. Firm expects 2.0% economic growth, range-bound rates, and continued earnings strength at 24.0% growth. Value and international equities appear relatively attractive versus growth and Large-Cap. Full Quick Take Newport Capital advocates diversified positioning across styles, caps, and regions amid Iran-driven volatility. Q2 saw strong market rebound with S&P 500 up 15.2% on easing tensions and robust earnings. The Fed shifted to tightening bias under new Chairman Warsh. Firm expects 2.0% economic growth, range-bound rates, and continued earnings strength at 24.0% growth. Value and international equities appear relatively attractive versus growth and Large-Cap. | - | |||||
| - | - | - | Equity markets delivered one of their strongest quarterly reversals in years, driven by exceptional earnings growth and broadening participation beyond mega-cap tech. The AI trade matured as semiconductor suppliers surged and productivity gains diffused across sectors. A fragile US-Iran ceasefire eased oil prices temporarily. High rates and reaccelerating inflation keep Fed cuts off the table, leaving little margin for error despite constructive fundamentals. Full Quick Take Equity markets delivered one of their strongest quarterly reversals in years, driven by exceptional earnings growth and broadening participation beyond mega-cap tech. The AI trade matured as semiconductor suppliers surged and productivity gains diffused across sectors. A fragile US-Iran ceasefire eased oil prices temporarily. High rates and reaccelerating inflation keep Fed cuts off the table, leaving little margin for error despite constructive fundamentals. | - | |||||
| +5.3% | - | The Gabelli Dividend Growth Fund returned 5.35% in Q2 2026, underperforming the Russell 1000 Value Index due to limited semiconductor exposure. The Fund missed massive gains in Micron and SanDisk but benefited from holdings in Hewlett Packard Enterprise, Alphabet, and Citigroup. The manager added Microsoft and Genuine Parts while maintaining focus on high-quality companies with sustainable cash flows and pricing power. Full Quick Take The Gabelli Dividend Growth Fund returned 5.35% in Q2 2026, underperforming the Russell 1000 Value Index due to limited semiconductor exposure. The Fund missed massive gains in Micron and SanDisk but benefited from holdings in Hewlett Packard Enterprise, Alphabet, and Citigroup. The manager added Microsoft and Genuine Parts while maintaining focus on high-quality companies with sustainable cash flows and pricing power. | |||||||
| - | -6.8% | Australian small-cap fund down 3.4% in July on AI unwind and Middle East tensions, with strong performance from financial software and energy holdings offset by building materials weakness. Domestic economy softening and housing under pressure, but inflation easing strengthens case against further rate hikes. Small-cap valuations at multi-year lows following 20%+ decline since October 2025, creating attractive entry points despite near-term headwinds. Full Quick Take Australian small-cap fund down 3.4% in July on AI unwind and Middle East tensions, with strong performance from financial software and energy holdings offset by building materials weakness. Domestic economy softening and housing under pressure, but inflation easing strengthens case against further rate hikes. Small-cap valuations at multi-year lows following 20%+ decline since October 2025, creating attractive entry points despite near-term headwinds. | - | ||||||
| +6.8% | - | The Gabelli Equity Income Fund returned 6.76% in Q2 2026, lagging its benchmark as persistent inflation and a hawkish Fed shift weighed on markets. Strong performance from financials like Bank of New York Mellon, driven by AI-enabled efficiency gains, offset weakness in energy holdings including Chevron. The manager maintains focus on value opportunities trading below Private Market Value that can thrive regardless of interest rate movements. Full Quick Take The Gabelli Equity Income Fund returned 6.76% in Q2 2026, lagging its benchmark as persistent inflation and a hawkish Fed shift weighed on markets. Strong performance from financials like Bank of New York Mellon, driven by AI-enabled efficiency gains, offset weakness in energy holdings including Chevron. The manager maintains focus on value opportunities trading below Private Market Value that can thrive regardless of interest rate movements. | |||||||
| - | - | - | Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. Full Quick Take Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. | - | |||||
| - | -2.3% | Bonhoeffer Fund lost 2.3% in 1H 2026 while continuing to rotate from slower-growth firms into durable compounders in distribution, community banks, and homebuilders. The portfolio targets deep value with growth, seeking 30-40% expected returns from firms trading at high single-digit forward earnings multiples. Distribution holdings benefit from copper demand for data centers and EVs. Community banks deliver 15%+ earnings growth through SBA lending despite near-term policy headwinds. Full Quick Take Bonhoeffer Fund lost 2.3% in 1H 2026 while continuing to rotate from slower-growth firms into durable compounders in distribution, community banks, and homebuilders. The portfolio targets deep value with growth, seeking 30-40% expected returns from firms trading at high single-digit forward earnings multiples. Distribution holdings benefit from copper demand for data centers and EVs. Community banks deliver 15%+ earnings growth through SBA lending despite near-term policy headwinds. | |||||||
| - | - | - | 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. | - | |||||
| - | - | AI's capital expenditure boom faces a reckoning as soaring memory chip and token costs force enterprise migration from expensive US cloud platforms, threatening hyperscaler returns on $800 billion projected 2027 spending. Micron's historic beat validates semiconductor thesis, propelling Asian markets higher. Manager pairs US mega cap tech with Asian memory makers, overweights Japan, and holds elevated cash anticipating volatility will create better summer entry points. Full Quick Take AI's capital expenditure boom faces a reckoning as soaring memory chip and token costs force enterprise migration from expensive US cloud platforms, threatening hyperscaler returns on $800 billion projected 2027 spending. Micron's historic beat validates semiconductor thesis, propelling Asian markets higher. Manager pairs US mega cap tech with Asian memory makers, overweights Japan, and holds elevated cash anticipating volatility will create better summer entry points. | - | ||||||
| +1.9% | - | - | The Saturna Global Sustainable Bond Fund outperformed its benchmark by 105 basis points in Q2 2026, driven by overweights to Colombian and Mexican Peso currencies and an underweight to the Euro. The fund opportunistically extended duration during May's Treasury volatility spike but maintains a defensive 4.22-year duration versus the benchmark's 6.17 years, with significant overweight to short-maturity bonds. Full Quick Take The Saturna Global Sustainable Bond Fund outperformed its benchmark by 105 basis points in Q2 2026, driven by overweights to Colombian and Mexican Peso currencies and an underweight to the Euro. The fund opportunistically extended duration during May's Treasury volatility spike but maintains a defensive 4.22-year duration versus the benchmark's 6.17 years, with significant overweight to short-maturity bonds. | - | |||||
| - | - | - | PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. The fund positions for U.S. overheating with 2.3% GDP growth driven by AI capex and fiscal stimulus, but expects Fed hikes under Warsh as inflation stays elevated from energy shocks and tariffs. Credit spreads are historically tight, prompting a quality-focused, carry-oriented stance with 7.2-year duration and overweights to emerging markets and financials. Full Quick Take PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. The fund positions for U.S. overheating with 2.3% GDP growth driven by AI capex and fiscal stimulus, but expects Fed hikes under Warsh as inflation stays elevated from energy shocks and tariffs. Credit spreads are historically tight, prompting a quality-focused, carry-oriented stance with 7.2-year duration and overweights to emerging markets and financials. | - | |||||
| - | - | - | PGIM Core Bond outperformed in Q2 2026 through quality-focused positioning as geopolitical shocks drove yields higher and the Fed turned hawkish under new leadership. The fund capitalized on attractive carry in senior securitized credits and belly Treasuries while avoiding spread compression bets. AI-driven growth supports the U.S. economy but persistent inflation from energy shocks necessitates Fed tightening, creating a challenging backdrop for risk assets at historically tight spreads. Full Quick Take PGIM Core Bond outperformed in Q2 2026 through quality-focused positioning as geopolitical shocks drove yields higher and the Fed turned hawkish under new leadership. The fund capitalized on attractive carry in senior securitized credits and belly Treasuries while avoiding spread compression bets. AI-driven growth supports the U.S. economy but persistent inflation from energy shocks necessitates Fed tightening, creating a challenging backdrop for risk assets at historically tight spreads. | - | |||||
| +1.9% | - | - | Columbia Strategic Income outperformed in Q2 2026 as shorter duration positioning benefited from rising yields amid persistent inflation. The team sees limited value in investment-grade corporates at tight spreads but finds compelling opportunities in AAA/AA non-agency mortgage-backed securities offering superior yields. With uncertainty elevated around Fed policy and inflation durability, the portfolio maintains high-quality structured credit exposure with flexibility to deploy capital when valuations improve. Full Quick Take Columbia Strategic Income outperformed in Q2 2026 as shorter duration positioning benefited from rising yields amid persistent inflation. The team sees limited value in investment-grade corporates at tight spreads but finds compelling opportunities in AAA/AA non-agency mortgage-backed securities offering superior yields. With uncertainty elevated around Fed policy and inflation durability, the portfolio maintains high-quality structured credit exposure with flexibility to deploy capital when valuations improve. | - | |||||
| +19.7% | +15.8% | Fidelity Growth Strategies Fund surged 19.67% in Q2 2026, crushing its benchmark by 512 basis points on the back of concentrated bets in AI infrastructure enablers. Sterling Infrastructure, the fund's largest position, doubled as hyperscaler data center demand exploded. The manager aggressively overweights industrials at 46% of assets, betting capital goods suppliers will capture outsized growth as AI capex broadens into the real economy. Full Quick Take Fidelity Growth Strategies Fund surged 19.67% in Q2 2026, crushing its benchmark by 512 basis points on the back of concentrated bets in AI infrastructure enablers. Sterling Infrastructure, the fund's largest position, doubled as hyperscaler data center demand exploded. The manager aggressively overweights industrials at 46% of assets, betting capital goods suppliers will capture outsized growth as AI capex broadens into the real economy. | |||||||
| - | - | - | 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. | ||||||
| - | - | - | Global equities surged 15.3% in Q2 2026 on massive AI infrastructure investment and robust earnings, with semiconductors soaring 49.7% as Taiwan and South Korea posted record export growth. The Fed turned hawkish under new Chair Warsh, signaling potential 2026 rate hikes, while easing US-Iran tensions helped oil retreat 21.2%. China declined 6.8% on weak domestic demand. Emerging markets led at 24.2%, driven by exceptional Asian technology performance. Full Quick Take Global equities surged 15.3% in Q2 2026 on massive AI infrastructure investment and robust earnings, with semiconductors soaring 49.7% as Taiwan and South Korea posted record export growth. The Fed turned hawkish under new Chair Warsh, signaling potential 2026 rate hikes, while easing US-Iran tensions helped oil retreat 21.2%. China declined 6.8% on weak domestic demand. Emerging markets led at 24.2%, driven by exceptional Asian technology performance. | - | |||||
| - | - | - | Risk assets rebounded strongly in Q2 2026 as oil prices collapsed from $100 to $70, easing inflation concerns despite Fed hawkishness. Market breadth improved dramatically with small caps and value outperforming. Emerging markets surged 24% on AI-driven semiconductor demand. The manager rebalanced to long-term targets and maintains gold exposure as a diversifier, advocating disciplined diversification over chasing winners despite cautious optimism on growth and earnings. Full Quick Take Risk assets rebounded strongly in Q2 2026 as oil prices collapsed from $100 to $70, easing inflation concerns despite Fed hawkishness. Market breadth improved dramatically with small caps and value outperforming. Emerging markets surged 24% on AI-driven semiconductor demand. The manager rebalanced to long-term targets and maintains gold exposure as a diversifier, advocating disciplined diversification over chasing winners despite cautious optimism on growth and earnings. | - | |||||
| - | -0.2% | Ruffer's absolute return strategy lost 0.9% in June as Fed hawkishness lifted yields and an Iran deal reversed oil. The fund avoided AI momentum, adding luxury exposure for Asian wealth effects while trimming yen. Gold miners and energy lagged. With concentrated markets and sticky inflation risks, the manager prioritizes capital preservation through diversified protection strategies and contrarian positioning in undervalued areas over chasing current winners. Full Quick Take Ruffer's absolute return strategy lost 0.9% in June as Fed hawkishness lifted yields and an Iran deal reversed oil. The fund avoided AI momentum, adding luxury exposure for Asian wealth effects while trimming yen. Gold miners and energy lagged. With concentrated markets and sticky inflation risks, the manager prioritizes capital preservation through diversified protection strategies and contrarian positioning in undervalued areas over chasing current winners. | - | ||||||
| +2.2% | +1.5% | - | Franklin High Income Fund delivered 2.19% in Q2 2026 as resilient corporate fundamentals and active capital markets supported high-yield bonds despite hawkish Fed commentary. Default rates remain below historical averages at 2.67%, while fund inflows totaled $2.3 billion in June. The fund maintains a constructive outlook with ratings-quality positioning favoring Ca and B bonds, though spreads are fair but not compelling and caution on deeply distressed credits persists. Full Quick Take Franklin High Income Fund delivered 2.19% in Q2 2026 as resilient corporate fundamentals and active capital markets supported high-yield bonds despite hawkish Fed commentary. Default rates remain below historical averages at 2.67%, while fund inflows totaled $2.3 billion in June. The fund maintains a constructive outlook with ratings-quality positioning favoring Ca and B bonds, though spreads are fair but not compelling and caution on deeply distressed credits persists. | - | |||||
| +2.9% | +4.6% | First Eagle Global Fund underperformed in Q2 2026 as growth stocks surged, but the manager used volatility to reposition into value opportunities. The fund maintains strategic gold exposure despite a 14% quarterly decline and sees compelling valuations in equal-weighted stocks and international markets. While concerned about extreme risk appetite and unsustainable AI spending, the manager believes scarce, durable assets at sensible prices will deliver long-term value. Full Quick Take First Eagle Global Fund underperformed in Q2 2026 as growth stocks surged, but the manager used volatility to reposition into value opportunities. The fund maintains strategic gold exposure despite a 14% quarterly decline and sees compelling valuations in equal-weighted stocks and international markets. While concerned about extreme risk appetite and unsustainable AI spending, the manager believes scarce, durable assets at sensible prices will deliver long-term value. | - | ||||||
| +9.1% | +11.7% | BNY Mellon Global Equity Income Fund underperformed in Q2 2026 due to its zero exposure to AI-driven technology stocks, a deliberate result of its strict yield discipline. The manager views elevated market concentration and AI valuations as creating risks comparable to 2000, while income stocks trade at historically wide discounts. With rates staying higher for longer, the fund is positioned to capitalize on compelling income stock valuations for long-term outperformance. Full Quick Take BNY Mellon Global Equity Income Fund underperformed in Q2 2026 due to its zero exposure to AI-driven technology stocks, a deliberate result of its strict yield discipline. The manager views elevated market concentration and AI valuations as creating risks comparable to 2000, while income stocks trade at historically wide discounts. With rates staying higher for longer, the fund is positioned to capitalize on compelling income stock valuations for long-term outperformance. | |||||||
| +0.4% | +1.1% | - | Easterly Income Opportunities Fund underperformed in Q2 2026 as rising rates offset carry, but maintains conviction in structured credit opportunities. The fund is reallocating from CMBS to higher-quality RMBS while consumer credit bifurcation creates selective opportunities. AI infrastructure investment drives economic growth while the Fed adopts a hawkish stance. Corporate Structured Notes offer compelling relative value despite yield curve headwinds. Active security selection remains critical as credit differentiation increases. Full Quick Take Easterly Income Opportunities Fund underperformed in Q2 2026 as rising rates offset carry, but maintains conviction in structured credit opportunities. The fund is reallocating from CMBS to higher-quality RMBS while consumer credit bifurcation creates selective opportunities. AI infrastructure investment drives economic growth while the Fed adopts a hawkish stance. Corporate Structured Notes offer compelling relative value despite yield curve headwinds. Active security selection remains critical as credit differentiation increases. | - | |||||
| +6.3% | +3.2% | - | The Fund delivered 6.32% in Q2 2026 by capturing a 100+ basis point rally in credit spreads while its floating-rate structure benefited from rising base rates. With 363 diversified obligors, minimal duration, and a 6.06% pro-forma yield, the strategy is engineered to harvest credit risk premiums at half the volatility of equities. Managers view current spread compression as setting up future deployment opportunities. Full Quick Take The Fund delivered 6.32% in Q2 2026 by capturing a 100+ basis point rally in credit spreads while its floating-rate structure benefited from rising base rates. With 363 diversified obligors, minimal duration, and a 6.06% pro-forma yield, the strategy is engineered to harvest credit risk premiums at half the volatility of equities. Managers view current spread compression as setting up future deployment opportunities. | - | |||||
| +10.1% | +11.2% | Easterly's Global Real Estate Fund outperformed by 247 bps in Q2 2026, driven by concentrated positions in data centers and senior housing. The fund capitalizes on supply constraints and rate stability to own high-quality REITs with embedded growth. Core holdings include NextDC, Goodman Group, and Welltower. The fund actively avoids self-storage and office, maintaining a benchmark-agnostic portfolio of 50 best-in-class global real estate companies. Full Quick Take Easterly's Global Real Estate Fund outperformed by 247 bps in Q2 2026, driven by concentrated positions in data centers and senior housing. The fund capitalizes on supply constraints and rate stability to own high-quality REITs with embedded growth. Core holdings include NextDC, Goodman Group, and Welltower. The fund actively avoids self-storage and office, maintaining a benchmark-agnostic portfolio of 50 best-in-class global real estate companies. | - | ||||||
| - | - | Markets rallied in Q2 2026 as small caps surged 22% and leadership broadened beyond mega-cap tech. The U.S.-Iran conflict disrupted energy markets before stabilizing, while AI focus shifted from infrastructure spending to monetization concerns as hyperscaler cash flows weakened. Consumer resilience persisted despite inflation outpacing wages, supported by tax refunds. New Fed Chair Warsh launched policy reviews that may reshape inflation measurement and communications. Full Quick Take Markets rallied in Q2 2026 as small caps surged 22% and leadership broadened beyond mega-cap tech. The U.S.-Iran conflict disrupted energy markets before stabilizing, while AI focus shifted from infrastructure spending to monetization concerns as hyperscaler cash flows weakened. Consumer resilience persisted despite inflation outpacing wages, supported by tax refunds. New Fed Chair Warsh launched policy reviews that may reshape inflation measurement and communications. | |||||||
| - | - | - | 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. | - | |||||
| - | - | - | The bond market stands at an inflection point as the Fed's neutral rate estimate of 2.75% diverges sharply from the market's 3.70% estimate. This gap creates opposing views on policy restrictiveness and the urgency of rate cuts. The manager holds a neutral portfolio with only a 5% USD conviction position, waiting for clarity on the Fed's path before summer ends to determine the next directional move. Full Quick Take The bond market stands at an inflection point as the Fed's neutral rate estimate of 2.75% diverges sharply from the market's 3.70% estimate. This gap creates opposing views on policy restrictiveness and the urgency of rate cuts. The manager holds a neutral portfolio with only a 5% USD conviction position, waiting for clarity on the Fed's path before summer ends to determine the next directional move. | - | |||||
| +0.4% | +0.5% | - | FPA New Income maintains maximum defensiveness with 97% High Quality exposure as credit spreads hit historically tight levels. The fund extended duration to capture attractive risk-free rates at decade highs and initiated TIPS for the first time in 20 years. With spreads in the 1st-4th percentile providing inadequate compensation for credit risk, the manager is positioned to protect capital while waiting for better opportunities to deploy into Credit. Full Quick Take FPA New Income maintains maximum defensiveness with 97% High Quality exposure as credit spreads hit historically tight levels. The fund extended duration to capture attractive risk-free rates at decade highs and initiated TIPS for the first time in 20 years. With spreads in the 1st-4th percentile providing inadequate compensation for credit risk, the manager is positioned to protect capital while waiting for better opportunities to deploy into Credit. | - | |||||
| +3.7% | -1.9% | - | Invesco's international bond strategy capitalizes on dollar weakness and divergent global central bank policies. The fund holds 39.5% emerging market debt, targeting elevated real rates in Brazil, Mexico, and India. Managers expect yield curve steepening as markets have overpriced rate hikes in the EU and UK. Recent positioning decreased currency and duration exposure while adding credit, reflecting conviction that international bonds offer compelling diversification and return potential. Full Quick Take Invesco's international bond strategy capitalizes on dollar weakness and divergent global central bank policies. The fund holds 39.5% emerging market debt, targeting elevated real rates in Brazil, Mexico, and India. Managers expect yield curve steepening as markets have overpriced rate hikes in the EU and UK. Recent positioning decreased currency and duration exposure while adding credit, reflecting conviction that international bonds offer compelling diversification and return potential. | - | |||||
| - | - | - | Carrington delivered strong Q2 performance by avoiding the semiconductor speculation bubble that dominated markets, maintaining structural underweights to US equities and overweights to China, UK, Europe and Asia. The Iran conflict drove oil volatility while retail investors pushed semiconductors to extreme valuations. Capital rotation toward value late in the quarter validated the positioning. The manager added to precious metals miners and Japanese small caps while reducing bonds for cash as inflation persists above target. Full Quick Take Carrington delivered strong Q2 performance by avoiding the semiconductor speculation bubble that dominated markets, maintaining structural underweights to US equities and overweights to China, UK, Europe and Asia. The Iran conflict drove oil volatility while retail investors pushed semiconductors to extreme valuations. Capital rotation toward value late in the quarter validated the positioning. The manager added to precious metals miners and Japanese small caps while reducing bonds for cash as inflation persists above target. | - | |||||
| +2.5% | +2.0% | BlackRock Managed Income Fund delivered 2.57% in Q2 2026, outperforming through overweight U.S. growth equities and selective rotations into European banks, German infrastructure, and Asian AI beneficiaries. The manager favors the United States given stronger earnings visibility while pursuing targeted opportunities where improving earnings breadth and AI investment provide support. Core inflation is expected to decline, allowing the Fed to remain on hold longer than markets anticipate. Full Quick Take BlackRock Managed Income Fund delivered 2.57% in Q2 2026, outperforming through overweight U.S. growth equities and selective rotations into European banks, German infrastructure, and Asian AI beneficiaries. The manager favors the United States given stronger earnings visibility while pursuing targeted opportunities where improving earnings breadth and AI investment provide support. Core inflation is expected to decline, allowing the Fed to remain on hold longer than markets anticipate. | - | ||||||
| +2.6% | +2.1% | - | BlackRock Strategic Income Opportunities Fund delivered 2.65% in Q2 2026, led by AI-related absolute return strategies and European credit compression. U.S. rates positioning detracted as yields rose on inflation concerns. The team reduced front-end duration, rotated out the curve, increased European and high yield exposure, and trimmed agency MBS and investment grade credit. Focus remains on income, security selection, and high-quality structured products. Full Quick Take BlackRock Strategic Income Opportunities Fund delivered 2.65% in Q2 2026, led by AI-related absolute return strategies and European credit compression. U.S. rates positioning detracted as yields rose on inflation concerns. The team reduced front-end duration, rotated out the curve, increased European and high yield exposure, and trimmed agency MBS and investment grade credit. Focus remains on income, security selection, and high-quality structured products. | - | |||||
| +1.0% | - | - | The Optimum Fixed Income Fund outperformed its benchmark in Q2 2026, returning 0.97% net versus 0.67% for the Bloomberg US Aggregate Bond Index. Both the Nomura and PIMCO sleeves contributed to outperformance through active positioning in high yield corporates, emerging market debt, and agency mortgage-backed securities. Bond markets weakened as rates rose and investors shifted expectations from Fed cuts to potential hikes amid persistent inflation. Full Quick Take The Optimum Fixed Income Fund outperformed its benchmark in Q2 2026, returning 0.97% net versus 0.67% for the Bloomberg US Aggregate Bond Index. Both the Nomura and PIMCO sleeves contributed to outperformance through active positioning in high yield corporates, emerging market debt, and agency mortgage-backed securities. Bond markets weakened as rates rose and investors shifted expectations from Fed cuts to potential hikes amid persistent inflation. | - | |||||
| +16.7% | - | The Fund returned 16.74% in 2Q2026, beating its benchmark on strong semiconductor exposure as AI demand drove technology outperformance. Geopolitical volatility created opportunity as Iran conflict resolution sent oil lower and lifted risk assets. Overweight semiconductors powered gains while energy exposure detracted. Technology valuations and AI theme durability remain key forward drivers alongside central bank policy and energy prices. Full Quick Take The Fund returned 16.74% in 2Q2026, beating its benchmark on strong semiconductor exposure as AI demand drove technology outperformance. Geopolitical volatility created opportunity as Iran conflict resolution sent oil lower and lifted risk assets. Overweight semiconductors powered gains while energy exposure detracted. Technology valuations and AI theme durability remain key forward drivers alongside central bank policy and energy prices. | - | ||||||
| +0.8% | +0.5% | - | BlackRock Core Bond Fund delivered 0.89% in Q2 2026 through overweight duration positioning in the front to belly of the U.S. curve, securitized asset exposure, and emerging market debt additions. The fund reduced corporate beta at historically tight credit spreads, favoring high-quality securitized assets for spread exposure while adding European and emerging market rates given attractive valuations and carry opportunities. Full Quick Take BlackRock Core Bond Fund delivered 0.89% in Q2 2026 through overweight duration positioning in the front to belly of the U.S. curve, securitized asset exposure, and emerging market debt additions. The fund reduced corporate beta at historically tight credit spreads, favoring high-quality securitized assets for spread exposure while adding European and emerging market rates given attractive valuations and carry opportunities. | - | |||||
| - | - | Matrix Dividend Income delivered high single-digit gains in Q2 2026 through disciplined value investing in dividend-paying large caps. The portfolio's 2.69% yield and 16.5x P/E multiple offer compelling value versus the S&P 500's 1.08% yield and 21.8x multiple. The manager added Abbott Laboratories and McDonald's at attractive entry points near 52-week lows while trimming winners. Fourteen holdings raised dividends 6.8% year-to-date, supporting the income and growth mandate. Full Quick Take Matrix Dividend Income delivered high single-digit gains in Q2 2026 through disciplined value investing in dividend-paying large caps. The portfolio's 2.69% yield and 16.5x P/E multiple offer compelling value versus the S&P 500's 1.08% yield and 21.8x multiple. The manager added Abbott Laboratories and McDonald's at attractive entry points near 52-week lows while trimming winners. Fourteen holdings raised dividends 6.8% year-to-date, supporting the income and growth mandate. | |||||||
| +16.1% | - | - | The fund returned 16.08% in Q2 2026, slightly trailing its benchmark as US markets surged on Middle East de-escalation and AI optimism. Technology led with a historic semiconductor rally driven by data center investment enthusiasm. Energy lagged as oil prices retreated. Rising rates and persistent inflation shifted Fed expectations from cuts to potential hikes, creating a key risk factor for the months ahead. Full Quick Take The fund returned 16.08% in Q2 2026, slightly trailing its benchmark as US markets surged on Middle East de-escalation and AI optimism. Technology led with a historic semiconductor rally driven by data center investment enthusiasm. Energy lagged as oil prices retreated. Rising rates and persistent inflation shifted Fed expectations from cuts to potential hikes, creating a key risk factor for the months ahead. | - | |||||
| +1.9% | +1.7% | - | The Touchstone Ares Credit Opportunities Fund maintains risk-neutral positioning in leveraged credit markets, balancing supportive macroeconomic fundamentals against historically tight credit spreads. The Fund underperformed its benchmark in Q2 2026 due to credit selection in single-B and CCC-rated cohorts. The manager expects a coupon clip environment ahead, with income generation as the primary return driver while remaining disciplined in credit selection. Full Quick Take The Touchstone Ares Credit Opportunities Fund maintains risk-neutral positioning in leveraged credit markets, balancing supportive macroeconomic fundamentals against historically tight credit spreads. The Fund underperformed its benchmark in Q2 2026 due to credit selection in single-B and CCC-rated cohorts. The manager expects a coupon clip environment ahead, with income generation as the primary return driver while remaining disciplined in credit selection. | - |
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