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 |
|---|---|---|---|---|---|---|---|---|---|
| +13.9% | +19.2% | Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. Full Quick Take Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. | |||||||
| +9.9% | +13.6% | The fund underperformed in Q2 2026 as it missed the sharp rally in speculative technology names and quantum computing stocks, while overweights to materials and energy detracted. Semiconductor and defense holdings performed well. The manager added regional banks and commercial real estate services, maintaining conviction in small/mid-cap fundamentals despite near-term geopolitical and election risks. Valuations remain attractive at multi-decade lows relative to large caps. Full Quick Take The fund underperformed in Q2 2026 as it missed the sharp rally in speculative technology names and quantum computing stocks, while overweights to materials and energy detracted. Semiconductor and defense holdings performed well. The manager added regional banks and commercial real estate services, maintaining conviction in small/mid-cap fundamentals despite near-term geopolitical and election risks. Valuations remain attractive at multi-decade lows relative to large caps. | - | ||||||
| +14.8% | +6.5% | Gator delivered 14.82% in Q2 2026, outperforming financials while small and mid-cap banks continued strong performance. The fund's core thesis centers on Navient, trading at 40% of book value despite an 80% expansion in addressable market following elimination of federal Grad PLUS loans. With portfolio growth resuming and a 31%-owning activist CEO, the manager sees potential for 100% upside as perception shifts from runoff to growth. Full Quick Take Gator delivered 14.82% in Q2 2026, outperforming financials while small and mid-cap banks continued strong performance. The fund's core thesis centers on Navient, trading at 40% of book value despite an 80% expansion in addressable market following elimination of federal Grad PLUS loans. With portfolio growth resuming and a 31%-owning activist CEO, the manager sees potential for 100% upside as perception shifts from runoff to growth. | |||||||
| +8.4% | - | American Century International Growth returned 8.44% in Q2 2026, lagging the benchmark's 10.82% as AI-driven concentration dominated markets. Financials and health care detracted on capital markets weakness and cost inflation concerns. Industrials and semiconductors contributed through AI and automation exposure. The portfolio maintains balanced factor exposures while capitalizing on AI enablement, factory automation, selective banking opportunities, and increased consumer exposure. Full Quick Take American Century International Growth returned 8.44% in Q2 2026, lagging the benchmark's 10.82% as AI-driven concentration dominated markets. Financials and health care detracted on capital markets weakness and cost inflation concerns. Industrials and semiconductors contributed through AI and automation exposure. The portfolio maintains balanced factor exposures while capitalizing on AI enablement, factory automation, selective banking opportunities, and increased consumer exposure. | |||||||
| +2.7% | +3.2% | Marram holds 47% cash amid elevated valuations and macro uncertainty, maintaining core positions in energy infrastructure MLPs, regional banks, payment technology, and biopharma. Energy infrastructure and banks have performed well, while payment names declined 23% YTD on valuation compression. Manager exited PayPal and ICON plc, added Berkshire Hathaway, and continues patient opportunism approach with substantial dry powder awaiting attractive entry points on expanded Wishlist. Full Quick Take Marram holds 47% cash amid elevated valuations and macro uncertainty, maintaining core positions in energy infrastructure MLPs, regional banks, payment technology, and biopharma. Energy infrastructure and banks have performed well, while payment names declined 23% YTD on valuation compression. Manager exited PayPal and ICON plc, added Berkshire Hathaway, and continues patient opportunism approach with substantial dry powder awaiting attractive entry points on expanded Wishlist. | - | ||||||
| +8.8% | +14.1% | Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. Full Quick Take Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. | |||||||
| +15.6% | - | American Century Small Cap Value underperformed in Q2 2026, returning 15.58% versus the benchmark's 17.19%, primarily due to missing AI-driven technology rallies and energy sector weakness from lower oil prices. Semiconductor equipment providers and AI-enabled advertising technology were bright spots. The portfolio maintains conviction in financials and industrials trading below historical valuations with strong cash flow generation, while avoiding health care due to unattractive risk/reward profiles. Full Quick Take American Century Small Cap Value underperformed in Q2 2026, returning 15.58% versus the benchmark's 17.19%, primarily due to missing AI-driven technology rallies and energy sector weakness from lower oil prices. Semiconductor equipment providers and AI-enabled advertising technology were bright spots. The portfolio maintains conviction in financials and industrials trading below historical valuations with strong cash flow generation, while avoiding health care due to unattractive risk/reward profiles. | - | ||||||
| - | - | FMI sees an AI bubble with semiconductor valuations over four standard deviations above historical norms while quality businesses trade at dot-com-era discounts. They are avoiding AI infrastructure stocks and buying traditional businesses like FTI Consulting, Capital One, and Fluidra that will benefit from AI on the cost side. The 3- to 5-year setup is the strongest in years as the valuation gap creates compelling opportunities. Full Quick Take FMI sees an AI bubble with semiconductor valuations over four standard deviations above historical norms while quality businesses trade at dot-com-era discounts. They are avoiding AI infrastructure stocks and buying traditional businesses like FTI Consulting, Capital One, and Fluidra that will benefit from AI on the cost side. The 3- to 5-year setup is the strongest in years as the valuation gap creates compelling opportunities. | |||||||
| - | - | Global equities surged in Q2 2026 on an unprecedented AI-driven semiconductor boom, with chip stocks gaining 88% as companies like Micron, SK Hynix, and Kioxia posted extraordinary returns. Markets pivoted from expecting rate cuts to pricing hikes as energy-driven inflation persisted, with the ECB and Fed turning hawkish. Chinese equities declined on weak consumption while gold and PGM rallies stalled. SpaceX's record $75 billion IPO underscored strong capital markets. Full Quick Take Global equities surged in Q2 2026 on an unprecedented AI-driven semiconductor boom, with chip stocks gaining 88% as companies like Micron, SK Hynix, and Kioxia posted extraordinary returns. Markets pivoted from expecting rate cuts to pricing hikes as energy-driven inflation persisted, with the ECB and Fed turning hawkish. Chinese equities declined on weak consumption while gold and PGM rallies stalled. SpaceX's record $75 billion IPO underscored strong capital markets. | |||||||
| +20.1% | +31.1% | Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes. Full Quick Take Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes. | |||||||
| -1.0% | +11.6% | Multiples Capital underperformed in Q2 as cautious energy positioning missed the narrow AI/semiconductor rally driven by historic capex and strong earnings. Velo3D and South Korea exposure won while oil and gold lagged on geopolitical de-escalation and dollar liquidity contraction. Despite near-term Fed rate risks under new Chair Warsh, massive fiscal deficit prevents recession. Positioned for market broadening with regional banks, consumer, and Asia additions. Full Quick Take Multiples Capital underperformed in Q2 as cautious energy positioning missed the narrow AI/semiconductor rally driven by historic capex and strong earnings. Velo3D and South Korea exposure won while oil and gold lagged on geopolitical de-escalation and dollar liquidity contraction. Despite near-term Fed rate risks under new Chair Warsh, massive fiscal deficit prevents recession. Positioned for market broadening with regional banks, consumer, and Asia additions. | - | ||||||
| +14.6% | +7.1% | Rockwood Strategic is the top-performing UK small cap fund over 3 and 5 years, delivering concentrated value investing with influential stakes in sub-£250m companies. The portfolio is positioned for significant 2026 earnings growth with 20% of NAV in two banking/fintech holdings projected to inflect materially. Falling rates, improving sentiment, and depressed valuations create compelling deployment opportunities in this specialist, inefficient market. Full Quick Take Rockwood Strategic is the top-performing UK small cap fund over 3 and 5 years, delivering concentrated value investing with influential stakes in sub-£250m companies. The portfolio is positioned for significant 2026 earnings growth with 20% of NAV in two banking/fintech holdings projected to inflect materially. Falling rates, improving sentiment, and depressed valuations create compelling deployment opportunities in this specialist, inefficient market. | |||||||
| +12.8% | +21.7% | Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. Full Quick Take Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. | - | ||||||
| -7.2% | -7.2% | Gator's Q1 financials strategy faced headwinds from AI fears, private credit concerns, and geopolitical tensions, returning -7.22% versus -8.89% for financials. Manager used volatility tactically, trimming winners and adding Ameriprise Financial on AI-driven weakness. Maintains conviction in regional banks and wealth management opportunities through concentrated long/short approach targeting underresearched names. Full Quick Take Gator's Q1 financials strategy faced headwinds from AI fears, private credit concerns, and geopolitical tensions, returning -7.22% versus -8.89% for financials. Manager used volatility tactically, trimming winners and adding Ameriprise Financial on AI-driven weakness. Maintains conviction in regional banks and wealth management opportunities through concentrated long/short approach targeting underresearched names. | |||||||
| - | - | Brennan navigated Iran war volatility while managing portfolio-specific events. PTSB's disappointing sale to BAWAG frustrated despite success. Selling WBD to Paramount for higher conviction names. CAB Payments turnaround gaining traction amid takeover battle. Increased CODI position following activist involvement. DCC's stable propane business remains attractive. Cautious deployment given elevated valuations and narrow opportunities. Full Quick Take Brennan navigated Iran war volatility while managing portfolio-specific events. PTSB's disappointing sale to BAWAG frustrated despite success. Selling WBD to Paramount for higher conviction names. CAB Payments turnaround gaining traction amid takeover battle. Increased CODI position following activist involvement. DCC's stable propane business remains attractive. Cautious deployment given elevated valuations and narrow opportunities. | |||||||
| +9.2% | +9.2% | RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. Semiconductor recovery and regional bank opportunities remain key themes. Portfolio maintains focus on financially strong companies positioned for 2-3 year value creation regardless of geopolitical outcomes. Full Quick Take RAM SMID outperformed 9.21% vs 4.77% for Russell 2500 Value despite Iran conflict volatility. Continued rotation from large-cap tech to neglected small caps drove outperformance. Semiconductor recovery and regional bank opportunities remain key themes. Portfolio maintains focus on financially strong companies positioned for 2-3 year value creation regardless of geopolitical outcomes. | |||||||
| +13.2% | +13.2% | Black Bear delivered 13.2% returns in Q1 versus -4.4% for the S&P 500, validating their concentrated long/short value approach. The fund owns undervalued businesses in housing, energy, and regional banks while shorting overvalued private credit, AI wannabes, and legacy data centers. Portfolio positioned like a coiled spring for lumpy outperformance as value recognition accelerates. Full Quick Take Black Bear delivered 13.2% returns in Q1 versus -4.4% for the S&P 500, validating their concentrated long/short value approach. The fund owns undervalued businesses in housing, energy, and regional banks while shorting overvalued private credit, AI wannabes, and legacy data centers. Portfolio positioned like a coiled spring for lumpy outperformance as value recognition accelerates. | - | ||||||
| -0.6% | - | Mixed Q1 performance as large financials outperformed manager's small-cap focus. Views tariff policies as temporary based on market signals suggesting political reversal ahead. Regional banks offer compelling opportunities despite policy-driven selloff, with strong credit quality contradicting recession fears. Detailed Virtus thesis highlights approach of finding quality recurring revenue businesses at attractive valuations in out-of-favor active management space. Full Quick Take Mixed Q1 performance as large financials outperformed manager's small-cap focus. Views tariff policies as temporary based on market signals suggesting political reversal ahead. Regional banks offer compelling opportunities despite policy-driven selloff, with strong credit quality contradicting recession fears. Detailed Virtus thesis highlights approach of finding quality recurring revenue businesses at attractive valuations in out-of-favor active management space. | - | ||||||
| +3.0% | 0.0% | - | Marram delivered resilient Q1 performance with 32% cash positioning ahead of market volatility. Core holdings in regional banks, energy infrastructure MLPs, and payments software are well-positioned for economic uncertainty. Recent trade policy disruptions validate the manager's prediction of near-term opportunities. Conservative balance sheets and ample liquidity enable selective buying at lower prices while avoiding direct trade policy exposure. Full Quick Take Marram delivered resilient Q1 performance with 32% cash positioning ahead of market volatility. Core holdings in regional banks, energy infrastructure MLPs, and payments software are well-positioned for economic uncertainty. Recent trade policy disruptions validate the manager's prediction of near-term opportunities. Conservative balance sheets and ample liquidity enable selective buying at lower prices while avoiding direct trade policy exposure. | - | |||||
| -5.4% | -5.4% | Olesen Value Fund's portfolio trades at 15-year valuation lows despite strong fundamentals across European homebuilders and regional banks. Manager pivoted from complex institutions like Citigroup toward proven, simple businesses with exceptional track records. Portfolio offers significant upside through multiple expansion while maintaining downside protection through strong balance sheets and cash-generative business models. Full Quick Take Olesen Value Fund's portfolio trades at 15-year valuation lows despite strong fundamentals across European homebuilders and regional banks. Manager pivoted from complex institutions like Citigroup toward proven, simple businesses with exceptional track records. Portfolio offers significant upside through multiple expansion while maintaining downside protection through strong balance sheets and cash-generative business models. | - | ||||||
| -1.3% | -1.3% | Black Bear outperformed during Q1 volatility by positioning defensively ahead of tariff announcements. The fund owns businesses with pricing power and fortress balance sheets including auto dealers, building materials, met coal producers, and a discounted bank turnaround. Current market stress creates opportunities for patient capital to acquire quality companies at attractive valuations. Full Quick Take Black Bear outperformed during Q1 volatility by positioning defensively ahead of tariff announcements. The fund owns businesses with pricing power and fortress balance sheets including auto dealers, building materials, met coal producers, and a discounted bank turnaround. Current market stress creates opportunities for patient capital to acquire quality companies at attractive valuations. | - | ||||||
| -6.2% | -6.2% | Aristotle Small/Mid Cap Equity Fund outperformed in Q1 2025 despite negative returns, benefiting from defensive positioning and strong security selection in healthcare and materials. The manager remains optimistic about SMID-cap valuations and potential policy tailwinds including deregulation and lower corporate taxes, maintaining a bottom-up approach with selective overweights in technology and industrials based on fundamental analysis. Full Quick Take Aristotle Small/Mid Cap Equity Fund outperformed in Q1 2025 despite negative returns, benefiting from defensive positioning and strong security selection in healthcare and materials. The manager remains optimistic about SMID-cap valuations and potential policy tailwinds including deregulation and lower corporate taxes, maintaining a bottom-up approach with selective overweights in technology and industrials based on fundamental analysis. | - | ||||||
| -6.3% | - | American Century's Small Cap Value Fund outperformed its benchmark despite a 6.25% Q1 decline, driven by strong stock selection in energy and industrials. The portfolio maintains overweights in undervalued banks and quality industrials trading below historical multiples, while benefiting from solid execution at holdings like Axis Capital and strategic exits from appreciated positions. Full Quick Take American Century's Small Cap Value Fund outperformed its benchmark despite a 6.25% Q1 decline, driven by strong stock selection in energy and industrials. The portfolio maintains overweights in undervalued banks and quality industrials trading below historical multiples, while benefiting from solid execution at holdings like Axis Capital and strategic exits from appreciated positions. | - | ||||||
| +14.2% | +41.9% | Gator Financial delivered 41.88% annual returns in 2024, significantly outperforming benchmarks through concentrated financial sector exposure. Manager remains bullish on regional banks for 2025, citing benefits from rate cuts, loan growth acceleration, and improved M&A environment. New position in deeply undervalued Société Générale adds European banking exposure to predominantly US-focused portfolio. Full Quick Take Gator Financial delivered 41.88% annual returns in 2024, significantly outperforming benchmarks through concentrated financial sector exposure. Manager remains bullish on regional banks for 2025, citing benefits from rate cuts, loan growth acceleration, and improved M&A environment. New position in deeply undervalued Société Générale adds European banking exposure to predominantly US-focused portfolio. | - | ||||||
| -1.8% | -31.0% | Heartland Value Plus focuses on small-cap self-help stories trading at attractive valuations rather than post-election momentum plays. Key holdings FB Financial and Semtech exemplify the approach: quality companies with operational improvements, strong balance sheets, and significant discounts to historical averages or peers. The fund positions for potential small-cap outperformance while maintaining discipline on valuation and quality metrics. Full Quick Take Heartland Value Plus focuses on small-cap self-help stories trading at attractive valuations rather than post-election momentum plays. Key holdings FB Financial and Semtech exemplify the approach: quality companies with operational improvements, strong balance sheets, and significant discounts to historical averages or peers. The fund positions for potential small-cap outperformance while maintaining discipline on valuation and quality metrics. | - | ||||||
| -1.8% | +5.7% | - | Marram's opportunistic strategy delivered +5.7% YTD through concentrated positions in regional banks (37%), energy MLPs (26%), and payments technology (17%). Built during crisis periods at attractive valuations, the manager targets 2-3X returns over 4-5 years across core holdings while maintaining 20% cash for future opportunities. Full Quick Take Marram's opportunistic strategy delivered +5.7% YTD through concentrated positions in regional banks (37%), energy MLPs (26%), and payments technology (17%). Built during crisis periods at attractive valuations, the manager targets 2-3X returns over 4-5 years across core holdings while maintaining 20% cash for future opportunities. | - | |||||
| - | - | Vltava Fund targets neglected small-cap value opportunities using disciplined position sizing. Recent moves include selling CVS after management's poor capital allocation and adding OSB Group, a specialized UK buy-to-let lender trading at 0.8x book value despite exceptional fundamentals. The fund benefits from passive money's focus on large caps, creating opportunities in overlooked quality businesses. Full Quick Take Vltava Fund targets neglected small-cap value opportunities using disciplined position sizing. Recent moves include selling CVS after management's poor capital allocation and adding OSB Group, a specialized UK buy-to-let lender trading at 0.8x book value despite exceptional fundamentals. The fund benefits from passive money's focus on large caps, creating opportunities in overlooked quality businesses. | - | ||||||
| - | - | The manager navigated a challenging second quarter impacted by meme stock volatility and short sizing missteps. Portfolio allocation shifted toward quality compounders like Visa and CRH alongside mispriced regional banks positioned for yield curve normalization. The fund also established long exposure in telecom cyclicals, while exiting select AI high-flyers and scaling back European small cap margin risk. Full Quick Take The manager navigated a challenging second quarter impacted by meme stock volatility and short sizing missteps. Portfolio allocation shifted toward quality compounders like Visa and CRH alongside mispriced regional banks positioned for yield curve normalization. The fund also established long exposure in telecom cyclicals, while exiting select AI high-flyers and scaling back European small cap margin risk. | - | ||||||
| -3.2% | +3.3% | Heartland Value Fund leverages significant valuation discounts in small-cap value stocks, trading at 10.5x 2025 earnings versus 19.9x for the S&P 500. Recent takeover activity validates their approach of identifying undervalued, well-managed businesses. New positions in aerospace and regional banking capitalize on sector-specific opportunities while maintaining discipline through sector allocation guardrails. Full Quick Take Heartland Value Fund leverages significant valuation discounts in small-cap value stocks, trading at 10.5x 2025 earnings versus 19.9x for the S&P 500. Recent takeover activity validates their approach of identifying undervalued, well-managed businesses. New positions in aerospace and regional banking capitalize on sector-specific opportunities while maintaining discipline through sector allocation guardrails. | - | ||||||
| - | - | Marram's patient opportunistic strategy delivered 12.9% returns in 2023 through concentrated exposure to undervalued regional banks, energy infrastructure MLPs, and emerging payment technology opportunities. Manager capitalized on March banking crisis to acquire regional banks at fire-sale prices, viewing AFS unrealized losses as future upside. Portfolio positioned for 2.0-2.5x returns over next four years. Full Quick Take Marram's patient opportunistic strategy delivered 12.9% returns in 2023 through concentrated exposure to undervalued regional banks, energy infrastructure MLPs, and emerging payment technology opportunities. Manager capitalized on March banking crisis to acquire regional banks at fire-sale prices, viewing AFS unrealized losses as future upside. Portfolio positioned for 2.0-2.5x returns over next four years. | - | ||||||
| +11.1% | +12.6% | Miller Income Strategy outperformed high yield benchmarks in Q4 2023 with 11.07% returns, driven by regional bank Western Alliance and dividend-paying retailer The Buckle. The rare divergence between bonds and equities suggests shifting inflation psychology. Active portfolio management enabled elimination of underperforming positions and addition of new opportunities in Boise Cascade and Gray Television debt. Full Quick Take Miller Income Strategy outperformed high yield benchmarks in Q4 2023 with 11.07% returns, driven by regional bank Western Alliance and dividend-paying retailer The Buckle. The rare divergence between bonds and equities suggests shifting inflation psychology. Active portfolio management enabled elimination of underperforming positions and addition of new opportunities in Boise Cascade and Gray Television debt. | - | ||||||
| +11.1% | +12.6% | Miller Income Strategy outperformed in Q4 with 11.07% returns driven by regional bank Western Alliance and dividend-paying retailers. Favorable macro backdrop includes declining inflation expectations, potential Fed rate cuts, and low volatility. Portfolio adjustments eliminated underperforming positions while adding wood products and media debt. Current conditions suggest continued market upside potential. Full Quick Take Miller Income Strategy outperformed in Q4 with 11.07% returns driven by regional bank Western Alliance and dividend-paying retailers. Favorable macro backdrop includes declining inflation expectations, potential Fed rate cuts, and low volatility. Portfolio adjustments eliminated underperforming positions while adding wood products and media debt. Current conditions suggest continued market upside potential. | - | ||||||
| +14.5% | +19.0% | SMID value composite outperformed with 19% annual returns, positioning for continued rotation from large-cap concentration. Portfolio emphasizes financial strength with low leverage holdings. Added ARIS Water Solutions at attractive valuation in Permian water treatment space. Manager expects long-term trend favoring small-cap value over market timing approaches. Full Quick Take SMID value composite outperformed with 19% annual returns, positioning for continued rotation from large-cap concentration. Portfolio emphasizes financial strength with low leverage holdings. Added ARIS Water Solutions at attractive valuation in Permian water treatment space. Manager expects long-term trend favoring small-cap value over market timing approaches. | - | ||||||
| +9.4% | +21.9% | Third Avenue Small-Cap Value Fund outperformed significantly in 2023 through disciplined value investing in small-cap companies with strong balance sheets. The manager deployed cash from 13% to 6.5% during Q4's small-cap rally, benefiting from rate-sensitive sectors like regional banks and real estate while maintaining conviction that fundamental analysis and selectivity will drive long-term outperformance. Full Quick Take Third Avenue Small-Cap Value Fund outperformed significantly in 2023 through disciplined value investing in small-cap companies with strong balance sheets. The manager deployed cash from 13% to 6.5% during Q4's small-cap rally, benefiting from rate-sensitive sectors like regional banks and real estate while maintaining conviction that fundamental analysis and selectivity will drive long-term outperformance. | - | ||||||
| +14.4% | +20.3% | Aristotle Value Equity outperformed in Q4 2023 driven by strong security selection, particularly Lennar's resilient homebuilding execution. The firm added Teledyne Technologies and U.S. Bancorp while selling Cincinnati Financial, maintaining focus on quality businesses at attractive valuations with clear catalysts. Despite macro volatility, the bottom-up fundamental approach continues targeting long-term value creation through disciplined stock selection. Full Quick Take Aristotle Value Equity outperformed in Q4 2023 driven by strong security selection, particularly Lennar's resilient homebuilding execution. The firm added Teledyne Technologies and U.S. Bancorp while selling Cincinnati Financial, maintaining focus on quality businesses at attractive valuations with clear catalysts. Despite macro volatility, the bottom-up fundamental approach continues targeting long-term value creation through disciplined stock selection. | - | ||||||
| +12.8% | +11.5% | Diamond Hill's Small-Mid Cap Fund returned 12.83% in Q4 but lagged benchmarks as tech and healthcare holdings weighed on performance while financials and real estate contributed positively. The team actively deployed capital into five new positions despite elevated market valuations, maintaining conviction in their bottom-up approach to generate above-average returns through identifying quality companies trading below intrinsic value. Full Quick Take Diamond Hill's Small-Mid Cap Fund returned 12.83% in Q4 but lagged benchmarks as tech and healthcare holdings weighed on performance while financials and real estate contributed positively. The team actively deployed capital into five new positions despite elevated market valuations, maintaining conviction in their bottom-up approach to generate above-average returns through identifying quality companies trading below intrinsic value. | - | ||||||
| +15.5% | +23.2% | Diamond Hill Small Cap Fund outperformed benchmarks with 23.22% annual returns through bottom-up value investing. Strong performance from casino operator Red Rock Resorts and regional banks benefiting from rate cut expectations drove results. Despite elevated market valuations, managers continue finding attractive opportunities and expect better-than-market returns through active management. Full Quick Take Diamond Hill Small Cap Fund outperformed benchmarks with 23.22% annual returns through bottom-up value investing. Strong performance from casino operator Red Rock Resorts and regional banks benefiting from rate cut expectations drove results. Despite elevated market valuations, managers continue finding attractive opportunities and expect better-than-market returns through active management. | - | ||||||
| - | +38.5% | Value-focused special situations fund delivered 38.54% returns in 2023 through concentrated positions in broken biotechs undergoing strategic alternatives, regional banks trading below book value, and commercial real estate opportunities. Portfolio benefits from ongoing biotech M&A activity and positioning for Fed rate cuts to benefit rate-sensitive holdings. Full Quick Take Value-focused special situations fund delivered 38.54% returns in 2023 through concentrated positions in broken biotechs undergoing strategic alternatives, regional banks trading below book value, and commercial real estate opportunities. Portfolio benefits from ongoing biotech M&A activity and positioning for Fed rate cuts to benefit rate-sensitive holdings. | - | ||||||
| +7.4% | +23.5% | Concentrated financials fund betting on regional bank re-rating led by First Citizens Bancshares following transformative SVB acquisition. Manager sees banks trading at trough valuations despite strong positioning for higher rates. First Citizens remains largest holding with potential to double despite 78% YTD gains. Portfolio maintains 77% net exposure across banking, insurance, and real estate sectors. Full Quick Take Concentrated financials fund betting on regional bank re-rating led by First Citizens Bancshares following transformative SVB acquisition. Manager sees banks trading at trough valuations despite strong positioning for higher rates. First Citizens remains largest holding with potential to double despite 78% YTD gains. Portfolio maintains 77% net exposure across banking, insurance, and real estate sectors. | - | ||||||
| +7.4% | +23.5% | Gator Financial Partners is concentrated in undervalued regional banks, led by First Citizens Bancshares following its favorable Silicon Valley Bank acquisition. The manager believes regional banks will re-rate higher as interest rate cycles normalize, with First Citizens positioned to double over three years despite recent outperformance. Full Quick Take Gator Financial Partners is concentrated in undervalued regional banks, led by First Citizens Bancshares following its favorable Silicon Valley Bank acquisition. The manager believes regional banks will re-rate higher as interest rate cycles normalize, with First Citizens positioned to double over three years despite recent outperformance. | - | ||||||
| +1.0% | +2.2% | Marram's patient opportunistic strategy delivered 2.2% YTD returns through concentrated positions in energy MLPs and regional banks. Rising rates create new opportunities in utilities and real estate while the manager maintains 22% cash earning 5%. Four portfolio buyouts totaling 15.3% NAV validate their undervaluation thesis. Full Quick Take Marram's patient opportunistic strategy delivered 2.2% YTD returns through concentrated positions in energy MLPs and regional banks. Rising rates create new opportunities in utilities and real estate while the manager maintains 22% cash earning 5%. Four portfolio buyouts totaling 15.3% NAV validate their undervaluation thesis. | - | ||||||
| - | -2.0% | Mairs & Power Small Cap Fund underperformed in Q3 2023 primarily due to bank holdings pressured by rising rates. The fund maintains conviction in quality small caps trading at cycle-low discounts, selectively adding to positions with strong fundamentals and attractive valuations while favoring companies positioned to benefit from AI advancements and evolving labor dynamics. Full Quick Take Mairs & Power Small Cap Fund underperformed in Q3 2023 primarily due to bank holdings pressured by rising rates. The fund maintains conviction in quality small caps trading at cycle-low discounts, selectively adding to positions with strong fundamentals and attractive valuations while favoring companies positioned to benefit from AI advancements and evolving labor dynamics. | - | ||||||
| - | +21.3% | Deep Sail Capital delivered 21.3% year-to-date returns through cautious long/short strategy targeting quality SMID-cap companies. Fund benefits from AI infrastructure spending cycle and energy transition trends while avoiding debt-heavy businesses. Short portfolio positioned against speculative bubble in low-quality AI stocks and overvalued regional banks amid recession concerns. Full Quick Take Deep Sail Capital delivered 21.3% year-to-date returns through cautious long/short strategy targeting quality SMID-cap companies. Fund benefits from AI infrastructure spending cycle and energy transition trends while avoiding debt-heavy businesses. Short portfolio positioned against speculative bubble in low-quality AI stocks and overvalued regional banks amid recession concerns. | - | ||||||
| - | - | Tidefall covered costly tech shorts and bought First Horizon Bank below tangible book value at 6x earnings after TD deal collapse. Strong fundamentals, minimal bond losses, conservative real estate exposure, and Southeast growth exposure make this historically cheap valuation attractive despite regional banking headwinds and recession risks. Full Quick Take Tidefall covered costly tech shorts and bought First Horizon Bank below tangible book value at 6x earnings after TD deal collapse. Strong fundamentals, minimal bond losses, conservative real estate exposure, and Southeast growth exposure make this historically cheap valuation attractive despite regional banking headwinds and recession risks. | - | ||||||
| - | - | Marram's patient opportunism strategy deployed capital into regional banks during March banking crisis and maintains concentrated positions in energy infrastructure MLPs, fintech/payments, and SPAC investments. Recent merger activity in four holdings validates undervaluation thesis. Manager expects 2-3X returns from current positioning over next 3-5 years despite year-to-date underperformance versus S&P 500. Full Quick Take Marram's patient opportunism strategy deployed capital into regional banks during March banking crisis and maintains concentrated positions in energy infrastructure MLPs, fintech/payments, and SPAC investments. Recent merger activity in four holdings validates undervaluation thesis. Manager expects 2-3X returns from current positioning over next 3-5 years despite year-to-date underperformance versus S&P 500. | - | ||||||
| - | - | Manole focuses on fintech opportunities amid rising credit stress and banking sector challenges. Digital payments adoption accelerating with Apple Pay reaching 90% merchant acceptance. Credit card delinquencies rising to concerning levels while banking crisis creates regulatory headwinds. Fund maintains selective long exposure in transaction-based payment companies while avoiding traditional banks. Fed likely to keep rates higher for longer than market expects. Full Quick Take Manole focuses on fintech opportunities amid rising credit stress and banking sector challenges. Digital payments adoption accelerating with Apple Pay reaching 90% merchant acceptance. Credit card delinquencies rising to concerning levels while banking crisis creates regulatory headwinds. Fund maintains selective long exposure in transaction-based payment companies while avoiding traditional banks. Fed likely to keep rates higher for longer than market expects. | - | ||||||
| +8.6% | - | Oakmark Fund pivoted from growth back to traditional value investing, eliminating positions like Adobe and Netflix while adding five new holdings including Baxter, Carlisle, and First Citizens BancShares. Despite value underperforming growth by 2400 basis points, managers found attractively priced companies trading at low multiples of normalized earnings power. Full Quick Take Oakmark Fund pivoted from growth back to traditional value investing, eliminating positions like Adobe and Netflix while adding five new holdings including Baxter, Carlisle, and First Citizens BancShares. Despite value underperforming growth by 2400 basis points, managers found attractively priced companies trading at low multiples of normalized earnings power. | - | ||||||
| - | +18.3% | Kovitz posted solid Q2 returns of 8.4% net, adding Diageo and increasing positions in Schwab, Dollar Tree, and Keysight while trimming overvalued holdings. The firm maintains its disciplined value approach, seeking quality companies with competitive advantages at attractive prices, emphasizing long-term perspective over short-term market concerns including banking sector stress and debt ceiling drama. Full Quick Take Kovitz posted solid Q2 returns of 8.4% net, adding Diageo and increasing positions in Schwab, Dollar Tree, and Keysight while trimming overvalued holdings. The firm maintains its disciplined value approach, seeking quality companies with competitive advantages at attractive prices, emphasizing long-term perspective over short-term market concerns including banking sector stress and debt ceiling drama. | - | ||||||
| - | +7.3% | Balanced fund underperformed due to narrow AI-driven rally in mega-cap tech stocks it doesn't own. Microsoft, the largest holding, gained 40% on AI leadership. Added to Texas Instruments and Xcel Energy during weakness. Regional bank exposures hurt performance. Maintains positive long-term tech outlook despite stretched valuations and mixed economic signals. Full Quick Take Balanced fund underperformed due to narrow AI-driven rally in mega-cap tech stocks it doesn't own. Microsoft, the largest holding, gained 40% on AI leadership. Added to Texas Instruments and Xcel Energy during weakness. Regional bank exposures hurt performance. Maintains positive long-term tech outlook despite stretched valuations and mixed economic signals. | - | ||||||
| - | +6.4% | Small-cap fund outperformed benchmark despite banking sector headwinds, benefiting from technology and electrification themes. Manager sees attractive valuations with small caps trading at 29% discount to large caps during economic normalization period. Selectively adding to financials at cycle lows while trimming industrials after outperformance, maintaining long-term conviction in quality companies at discounted prices. Full Quick Take Small-cap fund outperformed benchmark despite banking sector headwinds, benefiting from technology and electrification themes. Manager sees attractive valuations with small caps trading at 29% discount to large caps during economic normalization period. Selectively adding to financials at cycle lows while trimming industrials after outperformance, maintaining long-term conviction in quality companies at discounted prices. | - |
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