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 |
|---|---|---|---|---|---|---|---|---|---|
| - | -10.0% | Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. Full Quick Take Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. | |||||||
| +21.6% | +16.5% | Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. Full Quick Take Antero Peak delivered 21.60% in Q2 on broad-based outperformance across semiconductors, aerospace, industrials and financials. The portfolio captures multiple capital formation cycles: AI infrastructure scaling to $900B annually, $3T domestic manufacturing rebuild, aerospace recovery, and financial deregulation. Built bottom-up with lower index correlation than passive strategies, the portfolio targets 17-22% ROIC and 88% three-year earnings growth versus 10% and 68% for the S&P 500. | - | ||||||
| +17.7% | +12.1% | Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. Full Quick Take Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. | - | ||||||
| +26.6% | +20.4% | Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. Full Quick Take Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA. Despite extended market valuations, the portfolio trades 16.9% below five-year averages with year-to-date returns driven entirely by fundamental growth. | |||||||
| +11.5% | +16.2% | Crossroads returned 11.5% net in Q2 as concentrated small-cap portfolio captured market broadening. Nebius emerged as AI hyperscaler with $46B contracts and 50% margins. AST SpaceMobile scaled to 12 satellites with FCC authorization for 248-satellite constellation. Nintendo marked down on memory headwinds despite 150% profit growth. FTAI secured $1.5B data center power order. Manager added to positions during July momentum unwind, maintaining focus on hard catalysts independent of macro. Full Quick Take Crossroads returned 11.5% net in Q2 as concentrated small-cap portfolio captured market broadening. Nebius emerged as AI hyperscaler with $46B contracts and 50% margins. AST SpaceMobile scaled to 12 satellites with FCC authorization for 248-satellite constellation. Nintendo marked down on memory headwinds despite 150% profit growth. FTAI secured $1.5B data center power order. Manager added to positions during July momentum unwind, maintaining focus on hard catalysts independent of macro. | |||||||
| +1.6% | - | - | Sigil Stable delivered 1.63% net yield with 2.52 Sharpe in Q2 by pivoting 70%+ into private allocations while avoiding $577M in DeFi exploits. Profited from SpaceX pre-IPO perps that outpriced underwriters and exited MicroStrategy STRC before collapse. DeFi security crisis forces ecosystem evolution but perpetual DEXes remain secular growth driver. Scaling private deals and pre-IPO exposure into institutional adoption wave. Full Quick Take Sigil Stable delivered 1.63% net yield with 2.52 Sharpe in Q2 by pivoting 70%+ into private allocations while avoiding $577M in DeFi exploits. Profited from SpaceX pre-IPO perps that outpriced underwriters and exited MicroStrategy STRC before collapse. DeFi security crisis forces ecosystem evolution but perpetual DEXes remain secular growth driver. Scaling private deals and pre-IPO exposure into institutional adoption wave. | - | |||||
| +24.6% | +11.6% | Baron Fifth Avenue Growth Fund delivered 24.6% in Q2 2026, driven by SpaceX's transformative IPO and AI hosting deals, semiconductor strength from NVIDIA and TSMC, and accelerating AI adoption across CrowdStrike, Datadog, and Snowflake. The manager views SpaceX as the ultimate N=1 opportunity at the intersection of AI and space economy. Portfolio fundamentals drove returns with valuations remaining 10.5% below five-year averages, supporting continued long-term conviction. Full Quick Take Baron Fifth Avenue Growth Fund delivered 24.6% in Q2 2026, driven by SpaceX's transformative IPO and AI hosting deals, semiconductor strength from NVIDIA and TSMC, and accelerating AI adoption across CrowdStrike, Datadog, and Snowflake. The manager views SpaceX as the ultimate N=1 opportunity at the intersection of AI and space economy. Portfolio fundamentals drove returns with valuations remaining 10.5% below five-year averages, supporting continued long-term conviction. | |||||||
| +16.6% | +10.4% | Baron Partners Fund returned 16.61% in Q2 2026, outpacing its benchmark on the strength of SpaceX, which surged 62% after its record IPO and major AI deals. Several software and information services holdings declined on AI disruption fears despite strong fundamentals, creating what managers view as attractive valuations. The Fund's concentrated portfolio with 74% in top 10 positions delivered exceptional long-term results of 18% annualized since 2003. Full Quick Take Baron Partners Fund returned 16.61% in Q2 2026, outpacing its benchmark on the strength of SpaceX, which surged 62% after its record IPO and major AI deals. Several software and information services holdings declined on AI disruption fears despite strong fundamentals, creating what managers view as attractive valuations. The Fund's concentrated portfolio with 74% in top 10 positions delivered exceptional long-term results of 18% annualized since 2003. | |||||||
| +18.9% | +9.5% | Baron Asset Fund outperformed by 443 basis points in Q2 2026 despite headwinds from narrow AI-driven market leadership, powered by SpaceX's historic IPO and 3,000%+ appreciation. Software and services holdings trade at 47% discounts to historical multiples after indiscriminate AI disruption fears drove 46% multiple compression despite 27% fundamental growth. The manager expects re-rating as these high-quality businesses demonstrate AI enhances rather than disrupts their competitive positions. Full Quick Take Baron Asset Fund outperformed by 443 basis points in Q2 2026 despite headwinds from narrow AI-driven market leadership, powered by SpaceX's historic IPO and 3,000%+ appreciation. Software and services holdings trade at 47% discounts to historical multiples after indiscriminate AI disruption fears drove 46% multiple compression despite 27% fundamental growth. The manager expects re-rating as these high-quality businesses demonstrate AI enhances rather than disrupts their competitive positions. | |||||||
| +13.6% | +3.3% | Baron Durable Advantage Fund gained 13.6% in Q2 2026 as markets recovered from Iran war volatility. AI infrastructure beneficiaries led performance with TSMC up 41.6% and Alphabet up 23.2% on accelerating cloud demand. The manager views valuations as irrationally compressed, with NVIDIA at 14.5x forward P/E despite 113% earnings growth. Portfolio fundamentals strengthened while multiples compressed 9.7% year-to-date, creating attractive entry points for long-term investors. Full Quick Take Baron Durable Advantage Fund gained 13.6% in Q2 2026 as markets recovered from Iran war volatility. AI infrastructure beneficiaries led performance with TSMC up 41.6% and Alphabet up 23.2% on accelerating cloud demand. The manager views valuations as irrationally compressed, with NVIDIA at 14.5x forward P/E despite 113% earnings growth. Portfolio fundamentals strengthened while multiples compressed 9.7% year-to-date, creating attractive entry points for long-term investors. | |||||||
| +26.9% | +12.1% | The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. Full Quick Take The Fund delivered 26.9% returns in Q2 2026 by capitalizing on accelerating AI infrastructure buildout and earnings beats across technology and industrials. Hyperscaler capex guidance surged from $100 billion to $700 billion, driving semiconductor equipment, memory, and power infrastructure holdings. The team increased industrials exposure to all-time highs while refining technology positioning beyond advanced semiconductors to memory, networking, and AI-enabled industrial applications. | - | ||||||
| +13.2% | +7.5% | Baron Focused Growth gained 13.26% in Q2 2026, lagging the benchmark due to AI-driven valuation compression in software holdings despite unchanged fundamentals. SpaceX's record $85 billion IPO drove 987 bps of returns. Consumer investments rebounded strongly as macro fears eased. Portfolio companies accelerated buybacks at depressed valuations while maintaining strong balance sheets and recurring revenue growth. The concentrated 28-stock portfolio trades at historically low valuations with multiple paths to value realization as rates decline. Full Quick Take Baron Focused Growth gained 13.26% in Q2 2026, lagging the benchmark due to AI-driven valuation compression in software holdings despite unchanged fundamentals. SpaceX's record $85 billion IPO drove 987 bps of returns. Consumer investments rebounded strongly as macro fears eased. Portfolio companies accelerated buybacks at depressed valuations while maintaining strong balance sheets and recurring revenue growth. The concentrated 28-stock portfolio trades at historically low valuations with multiple paths to value realization as rates decline. | |||||||
| - | -5.0% | REQ Global Compounders fell 5.0% in H1 2026 as AI rotation pressured software holdings despite strong fundamentals—portfolio companies grew EBITA 14% while the fund trades at 17.7x NTM, the lowest valuation since inception. Aerospace holdings HEICO and Diploma surged on booming demand. Management added proven industrial distributors Applied and DiscoverIE while trimming AI-concentrated Amphenol, viewing current prices as creating exceptional long-term entry points for patient capital. Full Quick Take REQ Global Compounders fell 5.0% in H1 2026 as AI rotation pressured software holdings despite strong fundamentals—portfolio companies grew EBITA 14% while the fund trades at 17.7x NTM, the lowest valuation since inception. Aerospace holdings HEICO and Diploma surged on booming demand. Management added proven industrial distributors Applied and DiscoverIE while trimming AI-concentrated Amphenol, viewing current prices as creating exceptional long-term entry points for patient capital. | |||||||
| +17.1% | +16.9% | The fund outperformed by 190 basis points in Q2 2026, driven by concentrated bets on AI infrastructure. Western Digital, Seagate, and SK Hynix delivered exceptional returns on exploding data center storage demand. Taiwan Semiconductor remains the largest active position. The manager trimmed energy profits post-Iran conflict and maintains conviction in commercial aerospace recovery through Boeing. Technology underweights include Apple, Amazon, and Microsoft. Full Quick Take The fund outperformed by 190 basis points in Q2 2026, driven by concentrated bets on AI infrastructure. Western Digital, Seagate, and SK Hynix delivered exceptional returns on exploding data center storage demand. Taiwan Semiconductor remains the largest active position. The manager trimmed energy profits post-Iran conflict and maintains conviction in commercial aerospace recovery through Boeing. Technology underweights include Apple, Amazon, and Microsoft. | |||||||
| +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. | |||||||
| +27.0% | +15.7% | Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. Full Quick Take Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. | |||||||
| +20.9% | +11.0% | Franklin Growth Opportunities Fund outperformed in Q2 2026 with a 20.9% return, led by Micron Technology's AI-driven surge and SpaceX's successful IPO. The fund maintains a quality-focused, multi-cap growth strategy concentrated in AI and automation themes producing productivity gains across sectors. Despite geopolitical risks, the manager expects robust earnings growth into 2027 to support continued market strength, favoring high-quality franchises with durable competitive advantages. Full Quick Take Franklin Growth Opportunities Fund outperformed in Q2 2026 with a 20.9% return, led by Micron Technology's AI-driven surge and SpaceX's successful IPO. The fund maintains a quality-focused, multi-cap growth strategy concentrated in AI and automation themes producing productivity gains across sectors. Despite geopolitical risks, the manager expects robust earnings growth into 2027 to support continued market strength, favoring high-quality franchises with durable competitive advantages. | - | ||||||
| +22.2% | +4.0% | Sands Capital Global Growth posted 22.2 percent net returns in Q2 2026, driven by AI infrastructure businesses including SK hynix, Bloom Energy, and Taiwan Semiconductor. Memory shortages are structural and multiyear, with supply constraints extending through at least late 2027. Power limitations are creating new data center opportunities. The portfolio added Arm Holdings, Lenskart, and SpaceX while consolidating internet exposure. Despite strong performance, the portfolio trades at historically low valuations relative to the market. Full Quick Take Sands Capital Global Growth posted 22.2 percent net returns in Q2 2026, driven by AI infrastructure businesses including SK hynix, Bloom Energy, and Taiwan Semiconductor. Memory shortages are structural and multiyear, with supply constraints extending through at least late 2027. Power limitations are creating new data center opportunities. The portfolio added Arm Holdings, Lenskart, and SpaceX while consolidating internet exposure. Despite strong performance, the portfolio trades at historically low valuations relative to the market. | |||||||
| +23.2% | +7.2% | Select Growth returned 23.2 percent in Q2 2026, outperforming on broad AI infrastructure strength. The portfolio benefited from accelerating demand for memory, storage, and data center power as agentic AI created new bottlenecks. Top contributors spanned the semiconductor value chain from chips to fabrication to equipment. The team added exposure to memory, CPUs, and power while reducing consumer internet, positioning for durable AI infrastructure demand. Full Quick Take Select Growth returned 23.2 percent in Q2 2026, outperforming on broad AI infrastructure strength. The portfolio benefited from accelerating demand for memory, storage, and data center power as agentic AI created new bottlenecks. Top contributors spanned the semiconductor value chain from chips to fabrication to equipment. The team added exposure to memory, CPUs, and power while reducing consumer internet, positioning for durable AI infrastructure demand. | |||||||
| +26.9% | +7.8% | Sands Capital Technology Innovators is positioned for the AI infrastructure buildout through concentrated exposure to semiconductor manufacturing, memory, and AI chips. The emergence of agentic AI is driving persistent demand for compute, memory, and storage. The fund added CPU, inference, and circuit board exposure while reducing consumer internet positions. Top contributors included Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, benefiting from structural memory shortages and AI infrastructure demand. Full Quick Take Sands Capital Technology Innovators is positioned for the AI infrastructure buildout through concentrated exposure to semiconductor manufacturing, memory, and AI chips. The emergence of agentic AI is driving persistent demand for compute, memory, and storage. The fund added CPU, inference, and circuit board exposure while reducing consumer internet positions. Top contributors included Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, benefiting from structural memory shortages and AI infrastructure demand. | |||||||
| +9.3% | -5.3% | Edgewood's concentrated large-cap growth portfolio underperformed in Q2 2026 despite accelerating earnings growth to 31% YoY, as sector rotations overrode fundamentals and drove 16% multiple compression. The firm added Tesla, Linde, and Amazon to deepen Physical AI exposure—its core thesis that AI will proliferate into robotaxis, humanoids, and physical applications with addressable markets multiples larger than digital AI. Management buyback programs signal conviction at cheap valuations. Full Quick Take Edgewood's concentrated large-cap growth portfolio underperformed in Q2 2026 despite accelerating earnings growth to 31% YoY, as sector rotations overrode fundamentals and drove 16% multiple compression. The firm added Tesla, Linde, and Amazon to deepen Physical AI exposure—its core thesis that AI will proliferate into robotaxis, humanoids, and physical applications with addressable markets multiples larger than digital AI. Management buyback programs signal conviction at cheap valuations. | |||||||
| +6.3% | -12.0% | Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term earnings. Full Quick Take Polen Focus Growth lagged in Q2 2026 as the market rewarded AI infrastructure momentum while penalizing software and healthcare holdings. The managers pivoted aggressively, selling slower-growth positions to fund aerospace, power equipment, data centers, and semiconductor investments where they see structural advantages meeting strong current demand. They're adapting to a momentum-driven market while maintaining their focus on competitively advantaged businesses capable of compounding long-term earnings. | |||||||
| +5.2% | +1.6% | Cambiar International Equity returned 5.17% in 2Q 2026, lagging the MSCI EAFE's 10.82% gain driven by AI and semiconductor euphoria. The fund's underweight to Technology hurt relative performance despite positive selection elsewhere. The team increased Industrials exposure to 25% of capital, adding CNI and MTU Aero to capture defense, onshoring, and infrastructure tailwinds. International valuations at 14.6x forward P/E appear reasonable versus extreme U.S. multiples. Full Quick Take Cambiar International Equity returned 5.17% in 2Q 2026, lagging the MSCI EAFE's 10.82% gain driven by AI and semiconductor euphoria. The fund's underweight to Technology hurt relative performance despite positive selection elsewhere. The team increased Industrials exposure to 25% of capital, adding CNI and MTU Aero to capture defense, onshoring, and infrastructure tailwinds. International valuations at 14.6x forward P/E appear reasonable versus extreme U.S. multiples. | - | ||||||
| +6.1% | +7.5% | RLH SPAC Fund returned 6.1% in Q2 2026 by combining trust-supported yields with transaction-driven optionality. The strategy delivered as SPAC discounts converged and select transactions like CCXI and BRUN captured investor interest. With 55 new SPAC IPOs and 28 transaction announcements, the opportunity set remains compelling: base-case yields exceeding 5%, trust-protected downside, and meaningful upside when quality transactions emerge. Full Quick Take RLH SPAC Fund returned 6.1% in Q2 2026 by combining trust-supported yields with transaction-driven optionality. The strategy delivered as SPAC discounts converged and select transactions like CCXI and BRUN captured investor interest. With 55 new SPAC IPOs and 28 transaction announcements, the opportunity set remains compelling: base-case yields exceeding 5%, trust-protected downside, and meaningful upside when quality transactions emerge. | |||||||
| - | - | Horos delivered solid Q2 returns while maintaining deep skepticism about the AI investment boom's sustainability. The manager sees the $700 billion hyperscaler spending spree creating semiconductor bottlenecks and valuations reminiscent of historical bubbles. SpaceX's $2 trillion IPO despite massive cash burn epitomizes the euphoria. The portfolio was repositioned away from recent winners toward undervalued holdings like Suzano and French holding companies, maintaining strict focus on margin of safety. Full Quick Take Horos delivered solid Q2 returns while maintaining deep skepticism about the AI investment boom's sustainability. The manager sees the $700 billion hyperscaler spending spree creating semiconductor bottlenecks and valuations reminiscent of historical bubbles. SpaceX's $2 trillion IPO despite massive cash burn epitomizes the euphoria. The portfolio was repositioned away from recent winners toward undervalued holdings like Suzano and French holding companies, maintaining strict focus on margin of safety. | |||||||
| +21.1% | +16.6% | Artisan Focus Fund delivered 21.11% in Q2 2026, outperforming the S&P 500 by 591 basis points through broad-based gains across semiconductors, aerospace, industrials and financials. The concentrated portfolio targets companies experiencing improving fundamentals during major capital formation cycles, with materially lower index dependence than the benchmark while positioned for higher returns on capital and faster earnings growth through 2028. Full Quick Take Artisan Focus Fund delivered 21.11% in Q2 2026, outperforming the S&P 500 by 591 basis points through broad-based gains across semiconductors, aerospace, industrials and financials. The concentrated portfolio targets companies experiencing improving fundamentals during major capital formation cycles, with materially lower index dependence than the benchmark while positioned for higher returns on capital and faster earnings growth through 2028. | - | ||||||
| +24.0% | - | The fund delivered 24% in Q2 2026 driven by semiconductor capital equipment positions that doubled as capacity expansion accelerated. The manager added NAND supply chain and datacentre power infrastructure positions while making selective space ecosystem investments. Defense holdings underperformed on geopolitical developments. The portfolio emphasizes companies with unique capabilities in semiconductors, automation, and AI infrastructure while avoiding highly competitive AI model development and maintaining selective long-term defense exposure. Full Quick Take The fund delivered 24% in Q2 2026 driven by semiconductor capital equipment positions that doubled as capacity expansion accelerated. The manager added NAND supply chain and datacentre power infrastructure positions while making selective space ecosystem investments. Defense holdings underperformed on geopolitical developments. The portfolio emphasizes companies with unique capabilities in semiconductors, automation, and AI infrastructure while avoiding highly competitive AI model development and maintaining selective long-term defense exposure. | - | ||||||
| - | - | CrossingBridge Advisors remains deeply skeptical of the AI infrastructure boom, drawing parallels to historical boom-bust cycles that destroyed investor capital despite technological importance. They increased investment grade allocation and dry powder as spreads tightened, while selectively investing in Norwegian data center debt, Oracle bonds at dislocated spreads, and event-driven credits including Warner Bros Discovery, Spirit Airlines, and Evoke. Returns remain grounded in economics, not visions. Full Quick Take CrossingBridge Advisors remains deeply skeptical of the AI infrastructure boom, drawing parallels to historical boom-bust cycles that destroyed investor capital despite technological importance. They increased investment grade allocation and dry powder as spreads tightened, while selectively investing in Norwegian data center debt, Oracle bonds at dislocated spreads, and event-driven credits including Warner Bros Discovery, Spirit Airlines, and Evoke. Returns remain grounded in economics, not visions. | |||||||
| +12.8% | +15.8% | Night Watch delivered 12.80% in Q2 by exploiting market bifurcation, buying quality compounders sold off for AI stocks while taking profits in cyclical memory positions. Marex surged 37% on volatility and M&A execution. The fund added Stryker, Adyen, and Booking.com at depressed valuations while Watches of Switzerland accelerates post-tariff removal. Concentrated positions in overlooked aerospace, capital markets, and payments drive 20% annual compounding with low volatility. Full Quick Take Night Watch delivered 12.80% in Q2 by exploiting market bifurcation, buying quality compounders sold off for AI stocks while taking profits in cyclical memory positions. Marex surged 37% on volatility and M&A execution. The fund added Stryker, Adyen, and Booking.com at depressed valuations while Watches of Switzerland accelerates post-tariff removal. Concentrated positions in overlooked aerospace, capital markets, and payments drive 20% annual compounding with low volatility. | |||||||
| - | - | Wasatch Global Select underperformed in Q2 2026 as AI enthusiasm drove markets. Software stocks sold off on disruption fears, hurting Procore despite strong competitive moats. ASPEED Technology led gains on surging AI server chip demand. Aerospace names rallied on strong fundamentals. The managers are selectively investing in AI beneficiaries while concentrating capital into ignored steady growth companies trading at attractive valuations, positioned to outperform when fundamentals regain focus. Full Quick Take Wasatch Global Select underperformed in Q2 2026 as AI enthusiasm drove markets. Software stocks sold off on disruption fears, hurting Procore despite strong competitive moats. ASPEED Technology led gains on surging AI server chip demand. Aerospace names rallied on strong fundamentals. The managers are selectively investing in AI beneficiaries while concentrating capital into ignored steady growth companies trading at attractive valuations, positioned to outperform when fundamentals regain focus. | |||||||
| +10.4% | -10.7% | Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. Full Quick Take Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors. | |||||||
| - | -7.4% | Baillie Gifford's US Equity Growth strategy lagged the S&P 500's 15 percent Q2 gain as markets chased semiconductor bottlenecks, but the team maintained conviction in exceptional growth companies trading at decade-low valuations despite 24 percent revenue growth. They added SpaceX, Broadcom, IDEXX and Mastercard while avoiding memory stocks, believing founder-led cultures and durable competitive advantages will drive superior long-term returns as AI disruption separates winners from losers. Full Quick Take Baillie Gifford's US Equity Growth strategy lagged the S&P 500's 15 percent Q2 gain as markets chased semiconductor bottlenecks, but the team maintained conviction in exceptional growth companies trading at decade-low valuations despite 24 percent revenue growth. They added SpaceX, Broadcom, IDEXX and Mastercard while avoiding memory stocks, believing founder-led cultures and durable competitive advantages will drive superior long-term returns as AI disruption separates winners from losers. | |||||||
| +16.6% | +20.1% | Merion Road returned 16.6% in Q2, up 20% YTD, driven by long-term industrial holdings. The manager is adding to Honeywell Aerospace post-spinoff at a peer discount with low expectations set by conservative guidance. He explicitly avoids AI infrastructure in favor of boring industrials with dominant positions and strong cash flows. An activism campaign at United Bancorporation of Alabama addresses capital allocation concerns. Full Quick Take Merion Road returned 16.6% in Q2, up 20% YTD, driven by long-term industrial holdings. The manager is adding to Honeywell Aerospace post-spinoff at a peer discount with low expectations set by conservative guidance. He explicitly avoids AI infrastructure in favor of boring industrials with dominant positions and strong cash flows. An activism campaign at United Bancorporation of Alabama addresses capital allocation concerns. | |||||||
| +10.5% | -10.6% | Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. Full Quick Take Vulcan's Focus Plus portfolio owns world-class businesses at 50% discounts despite Q2 outperformance. Amazon and Alphabet drove returns with accelerating cloud growth and AI adoption. UnitedHealth was sold after 35% recovery to fund deeper discounts. Everest Group compounds book value double-digits while buying stock below tangible book in a soft insurance market. Companies generate strong free cash flow and repurchase discounted shares. Manager added personal capital. | |||||||
| - | - | Markets rewarded diversification in H1 2026, with emerging markets, small caps, and value significantly outperforming AI-driven growth despite strong fundamentals. Euphoric speculation dominates options markets and IPO valuations, with SpaceX listing at 90x revenue exemplifying excess. The manager positions toward sensibly priced small caps and international equities while emphasizing disciplined sizing over forecasting. Behavioral discipline, not foresight, provides the edge in manic markets. Full Quick Take Markets rewarded diversification in H1 2026, with emerging markets, small caps, and value significantly outperforming AI-driven growth despite strong fundamentals. Euphoric speculation dominates options markets and IPO valuations, with SpaceX listing at 90x revenue exemplifying excess. The manager positions toward sensibly priced small caps and international equities while emphasizing disciplined sizing over forecasting. Behavioral discipline, not foresight, provides the edge in manic markets. | - | ||||||
| +17.6% | +4.6% | Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. Full Quick Take Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. | - | ||||||
| - | +10.1% | Bireme Capital has delivered 20.9% annualized returns over 10 years through contrarian value investing but has shifted to 92% net long internationally and -25% net short US equities. The managers view US markets at historical extremes with speculative fever reaching dangerous levels, while finding compelling opportunities in Japanese software at single-digit PE multiples with strong growth characteristics. Full Quick Take Bireme Capital has delivered 20.9% annualized returns over 10 years through contrarian value investing but has shifted to 92% net long internationally and -25% net short US equities. The managers view US markets at historical extremes with speculative fever reaching dangerous levels, while finding compelling opportunities in Japanese software at single-digit PE multiples with strong growth characteristics. | - | ||||||
| +8.4% | +5.5% | Madison Large Cap underperformed in Q2 as AI mania drove extreme market narrowness comparable to the late 1990s bubble. Semiconductor and Cloud holdings delivered strong results, but the managers actively avoid the euphoria, warning that obvious winners today may not be winners tomorrow. They position in quality companies with growth and resiliency, initiating Intercontinental Exchange at decade-low valuations while flagging multiple macro headwinds. Full Quick Take Madison Large Cap underperformed in Q2 as AI mania drove extreme market narrowness comparable to the late 1990s bubble. Semiconductor and Cloud holdings delivered strong results, but the managers actively avoid the euphoria, warning that obvious winners today may not be winners tomorrow. They position in quality companies with growth and resiliency, initiating Intercontinental Exchange at decade-low valuations while flagging multiple macro headwinds. | |||||||
| +8.1% | +7.0% | AWO generated 8.1% in Q2 by exploiting wide discounts in London-listed closed-end funds through corporate catalysts. Gresham House Energy Storage led gains with a potential sale process ahead. Seraphim Space delivered alpha through active trading around a major revaluation. Bluefield Solar was taken private at a 17% premium. Private equity holdings benefited from capital return programs. The closed-end fund opportunity set remains compelling. Full Quick Take AWO generated 8.1% in Q2 by exploiting wide discounts in London-listed closed-end funds through corporate catalysts. Gresham House Energy Storage led gains with a potential sale process ahead. Seraphim Space delivered alpha through active trading around a major revaluation. Bluefield Solar was taken private at a 17% premium. Private equity holdings benefited from capital return programs. The closed-end fund opportunity set remains compelling. | |||||||
| - | - | The fund delivered strong performance driven by AI infrastructure holdings in semiconductors, test equipment, and optical networking, while energy and consumer positions lagged. The managers maintain AI exposure but acknowledge more balanced valuations and are monitoring for capital expenditure cracks and buildout constraints. They see opportunities in shifting AI bottlenecks, aerospace, and infrastructure while balancing exposure with undervalued non-consensus stocks punished by market dynamics. Full Quick Take The fund delivered strong performance driven by AI infrastructure holdings in semiconductors, test equipment, and optical networking, while energy and consumer positions lagged. The managers maintain AI exposure but acknowledge more balanced valuations and are monitoring for capital expenditure cracks and buildout constraints. They see opportunities in shifting AI bottlenecks, aerospace, and infrastructure while balancing exposure with undervalued non-consensus stocks punished by market dynamics. | |||||||
| +28.2% | +23.6% | Polen 5Perspectives Small-Mid Growth returned 28.2% net in Q2 2026, outperforming during a banner quarter for SMID caps. The portfolio capitalized on AI infrastructure acceleration and power availability constraints, significantly increasing Technology exposure through neocloud providers and Agentic AI while maintaining conviction in Electrification and Aerospace themes. Top contributors included Bloom Energy and DigitalOcean as hyperscaler spending announcements confirmed the AI buildout continues accelerating. Full Quick Take Polen 5Perspectives Small-Mid Growth returned 28.2% net in Q2 2026, outperforming during a banner quarter for SMID caps. The portfolio capitalized on AI infrastructure acceleration and power availability constraints, significantly increasing Technology exposure through neocloud providers and Agentic AI while maintaining conviction in Electrification and Aerospace themes. Top contributors included Bloom Energy and DigitalOcean as hyperscaler spending announcements confirmed the AI buildout continues accelerating. | - | ||||||
| +9.4% | +10.1% | Hardman Johnston's large cap strategy delivered solid absolute returns in Q2 2026 while slightly underperforming the S&P 500. The manager maintains a diversified 41-position portfolio with selective exposure to AI infrastructure through Vertiv, healthcare innovation via Illumina's genomics leadership, and aerospace. Near-term headwinds in lithium and energy were offset by strength in data center infrastructure and life sciences tools. Full Quick Take Hardman Johnston's large cap strategy delivered solid absolute returns in Q2 2026 while slightly underperforming the S&P 500. The manager maintains a diversified 41-position portfolio with selective exposure to AI infrastructure through Vertiv, healthcare innovation via Illumina's genomics leadership, and aerospace. Near-term headwinds in lithium and energy were offset by strength in data center infrastructure and life sciences tools. | - | ||||||
| - | - | Penn Davis McFarland advises avoiding speculative, highly valued capital market favorites like SpaceX in favor of profitable businesses trading at attractive valuations. While acknowledging the transformative power of AI, they emphasize that real value lies in long-term enterprise adoption and implementation. Consequently, they established a position in Accenture at multi-year valuation lows to benefit from this secular transition. Full Quick Take Penn Davis McFarland advises avoiding speculative, highly valued capital market favorites like SpaceX in favor of profitable businesses trading at attractive valuations. While acknowledging the transformative power of AI, they emphasize that real value lies in long-term enterprise adoption and implementation. Consequently, they established a position in Accenture at multi-year valuation lows to benefit from this secular transition. | |||||||
| -4.6% | -1.5% | Leaven Partners lost -4.6% in Q2 2026 as markets rotated aggressively into momentum, AI, and speculative growth at extreme valuations, exemplified by SpaceX's $1.8-2.0 trillion IPO. The fund's value-oriented holdings experienced sustained selling pressure despite sound fundamentals. Manager Brent Jackson maintains disciplined conviction in his value approach, refusing to abandon strategy at peak valuations despite significant underperformance and acknowledging the career risk of staying the course. Full Quick Take Leaven Partners lost -4.6% in Q2 2026 as markets rotated aggressively into momentum, AI, and speculative growth at extreme valuations, exemplified by SpaceX's $1.8-2.0 trillion IPO. The fund's value-oriented holdings experienced sustained selling pressure despite sound fundamentals. Manager Brent Jackson maintains disciplined conviction in his value approach, refusing to abandon strategy at peak valuations despite significant underperformance and acknowledging the career risk of staying the course. | - | ||||||
| +12.7% | - | Mar Vista's U.S. Quality strategy returned 12.71% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager maintains conviction in high-quality businesses with durable competitive advantages, adding ASML and StandardAero while exiting Intuit. Artificial intelligence is transitioning from infrastructure spending to execution-driven returns. Despite geopolitical uncertainty and elevated valuations in certain areas, earnings growth and disciplined capital allocation should drive long-term outperformance for quality-focused investors. Full Quick Take Mar Vista's U.S. Quality strategy returned 12.71% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager maintains conviction in high-quality businesses with durable competitive advantages, adding ASML and StandardAero while exiting Intuit. Artificial intelligence is transitioning from infrastructure spending to execution-driven returns. Despite geopolitical uncertainty and elevated valuations in certain areas, earnings growth and disciplined capital allocation should drive long-term outperformance for quality-focused investors. | |||||||
| +10.2% | - | Mar Vista's U.S. Quality Premier returned 10.15% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager sees AI entering a more productive phase, favoring companies converting infrastructure investments into durable earnings growth. Portfolio activity included initiating ASML, exiting Intuit on AI disruption concerns, and adding to semiconductor and aerospace positions. The manager expects earnings growth and execution to drive future returns. Full Quick Take Mar Vista's U.S. Quality Premier returned 10.15% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager sees AI entering a more productive phase, favoring companies converting infrastructure investments into durable earnings growth. Portfolio activity included initiating ASML, exiting Intuit on AI disruption concerns, and adding to semiconductor and aerospace positions. The manager expects earnings growth and execution to drive future returns. | |||||||
| +28.8% | - | Hood River's International Opportunity Fund outperformed by +19.14% in Q2 2026, driven by stock selection in international small-caps where market inefficiencies reward fundamental research. Japan's corporate governance reforms, AI ecosystem opportunities beyond U.S. mega-caps, and favorable semiconductor cycle dynamics drove performance. Top contributors included Kioxia Holdings, MDA Space, Super Group, and eDreams ODIGEO. The portfolio shifted toward consumer exposure while trimming technology. International equities offer compelling active management opportunities. Full Quick Take Hood River's International Opportunity Fund outperformed by +19.14% in Q2 2026, driven by stock selection in international small-caps where market inefficiencies reward fundamental research. Japan's corporate governance reforms, AI ecosystem opportunities beyond U.S. mega-caps, and favorable semiconductor cycle dynamics drove performance. Top contributors included Kioxia Holdings, MDA Space, Super Group, and eDreams ODIGEO. The portfolio shifted toward consumer exposure while trimming technology. International equities offer compelling active management opportunities. | |||||||
| - | - | Donville Kent owns high-growth small-cap companies trading at 8.7x earnings while growing 52%, versus major indices at 16-26x with half the growth. Small caps are at historic valuation discounts that have always reversed. Portfolio companies delivered record 2025 results and are on pace for new records in 2026. The fund provides diversification from expensive momentum stocks with superior growth-to-value trade-offs and substantial margin of safety. Full Quick Take Donville Kent owns high-growth small-cap companies trading at 8.7x earnings while growing 52%, versus major indices at 16-26x with half the growth. Small caps are at historic valuation discounts that have always reversed. Portfolio companies delivered record 2025 results and are on pace for new records in 2026. The fund provides diversification from expensive momentum stocks with superior growth-to-value trade-offs and substantial margin of safety. | |||||||
| - | - | - | Pittenger & Anderson maintains a positive long-term equity outlook despite elevated inflation and concentrated AI-driven market leadership. The first half of 2026 delivered over 10% S&P 500 returns amid the historic SpaceX IPO and U.S.-Iran peace agreement. Small caps outperformed in June, suggesting potential rotation from mega-cap technology. The firm advises clients to remain fully invested and diversified, emphasizing that patient investors have historically been rewarded. Full Quick Take Pittenger & Anderson maintains a positive long-term equity outlook despite elevated inflation and concentrated AI-driven market leadership. The first half of 2026 delivered over 10% S&P 500 returns amid the historic SpaceX IPO and U.S.-Iran peace agreement. Small caps outperformed in June, suggesting potential rotation from mega-cap technology. The firm advises clients to remain fully invested and diversified, emphasizing that patient investors have historically been rewarded. | - | |||||
| - | - | - | Regency Wealth Management critiques structural market shifts exemplified by the SpaceX IPO, where index providers modified rules to fast-track inclusion, forcing passive capital to buy at premiums. The manager maintains disciplined focus on corporate quality, earnings durability, and valuation over speculative growth. Despite strong Q2 market performance driven by technology, they favor companies with tangible cash flows, defensive moats, and clean balance sheets while seeking quality fixed income opportunities. Full Quick Take Regency Wealth Management critiques structural market shifts exemplified by the SpaceX IPO, where index providers modified rules to fast-track inclusion, forcing passive capital to buy at premiums. The manager maintains disciplined focus on corporate quality, earnings durability, and valuation over speculative growth. Despite strong Q2 market performance driven by technology, they favor companies with tangible cash flows, defensive moats, and clean balance sheets while seeking quality fixed income opportunities. | - |
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