Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations.
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SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations.
The Fund returned 13.8% in Q2 2026, outperforming on semiconductor equipment strength as AI infrastructure build-out accelerated. Applied Materials, KLA and Lam Research all doubled as memory and foundry capex surged. Hyperscalers raised 2026 capex to $758bn but underperformed on monetization concerns. Geopolitical tensions eased with oil falling from $120 to $70s, though inflation hit three-year highs. The Fund added AMD and Nasdaq while exiting Adobe and Intuit.
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The Fund returned 13.8% in Q2 2026, outperforming on semiconductor equipment strength as AI infrastructure build-out accelerated. Applied Materials, KLA and Lam Research all doubled as memory and foundry capex surged. Hyperscalers raised 2026 capex to $758bn but underperformed on monetization concerns. Geopolitical tensions eased with oil falling from $120 to $70s, though inflation hit three-year highs. The Fund added AMD and Nasdaq while exiting Adobe and Intuit.
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.
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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.
