Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| - | - | - | Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. Full Quick Take Aikya's Emerging Markets fund returned 5.0% in July, outperforming the benchmark by 8.1% as it declined 3.1%. The quality-focused strategy benefited from strength in Taiwan consumer names and Edge AI demand, Chinese internet platforms showing narrowing losses, and Indonesian banks delivering solid results. India large caps weakened temporarily. The fund maintains 38 positions concentrated in Consumer Staples and Financials. | - | |||||
| - | - | Thungela's 1H26 results validated the operational recovery thesis: Ensham rebounded strongly, South African production held steady, rail performance improved and the company retained R6.1bn net cash while paying its tenth consecutive dividend. Statutory profit was flattered by non-cash gains and cash flow benefited from derivatives, but the core mining business recovered as expected. At 525p the market treats all risks as arriving simultaneously when they aren't. Full Quick Take Thungela's 1H26 results validated the operational recovery thesis: Ensham rebounded strongly, South African production held steady, rail performance improved and the company retained R6.1bn net cash while paying its tenth consecutive dividend. Statutory profit was flattered by non-cash gains and cash flow benefited from derivatives, but the core mining business recovered as expected. At 525p the market treats all risks as arriving simultaneously when they aren't. | |||||||
| - | 0.0% | Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. Full Quick Take Arnott Capital returned flat in H1 2026 despite strong gains from AI memory and Korean reform offset by UK homebuilder losses and hedge costs. March commodity shock exposed concentrated oil and rate exposures across seemingly diversified positions. The manager has repositioned toward underappreciated AI beneficiaries, Korean governance plays and physical infrastructure benefiting from a decade of capital underinvestment colliding with AI, energy security and defense demand. | - | ||||||
| +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. | |||||||
| - | -16.2% | Waine is concentrating to 8-12 high-conviction positions amid major life changes. Portfolio down 14% year-to-date entirely from multiple compression—earnings up 21% while valuations fell from 27x to 18x. Exited five names in July, favoring founder-owned software and broadly-owned professional services with strong ownership structures. Plans minimal activity, letting positions compound long-term rather than sourcing new ideas. Full Quick Take Waine is concentrating to 8-12 high-conviction positions amid major life changes. Portfolio down 14% year-to-date entirely from multiple compression—earnings up 21% while valuations fell from 27x to 18x. Exited five names in July, favoring founder-owned software and broadly-owned professional services with strong ownership structures. Plans minimal activity, letting positions compound long-term rather than sourcing new ideas. | - | ||||||
| +4.9% | +8.3% | Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. Full Quick Take Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. | |||||||
| +20.8% | - | - | Liberty Park Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Liberty Park Capital Management provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +18.9% | +27.8% | Signia's concentrated small cap value portfolio returned 27.82% net in H1 2026, outperforming the Russell 2000 Value by 482 basis points. The managers successfully navigated geopolitical oil shocks by trimming energy winners and rotating into compelling turnarounds like Cracker Barrel and Itron. They see a historic market rotation from mega caps to small caps underway, positioning the strategy for continued outperformance. Full Quick Take Signia's concentrated small cap value portfolio returned 27.82% net in H1 2026, outperforming the Russell 2000 Value by 482 basis points. The managers successfully navigated geopolitical oil shocks by trimming energy winners and rotating into compelling turnarounds like Cracker Barrel and Itron. They see a historic market rotation from mega caps to small caps underway, positioning the strategy for continued outperformance. | |||||||
| +11.2% | +11.1% | The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings. Full Quick Take The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings. | |||||||
| - | +44.2% | Gallagher repositioned his concentrated small-cap portfolio in H1 2026, trimming Planet Labs on valuation concerns and redeploying into Pagaya at 8-12x earnings, a fintech data network positioned for AI-driven lending transformation. He added to Remitly's high-margin remittance platform and initiated MNTN, a CTV ad platform at 5x EBITDA. The portfolio targets mispriced growth companies with strong unit economics and operating leverage. Full Quick Take Gallagher repositioned his concentrated small-cap portfolio in H1 2026, trimming Planet Labs on valuation concerns and redeploying into Pagaya at 8-12x earnings, a fintech data network positioned for AI-driven lending transformation. He added to Remitly's high-margin remittance platform and initiated MNTN, a CTV ad platform at 5x EBITDA. The portfolio targets mispriced growth companies with strong unit economics and operating leverage. | |||||||
| -5.6% | +2.6% | EQUAM returned 2.6% in H1 2026 while European indices rose 10-12%, as capital flows ignored small-cap value stocks despite 120% portfolio upside potential. Three companies received takeover bids at 16-73% premiums, validating deep public market discounts. The fund sees exceptional opportunity in structurally undervalued UK equities and oil services entering a multi-year exploration spending cycle. Manager maintains near-zero cash with high conviction in mean reversion. Full Quick Take EQUAM returned 2.6% in H1 2026 while European indices rose 10-12%, as capital flows ignored small-cap value stocks despite 120% portfolio upside potential. Three companies received takeover bids at 16-73% premiums, validating deep public market discounts. The fund sees exceptional opportunity in structurally undervalued UK equities and oil services entering a multi-year exploration spending cycle. Manager maintains near-zero cash with high conviction in mean reversion. | |||||||
| +8.5% | +1.8% | White Falcon Capital maintains concentrated value positions in quality businesses trading at depressed valuations. Nu Holdings offers exceptional growth at 16x earnings while software holdings like Topicus trade at 8x EBITDA despite AI tailwinds. The manager trimmed AMD after a five-fold gain and increased precious metals exposure as a macro hedge. Primary risk is growing economic dependence on AI creating market fragility if adoption disappoints. Full Quick Take White Falcon Capital maintains concentrated value positions in quality businesses trading at depressed valuations. Nu Holdings offers exceptional growth at 16x earnings while software holdings like Topicus trade at 8x EBITDA despite AI tailwinds. The manager trimmed AMD after a five-fold gain and increased precious metals exposure as a macro hedge. Primary risk is growing economic dependence on AI creating market fragility if adoption disappoints. | |||||||
| +17.5% | +6.9% | Brown Advisory's Mid-Cap Growth Strategy outperformed by 300 basis points in Q2 2026, driven by AI infrastructure suppliers including Marvell Technology which returned 166% before being sold on valuation. The manager executed high portfolio turnover, adding eighteen new positions across data center hardware, software, and consumer services while maintaining discipline around price targets. Market leadership continued broadening beyond mega-cap tech as anticipated in recent letters. Full Quick Take Brown Advisory's Mid-Cap Growth Strategy outperformed by 300 basis points in Q2 2026, driven by AI infrastructure suppliers including Marvell Technology which returned 166% before being sold on valuation. The manager executed high portfolio turnover, adding eighteen new positions across data center hardware, software, and consumer services while maintaining discipline around price targets. Market leadership continued broadening beyond mega-cap tech as anticipated in recent letters. | |||||||
| +6.5% | -5.4% | Bell Global Equities underperformed in Q2 2026 as extreme momentum concentration overwhelmed its quality-focused approach. The fund added semiconductor equipment and AI infrastructure plays while maintaining valuation discipline. Portfolio holdings now trade at 25% discounts to historical averages despite resilient fundamentals. Management views the current quality dislocation as among the most extreme observed and believes the portfolio is positioned for attractive long-term returns as fundamentals regain prominence. Full Quick Take Bell Global Equities underperformed in Q2 2026 as extreme momentum concentration overwhelmed its quality-focused approach. The fund added semiconductor equipment and AI infrastructure plays while maintaining valuation discipline. Portfolio holdings now trade at 25% discounts to historical averages despite resilient fundamentals. Management views the current quality dislocation as among the most extreme observed and believes the portfolio is positioned for attractive long-term returns as fundamentals regain prominence. | |||||||
| +13.6% | - | Ariel Fund returned 13.59% in Q2 2026, underperforming benchmarks despite strong market gains. The fund added entertainment positions MSGE and SPHR on resilient demand and venue expansion opportunities, initiated healthcare and insurance positions HAE and RLI, while Core Laboratories and Carlyle Group detracted on energy headwinds and private credit concerns. The manager maintains valuation discipline and long-term focus amid concentrated market leadership and geopolitical uncertainty. Full Quick Take Ariel Fund returned 13.59% in Q2 2026, underperforming benchmarks despite strong market gains. The fund added entertainment positions MSGE and SPHR on resilient demand and venue expansion opportunities, initiated healthcare and insurance positions HAE and RLI, while Core Laboratories and Carlyle Group detracted on energy headwinds and private credit concerns. The manager maintains valuation discipline and long-term focus amid concentrated market leadership and geopolitical uncertainty. | |||||||
| +17.0% | - | Ariel Small Cap Value returned 17.04% net in Q2 2026, matching its benchmark as equities rebounded sharply. Travel and entertainment holdings led gains while oil services lagged. The manager added medical devices and building products positions, maintaining focus on high-quality small-cap businesses at attractive valuations. Despite acknowledging macro headwinds including geopolitical tensions and concentrated market leadership, the strategy remains grounded in rigorous fundamental research and long-term value creation. Full Quick Take Ariel Small Cap Value returned 17.04% net in Q2 2026, matching its benchmark as equities rebounded sharply. Travel and entertainment holdings led gains while oil services lagged. The manager added medical devices and building products positions, maintaining focus on high-quality small-cap businesses at attractive valuations. Despite acknowledging macro headwinds including geopolitical tensions and concentrated market leadership, the strategy remains grounded in rigorous fundamental research and long-term value creation. | |||||||
| +6.0% | - | Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance. Full Quick Take Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance. | |||||||
| +9.5% | - | FAM Small Cap underperformed in Q2 by avoiding AI data center plays the manager views as lacking moats. The portfolio trades at severely discounted valuations with double-digit earnings growth projected. Top performers included Frontdoor and Landstar System on recovering end markets. The fund initiated Ryan Specialty during weakness and expects elevated activity as volatility creates selective opportunities in high-quality small caps. Full Quick Take FAM Small Cap underperformed in Q2 by avoiding AI data center plays the manager views as lacking moats. The portfolio trades at severely discounted valuations with double-digit earnings growth projected. Top performers included Frontdoor and Landstar System on recovering end markets. The fund initiated Ryan Specialty during weakness and expects elevated activity as volatility creates selective opportunities in high-quality small caps. | |||||||
| - | - | 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. | |||||||
| - | -4.5% | Ennismore returned 0.4% in May, down 4.5% year-to-date. The fund initiated a position in MLP SE, a German financial advisory firm trading at twelve times earnings following a profit warning. MLP's 55-year-old network of advisers serving academic professionals creates a defensible franchise benefiting from demographic tailwinds as clients enter peak wealth years. Management targets 50% profit growth by 2028, implying 70%+ upside. Full Quick Take Ennismore returned 0.4% in May, down 4.5% year-to-date. The fund initiated a position in MLP SE, a German financial advisory firm trading at twelve times earnings following a profit warning. MLP's 55-year-old network of advisers serving academic professionals creates a defensible franchise benefiting from demographic tailwinds as clients enter peak wealth years. Management targets 50% profit growth by 2028, implying 70%+ upside. | |||||||
| +12.3% | +10.4% | Pzena remains anchored to its normalized earnings framework, systematically trimming highly valued semiconductor and energy holdings to deploy capital into overlooked value opportunities like IT services, life insurers, and luxury autos. Full Quick Take Pzena remains anchored to its normalized earnings framework, systematically trimming highly valued semiconductor and energy holdings to deploy capital into overlooked value opportunities like IT services, life insurers, and luxury autos. | |||||||
| +63.1% | +63.1% | Bison outperformed in Q1 2026 as the Strait of Hormuz closure created the largest oil supply disruption in history. The manager sees substantial upside in undervalued oilfield service companies like Ensign Energy Services, which benefit with a lag from higher oil prices through increased drilling activity, improved utilization, and stronger day rates. Full Quick Take Bison outperformed in Q1 2026 as the Strait of Hormuz closure created the largest oil supply disruption in history. The manager sees substantial upside in undervalued oilfield service companies like Ensign Energy Services, which benefit with a lag from higher oil prices through increased drilling activity, improved utilization, and stronger day rates. | |||||||
| -7.0% | -7.0% | Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and TSMC offset weakness in Estée Lauder and European banks. New positions in Albemarle, Broadcom, and oil services companies capitalize on geopolitical shifts and secular electrification trends. Full Quick Take Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and TSMC offset weakness in Estée Lauder and European banks. New positions in Albemarle, Broadcom, and oil services companies capitalize on geopolitical shifts and secular electrification trends. | |||||||
| +19.0% | - | - | Militia Capital posted 19% Q1 returns through superior multi-manager execution, with individual PMs delivering 23-37% performance. This final hedge fund letter announces a strategic pivot toward building a comprehensive financial services platform featuring AI-powered investing, ETFs, and brokerage services, while promoting top performers to partnership roles. Full Quick Take Militia Capital posted 19% Q1 returns through superior multi-manager execution, with individual PMs delivering 23-37% performance. This final hedge fund letter announces a strategic pivot toward building a comprehensive financial services platform featuring AI-powered investing, ETFs, and brokerage services, while promoting top performers to partnership roles. | - | |||||
| - | - | - | The global economy has entered a new investing regime defined by structurally higher inflation and interest rates. To navigate this advanced cycle and compressed public market returns, investors should high-grade portfolios by shifting capital toward private equity, infrastructure, real estate, and asset-based finance where inflation-linked, collateral-backed yields provide robust downside protection. Full Quick Take The global economy has entered a new investing regime defined by structurally higher inflation and interest rates. To navigate this advanced cycle and compressed public market returns, investors should high-grade portfolios by shifting capital toward private equity, infrastructure, real estate, and asset-based finance where inflation-linked, collateral-backed yields provide robust downside protection. | - | |||||
| - | - | The ClearBridge Mid Cap Strategy underperformed the Russell Midcap Index in Q1 2026 due to AI-disruption concerns in IT and healthcare, prompting active portfolio reshaping into higher-conviction industrial and consumer discretionary holdings. Full Quick Take The ClearBridge Mid Cap Strategy underperformed the Russell Midcap Index in Q1 2026 due to AI-disruption concerns in IT and healthcare, prompting active portfolio reshaping into higher-conviction industrial and consumer discretionary holdings. | |||||||
| - | +7.0% | GoodHaven employs a highly concentrated value style under Larry Pitkowsky, prioritizing high-conviction holdings with a lower average P/E of 19.7x relative to the broader market. Full Quick Take GoodHaven employs a highly concentrated value style under Larry Pitkowsky, prioritizing high-conviction holdings with a lower average P/E of 19.7x relative to the broader market. | |||||||
| - | - | Tectonic Investors highlights robotics as a multi-trillion dollar generational shift ('physical AI') driven by labor-cost parity and hardware scaling. Key investable angles include downstream autonomy platforms (Uber), edge AI semiconductors (Horizon Robotics), and critical minerals (MP Materials). Full Quick Take Tectonic Investors highlights robotics as a multi-trillion dollar generational shift ('physical AI') driven by labor-cost parity and hardware scaling. Key investable angles include downstream autonomy platforms (Uber), edge AI semiconductors (Horizon Robotics), and critical minerals (MP Materials). | |||||||
| +9.5% | +8.6% | Prosper Stars & Stripes delivered a strong +9.8% net return in Q3 2025, significantly outperforming peers. The fund is positioned to capture a highly anticipated cyclical rebound in small caps, backed by monetary easing and idiosyncratic long selections. Full Quick Take Prosper Stars & Stripes delivered a strong +9.8% net return in Q3 2025, significantly outperforming peers. The fund is positioned to capture a highly anticipated cyclical rebound in small caps, backed by monetary easing and idiosyncratic long selections. | - | ||||||
| +10.0% | +10.2% | The fund underperformed its benchmark in Q3 2025 due to healthcare and energy selection drag, but the managers remain constructive, actively rotating capital into highly discounted, economically sensitive small-cap opportunities. Full Quick Take The fund underperformed its benchmark in Q3 2025 due to healthcare and energy selection drag, but the managers remain constructive, actively rotating capital into highly discounted, economically sensitive small-cap opportunities. | - | ||||||
| +10.8% | +21.9% | White Falcon posted strong Q3 2025 gains of 10.8% driven by precious metals and core holdings, but is taking a cautious stance by trimming winners and building up cash in an extended market cycle. Full Quick Take White Falcon posted strong Q3 2025 gains of 10.8% driven by precious metals and core holdings, but is taking a cautious stance by trimming winners and building up cash in an extended market cycle. | - | ||||||
| -1.0% | -12.7% | Black Bear Value Partners underperformed in Q3 due to short positions in overvalued AI companies while long positions in cyclical industries at trough levels showed modest gains. The fund targets homebuilding, chemicals, energy services, banking, and coal companies with structural tailwinds and significant upside potential when market conditions normalize. Full Quick Take Black Bear Value Partners underperformed in Q3 due to short positions in overvalued AI companies while long positions in cyclical industries at trough levels showed modest gains. The fund targets homebuilding, chemicals, energy services, banking, and coal companies with structural tailwinds and significant upside potential when market conditions normalize. | |||||||
| +23.7% | - | The Columbia Seligman Global Technology Fund posted a strong 23.69% return in Q3 2025, outperforming its benchmark by over 11% due to successful stock selection in Lam Research and an off-benchmark win in Bloom Energy. Full Quick Take The Columbia Seligman Global Technology Fund posted a strong 23.69% return in Q3 2025, outperforming its benchmark by over 11% due to successful stock selection in Lam Research and an off-benchmark win in Bloom Energy. | |||||||
| - | +6.8% | GoodHaven's '2.0' transition under Larry Pitkowsky has delivered top-tier 3 and 5-year risk-adjusted returns by refocusing on a highly concentrated portfolio of high-quality companies with deep value characteristics. Full Quick Take GoodHaven's '2.0' transition under Larry Pitkowsky has delivered top-tier 3 and 5-year risk-adjusted returns by refocusing on a highly concentrated portfolio of high-quality companies with deep value characteristics. | - | ||||||
| +9.2% | +8.1% | The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and secularly resilient IT holdings. Full Quick Take The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and secularly resilient IT holdings. | - | ||||||
| - | - | Oakmark International Small Cap underperformed in Q3 but used market volatility to add quality positions at attractive valuations. The fund added engineering services provider Alten and auto components spinoff Aumovio while increasing positions in cyclically depressed names. Managers expect recovery in engineering services and other cyclical sectors to drive future returns. Full Quick Take Oakmark International Small Cap underperformed in Q3 but used market volatility to add quality positions at attractive valuations. The fund added engineering services provider Alten and auto components spinoff Aumovio while increasing positions in cyclically depressed names. Managers expect recovery in engineering services and other cyclical sectors to drive future returns. | - | ||||||
| -11.3% | +17.3% | The portfolio underperformed in Q3 2025 as the market favored high-beta momentum stocks and commodity miners. Harding Loevner remains anchored in its long-term quality-compounder strategy, adding to resilient IT services and health care equipment holdings on weakness. Full Quick Take The portfolio underperformed in Q3 2025 as the market favored high-beta momentum stocks and commodity miners. Harding Loevner remains anchored in its long-term quality-compounder strategy, adding to resilient IT services and health care equipment holdings on weakness. | - | ||||||
| +9.8% | -8.4% | Prosper Stars & Stripes posted a strong +9.6% net return in Q2 2025, showing active long outperformance and maintaining a constructive outlook bolstered by tax incentives and pending rate cuts. Full Quick Take Prosper Stars & Stripes posted a strong +9.6% net return in Q2 2025, showing active long outperformance and maintaining a constructive outlook bolstered by tax incentives and pending rate cuts. | |||||||
| +17.6% | +10.0% | White Falcon posted a stellar 17.6% return in Q2 2025 by leveraging tariff-induced volatility to buy mispriced consumer stocks and benefiting from continued M&A success, while proactively raising cash amidst macro uncertainty. Full Quick Take White Falcon posted a stellar 17.6% return in Q2 2025 by leveraging tariff-induced volatility to buy mispriced consumer stocks and benefiting from continued M&A success, while proactively raising cash amidst macro uncertainty. | - | ||||||
| +17.0% | +19.2% | Evolution of IT Services Models, Structural Adoption of Artificial Intelligence, Additional Keywords & Themes | The portfolio rose 17.00% gross in Q2 2025. It is actively positioning in agile international small caps utilizing AI to streamline operations and create specialized market offerings. Full Quick Take The portfolio rose 17.00% gross in Q2 2025. It is actively positioning in agile international small caps utilizing AI to streamline operations and create specialized market offerings. | ||||||
| +7.2% | +5.1% | The Parnassus Value Equity Fund outperformed the Russell 1000 Value Index in Q2 2025 by returning 7.24% net of fees, driven by strong gains in AI-related information technology holdings. Full Quick Take The Parnassus Value Equity Fund outperformed the Russell 1000 Value Index in Q2 2025 by returning 7.24% net of fees, driven by strong gains in AI-related information technology holdings. | - | ||||||
| +22.7% | +11.2% | The Baron Global Advantage Fund rebounded strongly in Q2 2025 with a 22.68% return, fueled by a V-shaped recovery in high-conviction growth names like NVIDIA and Cloudflare, while establishing new positions in Nu Holdings and Loar Holdings. Full Quick Take The Baron Global Advantage Fund rebounded strongly in Q2 2025 with a 22.68% return, fueled by a V-shaped recovery in high-conviction growth names like NVIDIA and Cloudflare, while establishing new positions in Nu Holdings and Loar Holdings. | - | ||||||
| +9.3% | +7.8% | During Q2 2025, Baron FinTech Fund rose 9.26% but trailed its benchmark, impacted by stock selection in Information Services and Payments, while seeing strong contributions from Capital Markets and E-Commerce. Full Quick Take During Q2 2025, Baron FinTech Fund rose 9.26% but trailed its benchmark, impacted by stock selection in Information Services and Payments, while seeing strong contributions from Capital Markets and E-Commerce. | - | ||||||
| -13.0% | - | Recurve Capital returned -13% net in Q1 2025 amid tariff-driven volatility, with concentrated exposure led by 43.5% Carvana position. Fund opportunistically added to RH during selloff, seeing $50+ EPS potential despite tariff headwinds. Direct tariff exposure under 20% through consumer goods companies. Manager maintains long-term focus on disruptive growth companies while playing offense during market fear. Full Quick Take Recurve Capital returned -13% net in Q1 2025 amid tariff-driven volatility, with concentrated exposure led by 43.5% Carvana position. Fund opportunistically added to RH during selloff, seeing $50+ EPS potential despite tariff headwinds. Direct tariff exposure under 20% through consumer goods companies. Manager maintains long-term focus on disruptive growth companies while playing offense during market fear. | - | ||||||
| +2.4% | +2.4% | Kupperman delivered 2.44% net returns in Q1 but dramatically de-risked following Liberation Day due to trade war concerns triggering a potential credit crisis. He maintains selective exposure to offshore energy services, emerging markets, and migration plays while positioning the Event-Driven book to benefit from volatility until better deployment opportunities emerge. Full Quick Take Kupperman delivered 2.44% net returns in Q1 but dramatically de-risked following Liberation Day due to trade war concerns triggering a potential credit crisis. He maintains selective exposure to offshore energy services, emerging markets, and migration plays while positioning the Event-Driven book to benefit from volatility until better deployment opportunities emerge. | |||||||
| -6.7% | - | White Falcon posted -6.7% in Q1 2025 amid Trump tariff volatility but deployed cash into best ideas during market weakness. Portfolio benefits from gold surge to $3,400/oz and Converge acquisition premium. IT services holdings pressured by spending delays but offer compelling value at trough multiples. Manager expects tariff policies reversed, maintaining focus on small-cap value opportunities globally. Full Quick Take White Falcon posted -6.7% in Q1 2025 amid Trump tariff volatility but deployed cash into best ideas during market weakness. Portfolio benefits from gold surge to $3,400/oz and Converge acquisition premium. IT services holdings pressured by spending delays but offer compelling value at trough multiples. Manager expects tariff policies reversed, maintaining focus on small-cap value opportunities globally. | - | ||||||
| -6.9% | - | Ariel Appreciation Fund fell 6.94% in Q1 2025 amid market volatility from tariff fears and policy uncertainty. The fund actively acquired quality companies at significant discounts to private market values, adding positions in cruise operators and oilfield services while trimming others. Management views current market dislocations as creating attractive long-term opportunities for patient value investors. Full Quick Take Ariel Appreciation Fund fell 6.94% in Q1 2025 amid market volatility from tariff fears and policy uncertainty. The fund actively acquired quality companies at significant discounts to private market values, adding positions in cruise operators and oilfield services while trimming others. Management views current market dislocations as creating attractive long-term opportunities for patient value investors. | |||||||
| -14.8% | -10.6% | Concentrated value fund suffered from offshore services and Florida real estate weakness despite strong underlying fundamentals. Manager doubled down on offshore thesis, believing decade-long bear market has ended with equipment shortage meeting growing demand. Portfolio trades at deepest discount since 2020 crash, positioned for value rotation as inflationary policies favor hard assets over growth stocks. Full Quick Take Concentrated value fund suffered from offshore services and Florida real estate weakness despite strong underlying fundamentals. Manager doubled down on offshore thesis, believing decade-long bear market has ended with equipment shortage meeting growing demand. Portfolio trades at deepest discount since 2020 crash, positioned for value rotation as inflationary policies favor hard assets over growth stocks. | |||||||
| - | - | Rewey Asset Management's concentrated SMID strategy delivered 27.31% returns in 2024, outperforming benchmarks for six consecutive years. The 32-position portfolio targets undervalued small and mid-cap companies with strong balance sheets. Manager sees significant opportunities from index-driven neglect and expects rotation from large-cap tech concentration to benefit small-cap value stocks amid Fed rate cuts and increased M&A activity. Full Quick Take Rewey Asset Management's concentrated SMID strategy delivered 27.31% returns in 2024, outperforming benchmarks for six consecutive years. The 32-position portfolio targets undervalued small and mid-cap companies with strong balance sheets. Manager sees significant opportunities from index-driven neglect and expects rotation from large-cap tech concentration to benefit small-cap value stocks amid Fed rate cuts and increased M&A activity. | - | ||||||
| +9.9% | +13.5% | Conestoga's Micro Cap strategy returned 9.91% in Q4 but lagged benchmarks due to AI speculation favoring high-beta stocks. Alpha Teknova led gains on improving biotech conditions while Montrose Environmental declined on regulatory uncertainty. Despite 2024 underperformance, the firm maintains conviction in high-quality positioning and expects small cap outperformance ahead. Full Quick Take Conestoga's Micro Cap strategy returned 9.91% in Q4 but lagged benchmarks due to AI speculation favoring high-beta stocks. Alpha Teknova led gains on improving biotech conditions while Montrose Environmental declined on regulatory uncertainty. Despite 2024 underperformance, the firm maintains conviction in high-quality positioning and expects small cap outperformance ahead. | - |
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Q2 2025
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Q1 2025
Q1 2025
Q4 2024
