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 |
|---|---|---|---|---|---|---|---|---|---|
| +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. | - | ||||||
| - | - | ACR Alpine raised cash to 25% amid historic market valuations driven by AI speculation. While $800 billion in AI capital expenditures inflate corporate profits, actual productivity gains remain unclear four years into the generative AI era. Manager sees selective opportunities in healthcare, food, and perceived AI casualties like software, but maintains disciplined value approach requiring high confidence before deploying capital in this speculative environment. Full Quick Take ACR Alpine raised cash to 25% amid historic market valuations driven by AI speculation. While $800 billion in AI capital expenditures inflate corporate profits, actual productivity gains remain unclear four years into the generative AI era. Manager sees selective opportunities in healthcare, food, and perceived AI casualties like software, but maintains disciplined value approach requiring high confidence before deploying capital in this speculative environment. | - | ||||||
| +0.7% | -3.1% | Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. Full Quick Take Emerald underperformed in Q2 by avoiding the speculative semiconductor rally driving benchmarks, instead adding to high-quality compounders at rare valuations. With the US market's CAPE near 40 and bubble dynamics evident, the manager trimmed geopolitical winners (Shell, Lockheed) and added to AI enablers (Broadcom, ServiceNow) and mispriced Chinese franchises (Tencent, H World). The portfolio's double-digit expected return reflects exceptional businesses at multi-decade low quality premiums. | |||||||
| - | - | Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. Full Quick Take Nightview Capital is buying the software panic of 2026, adding to Salesforce and ServiceNow while initiating Atlassian as the market misprices AI's impact on high-quality software franchises with data moats and switching costs. The manager built gaming and hospitality into a major theme through Las Vegas Sands, MGM, and Wynn, seeking physical assets undisrupted by software, while rotating financials toward scale with BlackRock and Schwab. | |||||||
| - | - | AI infrastructure spending is driving sustainable market gains with semiconductor and hardware companies leading on strong fundamentals, though valuations have expanded significantly. Trillion-dollar hyperscaler investments appear justified by expected productivity gains of $625 billion annually. Software faces near-term disruption as AI lowers barriers to entry, but smart incumbents will adapt. Retail speculation is elevated but not yet at bubble-bursting levels based on historical patterns. Full Quick Take AI infrastructure spending is driving sustainable market gains with semiconductor and hardware companies leading on strong fundamentals, though valuations have expanded significantly. Trillion-dollar hyperscaler investments appear justified by expected productivity gains of $625 billion annually. Software faces near-term disruption as AI lowers barriers to entry, but smart incumbents will adapt. Retail speculation is elevated but not yet at bubble-bursting levels based on historical patterns. | - | ||||||
| - | -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. | - | ||||||
| +44.2% | - | BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. Full Quick Take BlackRock Science and Technology Term Trust posted 44.2% in Q2 2026, driven by core AI Infrastructure and model company holdings. The portfolio maintains concentrated exposure to the AI buildout through both public semiconductor leaders and substantial private investments totaling 33.7% of assets. Managers are selectively adding to companies with AI monetization advantages as markets shift from infrastructure experimentation to accelerated application-layer deployment. | - | ||||||
| +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. | |||||||
| - | -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. | |||||||
| +4.3% | +2.0% | Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. Full Quick Take Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. | |||||||
| - | - | Andvari's vertical software holdings like Constellation and Tyler Technologies deliver strong results with record cash flows and successful cloud transitions. Manager views AI infrastructure buildout as approaching capital cycle peak, with circular financing and unsustainable economics requiring 10% of U.S. GDP to justify valuations. Deliberately underweights pure AI plays despite near-term underperformance, adding only diversified exposure through Amazon, Microsoft, and Texas Instruments while maintaining discipline. Full Quick Take Andvari's vertical software holdings like Constellation and Tyler Technologies deliver strong results with record cash flows and successful cloud transitions. Manager views AI infrastructure buildout as approaching capital cycle peak, with circular financing and unsustainable economics requiring 10% of U.S. GDP to justify valuations. Deliberately underweights pure AI plays despite near-term underperformance, adding only diversified exposure through Amazon, Microsoft, and Texas Instruments while maintaining discipline. | |||||||
| - | - | - | Saltlight Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Saltlight Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +12.5% | +3.5% | Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. Full Quick Take Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. | |||||||
| +19.1% | +6.4% | Baron Discovery underperformed in Q2 2026 as momentum-driven AI winners dominated small-cap performance in what managers view as a bubble comparable to the dot-com era. They explicitly avoided chasing momentum, instead using software sector weakness to initiate Samsara and Rubrik at attractive valuations while taking profits in AI-exposed names approaching targets. The portfolio is positioned with concentrated holdings in differentiated businesses trading at compelling valuations despite market ignoring non-AI growth stories. Full Quick Take Baron Discovery underperformed in Q2 2026 as momentum-driven AI winners dominated small-cap performance in what managers view as a bubble comparable to the dot-com era. They explicitly avoided chasing momentum, instead using software sector weakness to initiate Samsara and Rubrik at attractive valuations while taking profits in AI-exposed names approaching targets. The portfolio is positioned with concentrated holdings in differentiated businesses trading at compelling valuations despite market ignoring non-AI growth stories. | |||||||
| +41.2% | +25.2% | Bailard Technology delivered 41% in Q2 by aggressively positioning into AI infrastructure hardware and semiconductors while rotating out of application software. Memory, semicap equipment, cybersecurity, and observability drove outperformance as AI deployment accelerated. The team views hardware as the cleanest AI expression and favors middle-stack infrastructure software over applications facing pricing pressure from AI-native competitors. Portfolio remains concentrated with minimal cash. Full Quick Take Bailard Technology delivered 41% in Q2 by aggressively positioning into AI infrastructure hardware and semiconductors while rotating out of application software. Memory, semicap equipment, cybersecurity, and observability drove outperformance as AI deployment accelerated. The team views hardware as the cleanest AI expression and favors middle-stack infrastructure software over applications facing pricing pressure from AI-native competitors. Portfolio remains concentrated with minimal cash. | |||||||
| +10.7% | - | Bretton Fund lagged the market in Q2 2026 by avoiding the unsustainable AI semiconductor boom, refusing to chase Micron up 600% and memory stocks at absurd valuations. UnitedHealth's turnaround added 2.5% after rebounding 80% from crisis lows. The managers opportunistically added SAP and Constellation Software at material discounts, viewing mission-critical enterprise software as insulated from AI disruption despite market fears. Full Quick Take Bretton Fund lagged the market in Q2 2026 by avoiding the unsustainable AI semiconductor boom, refusing to chase Micron up 600% and memory stocks at absurd valuations. UnitedHealth's turnaround added 2.5% after rebounding 80% from crisis lows. The managers opportunistically added SAP and Constellation Software at material discounts, viewing mission-critical enterprise software as insulated from AI disruption despite market fears. | |||||||
| -1.0% | -21.0% | - | Rowan Street Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Rowan Street Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| - | - | Generated 17.8% net by trading sector rotation between AI winners and losers in a flat market. Semiconductors peaked climactically in June after a 30% rally driven by memory bottlenecks. Shorted upside volatility in overleveraged memory products while rotating into cheap IT services and quality names. Built defensive energy positions around Iran crisis. Positioned long yen against extreme carry trade positioning. Expect elevated volatility into elections despite low VIX. Full Quick Take Generated 17.8% net by trading sector rotation between AI winners and losers in a flat market. Semiconductors peaked climactically in June after a 30% rally driven by memory bottlenecks. Shorted upside volatility in overleveraged memory products while rotating into cheap IT services and quality names. Built defensive energy positions around Iran crisis. Positioned long yen against extreme carry trade positioning. Expect elevated volatility into elections despite low VIX. | - | ||||||
| +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. | |||||||
| - | +8.2% | International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead. Full Quick Take International Alpha is capitalizing on the AI revolution through diversified semiconductor exposure while adding uncorrelated growth drivers at attractive valuations. Samsung and TSMC profits surged on memory and chip demand, prompting profit-taking to fund positions in overlooked AI enablers like Wärtsilä and undervalued software names. Despite China headwinds and energy volatility, broad operational strength across 40 percent of holdings and 15-year low valuations support conviction in outperformance ahead. | |||||||
| - | - | The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. Full Quick Take The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. | |||||||
| +5.7% | +5.9% | Hotchkis & Wiley underperformed in Q2 2026 by avoiding the AI-driven semiconductor rally they view as a speculative bubble with unsustainable valuations. The fund favors enterprise software where AI disruption fears are overstated and has added to overlooked healthcare and consumer staples. Management expects mean reversion when market euphoria subsides and believes their attractively valued, high-quality portfolio is positioned for that outcome. Full Quick Take Hotchkis & Wiley underperformed in Q2 2026 by avoiding the AI-driven semiconductor rally they view as a speculative bubble with unsustainable valuations. The fund favors enterprise software where AI disruption fears are overstated and has added to overlooked healthcare and consumer staples. Management expects mean reversion when market euphoria subsides and believes their attractively valued, high-quality portfolio is positioned for that outcome. | |||||||
| - | +4.2% | GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. Full Quick Take GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. | |||||||
| +24.6% | - | Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. Full Quick Take Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. | |||||||
| +8.3% | - | Wasatch Long/Short Alpha returned 8.29% in Q2 2026, significantly trailing the Russell 2500's 20.26% as speculative AI beneficiaries dominated. The quality-focused long/short strategy faced headwinds from lower-quality outperformance. The manager maintains discipline, adding to overlooked quality companies at attractive valuations and increasing shorts amid market euphoria. Portfolio positioned for fundamentals-driven environment with durable AI infrastructure holdings like Everus Construction and JFrog. Full Quick Take Wasatch Long/Short Alpha returned 8.29% in Q2 2026, significantly trailing the Russell 2500's 20.26% as speculative AI beneficiaries dominated. The quality-focused long/short strategy faced headwinds from lower-quality outperformance. The manager maintains discipline, adding to overlooked quality companies at attractive valuations and increasing shorts amid market euphoria. Portfolio positioned for fundamentals-driven environment with durable AI infrastructure holdings like Everus Construction and JFrog. | |||||||
| +3.0% | - | The Fund underperformed as AI semiconductor momentum drove concentrated market returns, with three stocks tripling and accounting for 17% of index gains. The manager added to Nvidia at attractive valuations while exiting Salesforce on AI disruption concerns. Proceeds funded quality non-AI businesses trading below fair value. The portfolio balances AI exposure through TSMC, Nvidia and hyperscalers against valuation discipline, targeting patient capital appreciation. Full Quick Take The Fund underperformed as AI semiconductor momentum drove concentrated market returns, with three stocks tripling and accounting for 17% of index gains. The manager added to Nvidia at attractive valuations while exiting Salesforce on AI disruption concerns. Proceeds funded quality non-AI businesses trading below fair value. The portfolio balances AI exposure through TSMC, Nvidia and hyperscalers against valuation discipline, targeting patient capital appreciation. | |||||||
| +3.6% | +6.3% | Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. New positions in Kerry Group and NetEase reflect disciplined value hunting in overlooked areas. The Fund's differentiated exposures in health care, consumer staples, and select emerging markets offer meaningful diversification from AI-concentrated benchmarks at attractive valuations. Full Quick Take Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. New positions in Kerry Group and NetEase reflect disciplined value hunting in overlooked areas. The Fund's differentiated exposures in health care, consumer staples, and select emerging markets offer meaningful diversification from AI-concentrated benchmarks at attractive valuations. | |||||||
| - | - | O'Keefe Stevens harvested AI infrastructure gains established pre-boom, trimming NVIDIA, Qualcomm, and Corning as valuations exceeded thesis. Initiated Sotera Health, a sterilization duopoly with 50% margins trading at litigation-depressed valuations with 50% upside. Cash remains largest holding for third quarter as deployment opportunities stay scarce. Hedged concentrated positions with options while watching software sector for violent rotation opportunity if AI funding dynamic reverses. Full Quick Take O'Keefe Stevens harvested AI infrastructure gains established pre-boom, trimming NVIDIA, Qualcomm, and Corning as valuations exceeded thesis. Initiated Sotera Health, a sterilization duopoly with 50% margins trading at litigation-depressed valuations with 50% upside. Cash remains largest holding for third quarter as deployment opportunities stay scarce. Hedged concentrated positions with options while watching software sector for violent rotation opportunity if AI funding dynamic reverses. | |||||||
| +7.0% | -3.9% | Conestoga SMid Cap returned 7.04% but lagged the benchmark's 24.02% surge driven by extreme AI speculation in semiconductors and high-beta stocks. Portfolio fundamentals remained strong with sales and EBITDA growth exceeding benchmarks. Defense and data center cooling holdings led gains. The firm added natural gas infrastructure positions and maintains conviction that quality characteristics will outperform as speculative leadership normalizes and rates potentially tighten. Full Quick Take Conestoga SMid Cap returned 7.04% but lagged the benchmark's 24.02% surge driven by extreme AI speculation in semiconductors and high-beta stocks. Portfolio fundamentals remained strong with sales and EBITDA growth exceeding benchmarks. Defense and data center cooling holdings led gains. The firm added natural gas infrastructure positions and maintains conviction that quality characteristics will outperform as speculative leadership normalizes and rates potentially tighten. | |||||||
| - | - | Wasatch Small Cap Growth trailed the benchmark in Q2 2026 as speculative AI stocks reached dot-com-era valuations, but the managers maintain conviction in their quality-focused approach. Portfolio fundamentals remain strong with 20%+ earnings growth across many holdings. AI beneficiaries like JFrog and AAON contributed meaningfully while the team concentrated capital in overlooked steady growers trading at attractive valuations, positioning for long-term outperformance when market leadership broadens. Full Quick Take Wasatch Small Cap Growth trailed the benchmark in Q2 2026 as speculative AI stocks reached dot-com-era valuations, but the managers maintain conviction in their quality-focused approach. Portfolio fundamentals remain strong with 20%+ earnings growth across many holdings. AI beneficiaries like JFrog and AAON contributed meaningfully while the team concentrated capital in overlooked steady growers trading at attractive valuations, positioning for long-term outperformance when market leadership broadens. | |||||||
| - | - | 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. | |||||||
| +5.7% | - | Aoris underperformed in Q2 as markets favored AI infrastructure and cyclicals over quality compounders. The manager sold Accenture after a costly 58% decline, acknowledging excessive patience with deteriorating fundamentals. New positions in Moody's and Bentley Systems reflect conviction that the market overestimates AI disruption risk to mission-critical software and data businesses. The concentrated portfolio of 15 high-quality businesses remains positioned for AI to strengthen incumbent advantages. Full Quick Take Aoris underperformed in Q2 as markets favored AI infrastructure and cyclicals over quality compounders. The manager sold Accenture after a costly 58% decline, acknowledging excessive patience with deteriorating fundamentals. New positions in Moody's and Bentley Systems reflect conviction that the market overestimates AI disruption risk to mission-critical software and data businesses. The concentrated portfolio of 15 high-quality businesses remains positioned for AI to strengthen incumbent advantages. | |||||||
| +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. | |||||||
| +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. | |||||||
| +43.5% | +40.4% | The fund delivered strong absolute returns but underperformed as its selective semiconductor positioning lagged an erratic rally concentrated in lower-quality names. Asian technology holdings drove performance while software detracted. The manager reduced hyperscaler and speculative semiconductor exposure, pivoting toward quality leaders like Nvidia and enterprise software positioned for AI industrialization. Medium-term AI outlook remains constructive but near-term positioning emphasizes selectivity given valuation excess. Full Quick Take The fund delivered strong absolute returns but underperformed as its selective semiconductor positioning lagged an erratic rally concentrated in lower-quality names. Asian technology holdings drove performance while software detracted. The manager reduced hyperscaler and speculative semiconductor exposure, pivoting toward quality leaders like Nvidia and enterprise software positioned for AI industrialization. Medium-term AI outlook remains constructive but near-term positioning emphasizes selectivity given valuation excess. | - | ||||||
| +9.0% | -5.7% | Vulcan owns exceptional businesses at 50 cents on the dollar that remain deeply out of favor while values compound steadily. The manager added three high-quality software businesses—Veeva, ServiceNow, and Equifax—at significant discounts driven by misunderstood AI disruption fears. These companies possess proprietary data and mission-critical platforms that make them AI beneficiaries, not victims. The CIO personally added capital, viewing current valuations as a compelling long-term opportunity. Full Quick Take Vulcan owns exceptional businesses at 50 cents on the dollar that remain deeply out of favor while values compound steadily. The manager added three high-quality software businesses—Veeva, ServiceNow, and Equifax—at significant discounts driven by misunderstood AI disruption fears. These companies possess proprietary data and mission-critical platforms that make them AI beneficiaries, not victims. The CIO personally added capital, viewing current valuations as a compelling long-term opportunity. | |||||||
| +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. | |||||||
| +4.6% | - | Brown Advisory's concentrated Global Leaders Strategy underperformed in Q2 2026 due to semiconductor underweights during the AI infrastructure surge but has repositioned by initiating Nvidia and eliminating software exposure outside Microsoft. The manager sees exceptional opportunity with ready-to-buy lists at multi-year highs and 12-13% average portfolio IRRs. Quality investing remains core with strict valuation discipline targeting double-digit five-year returns from durable compounders. Full Quick Take Brown Advisory's concentrated Global Leaders Strategy underperformed in Q2 2026 due to semiconductor underweights during the AI infrastructure surge but has repositioned by initiating Nvidia and eliminating software exposure outside Microsoft. The manager sees exceptional opportunity with ready-to-buy lists at multi-year highs and 12-13% average portfolio IRRs. Quality investing remains core with strict valuation discipline targeting double-digit five-year returns from durable compounders. | |||||||
| +22.1% | +23.4% | Small caps delivered exceptional Q2 outperformance with the Russell 2000 up 21.49%, the strongest relative performance versus large caps since 2001. The strategy gained 22.14% driven by AI-fueled strength in semiconductors and industrials. Small cap earnings hit new highs while trading at discounts to large caps. Manager reduced AI capex exposure after strong gains but remains constructive on continued economic growth and earnings strength for the second half. Full Quick Take Small caps delivered exceptional Q2 outperformance with the Russell 2000 up 21.49%, the strongest relative performance versus large caps since 2001. The strategy gained 22.14% driven by AI-fueled strength in semiconductors and industrials. Small cap earnings hit new highs while trading at discounts to large caps. Manager reduced AI capex exposure after strong gains but remains constructive on continued economic growth and earnings strength for the second half. | - | ||||||
| - | - | Renaissance underperformed in Q2 due to narrow market leadership but sees improving breadth. Semiconductor equipment stocks drove returns on AI demand and CHIPS Act tailwinds. Added Trane Technologies for AI data center exposure while exiting ServiceNow on AI disruption concerns. Iran war resolution collapsed oil prices, benefiting markets despite 4.1% inflation and hawkish Fed positioning. Portfolio emphasizes quality growth at attractive valuations with strong semiconductor and industrial positioning. Full Quick Take Renaissance underperformed in Q2 due to narrow market leadership but sees improving breadth. Semiconductor equipment stocks drove returns on AI demand and CHIPS Act tailwinds. Added Trane Technologies for AI data center exposure while exiting ServiceNow on AI disruption concerns. Iran war resolution collapsed oil prices, benefiting markets despite 4.1% inflation and hawkish Fed positioning. Portfolio emphasizes quality growth at attractive valuations with strong semiconductor and industrial positioning. | |||||||
| - | - | Amati Global Innovation outperformed in Q2 2026 as semiconductor equipment and HBM producers rallied on AI infrastructure spending. Manager exploited excessive AI enthusiasm by adding to specialist software providers PTC, Autodesk, and Globant at depressed valuations, viewing their defensible moats as underappreciated. Initiated ATS position to capture automation recovery driven by reshoring and pent-up demand. Maintains 3-5 year conviction in innovation cycles despite geopolitical uncertainties. Full Quick Take Amati Global Innovation outperformed in Q2 2026 as semiconductor equipment and HBM producers rallied on AI infrastructure spending. Manager exploited excessive AI enthusiasm by adding to specialist software providers PTC, Autodesk, and Globant at depressed valuations, viewing their defensible moats as underappreciated. Initiated ATS position to capture automation recovery driven by reshoring and pent-up demand. Maintains 3-5 year conviction in innovation cycles despite geopolitical uncertainties. | |||||||
| +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. | |||||||
| +24.6% | - | Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. Full Quick Take Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. | |||||||
| +26.0% | +22.6% | Artisan Small Cap Fund returned 26.11% in Q2 2026, modestly outperforming despite market leadership favoring low-quality companies. Health care and AI infrastructure holdings drove performance, with biotechnology and semiconductor positions delivering strong results. Software was reduced to underweight as AI reshapes competitive dynamics. New positions in Virtu Financial, Murphy USA, and USA Rare Earth reflect conviction in company-specific profit cycles. Managers maintain discipline on quality and valuation while seeing attractive long-term opportunities in AI infrastructure and biotechnology. Full Quick Take Artisan Small Cap Fund returned 26.11% in Q2 2026, modestly outperforming despite market leadership favoring low-quality companies. Health care and AI infrastructure holdings drove performance, with biotechnology and semiconductor positions delivering strong results. Software was reduced to underweight as AI reshapes competitive dynamics. New positions in Virtu Financial, Murphy USA, and USA Rare Earth reflect conviction in company-specific profit cycles. Managers maintain discipline on quality and valuation while seeing attractive long-term opportunities in AI infrastructure and biotechnology. | |||||||
| +17.9% | +10.9% | Artisan Mid Cap Fund returned 17.93% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. Multiple AI-enabling semiconductor positions rose over 100% as data center demand accelerated. Health care outperformed the sector by 16 percentage points driven by biotech holdings. The team initiated positions in data center cooling and logistics while harvesting maturing profit cycles. AI infrastructure remains compelling despite elevated valuations. Full Quick Take Artisan Mid Cap Fund returned 17.93% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. Multiple AI-enabling semiconductor positions rose over 100% as data center demand accelerated. Health care outperformed the sector by 16 percentage points driven by biotech holdings. The team initiated positions in data center cooling and logistics while harvesting maturing profit cycles. AI infrastructure remains compelling despite elevated valuations. | |||||||
| +0.7% | -18.9% | Akre Focus underperformed dramatically in Q2 as markets chased AI semiconductor speculation, but the manager sees the Fund at decade-low valuations with exceptional fundamentals. Portfolio companies are successfully monetizing AI at the application layer with 16% projected growth and 42% ROIC at 17x free cash flow. The manager draws parallels to Berkshire during the Internet bubble and remains fully invested in quality software businesses. Full Quick Take Akre Focus underperformed dramatically in Q2 as markets chased AI semiconductor speculation, but the manager sees the Fund at decade-low valuations with exceptional fundamentals. Portfolio companies are successfully monetizing AI at the application layer with 16% projected growth and 42% ROIC at 17x free cash flow. The manager draws parallels to Berkshire during the Internet bubble and remains fully invested in quality software businesses. | - | ||||||
| +12.7% | +12.9% | Madison Small Cap Fund underperformed the Russell 2000's 21.5% Q2 rally, returning 12.7% as AI-driven tech and biotech surged. Recent software investments and healthcare positions dragged performance despite strong conviction in their long-term value. The fund actively repositioned, adding four new holdings in semiconductors, networking, and HVAC while exiting underperformers. Managers see encouraging signs in small-cap breadth, software recovery, and potential housing rebound. Full Quick Take Madison Small Cap Fund underperformed the Russell 2000's 21.5% Q2 rally, returning 12.7% as AI-driven tech and biotech surged. Recent software investments and healthcare positions dragged performance despite strong conviction in their long-term value. The fund actively repositioned, adding four new holdings in semiconductors, networking, and HVAC while exiting underperformers. Managers see encouraging signs in small-cap breadth, software recovery, and potential housing rebound. | |||||||
| - | +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. | - | ||||||
| - | - | Montaka is positioned for mean reversion as semiconductor mania has created extreme mispricings. Portfolio earnings grew at teens annually while multiples compressed during the SaaSpocalypse. Manager substantially increased Visa and Mastercard exposure, seeing major mispricing as these extraordinarily advantaged payment networks trade at 4% implied growth versus expected double-digit rates. Believes AI buildout faces political and technological disruption while quality software platforms like Salesforce represent compelling opportunities at trough valuations. Full Quick Take Montaka is positioned for mean reversion as semiconductor mania has created extreme mispricings. Portfolio earnings grew at teens annually while multiples compressed during the SaaSpocalypse. Manager substantially increased Visa and Mastercard exposure, seeing major mispricing as these extraordinarily advantaged payment networks trade at 4% implied growth versus expected double-digit rates. Believes AI buildout faces political and technological disruption while quality software platforms like Salesforce represent compelling opportunities at trough valuations. |
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