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 |
|---|---|---|---|---|---|---|---|---|---|
| +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. | - | ||||||
| - | - | Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. Full Quick Take Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. The firm completed its Oaktree acquisition, creating a comprehensive credit platform, and simplified its capital structure. With Westinghouse benefiting from a $17.5 billion government commitment and policy changes opening retirement markets to private assets, Brookfield is positioned for exceptional growth. | - | ||||||
| - | 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. | - | ||||||
| +30.1% | +23.7% | Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. Full Quick Take Roubaix delivered 30.1% net returns in Q2 2026, driven by concentrated long positions in robotics, edge AI semiconductors, and defense supply chains. The manager is positioned for the reinvigoration of U.S. industrial capacity and accelerating defense spending, with the defense budget rising 42% in 2027. Short positions target consumer electronics facing DRAM cost inflation and companies threatened by AI disruption. Earnings growth of 23-25% is forecasted for 2026. | |||||||
| -2.1% | - | The Fund declined 2.15% as gold miners detracted, but AI infrastructure holdings surged with semiconductor equipment companies up over 100%. Japanese positions led performance on corporate reform and earnings strength. New positions added in discounted gold producers and Japanese tech companies. Markets rallied on Middle East de-escalation and strong earnings. Outlook remains constructive on broadening market participation and productivity gains from AI adoption. Full Quick Take The Fund declined 2.15% as gold miners detracted, but AI infrastructure holdings surged with semiconductor equipment companies up over 100%. Japanese positions led performance on corporate reform and earnings strength. New positions added in discounted gold producers and Japanese tech companies. Markets rallied on Middle East de-escalation and strong earnings. Outlook remains constructive on broadening market participation and productivity gains from AI adoption. | |||||||
| - | -3.6% | GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. Full Quick Take GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. | |||||||
| +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. | |||||||
| - | +9.0% | RIT delivered 9.0% NAV return in H1 2026 with strong contributions across all pillars. SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. The manager increased emerging markets exposure and added AI application layer positions while remaining mindful of inflation risks and semiconductor valuations. Full Quick Take RIT delivered 9.0% NAV return in H1 2026 with strong contributions across all pillars. SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. The manager increased emerging markets exposure and added AI application layer positions while remaining mindful of inflation risks and semiconductor valuations. | - | ||||||
| +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. | - | ||||||
| +8.8% | +10.7% | Auxier positions in AI infrastructure providers earning strong profits supplying vital hardware and connectivity rather than hyperscalers chasing uncertain AI model profitability. The fund warns margin debt surging 50% to $1.53 trillion and leveraged single-stock ETFs create extreme liquidation risk. Technology debt issuance quadrupled to fund AI buildout with 20-30 year bonds financing potentially obsolete data centers. The fund favors enduring businesses with large moats, minimal capital needs, and strong returns resisting market disruptions. Full Quick Take Auxier positions in AI infrastructure providers earning strong profits supplying vital hardware and connectivity rather than hyperscalers chasing uncertain AI model profitability. The fund warns margin debt surging 50% to $1.53 trillion and leveraged single-stock ETFs create extreme liquidation risk. Technology debt issuance quadrupled to fund AI buildout with 20-30 year bonds financing potentially obsolete data centers. The fund favors enduring businesses with large moats, minimal capital needs, and strong returns resisting market disruptions. | |||||||
| - | - | - | Hennessy Equity and Income Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Hennessy Equity and Income Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +7.7% | - | Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. Full Quick Take Third Point navigated extreme AI infrastructure volatility in Q2, maintaining defensive 45% net exposure while generating 7.7% returns. The fund holds concentrated positions in infrastructure beneficiaries like CRH, fintech monetization plays like Block, and AI datacenter power through Flex, complemented by an alpha-generating short book. Following the deleveraging reset, the manager sees improved risk-reward despite persistent volatility, with credit spreads expected to widen creating distressed opportunities. | |||||||
| -1.5% | -1.2% | ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. Full Quick Take ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. | |||||||
| +2.5% | +2.0% | BlackRock Managed Income Fund delivered 2.57% in Q2 2026, outperforming through overweight U.S. growth equities and selective rotations into European banks, German infrastructure, and Asian AI beneficiaries. The manager favors the United States given stronger earnings visibility while pursuing targeted opportunities where improving earnings breadth and AI investment provide support. Core inflation is expected to decline, allowing the Fed to remain on hold longer than markets anticipate. Full Quick Take BlackRock Managed Income Fund delivered 2.57% in Q2 2026, outperforming through overweight U.S. growth equities and selective rotations into European banks, German infrastructure, and Asian AI beneficiaries. The manager favors the United States given stronger earnings visibility while pursuing targeted opportunities where improving earnings breadth and AI investment provide support. Core inflation is expected to decline, allowing the Fed to remain on hold longer than markets anticipate. | - | ||||||
| +11.6% | +9.0% | BlackRock Global Dividend Fund returned 11.72% in Q2 2026, powered by semiconductor holdings benefiting from AI infrastructure demand. Applied Materials, MediaTek, and SK Hynix drove gains on strong earnings and favorable memory dynamics. Narrow market leadership favoring growth over yield challenged relative performance. The managers maintain conviction in AI opportunities while shifting focus to infrastructure bottlenecks and second-order beneficiaries, emphasizing quality, valuation discipline, and selective global opportunities. Full Quick Take BlackRock Global Dividend Fund returned 11.72% in Q2 2026, powered by semiconductor holdings benefiting from AI infrastructure demand. Applied Materials, MediaTek, and SK Hynix drove gains on strong earnings and favorable memory dynamics. Narrow market leadership favoring growth over yield challenged relative performance. The managers maintain conviction in AI opportunities while shifting focus to infrastructure bottlenecks and second-order beneficiaries, emphasizing quality, valuation discipline, and selective global opportunities. | - | ||||||
| +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. | - | ||||||
| - | - | Avenue Investment warns that AI capital spending and government debt are reaching unsustainable levels comparable to historical manias, yet maintains exposure to beneficiaries like Toromont Industries, which secured CAD$1 billion in data center power system orders. Rising 30-year rates at 20-year highs pose significant economic risk. The manager holds overweight gold as a hedge against ballooning government debt and added copper exposure through Magna Mining while exiting Tractor Supply. Full Quick Take Avenue Investment warns that AI capital spending and government debt are reaching unsustainable levels comparable to historical manias, yet maintains exposure to beneficiaries like Toromont Industries, which secured CAD$1 billion in data center power system orders. Rising 30-year rates at 20-year highs pose significant economic risk. The manager holds overweight gold as a hedge against ballooning government debt and added copper exposure through Magna Mining while exiting Tractor Supply. | |||||||
| +16.3% | - | WestEnd Capital returned 16.3% net in Q2 2026, driven by owning accelerating earnings growers in a market posting 29% year-over-year profit growth and record margins. The manager added infrastructure, senior housing, fintech, and consumer positions while passing on SpaceX's IPO on valuation grounds. The portfolio targets businesses benefiting from structural themes where earnings growth and free cash flow justify current prices. Full Quick Take WestEnd Capital returned 16.3% net in Q2 2026, driven by owning accelerating earnings growers in a market posting 29% year-over-year profit growth and record margins. The manager added infrastructure, senior housing, fintech, and consumer positions while passing on SpaceX's IPO on valuation grounds. The portfolio targets businesses benefiting from structural themes where earnings growth and free cash flow justify current prices. | |||||||
| +26.2% | +27.5% | The fund gained 26.31% in Q2 2026, outperforming its benchmark on strong AI-related holdings including JFrog and Cohu, plus defense and semiconductor exposure through Materion. The manager initiated positions in school bus manufacturer Blue Bird and rare disease specialist Travere Therapeutics. Despite Middle East tensions and stagflation concerns, the manager remains optimistic on small caps benefiting from AI adoption, infrastructure spending, and supply chain reshoring. Full Quick Take The fund gained 26.31% in Q2 2026, outperforming its benchmark on strong AI-related holdings including JFrog and Cohu, plus defense and semiconductor exposure through Materion. The manager initiated positions in school bus manufacturer Blue Bird and rare disease specialist Travere Therapeutics. Despite Middle East tensions and stagflation concerns, the manager remains optimistic on small caps benefiting from AI adoption, infrastructure spending, and supply chain reshoring. | - | ||||||
| +12.1% | +16.7% | The London Company Income Equity portfolio returned 12.1% net in Q2, trailing the Russell 1000 Value by 180 basis points as AI-driven semiconductor leadership dominated. The manager trimmed technology winners to manage concentration and initiated waste services provider RSG. While broadly constructive on earnings and AI productivity gains, the manager flags fragile hyperscaler cash flows, elevated valuations, and difficult Fed policy as headwinds warranting discipline and quality focus ahead. Full Quick Take The London Company Income Equity portfolio returned 12.1% net in Q2, trailing the Russell 1000 Value by 180 basis points as AI-driven semiconductor leadership dominated. The manager trimmed technology winners to manage concentration and initiated waste services provider RSG. While broadly constructive on earnings and AI productivity gains, the manager flags fragile hyperscaler cash flows, elevated valuations, and difficult Fed policy as headwinds warranting discipline and quality focus ahead. | |||||||
| +10.7% | +13.4% | London Company's quality-focused large cap strategy underperformed in Q2 as high-beta AI and semiconductor names outside their quality threshold drove market gains. The portfolio benefited from semiconductor holdings Entegris and Texas Instruments plus Alphabet's AI-driven cloud strength. Despite constructive earnings and AI productivity outlook, the manager warns of fragile hyperscaler economics, elevated valuations, and historic concentration, expecting modest returns ahead while maintaining conviction in quality and downside protection. Full Quick Take London Company's quality-focused large cap strategy underperformed in Q2 as high-beta AI and semiconductor names outside their quality threshold drove market gains. The portfolio benefited from semiconductor holdings Entegris and Texas Instruments plus Alphabet's AI-driven cloud strength. Despite constructive earnings and AI productivity outlook, the manager warns of fragile hyperscaler economics, elevated valuations, and historic concentration, expecting modest returns ahead while maintaining conviction in quality and downside protection. | |||||||
| - | - | Voya MidCap Opportunities outperformed in Q2 2026 as markets rebounded sharply and leadership broadened beyond mega caps. AI infrastructure spending drove semiconductor and software gains, with MaxLinear, CrowdStrike, and Onto Innovation contributing. Defense and retail positions detracted. The managers expect continued broadening if earnings growth holds, though markets will become more selective on fundamentals as valuations remain elevated and equity supply increases. Full Quick Take Voya MidCap Opportunities outperformed in Q2 2026 as markets rebounded sharply and leadership broadened beyond mega caps. AI infrastructure spending drove semiconductor and software gains, with MaxLinear, CrowdStrike, and Onto Innovation contributing. Defense and retail positions detracted. The managers expect continued broadening if earnings growth holds, though markets will become more selective on fundamentals as valuations remain elevated and equity supply increases. | - | ||||||
| +17.3% | +10.9% | Artisan Global Discovery returned 17.4% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. The portfolio participated in AI infrastructure appreciation while maintaining discipline, with multiple semiconductor positions up over 100%. Health care holdings rose 19% on novel drug development momentum. The team initiated early-stage profit cycle positions in Entegris, Cellebrite and C.H. Robinson while exiting ROBLOX and MongoDB to redeploy into higher conviction opportunities with more attractive risk-reward. Full Quick Take Artisan Global Discovery returned 17.4% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. The portfolio participated in AI infrastructure appreciation while maintaining discipline, with multiple semiconductor positions up over 100%. Health care holdings rose 19% on novel drug development momentum. The team initiated early-stage profit cycle positions in Entegris, Cellebrite and C.H. Robinson while exiting ROBLOX and MongoDB to redeploy into higher conviction opportunities with more attractive risk-reward. | |||||||
| - | - | - | Hennessy Cornerstone Growth Fund combines value and momentum factors to build a 50-stock small cap portfolio using strict quantitative screens. The Fund is heavily overweight Industrials, Energy, Technology, and Materials, positioning for AI infrastructure buildout, manufacturing reshoring, grid electrification, defense spending, and materials scarcity. With a median 0.9x price-to-sales ratio versus 2.0x for the Russell 2000, the strategy targets attractively valued companies with strong price momentum. Full Quick Take Hennessy Cornerstone Growth Fund combines value and momentum factors to build a 50-stock small cap portfolio using strict quantitative screens. The Fund is heavily overweight Industrials, Energy, Technology, and Materials, positioning for AI infrastructure buildout, manufacturing reshoring, grid electrification, defense spending, and materials scarcity. With a median 0.9x price-to-sales ratio versus 2.0x for the Russell 2000, the strategy targets attractively valued companies with strong price momentum. | - | |||||
| +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. | - | ||||||
| +23.9% | +15.6% | TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. Full Quick Take TimesSquare's small cap growth strategy delivered 23.92% net in 2Q 2026, powered by AI infrastructure demand driving semiconductor and connectivity holdings up 70-190%. Data center buildouts created powerful tailwinds while consumer retailers, energy, and private credit faced headwinds from tariff uncertainty, commodity price reversals, and redemption concerns. The manager trimmed winners, increased Biopharma exposure, and sees AI capital expenditure creating sustained pricing dislocations for bottom-up stock selection. | - | ||||||
| +39.0% | +38.4% | Lord Abbett Developing Growth Fund delivered 39% returns in Q2 2026, crushing its benchmark through concentrated bets on AI infrastructure, semiconductors, and defense technology. The manager sees earnings growth driving markets higher but demands selectivity, favoring quality companies with secular tailwinds and strong balance sheets over leveraged cyclicals. AI adoption across semiconductors, cloud, and industrials remains the core thesis, with defense technology emerging as a new conviction area. Full Quick Take Lord Abbett Developing Growth Fund delivered 39% returns in Q2 2026, crushing its benchmark through concentrated bets on AI infrastructure, semiconductors, and defense technology. The manager sees earnings growth driving markets higher but demands selectivity, favoring quality companies with secular tailwinds and strong balance sheets over leveraged cyclicals. AI adoption across semiconductors, cloud, and industrials remains the core thesis, with defense technology emerging as a new conviction area. | - | ||||||
| +0.7% | - | - | The Fund sharply reduced duration to under one year as managers position for a structural shift to higher inflation. Globalization's disinflationary era is over, replaced by supply-chain fragmentation, labor scarcity, and capital-intensive industrial policy that will push equilibrium inflation from 1.5%-3.5% toward 3.5%-4.5%. Long-term Treasury yields face upward pressure from rising real rates, higher term premiums, and greater volatility. Full Quick Take The Fund sharply reduced duration to under one year as managers position for a structural shift to higher inflation. Globalization's disinflationary era is over, replaced by supply-chain fragmentation, labor scarcity, and capital-intensive industrial policy that will push equilibrium inflation from 1.5%-3.5% toward 3.5%-4.5%. Long-term Treasury yields face upward pressure from rising real rates, higher term premiums, and greater volatility. | - | |||||
| +3.0% | - | - | California high-yield municipal bonds rebounded in Q2 2026 with solid gains driven by attractive yields and healthy supply/demand. Security selection in workforce housing, charter schools, and hospitals drove outperformance. Despite mounting state budget pressures from spending growth outpacing revenues, strong reserves provide cushion. The manager maintains selective positioning in higher-quality issuers within energy prepay, development districts, and multifamily housing sectors offering attractive value. Full Quick Take California high-yield municipal bonds rebounded in Q2 2026 with solid gains driven by attractive yields and healthy supply/demand. Security selection in workforce housing, charter schools, and hospitals drove outperformance. Despite mounting state budget pressures from spending growth outpacing revenues, strong reserves provide cushion. The manager maintains selective positioning in higher-quality issuers within energy prepay, development districts, and multifamily housing sectors offering attractive value. | - | |||||
| +27.8% | +14.8% | - | Next Century Growth delivered exceptional Q2 returns led by AI infrastructure, semiconductors, and data centers, with small caps posting their best first half since 1991. The manager trimmed technology winners after sharp valuation expansion and redeployed into health care, industrials, and software. High conviction remains on small cap opportunities where accelerating earnings and reasonable valuations create a multi-year setup despite recent outperformance. Full Quick Take Next Century Growth delivered exceptional Q2 returns led by AI infrastructure, semiconductors, and data centers, with small caps posting their best first half since 1991. The manager trimmed technology winners after sharp valuation expansion and redeployed into health care, industrials, and software. High conviction remains on small cap opportunities where accelerating earnings and reasonable valuations create a multi-year setup despite recent outperformance. | - | |||||
| +45.4% | +42.4% | - | Next Century Growth Investors' small cap strategy surged 45.4% in Q2 2026, crushing benchmarks by 2,000 basis points through concentrated AI infrastructure, semiconductor, and industrial exposure. Technology holdings returned 90-120% as AI capex conviction returned. The manager trimmed winners after sharp gains, redeploying into health care and software. Small caps delivered their strongest first half since 1991, and accelerating earnings with attractive valuations create a compelling multi-year setup. Full Quick Take Next Century Growth Investors' small cap strategy surged 45.4% in Q2 2026, crushing benchmarks by 2,000 basis points through concentrated AI infrastructure, semiconductor, and industrial exposure. Technology holdings returned 90-120% as AI capex conviction returned. The manager trimmed winners after sharp gains, redeploying into health care and software. Small caps delivered their strongest first half since 1991, and accelerating earnings with attractive valuations create a compelling multi-year setup. | - | |||||
| +28.9% | +31.8% | - | Hood River's New Opportunities Fund delivered +28.88% in Q2 2026, outperforming by +486 bps through disciplined stock selection in technology, financials, and energy. The fund maintains selective AI infrastructure exposure grounded in hyperscaler capex and holds defense businesses benefiting from next-generation procurement. Despite modestly firmer valuations and hawkish Fed communication, the managers continue bottom-up research to identify mispriced growth opportunities in small and mid-cap stocks. Full Quick Take Hood River's New Opportunities Fund delivered +28.88% in Q2 2026, outperforming by +486 bps through disciplined stock selection in technology, financials, and energy. The fund maintains selective AI infrastructure exposure grounded in hyperscaler capex and holds defense businesses benefiting from next-generation procurement. Despite modestly firmer valuations and hawkish Fed communication, the managers continue bottom-up research to identify mispriced growth opportunities in small and mid-cap stocks. | - | |||||
| +8.8% | +14.1% | Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. Full Quick Take Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. | |||||||
| +29.6% | +14.8% | The fund returned 29.56% in Q2 2026, outperforming its benchmark by focusing on small and mid cap companies enabling AI infrastructure as the technology enters its agentic phase. Record capital spending is flowing into data center ecosystem companies building, servicing, and powering compute capacity. Top contributors included infrastructure services, semiconductor storage solutions, and cloud providers purpose-built for AI workloads. The fund maintains concentrated exposure to this accelerating demand cycle. Full Quick Take The fund returned 29.56% in Q2 2026, outperforming its benchmark by focusing on small and mid cap companies enabling AI infrastructure as the technology enters its agentic phase. Record capital spending is flowing into data center ecosystem companies building, servicing, and powering compute capacity. Top contributors included infrastructure services, semiconductor storage solutions, and cloud providers purpose-built for AI workloads. The fund maintains concentrated exposure to this accelerating demand cycle. | |||||||
| +30.3% | +37.4% | - | Hood River's Small Cap Growth Fund significantly outperformed in Q2 2026, driven by selective AI infrastructure and defense holdings. The managers maintain a disciplined, bottom-up approach focused on durable growth businesses with improving fundamentals, avoiding macro-driven repositioning despite hawkish Fed signals. With meaningful sector weight deviations post-reconstitution and continued identification of mispriced opportunities, the team views elevated market dispersion as favorable for active stock selection. Full Quick Take Hood River's Small Cap Growth Fund significantly outperformed in Q2 2026, driven by selective AI infrastructure and defense holdings. The managers maintain a disciplined, bottom-up approach focused on durable growth businesses with improving fundamentals, avoiding macro-driven repositioning despite hawkish Fed signals. With meaningful sector weight deviations post-reconstitution and continued identification of mispriced opportunities, the team views elevated market dispersion as favorable for active stock selection. | - | |||||
| +11.6% | +6.1% | Bristol Gate's dividend-growth strategy lagged in Q2 2026 as mega-cap tech dominated, but the machine learning model continues identifying high dividend-growth opportunities across styles. The manager added five positions in AI infrastructure, aerospace, and insurance while exiting five names facing AI disruption or moderating dividend growth. The equal-weighted 22-stock portfolio with 15.4% TTM dividend growth remains positioned for infrastructure bottlenecks and technology cycle shifts. Full Quick Take Bristol Gate's dividend-growth strategy lagged in Q2 2026 as mega-cap tech dominated, but the machine learning model continues identifying high dividend-growth opportunities across styles. The manager added five positions in AI infrastructure, aerospace, and insurance while exiting five names facing AI disruption or moderating dividend growth. The equal-weighted 22-stock portfolio with 15.4% TTM dividend growth remains positioned for infrastructure bottlenecks and technology cycle shifts. | |||||||
| +1.8% | +1.9% | BBH Intermediate Municipal Bond Fund outperformed its benchmark by 9 bps in Q2 2026, driven by niche sector exposure and non-standard structures including prepaid energy bonds backed by Alphabet and Citigroup. Despite strong municipal market technicals from record fund inflows, the manager views credit past its peak given healthcare and higher education headwinds from federal policy changes. Opportunity remains in less-crowded market segments offering attractive risk-adjusted yields. Full Quick Take BBH Intermediate Municipal Bond Fund outperformed its benchmark by 9 bps in Q2 2026, driven by niche sector exposure and non-standard structures including prepaid energy bonds backed by Alphabet and Citigroup. Despite strong municipal market technicals from record fund inflows, the manager views credit past its peak given healthcare and higher education headwinds from federal policy changes. Opportunity remains in less-crowded market segments offering attractive risk-adjusted yields. | - | ||||||
| +16.6% | +14.6% | Kathmandu Capital delivered 16.64% net in Q2 2025 by tactically navigating tariff volatility and emphasizing international diversification. The manager sees a fragile U.S. economy with 120% debt-to-GDP and elevated valuations, positioning the portfolio in mispriced small-caps across Asia and Latin America. New position ACM Research captures China semiconductor onshoring while OMAB benefits from Mexican nearshoring tailwinds. The fund remains cautious but fully invested after deploying cash raised mid-quarter. Full Quick Take Kathmandu Capital delivered 16.64% net in Q2 2025 by tactically navigating tariff volatility and emphasizing international diversification. The manager sees a fragile U.S. economy with 120% debt-to-GDP and elevated valuations, positioning the portfolio in mispriced small-caps across Asia and Latin America. New position ACM Research captures China semiconductor onshoring while OMAB benefits from Mexican nearshoring tailwinds. The fund remains cautious but fully invested after deploying cash raised mid-quarter. | |||||||
| - | - | 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. | |||||||
| +25.1% | +11.4% | Alger Spectra returned 25.05% in Q2 2026, outperforming its benchmark by 800 basis points. The fund is positioned in AI infrastructure companies benefiting from record capital spending as the technology enters its agentic phase. Top contributors included Nebius Group, Astera Labs, and Western Digital, all capitalizing on surging demand for AI computing power and data center expansion by hyperscale cloud providers. Full Quick Take Alger Spectra returned 25.05% in Q2 2026, outperforming its benchmark by 800 basis points. The fund is positioned in AI infrastructure companies benefiting from record capital spending as the technology enters its agentic phase. Top contributors included Nebius Group, Astera Labs, and Western Digital, all capitalizing on surging demand for AI computing power and data center expansion by hyperscale cloud providers. | |||||||
| +19.0% | +4.4% | The fund delivered strong outperformance driven by healthcare stock selection and AI-beneficiary technology holdings. Managers view AI infrastructure spending as a transformative economic driver, with computing power demand exceeding supply and creating pricing power across the supply chain. The portfolio balances direct AI capability builders with capital spending beneficiaries. Despite margin pressure at select holdings, the team maintains conviction in long-term enterprise value creation through disciplined fundamental analysis. Full Quick Take The fund delivered strong outperformance driven by healthcare stock selection and AI-beneficiary technology holdings. Managers view AI infrastructure spending as a transformative economic driver, with computing power demand exceeding supply and creating pricing power across the supply chain. The portfolio balances direct AI capability builders with capital spending beneficiaries. Despite margin pressure at select holdings, the team maintains conviction in long-term enterprise value creation through disciplined fundamental analysis. | |||||||
| +13.2% | +10.5% | T. Bailey UK Responsibly Invested Equity Fund delivered 13.24% in Q2 2026, outperforming the broader UK market with 10.54% YTD returns. Performance was driven by quality holdings including Keller Group and Intertek Group, which benefited from a takeover bid. The high-conviction portfolio of 31 ESG-screened UK companies focuses on financially robust businesses with strong operations and sustainable practices. Full Quick Take T. Bailey UK Responsibly Invested Equity Fund delivered 13.24% in Q2 2026, outperforming the broader UK market with 10.54% YTD returns. Performance was driven by quality holdings including Keller Group and Intertek Group, which benefited from a takeover bid. The high-conviction portfolio of 31 ESG-screened UK companies focuses on financially robust businesses with strong operations and sustainable practices. | - | ||||||
| - | - | Titan Wealth's multi-manager strategies delivered exceptional first-half returns driven by concentrated AI and semiconductor exposure, with technology up 33% and emerging markets outperforming by 10 percentage points. Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA. Recently added healthcare to diversify concentration risk while expecting markets to grind higher despite elevated valuations and sticky inflation. Full Quick Take Titan Wealth's multi-manager strategies delivered exceptional first-half returns driven by concentrated AI and semiconductor exposure, with technology up 33% and emerging markets outperforming by 10 percentage points. Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA. Recently added healthcare to diversify concentration risk while expecting markets to grind higher despite elevated valuations and sticky inflation. | |||||||
| +5.0% | +6.0% | RS Large Cap Value underperformed in Q2 2026, returning 5.03% net versus 13.87% for the Russell 1000 Value Index. Market leadership shifted from hyperscalers to AI infrastructure providers. The team maintains its ROIC-focused value approach, seeking companies with improving returns and deep valuation discounts. Key holdings include CVS Health recovering from Medicare Advantage pressures and MarketAxess benefiting from structural change. Strict valuation discipline and margin of safety remain paramount. Full Quick Take RS Large Cap Value underperformed in Q2 2026, returning 5.03% net versus 13.87% for the Russell 1000 Value Index. Market leadership shifted from hyperscalers to AI infrastructure providers. The team maintains its ROIC-focused value approach, seeking companies with improving returns and deep valuation discounts. Key holdings include CVS Health recovering from Medicare Advantage pressures and MarketAxess benefiting from structural change. Strict valuation discipline and margin of safety remain paramount. | |||||||
| +2.2% | - | Third Avenue International Real Estate Value Fund trades at 10 times earnings, half the valuation of U.S. REITs, despite similar earnings growth. The manager added positions in Spanish homebuilder Neinor and Australian industrial REIT Dexus Industria, deepening exposure to chronically undersupplied residential markets and logistics real estate. With 10% earnings yield and high-single-digit growth, the manager views this as one of the most attractive entry points in Fund history. Full Quick Take Third Avenue International Real Estate Value Fund trades at 10 times earnings, half the valuation of U.S. REITs, despite similar earnings growth. The manager added positions in Spanish homebuilder Neinor and Australian industrial REIT Dexus Industria, deepening exposure to chronically undersupplied residential markets and logistics real estate. With 10% earnings yield and high-single-digit growth, the manager views this as one of the most attractive entry points in Fund history. | |||||||
| +18.8% | +15.1% | Hardman Johnston's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits. Despite geopolitical uncertainty and hawkish Fed policy, the portfolio remains focused on high-quality companies positioned for long-term secular growth. Full Quick Take Hardman Johnston's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits. Despite geopolitical uncertainty and hawkish Fed policy, the portfolio remains focused on high-quality companies positioned for long-term secular growth. | - | ||||||
| - | - | ClearBridge Mid Cap Growth outperformed in Q2 2026 by identifying durable value in AI infrastructure bottlenecks like memory and data connectivity while capturing industrial recovery in equipment rental and modular space. The Strategy added AI beneficiaries Lumentum and Sterling Infrastructure alongside nuclear and biotech opportunities, balancing exposure across the generational AI investment cycle and emerging cyclical recovery rather than chasing benchmark shifts. Full Quick Take ClearBridge Mid Cap Growth outperformed in Q2 2026 by identifying durable value in AI infrastructure bottlenecks like memory and data connectivity while capturing industrial recovery in equipment rental and modular space. The Strategy added AI beneficiaries Lumentum and Sterling Infrastructure alongside nuclear and biotech opportunities, balancing exposure across the generational AI investment cycle and emerging cyclical recovery rather than chasing benchmark shifts. | - | ||||||
| - | - | ClearBridge International Growth ADR Strategy capitalized on AI infrastructure supply chain bottlenecks in Q2 2026, with semiconductor equipment makers and optical networking suppliers driving outperformance. The portfolio aggressively repositioned toward Japan, now the highest-conviction opportunity given governance reforms and AI exposure. Fifteen new positions were initiated focused on areas where scarcity is creating pricing power across memory, analog chips, data storage, and data center connectivity. Full Quick Take ClearBridge International Growth ADR Strategy capitalized on AI infrastructure supply chain bottlenecks in Q2 2026, with semiconductor equipment makers and optical networking suppliers driving outperformance. The portfolio aggressively repositioned toward Japan, now the highest-conviction opportunity given governance reforms and AI exposure. Fifteen new positions were initiated focused on areas where scarcity is creating pricing power across memory, analog chips, data storage, and data center connectivity. | - | ||||||
| +20.6% | +12.7% | Hardman Johnston's global equity strategy returned 20.6% net in Q2 2026, driven by semiconductor holdings Infineon and STMicroelectronics benefiting from improving industry conditions and AI data center demand. The manager remains constructive on long-term secular themes including AI infrastructure, energy transition, and European defense spending, while acknowledging cyclical risks in semiconductors and navigating geopolitical uncertainty and higher-for-longer interest rates under hawkish Fed leadership. Full Quick Take Hardman Johnston's global equity strategy returned 20.6% net in Q2 2026, driven by semiconductor holdings Infineon and STMicroelectronics benefiting from improving industry conditions and AI data center demand. The manager remains constructive on long-term secular themes including AI infrastructure, energy transition, and European defense spending, while acknowledging cyclical risks in semiconductors and navigating geopolitical uncertainty and higher-for-longer interest rates under hawkish Fed leadership. | - | ||||||
| - | +36.2% | Asian frontier markets delivered strong May 2026 performance led by Uzbekistan's landmark UzNIF IPO and Pakistan's resilient recovery from Middle East conflict volatility. Uzbekistan's capital markets development is accelerating from an extremely low base while Vietnam shows a historic valuation disconnect with the fund's portfolio at 8.8x earnings despite 40% earnings growth. Iraq's banks are paying exceptional dividends. Geopolitical risks remain elevated but fundamentals and valuations support long-term conviction. Full Quick Take Asian frontier markets delivered strong May 2026 performance led by Uzbekistan's landmark UzNIF IPO and Pakistan's resilient recovery from Middle East conflict volatility. Uzbekistan's capital markets development is accelerating from an extremely low base while Vietnam shows a historic valuation disconnect with the fund's portfolio at 8.8x earnings despite 40% earnings growth. Iraq's banks are paying exceptional dividends. Geopolitical risks remain elevated but fundamentals and valuations support long-term conviction. |
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