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 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. Full Quick Take ClearBridge All Cap Growth underperformed in Q2 as mega cap AI leadership resumed following tariff volatility, with the Strategy's diversified positioning creating a headwind versus the concentrated benchmark. Health care holdings detracted significantly due to Medicare Advantage pressures and execution challenges. The team upgraded biopharmaceutical and high-growth IT exposure through four new positions while exiting underperformers, positioning for improved upside capture with quality growth companies capable of navigating macro uncertainty. | |||||||
| -12.6% | -4.3% | Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. Full Quick Take Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. | |||||||
| +6.4% | -7.5% | The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. Full Quick Take The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. | |||||||
| +27.0% | +15.7% | Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. Full Quick Take Baron Opportunity Fund surged 27% in Q2 2026, crushing benchmarks through concentrated bets on AI infrastructure winners. SpaceX IPO'd at $1.77 trillion after deploying the world's largest AI compute cluster. Hyperscalers are spending $700 billion on AI infrastructure with $1.4 trillion in backlogs, while agentic workloads drive token demand up 300x. Semiconductor positions in NVIDIA, Broadcom, and Micron captured the custom silicon and memory inflection. Portfolio remains concentrated in 46 high-conviction secular growth leaders. | |||||||
| +18.7% | +1.2% | International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. Full Quick Take International Growth delivered 18.7% in Q2 2026, driven by concentrated AI infrastructure exposure across semiconductors and equipment. Taiwan Semiconductor, ASML, and SK hynix led gains on accelerating memory pricing and agentic AI demand. The manager added Arm, Siemens Energy, and Samsung to capture CPU inflection, power constraints, and HBM opportunities. Portfolio trades at 23x forward earnings versus 14x market, with rising growth expectations creating compelling multiyear value. | |||||||
| +22.2% | +4.0% | Sands Capital Global Growth posted 22.2 percent net returns in Q2 2026, driven by AI infrastructure businesses including SK hynix, Bloom Energy, and Taiwan Semiconductor. Memory shortages are structural and multiyear, with supply constraints extending through at least late 2027. Power limitations are creating new data center opportunities. The portfolio added Arm Holdings, Lenskart, and SpaceX while consolidating internet exposure. Despite strong performance, the portfolio trades at historically low valuations relative to the market. Full Quick Take Sands Capital Global Growth posted 22.2 percent net returns in Q2 2026, driven by AI infrastructure businesses including SK hynix, Bloom Energy, and Taiwan Semiconductor. Memory shortages are structural and multiyear, with supply constraints extending through at least late 2027. Power limitations are creating new data center opportunities. The portfolio added Arm Holdings, Lenskart, and SpaceX while consolidating internet exposure. Despite strong performance, the portfolio trades at historically low valuations relative to the market. | |||||||
| +23.2% | +7.2% | Select Growth returned 23.2 percent in Q2 2026, outperforming on broad AI infrastructure strength. The portfolio benefited from accelerating demand for memory, storage, and data center power as agentic AI created new bottlenecks. Top contributors spanned the semiconductor value chain from chips to fabrication to equipment. The team added exposure to memory, CPUs, and power while reducing consumer internet, positioning for durable AI infrastructure demand. Full Quick Take Select Growth returned 23.2 percent in Q2 2026, outperforming on broad AI infrastructure strength. The portfolio benefited from accelerating demand for memory, storage, and data center power as agentic AI created new bottlenecks. Top contributors spanned the semiconductor value chain from chips to fabrication to equipment. The team added exposure to memory, CPUs, and power while reducing consumer internet, positioning for durable AI infrastructure demand. | |||||||
| +7.7% | -0.9% | Weitz Partners III returned 7.97% in Q2 2026, underperforming the 15.71% benchmark as valuation discipline limited participation in concentrated AI gains. The fund selectively invested in AI through Texas Instruments and Alphabet while exiting Accenture and Salesforce on disintermediation concerns. New positions in Netflix and Capital One represent contrarian value opportunities. Cash rose to 12% as managers adopted a modestly defensive stance amid elevated valuations. Full Quick Take Weitz Partners III returned 7.97% in Q2 2026, underperforming the 15.71% benchmark as valuation discipline limited participation in concentrated AI gains. The fund selectively invested in AI through Texas Instruments and Alphabet while exiting Accenture and Salesforce on disintermediation concerns. New positions in Netflix and Capital One represent contrarian value opportunities. Cash rose to 12% as managers adopted a modestly defensive stance amid elevated valuations. | |||||||
| - | -5.7% | Portfolio underperformed despite strong operational progress across holdings, with businesses now trading at lower valuations. MercadoLibre accelerated growth through reinvestment while Spotify expanded margins with AI monetization. Semiconductor leaders TSMC and ASML benefited from AI infrastructure demand. Added SK Hynix, Lonza, and CATL for exposure to memory, biologics, and batteries. Team views combination of operating progress at reduced prices as precursor to strong long-term returns. Full Quick Take Portfolio underperformed despite strong operational progress across holdings, with businesses now trading at lower valuations. MercadoLibre accelerated growth through reinvestment while Spotify expanded margins with AI monetization. Semiconductor leaders TSMC and ASML benefited from AI infrastructure demand. Added SK Hynix, Lonza, and CATL for exposure to memory, biologics, and batteries. Team views combination of operating progress at reduced prices as precursor to strong long-term returns. | |||||||
| +17.6% | +4.6% | Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. Full Quick Take Harbor Capital Appreciation Fund returned 17.65% in Q2 2026, outperforming benchmarks through strong stock selection in Information Technology. AI infrastructure investment drove performance, with semiconductor and cloud infrastructure companies leading gains. The managers initiated positions in SanDisk, SpaceX, and Starbucks while maintaining focus on high-quality growth companies with competitive moats. Despite macro uncertainties, they view AI as a transformational multi-year opportunity across sectors. | - | ||||||
| - | -0.2% | Holland Advisors is rotating away from market speculation in unproven AI beneficiaries toward established network businesses with sustainable competitive advantages trading at 30-50% discounts. The fund added to Amazon, Meta, Netflix, Nu Holdings, Wise, and Block on weakness while initiating positions in Mercado Libre, Sea Limited, Constellation, and AppFolio. With 87% invested alongside owner-managers and double unleveraged exposure, the portfolio targets 20% annual compounding from proven digital leaders embracing AI innovation. Full Quick Take Holland Advisors is rotating away from market speculation in unproven AI beneficiaries toward established network businesses with sustainable competitive advantages trading at 30-50% discounts. The fund added to Amazon, Meta, Netflix, Nu Holdings, Wise, and Block on weakness while initiating positions in Mercado Libre, Sea Limited, Constellation, and AppFolio. With 87% invested alongside owner-managers and double unleveraged exposure, the portfolio targets 20% annual compounding from proven digital leaders embracing AI innovation. | - | ||||||
| +13.8% | +8.7% | The Fund returned 13.8% in Q2 2026, outperforming on semiconductor equipment strength as AI infrastructure build-out accelerated. Applied Materials, KLA and Lam Research all doubled as memory and foundry capex surged. Hyperscalers raised 2026 capex to $758bn but underperformed on monetization concerns. Geopolitical tensions eased with oil falling from $120 to $70s, though inflation hit three-year highs. The Fund added AMD and Nasdaq while exiting Adobe and Intuit. Full Quick Take The Fund returned 13.8% in Q2 2026, outperforming on semiconductor equipment strength as AI infrastructure build-out accelerated. Applied Materials, KLA and Lam Research all doubled as memory and foundry capex surged. Hyperscalers raised 2026 capex to $758bn but underperformed on monetization concerns. Geopolitical tensions eased with oil falling from $120 to $70s, though inflation hit three-year highs. The Fund added AMD and Nasdaq while exiting Adobe and Intuit. | |||||||
| +4.5% | - | Magellan Global Opportunities returned 4.5% in Q2 2026, underperforming the 12.5% benchmark as AI speculation reached bubble-like extremes with semiconductors surging 88%. The manager refuses to chase momentum-driven leadership, instead selectively adding to neglected quality franchises at the most attractive valuations since post-Covid. Portfolio holds 20-40 high-quality global companies with durable competitive advantages, maintaining discipline to avoid permanent capital loss. Full Quick Take Magellan Global Opportunities returned 4.5% in Q2 2026, underperforming the 12.5% benchmark as AI speculation reached bubble-like extremes with semiconductors surging 88%. The manager refuses to chase momentum-driven leadership, instead selectively adding to neglected quality franchises at the most attractive valuations since post-Covid. Portfolio holds 20-40 high-quality global companies with durable competitive advantages, maintaining discipline to avoid permanent capital loss. | |||||||
| +4.3% | -7.1% | Magellan underperformed in Q2 2026 as semiconductor stocks surged 88% in bubble-like conditions the manager deliberately avoided to protect capital. The fund added to quality franchises outside AI themes now trading at post-Covid attractive valuations. Top contributors were TSMC on AI chip demand, UnitedHealth on margin recovery, and Adidas on brand momentum. The manager views current market narrowness as creating compelling long-term opportunities in neglected quality businesses. Full Quick Take Magellan underperformed in Q2 2026 as semiconductor stocks surged 88% in bubble-like conditions the manager deliberately avoided to protect capital. The fund added to quality franchises outside AI themes now trading at post-Covid attractive valuations. Top contributors were TSMC on AI chip demand, UnitedHealth on margin recovery, and Adidas on brand momentum. The manager views current market narrowness as creating compelling long-term opportunities in neglected quality businesses. | |||||||
| +12.7% | - | Mar Vista's U.S. Quality strategy returned 12.71% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager maintains conviction in high-quality businesses with durable competitive advantages, adding ASML and StandardAero while exiting Intuit. Artificial intelligence is transitioning from infrastructure spending to execution-driven returns. Despite geopolitical uncertainty and elevated valuations in certain areas, earnings growth and disciplined capital allocation should drive long-term outperformance for quality-focused investors. Full Quick Take Mar Vista's U.S. Quality strategy returned 12.71% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager maintains conviction in high-quality businesses with durable competitive advantages, adding ASML and StandardAero while exiting Intuit. Artificial intelligence is transitioning from infrastructure spending to execution-driven returns. Despite geopolitical uncertainty and elevated valuations in certain areas, earnings growth and disciplined capital allocation should drive long-term outperformance for quality-focused investors. | |||||||
| +10.2% | - | Mar Vista's U.S. Quality Premier returned 10.15% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager sees AI entering a more productive phase, favoring companies converting infrastructure investments into durable earnings growth. Portfolio activity included initiating ASML, exiting Intuit on AI disruption concerns, and adding to semiconductor and aerospace positions. The manager expects earnings growth and execution to drive future returns. Full Quick Take Mar Vista's U.S. Quality Premier returned 10.15% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager sees AI entering a more productive phase, favoring companies converting infrastructure investments into durable earnings growth. Portfolio activity included initiating ASML, exiting Intuit on AI disruption concerns, and adding to semiconductor and aerospace positions. The manager expects earnings growth and execution to drive future returns. | |||||||
| - | - | Donville Kent owns high-growth small-cap companies trading at 8.7x earnings while growing 52%, versus major indices at 16-26x with half the growth. Small caps are at historic valuation discounts that have always reversed. Portfolio companies delivered record 2025 results and are on pace for new records in 2026. The fund provides diversification from expensive momentum stocks with superior growth-to-value trade-offs and substantial margin of safety. Full Quick Take Donville Kent owns high-growth small-cap companies trading at 8.7x earnings while growing 52%, versus major indices at 16-26x with half the growth. Small caps are at historic valuation discounts that have always reversed. Portfolio companies delivered record 2025 results and are on pace for new records in 2026. The fund provides diversification from expensive momentum stocks with superior growth-to-value trade-offs and substantial margin of safety. | |||||||
| - | -2.9% | Fundsmith is adapting to a momentum-dominated market by increasing portfolio activity while maintaining its quality focus. The fund executed significant portfolio changes in H1 2026, exiting underperformers and initiating positions in companies with strong fundamental momentum across data center infrastructure, payments, streaming, and AI-driven advertising. Despite near-term underperformance, the portfolio's superior fundamentals and reasonable valuation position it for long-term outperformance when momentum inevitably reverses. Full Quick Take Fundsmith is adapting to a momentum-dominated market by increasing portfolio activity while maintaining its quality focus. The fund executed significant portfolio changes in H1 2026, exiting underperformers and initiating positions in companies with strong fundamental momentum across data center infrastructure, payments, streaming, and AI-driven advertising. Despite near-term underperformance, the portfolio's superior fundamentals and reasonable valuation position it for long-term outperformance when momentum inevitably reverses. | |||||||
| +7.8% | -1.1% | Weitz underperformed in Q2 2026 as their valuation discipline kept them from chasing expensive AI momentum. They selectively own Texas Instruments and Alphabet within AI while trimming winners and raising cash modestly. New positions in Netflix (ad-tier growth strategy) and Mettler-Toledo (price dislocation) demonstrate opportunistic deployment. The managers remain constructive on quality businesses trading at reasonable valuations despite near-term market preference for growth at any price. Full Quick Take Weitz underperformed in Q2 2026 as their valuation discipline kept them from chasing expensive AI momentum. They selectively own Texas Instruments and Alphabet within AI while trimming winners and raising cash modestly. New positions in Netflix (ad-tier growth strategy) and Mettler-Toledo (price dislocation) demonstrate opportunistic deployment. The managers remain constructive on quality businesses trading at reasonable valuations despite near-term market preference for growth at any price. | |||||||
| -15.6% | -15.6% | Ithaka's concentrated growth strategy lagged in Q1 2026 amid geopolitical shocks and AI infrastructure uncertainty. Strong aerospace performance from Howmet offset technology weakness driven by AI disruption fears. The firm maintains conviction in high-quality growth companies with durable advantages, including surgical robotics leader Intuitive Surgical addressing vast addressable markets. Full Quick Take Ithaka's concentrated growth strategy lagged in Q1 2026 amid geopolitical shocks and AI infrastructure uncertainty. Strong aerospace performance from Howmet offset technology weakness driven by AI disruption fears. The firm maintains conviction in high-quality growth companies with durable advantages, including surgical robotics leader Intuitive Surgical addressing vast addressable markets. | - | ||||||
| -9.5% | -9.5% | Concentrated fund targeting 15% annual returns through owner-manager led compounders with sustainable advantages. Top holdings in payments disruption (Block, Wise, Nubank) and undervalued travel (Jet2 at 5x PE). Portfolio positioned for AI transformation with businesses having lowest unit costs and customer obsession. Strong historical performance despite -9.5% YTD. Full Quick Take Concentrated fund targeting 15% annual returns through owner-manager led compounders with sustainable advantages. Top holdings in payments disruption (Block, Wise, Nubank) and undervalued travel (Jet2 at 5x PE). Portfolio positioned for AI transformation with businesses having lowest unit costs and customer obsession. Strong historical performance despite -9.5% YTD. | - | ||||||
| - | - | TYME Advisors' Q4 2025 letter outlines a defensive, macro-driven approach focused on global rearmament, exchanges, and precious metals, utilizing disciplined systematic overlays to exit Bitcoin and hedge Yen exposure. Full Quick Take TYME Advisors' Q4 2025 letter outlines a defensive, macro-driven approach focused on global rearmament, exchanges, and precious metals, utilizing disciplined systematic overlays to exit Bitcoin and hedge Yen exposure. | - | ||||||
| -27.3% | +18.3% | Datacenter Capex Cycle & AI Bull Market, Quality Growth Performance Headwinds, Additional Keywords & Themes | Polen Global Growth lagged its index in Q4 2025 due to a market preference for high-beta names, but actively realigned capital by establishing core positions in Tencent and Spotify, while maintaining a highly bullish stance on the structural AI datacenter capex cycle. Full Quick Take Polen Global Growth lagged its index in Q4 2025 due to a market preference for high-beta names, but actively realigned capital by establishing core positions in Tencent and Spotify, while maintaining a highly bullish stance on the structural AI datacenter capex cycle. | - | |||||
| - | - | Hinde Group outperformed significantly in Q2 2025 despite tariff-induced market stress, with concentrated positions in IBKR, Uber, Alphabet, and Netflix driving 19.45% net returns. The manager trimmed Netflix after strong recovery but remains confident in the portfolio's resilience despite ongoing trade policy risks and inflation pressures ahead. Full Quick Take Hinde Group outperformed significantly in Q2 2025 despite tariff-induced market stress, with concentrated positions in IBKR, Uber, Alphabet, and Netflix driving 19.45% net returns. The manager trimmed Netflix after strong recovery but remains confident in the portfolio's resilience despite ongoing trade policy risks and inflation pressures ahead. | - | ||||||
| - | - | ClearBridge All Cap Growth underperformed in Q2 2025's risk-on rebound due to diversified positioning versus concentrated benchmark. Health care holdings weighed on performance while AI and streaming names contributed. Team initiated four new positions including Novo Nordisk, Alnylam, Synopsys, and Palantir while exiting Target and others. Portfolio positioned for various economic scenarios with balanced growth exposure. Full Quick Take ClearBridge All Cap Growth underperformed in Q2 2025's risk-on rebound due to diversified positioning versus concentrated benchmark. Health care holdings weighed on performance while AI and streaming names contributed. Team initiated four new positions including Novo Nordisk, Alnylam, Synopsys, and Palantir while exiting Target and others. Portfolio positioned for various economic scenarios with balanced growth exposure. | |||||||
| +30.6% | - | The Sound Shore Fund posted moderate Q2 gains, trailing benchmarks, but capitalized on volatility to buy discounted healthcare assets while benefiting from AI infrastructure tailwinds via FLEX. Full Quick Take The Sound Shore Fund posted moderate Q2 gains, trailing benchmarks, but capitalized on volatility to buy discounted healthcare assets while benefiting from AI infrastructure tailwinds via FLEX. | |||||||
| +15.0% | +6.7% | The RiverPark Large Growth Fund posted a strong 15.01% gain in Q2 2025, buoyed by secular AI and cloud giants like NVIDIA and Microsoft, while maintaining strong conviction in high-quality core holdings despite temporary market volatility. Full Quick Take The RiverPark Large Growth Fund posted a strong 15.01% gain in Q2 2025, buoyed by secular AI and cloud giants like NVIDIA and Microsoft, while maintaining strong conviction in high-quality core holdings despite temporary market volatility. | |||||||
| - | +56.6% | Rowan Street Capital's 10-year journey demonstrates the power of patient, long-term investing in exceptional businesses. After surviving a brutal 2021-2022 period by maintaining conviction in quality holdings like Meta and Spotify, the fund delivered extraordinary recoveries with 102.6% returns in 2023 and 56.6% in 2024, validating their disciplined approach to compounding. Full Quick Take Rowan Street Capital's 10-year journey demonstrates the power of patient, long-term investing in exceptional businesses. After surviving a brutal 2021-2022 period by maintaining conviction in quality holdings like Meta and Spotify, the fund delivered extraordinary recoveries with 102.6% returns in 2023 and 56.6% in 2024, validating their disciplined approach to compounding. | |||||||
| -7.2% | - | RiverPark Large Growth Fund fell 7.21% in Q1 2025, outperforming its benchmark despite Magnificent 7 tech stock pullbacks from valuation concerns and Trump tariff announcements. Uber, Visa, and Eli Lilly were top contributors while NVIDIA, Alphabet, and Apple detracted. Manager maintains confidence in portfolio's long-term prospects despite near-term volatility. Full Quick Take RiverPark Large Growth Fund fell 7.21% in Q1 2025, outperforming its benchmark despite Magnificent 7 tech stock pullbacks from valuation concerns and Trump tariff announcements. Uber, Visa, and Eli Lilly were top contributors while NVIDIA, Alphabet, and Apple detracted. Manager maintains confidence in portfolio's long-term prospects despite near-term volatility. | - | ||||||
| -8.0% | - | Baron Focused Growth Fund outperformed benchmarks despite Q1 challenges from tariff uncertainty affecting cyclical holdings. Strong recurring revenue base, founder-led management, and robust balance sheets position the portfolio well for current uncertainty. Recent market declines create attractive entry points in competitively advantaged growth businesses, with the fund actively deploying capital into both existing and new opportunities. Full Quick Take Baron Focused Growth Fund outperformed benchmarks despite Q1 challenges from tariff uncertainty affecting cyclical holdings. Strong recurring revenue base, founder-led management, and robust balance sheets position the portfolio well for current uncertainty. Recent market declines create attractive entry points in competitively advantaged growth businesses, with the fund actively deploying capital into both existing and new opportunities. | - | ||||||
| +1.1% | +1.1% | International Growth underperformed in Q1 as growth stocks faced severe headwinds amid trade war concerns. Strong performance from Sea, Spotify, and MercadoLibre was offset by weakness in Taiwan Semiconductor and Flutter Entertainment. The manager remains cautious on escalating U.S.-China trade tensions but believes the portfolio is better positioned for uncertainty with improved diversification and fundamentals. Full Quick Take International Growth underperformed in Q1 as growth stocks faced severe headwinds amid trade war concerns. Strong performance from Sea, Spotify, and MercadoLibre was offset by weakness in Taiwan Semiconductor and Flutter Entertainment. The manager remains cautious on escalating U.S.-China trade tensions but believes the portfolio is better positioned for uncertainty with improved diversification and fundamentals. | - | ||||||
| -13.3% | -13.3% | Mid-cap growth fund underperformed amid market volatility from trade tensions and AI competition concerns. Despite correction territory entry, maintains conviction in secular themes of AI adoption, cloud computing, and corporate digitization. Strong performance from aerospace aftermarket leader HEICO, streaming platform Spotify, and data analytics firm Palantir offset weakness in semiconductor and ad-tech holdings. Full Quick Take Mid-cap growth fund underperformed amid market volatility from trade tensions and AI competition concerns. Despite correction territory entry, maintains conviction in secular themes of AI adoption, cloud computing, and corporate digitization. Strong performance from aerospace aftermarket leader HEICO, streaming platform Spotify, and data analytics firm Palantir offset weakness in semiconductor and ad-tech holdings. | - | ||||||
| -2.0% | - | Fund outperformed S&P 500 despite tariff volatility by holding companies with strong secular tailwinds. Spotify leads with streaming growth, Caesars benefits from gaming legalization, and Chinese tech trades cheaply. Manager views current uncertainty as temporary disruption to solid underlying earnings power, positioning for recovery when tariff fears subside. Full Quick Take Fund outperformed S&P 500 despite tariff volatility by holding companies with strong secular tailwinds. Spotify leads with streaming growth, Caesars benefits from gaming legalization, and Chinese tech trades cheaply. Manager views current uncertainty as temporary disruption to solid underlying earnings power, positioning for recovery when tariff fears subside. | - | ||||||
| -6.0% | -6.0% | Global Growth declined 6.0% in Q1 amid growth stock rotation but outperformed growth indices. AI concerns around DeepSeek appear overblown given strong hyperscaler capex guidance and emerging real-world applications. Portfolio additions focused on improving earnings stability while maintaining conviction in AI infrastructure leaders like NVIDIA. Rising trade tensions increase macro risks, but portfolio positioning has improved significantly since 2021. Full Quick Take Global Growth declined 6.0% in Q1 amid growth stock rotation but outperformed growth indices. AI concerns around DeepSeek appear overblown given strong hyperscaler capex guidance and emerging real-world applications. Portfolio additions focused on improving earnings stability while maintaining conviction in AI infrastructure leaders like NVIDIA. Rising trade tensions increase macro risks, but portfolio positioning has improved significantly since 2021. | - | ||||||
| -10.1% | -10.1% | Select Growth underperformed modestly in Q1 as AI skepticism and trade tensions pressured growth stocks. Despite DeepSeek concerns, managers maintain AI conviction citing strong infrastructure spending and emerging applications. Portfolio repositioned toward semiconductor leaders Broadcom and TSMC while exiting lower-conviction holdings. Trade policy risks threaten global growth, but improved portfolio diversification and quality metrics provide better downside protection than 2021. Full Quick Take Select Growth underperformed modestly in Q1 as AI skepticism and trade tensions pressured growth stocks. Despite DeepSeek concerns, managers maintain AI conviction citing strong infrastructure spending and emerging applications. Portfolio repositioned toward semiconductor leaders Broadcom and TSMC while exiting lower-conviction holdings. Trade policy risks threaten global growth, but improved portfolio diversification and quality metrics provide better downside protection than 2021. | - | ||||||
| -12.6% | -12.6% | Alger Spectra Fund faced headwinds in Q1 2025 from trade policy uncertainty and AI competitive concerns, underperforming despite strong secular themes. While major tech holdings like NVIDIA and Microsoft detracted, aerospace parts supplier HEICO, streaming leader Spotify, and waste management company GFL contributed positively. The fund maintains conviction in AI, cloud computing, and corporate digitization trends. Full Quick Take Alger Spectra Fund faced headwinds in Q1 2025 from trade policy uncertainty and AI competitive concerns, underperforming despite strong secular themes. While major tech holdings like NVIDIA and Microsoft detracted, aerospace parts supplier HEICO, streaming leader Spotify, and waste management company GFL contributed positively. The fund maintains conviction in AI, cloud computing, and corporate digitization trends. | - | ||||||
| -10.1% | -10.1% | Harbor Capital Appreciation Fund declined 10.07% in Q1 2025 as AI-related stocks faced pressure from China's DeepSeek model launch and Trump policy uncertainty created market volatility. The fund reduced technology exposure while adding healthcare and financials positions. Despite near-term headwinds, management sees technology spending stabilizing and expects broader AI adoption to drive future growth across industries. Full Quick Take Harbor Capital Appreciation Fund declined 10.07% in Q1 2025 as AI-related stocks faced pressure from China's DeepSeek model launch and Trump policy uncertainty created market volatility. The fund reduced technology exposure while adding healthcare and financials positions. Despite near-term headwinds, management sees technology spending stabilizing and expects broader AI adoption to drive future growth across industries. | - | ||||||
| -5.8% | - | RiverPark Long/Short declined 5.76% in Q1 as growth stocks faced pressure from valuation concerns and tariff fears. Short positions provided 1.50% downside protection while Magnificent 7 holdings detracted. The fund maintains concentrated exposure to AI, e-commerce, and streaming themes with a disciplined approach to pairing quality longs with opportunistic shorts. Full Quick Take RiverPark Long/Short declined 5.76% in Q1 as growth stocks faced pressure from valuation concerns and tariff fears. Short positions provided 1.50% downside protection while Magnificent 7 holdings detracted. The fund maintains concentrated exposure to AI, e-commerce, and streaming themes with a disciplined approach to pairing quality longs with opportunistic shorts. | - | ||||||
| -10.0% | +19.8% | Sequoia returned 19.8% in 2024, lagging the S&P 500's 25.0% return driven by unprecedented market concentration in the Magnificent Seven. The concentrated portfolio of twenty-two quality companies includes strong performers like Rolls-Royce up 86% and new position ICON acquired after 47% decline. Managers maintain conviction in bottom-up approach despite near-term underperformance. Full Quick Take Sequoia returned 19.8% in 2024, lagging the S&P 500's 25.0% return driven by unprecedented market concentration in the Magnificent Seven. The concentrated portfolio of twenty-two quality companies includes strong performers like Rolls-Royce up 86% and new position ICON acquired after 47% decline. Managers maintain conviction in bottom-up approach despite near-term underperformance. | - | ||||||
| +4.7% | +16.1% | Polen Focus Growth delivered solid Q4 performance while maintaining discipline amid a frothy market dominated by Magnificent 7 concentration. The fund added quality names like CoStar Group and trimmed overvalued positions. With Russell 1000 Growth at historic valuations driven more by multiple expansion than earnings, the manager expects their durable growth approach to outperform over time. Full Quick Take Polen Focus Growth delivered solid Q4 performance while maintaining discipline amid a frothy market dominated by Magnificent 7 concentration. The fund added quality names like CoStar Group and trimmed overvalued positions. With Russell 1000 Growth at historic valuations driven more by multiple expansion than earnings, the manager expects their durable growth approach to outperform over time. | - | ||||||
| -7.4% | -3.8% | Polen International Growth outperformed in Q4 despite declining 7.1%, but underperformed for the full year due to healthcare weakness and underweight financials/industrials. Strong performance from Shopify, Sage, and SAP offset weakness in ICON, Evolution, and MercadoLibre. Higher portfolio turnover reflected exits from underperforming positions and additions of five new growth names targeting mid-teens earnings growth. Full Quick Take Polen International Growth outperformed in Q4 despite declining 7.1%, but underperformed for the full year due to healthcare weakness and underweight financials/industrials. Strong performance from Shopify, Sage, and SAP offset weakness in ICON, Evolution, and MercadoLibre. Higher portfolio turnover reflected exits from underperforming positions and additions of five new growth names targeting mid-teens earnings growth. | - | ||||||
| +5.1% | +22.6% | RiverPark Large Growth delivered solid Q4 returns of 5.11% but lagged growth indices for the year at 22.57% versus 33.4% for Russell 1000 Growth. The portfolio remains concentrated in AI, cloud, and e-commerce leaders like Amazon, NVIDIA, and Shopify. Despite some headwinds from rising rates and sector rotation, the manager maintains conviction in secular growth themes. Full Quick Take RiverPark Large Growth delivered solid Q4 returns of 5.11% but lagged growth indices for the year at 22.57% versus 33.4% for Russell 1000 Growth. The portfolio remains concentrated in AI, cloud, and e-commerce leaders like Amazon, NVIDIA, and Shopify. Despite some headwinds from rising rates and sector rotation, the manager maintains conviction in secular growth themes. | - | ||||||
| +14.5% | +29.9% | Baron Focused Growth Fund surged 14.49% in Q4 2024, vastly outperforming its benchmark's 2.43% return, led by Disruptive Growth investments including Tesla and Spotify. The Fund's focus on competitively advantaged, well-financed growth companies taking market share delivered 29.85% annual returns. Managers expect continued earnings acceleration and multiple expansion in a declining rate environment. Full Quick Take Baron Focused Growth Fund surged 14.49% in Q4 2024, vastly outperforming its benchmark's 2.43% return, led by Disruptive Growth investments including Tesla and Spotify. The Fund's focus on competitively advantaged, well-financed growth companies taking market share delivered 29.85% annual returns. Managers expect continued earnings acceleration and multiple expansion in a declining rate environment. | - | ||||||
| - | +0.6% | Rowan Street's concentrated portfolio of founder-led technology companies delivered 56.6% net returns in 2024, driven by Meta, Spotify, theTradeDesk, Shopify, and Netflix. The fund has rebounded 217% since 2022 by maintaining disciplined focus on exceptional businesses with strong fundamentals and visionary leadership, expecting continued mid-teens growth across core holdings. Full Quick Take Rowan Street's concentrated portfolio of founder-led technology companies delivered 56.6% net returns in 2024, driven by Meta, Spotify, theTradeDesk, Shopify, and Netflix. The fund has rebounded 217% since 2022 by maintaining disciplined focus on exceptional businesses with strong fundamentals and visionary leadership, expecting continued mid-teens growth across core holdings. | - | ||||||
| +10.0% | - | Jeremy Deal's fund returned 47.9% in 2024 by investing in value migration beneficiaries like Spotify and Tesla. The strategy focuses on companies where technological progress disrupts mature competitors, creating opportunities in businesses that appear overvalued historically but remain undervalued prospectively. Deal emphasizes patience in fundamental investing and remains bullish on portfolio trajectory heading into 2025. Full Quick Take Jeremy Deal's fund returned 47.9% in 2024 by investing in value migration beneficiaries like Spotify and Tesla. The strategy focuses on companies where technological progress disrupts mature competitors, creating opportunities in businesses that appear overvalued historically but remain undervalued prospectively. Deal emphasizes patience in fundamental investing and remains bullish on portfolio trajectory heading into 2025. | - | ||||||
| +5.3% | +15.7% | Sands Capital's Global Growth strategy delivered 15.7% returns in 2024 despite three challenging years. The firm maintains conviction that business fundamentals drive long-term returns, highlighting strong earnings growth across portfolio companies. Key themes include AI adoption, digital economy expansion, and energy transition. Management expects the disconnect between earnings growth and stock performance to eventually correct. Full Quick Take Sands Capital's Global Growth strategy delivered 15.7% returns in 2024 despite three challenging years. The firm maintains conviction that business fundamentals drive long-term returns, highlighting strong earnings growth across portfolio companies. Key themes include AI adoption, digital economy expansion, and energy transition. Management expects the disconnect between earnings growth and stock performance to eventually correct. | - | ||||||
| - | - | Magellan Global Opportunities delivered strong 30.7% returns in 2024 through concentrated holdings in quality companies like Amazon and Netflix. Manager Alan Pullen maintains conservative positioning despite Trump's pro-business agenda, citing full market valuations. The fund focuses on businesses with sustainable competitive advantages, emphasizing long-term value creation over short-term market movements. Full Quick Take Magellan Global Opportunities delivered strong 30.7% returns in 2024 through concentrated holdings in quality companies like Amazon and Netflix. Manager Alan Pullen maintains conservative positioning despite Trump's pro-business agenda, citing full market valuations. The fund focuses on businesses with sustainable competitive advantages, emphasizing long-term value creation over short-term market movements. | - | ||||||
| 0.0% | - | Mar Vista's global strategy lagged benchmarks in Q2 despite strong AI rally benefiting megacap holdings. New positions in Broadcom, Meta, and Linde target AI infrastructure and secular growth themes. Apple and Oracle drove performance through AI integration and cloud acceleration. Portfolio focuses on moat-protected businesses compounding intrinsic value long-term despite near-term AI concentration risks. Full Quick Take Mar Vista's global strategy lagged benchmarks in Q2 despite strong AI rally benefiting megacap holdings. New positions in Broadcom, Meta, and Linde target AI infrastructure and secular growth themes. Apple and Oracle drove performance through AI integration and cloud acceleration. Portfolio focuses on moat-protected businesses compounding intrinsic value long-term despite near-term AI concentration risks. | - | ||||||
| - | - | Saga Portfolio delivered 204.6% returns in 2023 after severe 2022 drawdown. Manager maintains conviction in core holdings Carvana, Redfin, and Roku, which demonstrated operational improvements and path to profitability despite challenging conditions. Strategy focuses on long-term intrinsic value of misunderstood companies rather than short-term price movements. Believes current positioning offers attractive risk-adjusted returns. Full Quick Take Saga Portfolio delivered 204.6% returns in 2023 after severe 2022 drawdown. Manager maintains conviction in core holdings Carvana, Redfin, and Roku, which demonstrated operational improvements and path to profitability despite challenging conditions. Strategy focuses on long-term intrinsic value of misunderstood companies rather than short-term price movements. Believes current positioning offers attractive risk-adjusted returns. | - | ||||||
| - | - | LVS Advisory's event-driven strategy delivered consistent positive returns through volatile five-year period via merger arbitrage and catalyst-driven investing. Portfolio holds 30 diversified positions including Calumet with multiple near-term catalysts and Netflix as largest growth holding. Manager refined approach by cutting underperformers faster and letting winners run longer, expressing strong confidence in strategy robustness for 2024. Full Quick Take LVS Advisory's event-driven strategy delivered consistent positive returns through volatile five-year period via merger arbitrage and catalyst-driven investing. Portfolio holds 30 diversified positions including Calumet with multiple near-term catalysts and Netflix as largest growth holding. Manager refined approach by cutting underperformers faster and letting winners run longer, expressing strong confidence in strategy robustness for 2024. | - |
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