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 |
|---|---|---|---|---|---|---|---|---|---|
| - | -10.0% | Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. Full Quick Take Fund declined 13.8% in July on unprecedented momentum factor volatility unrelated to fundamentals. Core holdings SpaceX, Filtronic, and ImmunityBio trade at compelling valuations: SpaceX at 23x earnings with 87% growth, Filtronic at 12x forward earnings at factory capacity, ImmunityBio addressing $43bn+ market. Manager reduced gross exposure to 100% but added to SpaceX and Tesla, viewing dislocation as short-lived opportunity in monopolistic growth franchises. | |||||||
| +17.7% | +12.1% | Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. Full Quick Take Baird Small/Mid Cap Growth returned 17.7% in Q2 2026 but underperformed the benchmark's 24.0% due to factor headwinds as AI-driven momentum stocks dominated. The manager actively repositioned into data center infrastructure and software while maintaining diversified consumer and healthcare exposure. Despite acknowledging building risk from concentrated AI leadership, the team sees broadening market participation creating healthier conditions for fundamental stock selection. | - | ||||||
| +5.5% | +5.2% | Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. Full Quick Take Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. | |||||||
| - | - | - | Lux Capital's Q2 2026 letter centers on error correction as the West's competitive advantage across AI, defense, and markets. The firm has invested the full AI stack from Hugging Face to EvolutionaryScale to infrastructure plays, plus defense companies positioned for European rearmament. Manager warns AI valuations show bubble characteristics with capex growing three times faster than revenue, but maintains long-term conviction in error-correcting systems over closed architectures. Full Quick Take Lux Capital's Q2 2026 letter centers on error correction as the West's competitive advantage across AI, defense, and markets. The firm has invested the full AI stack from Hugging Face to EvolutionaryScale to infrastructure plays, plus defense companies positioned for European rearmament. Manager warns AI valuations show bubble characteristics with capex growing three times faster than revenue, but maintains long-term conviction in error-correcting systems over closed architectures. | - | |||||
| - | - | 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. | |||||||
| - | +27.7% | Kernow returned 8.3% in July, extending YTD gains to 27.7% through concentrated bets on exceptional UK management teams trading at low expectations. CMC Markets surged 46% as its fintech transformation accelerated. Clarkson demonstrates the strategy of owning information networks that compound through cycles. The portfolio's 184% collective upside reflects the market's failure to price what exceptional people can create rather than what currently exists. Full Quick Take Kernow returned 8.3% in July, extending YTD gains to 27.7% through concentrated bets on exceptional UK management teams trading at low expectations. CMC Markets surged 46% as its fintech transformation accelerated. Clarkson demonstrates the strategy of owning information networks that compound through cycles. The portfolio's 184% collective upside reflects the market's failure to price what exceptional people can create rather than what currently exists. | |||||||
| +13.9% | +19.2% | Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. Full Quick Take Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. | |||||||
| +14.7% | +9.6% | Aristotle Core Equity returned 14.69% in Q2 2026, slightly trailing the S&P 500 on allocation effects. AI infrastructure drove market leadership, with the Fund adding semiconductor exposure through AMD and Micron positions. The manager sees memory entering a four- to five-year super-cycle driven by AI demand and HBM constraints. Valuations appear reasonable given earnings growth, with focus on secular growth companies despite geopolitical and inflation headwinds. Full Quick Take Aristotle Core Equity returned 14.69% in Q2 2026, slightly trailing the S&P 500 on allocation effects. AI infrastructure drove market leadership, with the Fund adding semiconductor exposure through AMD and Micron positions. The manager sees memory entering a four- to five-year super-cycle driven by AI demand and HBM constraints. Valuations appear reasonable given earnings growth, with focus on secular growth companies despite geopolitical and inflation headwinds. | |||||||
| - | - | Generation sees Q2 2026 as a compelling entry point for quality investors. Extreme AI-driven market concentration has pushed the ten largest US stocks to 42% of the S&P 500 while their high-quality sustainable holdings trade at historically low valuations despite strong fundamentals. They are highly skeptical of the semiconductor rally and retail exuberance, positioning instead for downstream AI value creation and eventual market rotation toward durable compounders. Full Quick Take Generation sees Q2 2026 as a compelling entry point for quality investors. Extreme AI-driven market concentration has pushed the ten largest US stocks to 42% of the S&P 500 while their high-quality sustainable holdings trade at historically low valuations despite strong fundamentals. They are highly skeptical of the semiconductor rally and retail exuberance, positioning instead for downstream AI value creation and eventual market rotation toward durable compounders. | |||||||
| +20.9% | +11.0% | Franklin Growth Opportunities Fund outperformed in Q2 2026 with a 20.9% return, led by Micron Technology's AI-driven surge and SpaceX's successful IPO. The fund maintains a quality-focused, multi-cap growth strategy concentrated in AI and automation themes producing productivity gains across sectors. Despite geopolitical risks, the manager expects robust earnings growth into 2027 to support continued market strength, favoring high-quality franchises with durable competitive advantages. Full Quick Take Franklin Growth Opportunities Fund outperformed in Q2 2026 with a 20.9% return, led by Micron Technology's AI-driven surge and SpaceX's successful IPO. The fund maintains a quality-focused, multi-cap growth strategy concentrated in AI and automation themes producing productivity gains across sectors. Despite geopolitical risks, the manager expects robust earnings growth into 2027 to support continued market strength, favoring high-quality franchises with durable competitive advantages. | - | ||||||
| +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. | |||||||
| - | +6.0% | CDT implements first-ever defensive hedging against technology sector, viewing AI as an unsustainable bubble with OpenAI burning -$21B annually and Meta wasting $125-145B with no results. Semiconductors at 19.7% of S&P 500 face earnings bust when capital discipline returns. Portfolio positioned AI-agnostic with 33% in healthcare, capturing demographic tailwinds at attractive valuations while insulated from inevitable AI reckoning. Full Quick Take CDT implements first-ever defensive hedging against technology sector, viewing AI as an unsustainable bubble with OpenAI burning -$21B annually and Meta wasting $125-145B with no results. Semiconductors at 19.7% of S&P 500 face earnings bust when capital discipline returns. Portfolio positioned AI-agnostic with 33% in healthcare, capturing demographic tailwinds at attractive valuations while insulated from inevitable AI reckoning. | |||||||
| +15.0% | +9.7% | - | 1 Main Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take 1 Main Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +7.1% | +14.8% | FPA Crescent is executing a contrarian pivot away from AI-driven market leaders despite positive long-term technology views, scaling back semiconductor and data center exposure due to expanded valuations and advanced capital cycle stage. The manager is deploying into 14 new AI-agnostic mid-cap businesses at 10-15x earnings and re-entering biotech at half 2020-2021 valuations, prioritizing high-quality industry leaders with strong balance sheets over momentum-driven themes asking difficult sustainability questions. Full Quick Take FPA Crescent is executing a contrarian pivot away from AI-driven market leaders despite positive long-term technology views, scaling back semiconductor and data center exposure due to expanded valuations and advanced capital cycle stage. The manager is deploying into 14 new AI-agnostic mid-cap businesses at 10-15x earnings and re-entering biotech at half 2020-2021 valuations, prioritizing high-quality industry leaders with strong balance sheets over momentum-driven themes asking difficult sustainability questions. | |||||||
| +26.9% | +7.8% | Sands Capital Technology Innovators is positioned for the AI infrastructure buildout through concentrated exposure to semiconductor manufacturing, memory, and AI chips. The emergence of agentic AI is driving persistent demand for compute, memory, and storage. The fund added CPU, inference, and circuit board exposure while reducing consumer internet positions. Top contributors included Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, benefiting from structural memory shortages and AI infrastructure demand. Full Quick Take Sands Capital Technology Innovators is positioned for the AI infrastructure buildout through concentrated exposure to semiconductor manufacturing, memory, and AI chips. The emergence of agentic AI is driving persistent demand for compute, memory, and storage. The fund added CPU, inference, and circuit board exposure while reducing consumer internet positions. Top contributors included Taiwan Semiconductor, SK hynix, NVIDIA, and Seagate Technology, benefiting from structural memory shortages and AI infrastructure demand. | |||||||
| +21.5% | - | Ariel International Fund surged 21.50% in Q2 2026, crushing benchmarks through concentrated AI semiconductor exposure and disciplined value investing. Murata, Infineon, MediaTek and TSMC drove returns on multi-year AI infrastructure buildout. The fund deployed capital into biopharma recovery (Merck, Pharmaron), China automation (Inovance), and offshore wind turnaround (Orsted). Broadening market leadership beyond mega-cap tech creates compelling opportunities for fundamental stock pickers focused on mispriced, out-of-favor franchises. Full Quick Take Ariel International Fund surged 21.50% in Q2 2026, crushing benchmarks through concentrated AI semiconductor exposure and disciplined value investing. Murata, Infineon, MediaTek and TSMC drove returns on multi-year AI infrastructure buildout. The fund deployed capital into biopharma recovery (Merck, Pharmaron), China automation (Inovance), and offshore wind turnaround (Orsted). Broadening market leadership beyond mega-cap tech creates compelling opportunities for fundamental stock pickers focused on mispriced, out-of-favor franchises. | |||||||
| +27.9% | - | Ariel Global Fund surged +27.91% in Q2 2026, crushing benchmarks as AI investment broadened beyond U.S. tech to semiconductors and infrastructure across Asia. Intel, Murata and MediaTek drove outperformance on AI infrastructure demand. The fund deployed capital aggressively, initiating thirteen positions including utilities, biotech tools and Chinese automation plays. Management sees an increasingly attractive opportunity set as market leadership diversifies and fundamentals matter more than macro narratives. Full Quick Take Ariel Global Fund surged +27.91% in Q2 2026, crushing benchmarks as AI investment broadened beyond U.S. tech to semiconductors and infrastructure across Asia. Intel, Murata and MediaTek drove outperformance on AI infrastructure demand. The fund deployed capital aggressively, initiating thirteen positions including utilities, biotech tools and Chinese automation plays. Management sees an increasingly attractive opportunity set as market leadership diversifies and fundamentals matter more than macro narratives. | |||||||
| +10.5% | - | Sound Shore gained 10.48% in Q2 2026 as AI-driven infrastructure spending propelled semiconductors and technology holdings including Qualcomm and Marvell Technology. The fund benefited from broader portfolio strength in Elevance Health and Southwest Air while energy retreated with oil prices. Maintaining disciplined value approach at 13x forward P/E versus market at 20x, the fund focuses on durable earnings power not reflected in current valuations while questioning AI cycle sustainability. Full Quick Take Sound Shore gained 10.48% in Q2 2026 as AI-driven infrastructure spending propelled semiconductors and technology holdings including Qualcomm and Marvell Technology. The fund benefited from broader portfolio strength in Elevance Health and Southwest Air while energy retreated with oil prices. Maintaining disciplined value approach at 13x forward P/E versus market at 20x, the fund focuses on durable earnings power not reflected in current valuations while questioning AI cycle sustainability. | |||||||
| +2.7% | +3.2% | Marram holds 47% cash amid elevated valuations and macro uncertainty, maintaining core positions in energy infrastructure MLPs, regional banks, payment technology, and biopharma. Energy infrastructure and banks have performed well, while payment names declined 23% YTD on valuation compression. Manager exited PayPal and ICON plc, added Berkshire Hathaway, and continues patient opportunism approach with substantial dry powder awaiting attractive entry points on expanded Wishlist. Full Quick Take Marram holds 47% cash amid elevated valuations and macro uncertainty, maintaining core positions in energy infrastructure MLPs, regional banks, payment technology, and biopharma. Energy infrastructure and banks have performed well, while payment names declined 23% YTD on valuation compression. Manager exited PayPal and ICON plc, added Berkshire Hathaway, and continues patient opportunism approach with substantial dry powder awaiting attractive entry points on expanded Wishlist. | - | ||||||
| +0.9% | -11.5% | SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. Full Quick Take SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. | |||||||
| - | +44.2% | Gallagher repositioned his concentrated small-cap portfolio in H1 2026, trimming Planet Labs on valuation concerns and redeploying into Pagaya at 8-12x earnings, a fintech data network positioned for AI-driven lending transformation. He added to Remitly's high-margin remittance platform and initiated MNTN, a CTV ad platform at 5x EBITDA. The portfolio targets mispriced growth companies with strong unit economics and operating leverage. Full Quick Take Gallagher repositioned his concentrated small-cap portfolio in H1 2026, trimming Planet Labs on valuation concerns and redeploying into Pagaya at 8-12x earnings, a fintech data network positioned for AI-driven lending transformation. He added to Remitly's high-margin remittance platform and initiated MNTN, a CTV ad platform at 5x EBITDA. The portfolio targets mispriced growth companies with strong unit economics and operating leverage. | |||||||
| - | - | The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. Full Quick Take The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. | |||||||
| +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. | |||||||
| +20.0% | +11.6% | Parnassus Mid Cap Growth delivered 20.04% in Q2 2026, crushing the benchmark by 549 basis points on AI-driven semiconductor strength. The managers repositioned toward idiosyncratic growth stories, adding AI infrastructure plays while exiting disruption-vulnerable software names. With 31% in Technology and 28% in Industrials, the portfolio balances AI momentum against broadening growth opportunities as manufacturing recovers and economic expansion potentially extends beyond AI in H2 2026. Full Quick Take Parnassus Mid Cap Growth delivered 20.04% in Q2 2026, crushing the benchmark by 549 basis points on AI-driven semiconductor strength. The managers repositioned toward idiosyncratic growth stories, adding AI infrastructure plays while exiting disruption-vulnerable software names. With 31% in Technology and 28% in Industrials, the portfolio balances AI momentum against broadening growth opportunities as manufacturing recovers and economic expansion potentially extends beyond AI in H2 2026. | - | ||||||
| +4.9% | - | PM Capital Australian Companies Fund delivered 4.9% in Q2 2026, driven by European banks, Irish homebuilders, and a Capstone Copper recovery. The manager actively trimmed copper holdings on valuation concerns despite strong fundamentals, while initiating CSL at attractive multiples. Persistent inflation, AI investment boom parallels to the dot.com era, and government spending remain key risks. The portfolio targets materially undervalued businesses positioned for valuation normalization. Full Quick Take PM Capital Australian Companies Fund delivered 4.9% in Q2 2026, driven by European banks, Irish homebuilders, and a Capstone Copper recovery. The manager actively trimmed copper holdings on valuation concerns despite strong fundamentals, while initiating CSL at attractive multiples. Persistent inflation, AI investment boom parallels to the dot.com era, and government spending remain key risks. The portfolio targets materially undervalued businesses positioned for valuation normalization. | |||||||
| - | - | SoftBank is executing an aggressive strategy to dominate the ASI era, investing $64.6 billion cumulatively in OpenAI while building massive AI infrastructure (15 GW data centers globally) and consolidating semiconductor capabilities through Arm and Ampere. Fiscal 2025 delivered record ¥5.0 trillion net income driven by ¥6.7 trillion OpenAI-related gains. Management targets ¥1 quadrillion NAV by 2042, expressing extreme conviction that the AI revolution has only just begun. Full Quick Take SoftBank is executing an aggressive strategy to dominate the ASI era, investing $64.6 billion cumulatively in OpenAI while building massive AI infrastructure (15 GW data centers globally) and consolidating semiconductor capabilities through Arm and Ampere. Fiscal 2025 delivered record ¥5.0 trillion net income driven by ¥6.7 trillion OpenAI-related gains. Management targets ¥1 quadrillion NAV by 2042, expressing extreme conviction that the AI revolution has only just begun. | |||||||
| +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. | |||||||
| +19.1% | - | The Meridian Growth Fund returned 19.10% in Q2 2026, trailing its benchmark's 24.02% as factor headwinds from the risk-on rally overwhelmed positive stock selection. The portfolio's quality orientation and lower-beta positioning lagged as the market rewarded speculative, high-momentum names following geopolitical de-escalation. Strong contributions from Hinge Health, Definium Therapeutics, and GlobalFoundries partially offset weakness in Trimble and Tandem Diabetes. The manager maintains focus on high-quality businesses with sustainable competitive advantages. Full Quick Take The Meridian Growth Fund returned 19.10% in Q2 2026, trailing its benchmark's 24.02% as factor headwinds from the risk-on rally overwhelmed positive stock selection. The portfolio's quality orientation and lower-beta positioning lagged as the market rewarded speculative, high-momentum names following geopolitical de-escalation. Strong contributions from Hinge Health, Definium Therapeutics, and GlobalFoundries partially offset weakness in Trimble and Tandem Diabetes. The manager maintains focus on high-quality businesses with sustainable competitive advantages. | |||||||
| +21.5% | - | Meridian Small Cap Growth returned 21.54% in Q2 2026, trailing its benchmark's 25.71% as quality-oriented, lower-beta positioning faced headwinds in a risk-on rally favoring high-beta stocks. Strong stock selection partially offset factor drag, led by medical device and biotech winners including Hinge Health, Definium Therapeutics, and Veracyte. The fund maintains its focus on recurring-revenue businesses with competitive moats while monitoring Iran conflict, inflation, and rate risks. Full Quick Take Meridian Small Cap Growth returned 21.54% in Q2 2026, trailing its benchmark's 25.71% as quality-oriented, lower-beta positioning faced headwinds in a risk-on rally favoring high-beta stocks. Strong stock selection partially offset factor drag, led by medical device and biotech winners including Hinge Health, Definium Therapeutics, and Veracyte. The fund maintains its focus on recurring-revenue businesses with competitive moats while monitoring Iran conflict, inflation, and rate risks. | |||||||
| - | - | Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period. Their APAC-wide strategy provides critical pattern-matching advantages as Singapore emerges as a global tech hub producing world-class companies. Full Quick Take Square Peg's portfolio compounded 30% over 12 months with realizations exceeding $1 billion, driven by companies successfully integrating AI to strengthen moats. The firm is aggressively deploying into AI-native startups attacking labor markets far larger than traditional software budgets, viewing this as an extraordinary value creation period. Their APAC-wide strategy provides critical pattern-matching advantages as Singapore emerges as a global tech hub producing world-class companies. | - | ||||||
| +41.7% | +37.8% | Summers Value Fund posted its best quarter ever at 41.7% net, capitalizing on deeply discounted small-cap healthcare opportunities. The concentrated portfolio benefited from M&A activity, strong product launches at Liquidia and Electromed, and a 106% gain on Avanos acquisition. Over 50% allocated to pharma/biotech with heavy royalty exposure. Despite one misstep on Embecta, the strategy continues finding special situations at attractive valuations. Full Quick Take Summers Value Fund posted its best quarter ever at 41.7% net, capitalizing on deeply discounted small-cap healthcare opportunities. The concentrated portfolio benefited from M&A activity, strong product launches at Liquidia and Electromed, and a 106% gain on Avanos acquisition. Over 50% allocated to pharma/biotech with heavy royalty exposure. Despite one misstep on Embecta, the strategy continues finding special situations at attractive valuations. | |||||||
| +24.6% | - | Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. Full Quick Take Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. | |||||||
| - | - | Zeno argues Danaher is a high-quality compounder trading at a discount despite market-leading positions across Biotechnology, Diagnostics, and Life Sciences. The Biotechnology segment is the crown jewel with 88% recurring revenues and 40% EBIT margins, particularly dominant in chromatography purification. Recent headwinds from COVID normalization, biotech funding winter, and policy uncertainty have delayed but not derailed the thesis. At 5% FCF yield with high-single-digit to low-double-digit growth potential, risk-adjusted returns are compelling. Full Quick Take Zeno argues Danaher is a high-quality compounder trading at a discount despite market-leading positions across Biotechnology, Diagnostics, and Life Sciences. The Biotechnology segment is the crown jewel with 88% recurring revenues and 40% EBIT margins, particularly dominant in chromatography purification. Recent headwinds from COVID normalization, biotech funding winter, and policy uncertainty have delayed but not derailed the thesis. At 5% FCF yield with high-single-digit to low-double-digit growth potential, risk-adjusted returns are compelling. | |||||||
| +7.0% | -3.9% | Conestoga SMid Cap returned 7.04% but lagged the benchmark's 24.02% surge driven by extreme AI speculation in semiconductors and high-beta stocks. Portfolio fundamentals remained strong with sales and EBITDA growth exceeding benchmarks. Defense and data center cooling holdings led gains. The firm added natural gas infrastructure positions and maintains conviction that quality characteristics will outperform as speculative leadership normalizes and rates potentially tighten. Full Quick Take Conestoga SMid Cap returned 7.04% but lagged the benchmark's 24.02% surge driven by extreme AI speculation in semiconductors and high-beta stocks. Portfolio fundamentals remained strong with sales and EBITDA growth exceeding benchmarks. Defense and data center cooling holdings led gains. The firm added natural gas infrastructure positions and maintains conviction that quality characteristics will outperform as speculative leadership normalizes and rates potentially tighten. | |||||||
| +36.0% | +29.7% | Buckley Capital returned 36% in Q2 2026 through disciplined capital recycling, exiting Dave at peak valuations and Root after industry headwinds deepened, while maintaining conviction in Liquidia ahead of a catalyst and initiating positions in mispriced Celsius and Light & Wonder. The small-cap portfolio is concentrated in businesses with improving fundamentals and identifiable catalysts where the market underestimates normalized earnings power, positioned for continued compounding. Full Quick Take Buckley Capital returned 36% in Q2 2026 through disciplined capital recycling, exiting Dave at peak valuations and Root after industry headwinds deepened, while maintaining conviction in Liquidia ahead of a catalyst and initiating positions in mispriced Celsius and Light & Wonder. The small-cap portfolio is concentrated in businesses with improving fundamentals and identifiable catalysts where the market underestimates normalized earnings power, positioned for continued compounding. | |||||||
| +22.2% | +13.4% | Conestoga's Micro Cap Composite returned 22.16% in 2Q26, trailing the benchmark's 28.98% gain driven by historically narrow, speculative AI-related leadership. Biotechnology holdings delivered exceptional performance, contributing over 600 basis points, while defense and industrial holdings also performed well. The manager maintains conviction in high-quality growth businesses, expecting market leadership to broaden as AI speculation normalizes and fundamentals reassert themselves in a shifting rate environment. Full Quick Take Conestoga's Micro Cap Composite returned 22.16% in 2Q26, trailing the benchmark's 28.98% gain driven by historically narrow, speculative AI-related leadership. Biotechnology holdings delivered exceptional performance, contributing over 600 basis points, while defense and industrial holdings also performed well. The manager maintains conviction in high-quality growth businesses, expecting market leadership to broaden as AI speculation normalizes and fundamentals reassert themselves in a shifting rate environment. | - | ||||||
| - | +15.9% | Warden Capital posted 15.91% YTD returns led by Uniqure's surge after FDA reversal on Huntington's treatment approval and Gitlab as largest position on AI-driven code infrastructure thesis. Manager increasingly concerned AI capex boom is unsustainable, requiring unrealistic revenue growth with risk of violent crash given market concentration. Portfolio positioned defensively with cheap stocks, significant shorts, and no semiconductor exposure to benefit from potential momentum rotation. Full Quick Take Warden Capital posted 15.91% YTD returns led by Uniqure's surge after FDA reversal on Huntington's treatment approval and Gitlab as largest position on AI-driven code infrastructure thesis. Manager increasingly concerned AI capex boom is unsustainable, requiring unrealistic revenue growth with risk of violent crash given market concentration. Portfolio positioned defensively with cheap stocks, significant shorts, and no semiconductor exposure to benefit from potential momentum rotation. | |||||||
| +8.5% | +1.8% | White Falcon Capital maintains concentrated value positions in quality businesses trading at depressed valuations. Nu Holdings offers exceptional growth at 16x earnings while software holdings like Topicus trade at 8x EBITDA despite AI tailwinds. The manager trimmed AMD after a five-fold gain and increased precious metals exposure as a macro hedge. Primary risk is growing economic dependence on AI creating market fragility if adoption disappoints. Full Quick Take White Falcon Capital maintains concentrated value positions in quality businesses trading at depressed valuations. Nu Holdings offers exceptional growth at 16x earnings while software holdings like Topicus trade at 8x EBITDA despite AI tailwinds. The manager trimmed AMD after a five-fold gain and increased precious metals exposure as a macro hedge. Primary risk is growing economic dependence on AI creating market fragility if adoption disappoints. | |||||||
| - | -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. | |||||||
| +11.9% | +4.1% | Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. The manager re-entered managed care stocks UnitedHealth and Elevance to capture margin recovery as the insurance cycle turns favorable. Biotechnology funding surged 130% year-over-year while M&A activity accelerated. Medical device valuations compressed on ACA subsidy expiration concerns, creating selective opportunities despite near-term utilization headwinds. Full Quick Take Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. The manager re-entered managed care stocks UnitedHealth and Elevance to capture margin recovery as the insurance cycle turns favorable. Biotechnology funding surged 130% year-over-year while M&A activity accelerated. Medical device valuations compressed on ACA subsidy expiration concerns, creating selective opportunities despite near-term utilization headwinds. | |||||||
| +64.8% | +52.9% | Arquitos delivered 64.8% net returns in Q2 2026, driven by Liquidia's fivefold gain as its drug launch succeeded spectacularly. The concentrated portfolio approach continues to work: largest positions consistently outperform. Liquidia awaits a favorable patent decision that could drive shares to $140. New position Abivax rebounded sharply after dispelling safety concerns and is positioned for a buyout above $200. The fund's extreme concentration and patient value discipline have generated 17.4% annualized returns since inception. Full Quick Take Arquitos delivered 64.8% net returns in Q2 2026, driven by Liquidia's fivefold gain as its drug launch succeeded spectacularly. The concentrated portfolio approach continues to work: largest positions consistently outperform. Liquidia awaits a favorable patent decision that could drive shares to $140. New position Abivax rebounded sharply after dispelling safety concerns and is positioned for a buyout above $200. The fund's extreme concentration and patient value discipline have generated 17.4% annualized returns since inception. | |||||||
| +25.8% | +25.5% | Small cap growth stocks delivered historic outperformance in Q2 2026, with the strategy returning 25.83% driven by the massive AI capex cycle, record small cap earnings, and attractive valuations. Semiconductors surged 90% as AI infrastructure demand exploded. The manager trimmed AI exposure late quarter expecting consolidation but remains bullish on the second half given strong fundamentals and broadening market leadership. Full Quick Take Small cap growth stocks delivered historic outperformance in Q2 2026, with the strategy returning 25.83% driven by the massive AI capex cycle, record small cap earnings, and attractive valuations. Semiconductors surged 90% as AI infrastructure demand exploded. The manager trimmed AI exposure late quarter expecting consolidation but remains bullish on the second half given strong fundamentals and broadening market leadership. | - | ||||||
| +22.1% | +23.4% | Small caps delivered exceptional Q2 outperformance with the Russell 2000 up 21.49%, the strongest relative performance versus large caps since 2001. The strategy gained 22.14% driven by AI-fueled strength in semiconductors and industrials. Small cap earnings hit new highs while trading at discounts to large caps. Manager reduced AI capex exposure after strong gains but remains constructive on continued economic growth and earnings strength for the second half. Full Quick Take Small caps delivered exceptional Q2 outperformance with the Russell 2000 up 21.49%, the strongest relative performance versus large caps since 2001. The strategy gained 22.14% driven by AI-fueled strength in semiconductors and industrials. Small cap earnings hit new highs while trading at discounts to large caps. Manager reduced AI capex exposure after strong gains but remains constructive on continued economic growth and earnings strength for the second half. | - | ||||||
| +24.6% | - | Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. Full Quick Take Spyglass returned 24.63% in Q2 2026 as software rebounded and geopolitical risks eased. Portfolio earnings growth above 40% represents one of the firm's strongest periods, yet multiple compression persists despite 85% of companies beating estimates. The manager added positions in QXO, MKS, and Forgent to capture AI-driven datacenter and semiconductor equipment growth. Strong fundamentals are not reflected in prices, creating attractive entry points for patient capital. | |||||||
| +15.9% | +6.9% | Phoenician Capital is actively rotating capital from overvalued positions into undervalued global small- and mid-cap businesses. The manager initiated a position in Halozyme Therapeutics, a biotech generating royalty revenues from drug delivery technology with toll-road economics and high switching costs. Portfolio volatility has been cut in half through tighter position sizing and faster capital redeployment while maintaining the target return profile. Full Quick Take Phoenician Capital is actively rotating capital from overvalued positions into undervalued global small- and mid-cap businesses. The manager initiated a position in Halozyme Therapeutics, a biotech generating royalty revenues from drug delivery technology with toll-road economics and high switching costs. Portfolio volatility has been cut in half through tighter position sizing and faster capital redeployment while maintaining the target return profile. | |||||||
| +26.0% | +22.6% | Artisan Small Cap Fund returned 26.11% in Q2 2026, modestly outperforming despite market leadership favoring low-quality companies. Health care and AI infrastructure holdings drove performance, with biotechnology and semiconductor positions delivering strong results. Software was reduced to underweight as AI reshapes competitive dynamics. New positions in Virtu Financial, Murphy USA, and USA Rare Earth reflect conviction in company-specific profit cycles. Managers maintain discipline on quality and valuation while seeing attractive long-term opportunities in AI infrastructure and biotechnology. Full Quick Take Artisan Small Cap Fund returned 26.11% in Q2 2026, modestly outperforming despite market leadership favoring low-quality companies. Health care and AI infrastructure holdings drove performance, with biotechnology and semiconductor positions delivering strong results. Software was reduced to underweight as AI reshapes competitive dynamics. New positions in Virtu Financial, Murphy USA, and USA Rare Earth reflect conviction in company-specific profit cycles. Managers maintain discipline on quality and valuation while seeing attractive long-term opportunities in AI infrastructure and biotechnology. | |||||||
| +15.6% | - | American Century Small Cap Value underperformed in Q2 2026, returning 15.58% versus the benchmark's 17.19%, primarily due to missing AI-driven technology rallies and energy sector weakness from lower oil prices. Semiconductor equipment providers and AI-enabled advertising technology were bright spots. The portfolio maintains conviction in financials and industrials trading below historical valuations with strong cash flow generation, while avoiding health care due to unattractive risk/reward profiles. Full Quick Take American Century Small Cap Value underperformed in Q2 2026, returning 15.58% versus the benchmark's 17.19%, primarily due to missing AI-driven technology rallies and energy sector weakness from lower oil prices. Semiconductor equipment providers and AI-enabled advertising technology were bright spots. The portfolio maintains conviction in financials and industrials trading below historical valuations with strong cash flow generation, while avoiding health care due to unattractive risk/reward profiles. | - | ||||||
| +17.9% | +10.9% | Artisan Mid Cap Fund returned 17.93% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. Multiple AI-enabling semiconductor positions rose over 100% as data center demand accelerated. Health care outperformed the sector by 16 percentage points driven by biotech holdings. The team initiated positions in data center cooling and logistics while harvesting maturing profit cycles. AI infrastructure remains compelling despite elevated valuations. Full Quick Take Artisan Mid Cap Fund returned 17.93% in Q2 2026, outperforming on strong semiconductor and biotech stock selection. Multiple AI-enabling semiconductor positions rose over 100% as data center demand accelerated. Health care outperformed the sector by 16 percentage points driven by biotech holdings. The team initiated positions in data center cooling and logistics while harvesting maturing profit cycles. AI infrastructure remains compelling despite elevated valuations. | |||||||
| +12.7% | +12.9% | Madison Small Cap Fund underperformed the Russell 2000's 21.5% Q2 rally, returning 12.7% as AI-driven tech and biotech surged. Recent software investments and healthcare positions dragged performance despite strong conviction in their long-term value. The fund actively repositioned, adding four new holdings in semiconductors, networking, and HVAC while exiting underperformers. Managers see encouraging signs in small-cap breadth, software recovery, and potential housing rebound. Full Quick Take Madison Small Cap Fund underperformed the Russell 2000's 21.5% Q2 rally, returning 12.7% as AI-driven tech and biotech surged. Recent software investments and healthcare positions dragged performance despite strong conviction in their long-term value. The fund actively repositioned, adding four new holdings in semiconductors, networking, and HVAC while exiting underperformers. Managers see encouraging signs in small-cap breadth, software recovery, and potential housing rebound. | |||||||
| - | - | Riverwater's Small Cap strategy trailed the Russell 2000's 21% Q2 surge as markets rewarded speculation over quality. Energy stock selection drove outperformance through services positioning, while healthcare lagged as speculative biotech rallied. The manager added seven positions including Werner Enterprises and Lifeway Foods, trimmed semiconductor winners, and repositioned toward defensive consumer staples. They anticipate rotation into quality businesses as AI speculation unwinds, playing to their disciplined investment philosophy. Full Quick Take Riverwater's Small Cap strategy trailed the Russell 2000's 21% Q2 surge as markets rewarded speculation over quality. Energy stock selection drove outperformance through services positioning, while healthcare lagged as speculative biotech rallied. The manager added seven positions including Werner Enterprises and Lifeway Foods, trimmed semiconductor winners, and repositioned toward defensive consumer staples. They anticipate rotation into quality businesses as AI speculation unwinds, playing to their disciplined investment philosophy. |
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