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. | |||||||
| +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. | - | ||||||
| - | +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. | |||||||
| +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. | - | ||||||
| - | - | 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. | |||||||
| +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. | |||||||
| +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. | |||||||
| +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. | |||||||
| - | - | 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. | |||||||
| - | -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. | - | ||||||
| +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. | |||||||
| +31.4% | +21.4% | The Alger Small Cap Focus Fund delivered 31.4% in Q2 2026, outperforming its benchmark by 570 basis points. AI infrastructure drove performance as the fund capitalized on accelerating investment in data center compute capacity, with Nebius Group and Credo Technology as top contributors. The manager maintains concentrated exposure to AI enablers, precision diagnostics, and defense technology, viewing AI's shift to agentic systems as a multi-year growth driver. Full Quick Take The Alger Small Cap Focus Fund delivered 31.4% in Q2 2026, outperforming its benchmark by 570 basis points. AI infrastructure drove performance as the fund capitalized on accelerating investment in data center compute capacity, with Nebius Group and Credo Technology as top contributors. The manager maintains concentrated exposure to AI enablers, precision diagnostics, and defense technology, viewing AI's shift to agentic systems as a multi-year growth driver. | |||||||
| +17.5% | +6.2% | Parnassus Growth Equity outperformed in Q2 2026 on strong semiconductor and AI infrastructure holdings, rotating capital into biotechnology and data center positions with clearer growth paths. Managers remain constructively bullish on AI as a structurally disruptive force while navigating heightened market concentration and mixed macro conditions. The fund maintains selective exposure to innovation in semiconductors, healthcare, and data infrastructure at attractive valuations. Full Quick Take Parnassus Growth Equity outperformed in Q2 2026 on strong semiconductor and AI infrastructure holdings, rotating capital into biotechnology and data center positions with clearer growth paths. Managers remain constructively bullish on AI as a structurally disruptive force while navigating heightened market concentration and mixed macro conditions. The fund maintains selective exposure to innovation in semiconductors, healthcare, and data infrastructure at attractive valuations. | |||||||
| +10.4% | -4.0% | Fund underperformed in Q2 as extreme market concentration favored narrow AI capex trade, but manager maintains five-year conviction. Portfolio declines driven by valuation compression, not earnings deterioration, creating coiled spring as intrinsic value rises while prices fall. Trimmed appreciated semiconductor positions, added to beaten-down compounders. Owns indispensable AI picks-and-shovels plus de-rated growth franchises positioned for leadership broadening. Current compression creates attractive entry point. Full Quick Take Fund underperformed in Q2 as extreme market concentration favored narrow AI capex trade, but manager maintains five-year conviction. Portfolio declines driven by valuation compression, not earnings deterioration, creating coiled spring as intrinsic value rises while prices fall. Trimmed appreciated semiconductor positions, added to beaten-down compounders. Owns indispensable AI picks-and-shovels plus de-rated growth franchises positioned for leadership broadening. Current compression creates attractive entry point. | |||||||
| +12.8% | -13.2% | Cedar Grove returned 12.8% in Q2 2026, rebounding from Q1 losses by diversifying into 16 positions across healthcare, biotech, and consumer sectors while aggressively shorting overvalued names. The manager explicitly avoids the AI momentum trade, instead focusing on unloved small-cap fundamentals including telehealth leader HIMS, gene therapy plays, and grid modernization. Patience and long-term discipline anchor the strategy amid market volatility. Full Quick Take Cedar Grove returned 12.8% in Q2 2026, rebounding from Q1 losses by diversifying into 16 positions across healthcare, biotech, and consumer sectors while aggressively shorting overvalued names. The manager explicitly avoids the AI momentum trade, instead focusing on unloved small-cap fundamentals including telehealth leader HIMS, gene therapy plays, and grid modernization. Patience and long-term discipline anchor the strategy amid market volatility. | |||||||
| - | - | ClearBridge Mid Cap Growth outperformed in Q2 2026 by identifying durable value in AI infrastructure bottlenecks like memory and data connectivity while capturing industrial recovery in equipment rental and modular space. The Strategy added AI beneficiaries Lumentum and Sterling Infrastructure alongside nuclear and biotech opportunities, balancing exposure across the generational AI investment cycle and emerging cyclical recovery rather than chasing benchmark shifts. Full Quick Take ClearBridge Mid Cap Growth outperformed in Q2 2026 by identifying durable value in AI infrastructure bottlenecks like memory and data connectivity while capturing industrial recovery in equipment rental and modular space. The Strategy added AI beneficiaries Lumentum and Sterling Infrastructure alongside nuclear and biotech opportunities, balancing exposure across the generational AI investment cycle and emerging cyclical recovery rather than chasing benchmark shifts. | - | ||||||
| - | - | Focus Wealth Management warns markets show late-stage bubble characteristics with half the S&P 500 at 10x price-to-sales requiring impossible returns. While AI is genuinely revolutionary, hyperscaler economics are unattractive and three-quarters of U.S. growth depends on this spending. The manager avoids the mania, buying quality businesses left behind like WSP Global and Abbott Laboratories, maintaining discipline and dry powder for inevitable volatility. Full Quick Take Focus Wealth Management warns markets show late-stage bubble characteristics with half the S&P 500 at 10x price-to-sales requiring impossible returns. While AI is genuinely revolutionary, hyperscaler economics are unattractive and three-quarters of U.S. growth depends on this spending. The manager avoids the mania, buying quality businesses left behind like WSP Global and Abbott Laboratories, maintaining discipline and dry powder for inevitable volatility. | |||||||
| - | - | ClearBridge Small Cap Growth posted strong 21% gross returns but underperformed the benchmark's 25.6% gain as AI enthusiasm drove exceptional semiconductor performance. The Strategy benefited from AI-exposed holdings in semiconductors and data center infrastructure but faced headwinds from software disruption concerns and idiosyncratic health care weakness. Managers added 13 positions during a large Russell rebalance, positioning for the next phase of AI adoption beyond infrastructure. Full Quick Take ClearBridge Small Cap Growth posted strong 21% gross returns but underperformed the benchmark's 25.6% gain as AI enthusiasm drove exceptional semiconductor performance. The Strategy benefited from AI-exposed holdings in semiconductors and data center infrastructure but faced headwinds from software disruption concerns and idiosyncratic health care weakness. Managers added 13 positions during a large Russell rebalance, positioning for the next phase of AI adoption beyond infrastructure. | - | ||||||
| +3.9% | -0.8% | Southeastern runs a concentrated 17-stock portfolio trading at high-50s percent of value, positioned as contrarians during historic market speculation. The manager is highly critical of AI-related investments trading on circular capital flows rather than real free cash flow, maintaining conviction that mean reversion will reward their focus on undervalued businesses with tangible earnings power. Active engagement is accelerating value realization across holdings. Full Quick Take Southeastern runs a concentrated 17-stock portfolio trading at high-50s percent of value, positioned as contrarians during historic market speculation. The manager is highly critical of AI-related investments trading on circular capital flows rather than real free cash flow, maintaining conviction that mean reversion will reward their focus on undervalued businesses with tangible earnings power. Active engagement is accelerating value realization across holdings. | |||||||
| - | - | Castlebay returned 9% in Q2 2026, outperforming the UK market by 5% as capital rotated back to quality. The fund targets high-quality compounders with 37% ROE and 5.5% free cash flow yields trading at attractive valuations. A new position in Spirax Group exemplifies the strategy: a cash-generative industrial business with a structural growth engine in biopharma that the market undervalues. The UK quality re-rating has only just begun. Full Quick Take Castlebay returned 9% in Q2 2026, outperforming the UK market by 5% as capital rotated back to quality. The fund targets high-quality compounders with 37% ROE and 5.5% free cash flow yields trading at attractive valuations. A new position in Spirax Group exemplifies the strategy: a cash-generative industrial business with a structural growth engine in biopharma that the market undervalues. The UK quality re-rating has only just begun. | |||||||
| +5.9% | +1.2% | Southeastern's Global Fund significantly underperformed in Q2 2026 due to avoiding overvalued AI and technology stocks the manager views as bubble territory. The concentrated 20-stock portfolio trades at mid-50s% P/V with the lowest multiples of real free cash flow. Active engagement is accelerating value realization across holdings. The manager maintains strong conviction that returns have been deferred, not foregone, positioning for mean reversion with considerably less risk. Full Quick Take Southeastern's Global Fund significantly underperformed in Q2 2026 due to avoiding overvalued AI and technology stocks the manager views as bubble territory. The concentrated 20-stock portfolio trades at mid-50s% P/V with the lowest multiples of real free cash flow. Active engagement is accelerating value realization across holdings. The manager maintains strong conviction that returns have been deferred, not foregone, positioning for mean reversion with considerably less risk. | |||||||
| +5.8% | +9.2% | Thornburg Global Opportunities delivered strong 12-month returns of +29.49% through concentrated holdings in above-average growth businesses trading at significant discounts to the market. Technology and financial holdings drove performance while telecommunications and Chinese e-commerce detracted. The fund's 20-year track record of 3% annual outperformance versus the MSCI ACWI reflects disciplined focus on value-priced growth across global markets. Full Quick Take Thornburg Global Opportunities delivered strong 12-month returns of +29.49% through concentrated holdings in above-average growth businesses trading at significant discounts to the market. Technology and financial holdings drove performance while telecommunications and Chinese e-commerce detracted. The fund's 20-year track record of 3% annual outperformance versus the MSCI ACWI reflects disciplined focus on value-priced growth across global markets. |
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