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 |
|---|---|---|---|---|---|---|---|---|---|
| +0.9% | +1.0% | Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. Full Quick Take Brandes Core Plus Fixed Income outperformed in Q2 2026 through disciplined security selection, led by Sabre Global as travel sector headwinds eased. The manager views corporate credit spreads at 30-year tights as complacent despite record issuance, maintaining a defensive posture with shorter duration, meaningful Treasury holdings for opportunistic deployment, and emphasis on bottom-up fundamental analysis to navigate historically tight valuations. | |||||||
| +6.4% | -7.5% | The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. Full Quick Take The fund underperformed in Q2 2026 despite strong fundamentals across core holdings. AI adoption is accelerating growth at Arm, Alphabet, and Amazon, with cloud businesses showing particular strength. The manager used price weakness to add to seven high-conviction positions while trimming winners and exiting three names. With the portfolio trading at 51% discount to intrinsic value, the manager sees compelling long-term opportunities in quality growth companies benefiting from secular tailwinds. | |||||||
| +8.4% | - | American Century International Growth returned 8.44% in Q2 2026, lagging the benchmark's 10.82% as AI-driven concentration dominated markets. Financials and health care detracted on capital markets weakness and cost inflation concerns. Industrials and semiconductors contributed through AI and automation exposure. The portfolio maintains balanced factor exposures while capitalizing on AI enablement, factory automation, selective banking opportunities, and increased consumer exposure. Full Quick Take American Century International Growth returned 8.44% in Q2 2026, lagging the benchmark's 10.82% as AI-driven concentration dominated markets. Financials and health care detracted on capital markets weakness and cost inflation concerns. Industrials and semiconductors contributed through AI and automation exposure. The portfolio maintains balanced factor exposures while capitalizing on AI enablement, factory automation, selective banking opportunities, and increased consumer exposure. | |||||||
| +12.7% | +12.5% | L1 Capital delivered 12.7% in Q2 2026 through concentrated positions in quality value stocks trading at 10x P/E with double-digit growth. Strong performance from Qantas, BlueScope, James Hardie, Hudbay and Goodman offset commodity weakness. The manager added to copper, construction materials, travel and gold during market volatility while trimming infrastructure and oil & gas. Portfolio positioned in commodities, construction materials and infrastructure with compelling valuations and medium-term upside. Full Quick Take L1 Capital delivered 12.7% in Q2 2026 through concentrated positions in quality value stocks trading at 10x P/E with double-digit growth. Strong performance from Qantas, BlueScope, James Hardie, Hudbay and Goodman offset commodity weakness. The manager added to copper, construction materials, travel and gold during market volatility while trimming infrastructure and oil & gas. Portfolio positioned in commodities, construction materials and infrastructure with compelling valuations and medium-term upside. | |||||||
| +4.7% | - | Palm Harbour Capital returned 4.66% in Q2 2026 despite June underperformance from Asian holdings caught in leverage-driven market distortions. The manager expresses deep concern about extreme leverage and passive flows creating systemic risks while maintaining strong conviction in fundamentally-driven value investing. Portfolio trades at 6.6x P/E with 106% upside to NAV. Top contributor Watches of Switzerland surged 59% on resilient luxury demand. Management extremely optimistic about medium-term prospects. Full Quick Take Palm Harbour Capital returned 4.66% in Q2 2026 despite June underperformance from Asian holdings caught in leverage-driven market distortions. The manager expresses deep concern about extreme leverage and passive flows creating systemic risks while maintaining strong conviction in fundamentally-driven value investing. Portfolio trades at 6.6x P/E with 106% upside to NAV. Top contributor Watches of Switzerland surged 59% on resilient luxury demand. Management extremely optimistic about medium-term prospects. | |||||||
| - | - | Antipodes deliberately avoided memory semiconductors despite 95% Q2 gains, viewing valuations as extrapolating peak-cycle pricing with thin margin for error. The fund instead positioned in analog/power/RF semiconductors with structural growth, energy infrastructure supporting AI buildout at undemanding valuations, and quality compounders oversold on AI disruption fears. Portfolio positioned for rotation away from unprecedented market concentration into broader value opportunities. Full Quick Take Antipodes deliberately avoided memory semiconductors despite 95% Q2 gains, viewing valuations as extrapolating peak-cycle pricing with thin margin for error. The fund instead positioned in analog/power/RF semiconductors with structural growth, energy infrastructure supporting AI buildout at undemanding valuations, and quality compounders oversold on AI disruption fears. Portfolio positioned for rotation away from unprecedented market concentration into broader value opportunities. | |||||||
| - | - | Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point. Full Quick Take Antipodes underperformed in Q2 2026 as markets concentrated in memory semiconductors gaining 95%, which the fund deliberately avoided citing peak-cycle valuation risks. Portfolio positioned for breadth rotation into AI infrastructure enablers like data center power and cooling, analog and specialty semiconductors with structural growth, and quality compounders at trough multiples. Added Japanese structural growth names and Booking Holdings on AI disruption concerns creating entry point. | |||||||
| +11.8% | +5.7% | Baron Real Estate Fund is positioned for a multi-year real estate recovery. Public real estate trades at significant discounts to private market values despite favorable supply-demand dynamics and decade-low construction activity. Three portfolio companies received takeover bids in Q2 at substantial premiums, validating the valuation disconnect. The Fund's diversified approach across REITs and non-REIT real estate companies, combined with compelling valuations and improving fundamentals, supports a path to double-digit annual returns. Full Quick Take Baron Real Estate Fund is positioned for a multi-year real estate recovery. Public real estate trades at significant discounts to private market values despite favorable supply-demand dynamics and decade-low construction activity. Three portfolio companies received takeover bids in Q2 at substantial premiums, validating the valuation disconnect. The Fund's diversified approach across REITs and non-REIT real estate companies, combined with compelling valuations and improving fundamentals, supports a path to double-digit annual returns. | |||||||
| +8.8% | +14.1% | Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. Full Quick Take Artisan International Fund's bottom-up approach across three core themes—electrification, financials, and aerospace and defense—delivered strong first-half performance despite Q2 underperformance from information technology underweighting. Semiconductor holdings benefited from AI infrastructure demand while European banks gained from higher rates. The manager actively trimmed positions where valuations moved ahead of fundamentals and redeployed into grid infrastructure and European aviation opportunities, positioning for broadening market leadership beyond narrow AI-driven gains. | |||||||
| +17.0% | - | Ariel Small Cap Value returned 17.04% net in Q2 2026, matching its benchmark as equities rebounded sharply. Travel and entertainment holdings led gains while oil services lagged. The manager added medical devices and building products positions, maintaining focus on high-quality small-cap businesses at attractive valuations. Despite acknowledging macro headwinds including geopolitical tensions and concentrated market leadership, the strategy remains grounded in rigorous fundamental research and long-term value creation. Full Quick Take Ariel Small Cap Value returned 17.04% net in Q2 2026, matching its benchmark as equities rebounded sharply. Travel and entertainment holdings led gains while oil services lagged. The manager added medical devices and building products positions, maintaining focus on high-quality small-cap businesses at attractive valuations. Despite acknowledging macro headwinds including geopolitical tensions and concentrated market leadership, the strategy remains grounded in rigorous fundamental research and long-term value creation. | |||||||
| +7.2% | - | Dynasty Trust returned 7.2% quarterly despite 6.5% currency drag, led by Virtu Financial's volatility-driven gains. Manager's valuation discipline avoided AI-related software collapse while missing opportunities in Samsung and Alphabet. Opportunistically added Wise Group post-listing decline. Portfolio maintains patient positioning in travel holdings including EVT Limited at 34% discount to NAV, with hotel business evolution as key catalyst. Travel thematic supported by structural 5.3% passenger growth representing 10% global GDP. Full Quick Take Dynasty Trust returned 7.2% quarterly despite 6.5% currency drag, led by Virtu Financial's volatility-driven gains. Manager's valuation discipline avoided AI-related software collapse while missing opportunities in Samsung and Alphabet. Opportunistically added Wise Group post-listing decline. Portfolio maintains patient positioning in travel holdings including EVT Limited at 34% discount to NAV, with hotel business evolution as key catalyst. Travel thematic supported by structural 5.3% passenger growth representing 10% global GDP. | |||||||
| +23.4% | - | Munro returned 23.4% in Q2 2026, capturing the AI infrastructure buildout acceleration. Hyperscale capex is growing durably into 2027, with Anthropic revenue surging five-fold and Alphabet raising $85bn. The agentic AI shift is expanding opportunities from GPUs into CPUs and power infrastructure. AMD doubled its CPU market forecast to $120bn by 2030. Portfolio maintains concentrated AI exposure with constructive positioning in Travel and Climate themes. Full Quick Take Munro returned 23.4% in Q2 2026, capturing the AI infrastructure buildout acceleration. Hyperscale capex is growing durably into 2027, with Anthropic revenue surging five-fold and Alphabet raising $85bn. The agentic AI shift is expanding opportunities from GPUs into CPUs and power infrastructure. AMD doubled its CPU market forecast to $120bn by 2030. Portfolio maintains concentrated AI exposure with constructive positioning in Travel and Climate themes. | |||||||
| +2.5% | -0.1% | Oakmark Fund underperformed in Q2 2026 as AI-driven market leadership persisted, but the managers remain disciplined value investors. Delta Air Lines led performance on improved airline industry rationality and strong premium travel demand. New positions in Booking Holdings and Equitable Holdings were initiated at significant discounts to intrinsic value. The fund continues avoiding overvalued AI equities, focusing instead on mispriced businesses with clear catalysts. Full Quick Take Oakmark Fund underperformed in Q2 2026 as AI-driven market leadership persisted, but the managers remain disciplined value investors. Delta Air Lines led performance on improved airline industry rationality and strong premium travel demand. New positions in Booking Holdings and Equitable Holdings were initiated at significant discounts to intrinsic value. The fund continues avoiding overvalued AI equities, focusing instead on mispriced businesses with clear catalysts. | |||||||
| -1.8% | - | Forager Australian Shares fell 10.8% as the AI bubble inflated and the fund avoided overvalued tech. The manager sees this as a 2000-style sector bubble creating opportunities in ignored value stocks. Major mistakes in EML Payments offset wins from Cuscal and takeovers. The portfolio is concentrated in dumped software and cash-generative businesses, positioned for reversal when the bubble pops. Full Quick Take Forager Australian Shares fell 10.8% as the AI bubble inflated and the fund avoided overvalued tech. The manager sees this as a 2000-style sector bubble creating opportunities in ignored value stocks. Major mistakes in EML Payments offset wins from Cuscal and takeovers. The portfolio is concentrated in dumped software and cash-generative businesses, positioned for reversal when the bubble pops. | |||||||
| +28.8% | - | Hood River's International Opportunity Fund outperformed by +19.14% in Q2 2026, driven by stock selection in international small-caps where market inefficiencies reward fundamental research. Japan's corporate governance reforms, AI ecosystem opportunities beyond U.S. mega-caps, and favorable semiconductor cycle dynamics drove performance. Top contributors included Kioxia Holdings, MDA Space, Super Group, and eDreams ODIGEO. The portfolio shifted toward consumer exposure while trimming technology. International equities offer compelling active management opportunities. Full Quick Take Hood River's International Opportunity Fund outperformed by +19.14% in Q2 2026, driven by stock selection in international small-caps where market inefficiencies reward fundamental research. Japan's corporate governance reforms, AI ecosystem opportunities beyond U.S. mega-caps, and favorable semiconductor cycle dynamics drove performance. Top contributors included Kioxia Holdings, MDA Space, Super Group, and eDreams ODIGEO. The portfolio shifted toward consumer exposure while trimming technology. International equities offer compelling active management opportunities. | |||||||
| - | - | Troy Global Equity Strategy underperformed significantly in H1 2026 by avoiding overvalued semiconductors and tech hardware despite AI-driven market gains. The portfolio holds quality businesses facing temporary headwinds: Visa navigating payment disruption fears, Alcon executing through product cycle challenges, and Amadeus weathering AI concerns. Trading at meaningful discounts with superior economics, these positions offer compelling risk-reward as market concentration reaches historic extremes. Full Quick Take Troy Global Equity Strategy underperformed significantly in H1 2026 by avoiding overvalued semiconductors and tech hardware despite AI-driven market gains. The portfolio holds quality businesses facing temporary headwinds: Visa navigating payment disruption fears, Alcon executing through product cycle challenges, and Amadeus weathering AI concerns. Trading at meaningful discounts with superior economics, these positions offer compelling risk-reward as market concentration reaches historic extremes. | |||||||
| - | -14.9% | Recurve is down 14.9% YTD, driven by Carvana's 22% decline despite rising earnings estimates. The manager maintains 47% exposure to Carvana, expecting EBITDA to triple over three years as the company sustains 40% growth. Short-term volatility from weekly data and operational improvements at reconditioning centers is viewed as noise. The concentrated portfolio targets multi-year compounding, not quarterly results, with conviction unchanged despite near-term underperformance. Full Quick Take Recurve is down 14.9% YTD, driven by Carvana's 22% decline despite rising earnings estimates. The manager maintains 47% exposure to Carvana, expecting EBITDA to triple over three years as the company sustains 40% growth. Short-term volatility from weekly data and operational improvements at reconditioning centers is viewed as noise. The concentrated portfolio targets multi-year compounding, not quarterly results, with conviction unchanged despite near-term underperformance. | |||||||
| +12.5% | +7.7% | Middle Coast Investing returned 12.5% in Q2 2026 as markets traded on baskets rather than fundamentals. Semiconductors and data center stocks soared while hyperscalers faced AI profitability doubts. The manager trimmed winners, added CDW and S&P Global at attractive valuations, and reduced cash to 13.7%. Despite strong company-specific results, stocks traded on sector sentiment. The portfolio maintains concentrated exposure to aerospace, travel, and financials with disciplined valuation focus. Full Quick Take Middle Coast Investing returned 12.5% in Q2 2026 as markets traded on baskets rather than fundamentals. Semiconductors and data center stocks soared while hyperscalers faced AI profitability doubts. The manager trimmed winners, added CDW and S&P Global at attractive valuations, and reduced cash to 13.7%. Despite strong company-specific results, stocks traded on sector sentiment. The portfolio maintains concentrated exposure to aerospace, travel, and financials with disciplined valuation focus. | |||||||
| -4.6% | -4.6% | Buckley Capital targets high-quality businesses at deep discounts, focusing on special situations where markets undervalue normalized earnings power. Key positions include Acadia Healthcare's CEO-driven turnaround, mispriced BNPL leader Sezzle, and undervalued timeshare operator Hilton Grand Vacations. Despite Q1 volatility, strong April performance validates their thesis as fundamentals assert themselves across concentrated portfolio. Full Quick Take Buckley Capital targets high-quality businesses at deep discounts, focusing on special situations where markets undervalue normalized earnings power. Key positions include Acadia Healthcare's CEO-driven turnaround, mispriced BNPL leader Sezzle, and undervalued timeshare operator Hilton Grand Vacations. Despite Q1 volatility, strong April performance validates their thesis as fundamentals assert themselves across concentrated portfolio. | |||||||
| -11.6% | -11.6% | Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Judges Scientific position, added Douglas Dynamics snowplow manufacturer. Manager sees temporary headwinds for quality businesses at deep discounts, expects recovery as values get recognized. Full Quick Take Value fund down 11.6% in Q1 on small cap volatility despite strong fundamentals. Portfolio trades at 40% of intrinsic value, creating opportunity similar to April 2020. Doubled Judges Scientific position, added Douglas Dynamics snowplow manufacturer. Manager sees temporary headwinds for quality businesses at deep discounts, expects recovery as values get recognized. | |||||||
| -8.1% | -8.1% | GreensKeeper used Q1 market weakness from Middle East conflict to add to core positions and initiate Amadeus IT Group. Despite 8.1% decline, manager maintains conviction in concentrated value approach, highlighting Berkshire Hathaway's fundamental strength and defense holdings' performance. Sees quality companies available but few bargains, emphasizing patience and discipline in current environment. Full Quick Take GreensKeeper used Q1 market weakness from Middle East conflict to add to core positions and initiate Amadeus IT Group. Despite 8.1% decline, manager maintains conviction in concentrated value approach, highlighting Berkshire Hathaway's fundamental strength and defense holdings' performance. Sees quality companies available but few bargains, emphasizing patience and discipline in current environment. | |||||||
| -90.0% | -90.0% | International value manager navigated geopolitical chaos in Q1 2026 with energy and gold holdings driving performance amid Iran war. Sold top performer OceanaGold at fair value, added four new positions including luxury fragrance and travel companies. Plans to deploy 8.4% cash position into attractive individual opportunities despite ongoing macro uncertainties. Full Quick Take International value manager navigated geopolitical chaos in Q1 2026 with energy and gold holdings driving performance amid Iran war. Sold top performer OceanaGold at fair value, added four new positions including luxury fragrance and travel companies. Plans to deploy 8.4% cash position into attractive individual opportunities despite ongoing macro uncertainties. | |||||||
| - | - | ClearBridge Growth Strategy modestly underperformed in Q1 2026 as macro volatility and Middle East conflict pressured growth equities. Managers used market dislocations to upgrade portfolio quality, adding Fastenal, Spotify, Viking Holdings, and Wayfair while exiting HubSpot. Defense and data center infrastructure holdings outperformed while software faced valuation compression. Team maintains disciplined bottom-up approach targeting long-term growth opportunities. Full Quick Take ClearBridge Growth Strategy modestly underperformed in Q1 2026 as macro volatility and Middle East conflict pressured growth equities. Managers used market dislocations to upgrade portfolio quality, adding Fastenal, Spotify, Viking Holdings, and Wayfair while exiting HubSpot. Defense and data center infrastructure holdings outperformed while software faced valuation compression. Team maintains disciplined bottom-up approach targeting long-term growth opportunities. | - | ||||||
| -40.0% | -40.0% | Middle Coast Investing navigated Q1 2026's meme-driven market volatility by focusing on quality companies with strong balance sheets and adaptable management. Despite AI disruption fears and geopolitical tensions, the fund added aerospace and travel positions while maintaining conviction in long-term winners. The strategy emphasizes playing for time rather than chasing market themes. Full Quick Take Middle Coast Investing navigated Q1 2026's meme-driven market volatility by focusing on quality companies with strong balance sheets and adaptable management. Despite AI disruption fears and geopolitical tensions, the fund added aerospace and travel positions while maintaining conviction in long-term winners. The strategy emphasizes playing for time rather than chasing market themes. | |||||||
| - | - | Lakehouse Small Companies Fund outperformed during March's geopolitical volatility, returning -6.3% versus benchmark's -11%. The concentrated portfolio benefits from Magellan's merger announcement while SiteMinder faced travel headwinds. Management maintains conviction in quality businesses with strong fundamentals, viewing current market valuations as attractive for disciplined investors despite ongoing Iran-related tensions. Full Quick Take Lakehouse Small Companies Fund outperformed during March's geopolitical volatility, returning -6.3% versus benchmark's -11%. The concentrated portfolio benefits from Magellan's merger announcement while SiteMinder faced travel headwinds. Management maintains conviction in quality businesses with strong fundamentals, viewing current market valuations as attractive for disciplined investors despite ongoing Iran-related tensions. | - | ||||||
| -38.0% | -38.0% | Oldfield Partners' global value fund fell 3.8% in Q1 2026 after strong prior performance. Manager maintains contrarian approach in unpopular sectors, tactically trading ArcelorMittal and holding challenged positions like easyJet despite Gulf War headwinds. Portfolio trades at 10x P/E, focusing on global opportunities outside US amid policy volatility concerns. Full Quick Take Oldfield Partners' global value fund fell 3.8% in Q1 2026 after strong prior performance. Manager maintains contrarian approach in unpopular sectors, tactically trading ArcelorMittal and holding challenged positions like easyJet despite Gulf War headwinds. Portfolio trades at 10x P/E, focusing on global opportunities outside US amid policy volatility concerns. | - | ||||||
| -9.5% | -9.5% | Concentrated fund targeting 15% annual returns through owner-manager led compounders with sustainable advantages. Top holdings in payments disruption (Block, Wise, Nubank) and undervalued travel (Jet2 at 5x PE). Portfolio positioned for AI transformation with businesses having lowest unit costs and customer obsession. Strong historical performance despite -9.5% YTD. Full Quick Take Concentrated fund targeting 15% annual returns through owner-manager led compounders with sustainable advantages. Top holdings in payments disruption (Block, Wise, Nubank) and undervalued travel (Jet2 at 5x PE). Portfolio positioned for AI transformation with businesses having lowest unit costs and customer obsession. Strong historical performance despite -9.5% YTD. | - | ||||||
| - | - | The ClearBridge Mid Cap Strategy underperformed the Russell Midcap Index in Q1 2026 due to AI-disruption concerns in IT and healthcare, prompting active portfolio reshaping into higher-conviction industrial and consumer discretionary holdings. Full Quick Take The ClearBridge Mid Cap Strategy underperformed the Russell Midcap Index in Q1 2026 due to AI-disruption concerns in IT and healthcare, prompting active portfolio reshaping into higher-conviction industrial and consumer discretionary holdings. | |||||||
| +1.1% | +1.1% | Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating global tortilla markets and Robertet serving luxury perfume industry. Manager confident tangible assets provide valuable counterweight to intangibles-dominated markets, positioned for long-term demand growth despite near-term geopolitical headwinds. Full Quick Take Tactile Fund targets companies with extraordinary physical assets globally, rising 1% in Q1 despite Iran war pressures on tourism holdings. Portfolio includes Gruma dominating global tortilla markets and Robertet serving luxury perfume industry. Manager confident tangible assets provide valuable counterweight to intangibles-dominated markets, positioned for long-term demand growth despite near-term geopolitical headwinds. | |||||||
| - | - | Commodities & Precious Metals Outperformance, China Economic Stimulus and Travel Recovery, Additional Keywords & Themes | Renaissance's International Small Cap strategy outperformed in Q4 2025, actively rotating capital out of margin-strained payments and food producers into high-momentum gold miners and Chinese aviation IT infrastructure. Full Quick Take Renaissance's International Small Cap strategy outperformed in Q4 2025, actively rotating capital out of margin-strained payments and food producers into high-momentum gold miners and Chinese aviation IT infrastructure. | - | |||||
| - | - | Corporate Governance Simplification, Experiences Travel Growth Vertical, Additional Keywords & Themes | Starboard Value presents a strong activist case to unlock value at Tripadvisor (TRIP) by divesting European dining app TheFork, scaling Viator's EBITDA margins to 25-30%, and rationalizing costs at Brand Tripadvisor, potentially driving TRIP's valuation to a pro forma 2.5x EBITDA. Full Quick Take Starboard Value presents a strong activist case to unlock value at Tripadvisor (TRIP) by divesting European dining app TheFork, scaling Viator's EBITDA margins to 25-30%, and rationalizing costs at Brand Tripadvisor, potentially driving TRIP's valuation to a pro forma 2.5x EBITDA. | ||||||
| - | - | The Lakehouse Small Companies Fund returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeover bid for RPM Global, offset by regulatory pressure on Pinnacle's private credit holdings. Full Quick Take The Lakehouse Small Companies Fund returned 1.7% in September, utilizing a calmer reporting month to conduct deep research and NZ company visits. Performance was driven by a takeover bid for RPM Global, offset by regulatory pressure on Pinnacle's private credit holdings. | - | ||||||
| +10.3% | +6.6% | The Baron Real Estate Fund outperformed its benchmark with a strong 10.25% gain in Q3 2025, leveraging market corrections to build positions in premier real estate compounders while preparing for a cyclical recovery in 2026. Full Quick Take The Baron Real Estate Fund outperformed its benchmark with a strong 10.25% gain in Q3 2025, leveraging market corrections to build positions in premier real estate compounders while preparing for a cyclical recovery in 2026. | |||||||
| +9.0% | +15.0% | NTES,TLKM,0700.HK,6690.HK,MELI, Additional Tickers (57) 6758.TATD.TOFMXOR.PANESN.SW8113.TSHELADYEN.AS1299.HKALV.DEBBVABAPD05.SIGFNORTEO.MXHDBMFC2318.HKSEB-A.STALC4519.TCOLOB.COGMABHLN.L300760.SZNVSROG.SW4507.TSOON.SW6869.TALFA.STASSA-B.STATCO-A.STCNR6383.TEPI-A.ST6301.TRYA.LSAF.PASU.PA002352.SZ0669.HK2057.HKASMLDSY.PA2308.TW6146.T6861.T4684.T005930.KSSAP2330.TWAI.PABHPLINNZYM-B.CORIOSY1.DE | International Equity underperformed due to health care policy headwinds despite strong sector fundamentals. AI-driven semiconductor demand boosted tech holdings while new aerospace positions in Safran and Ryanair capitalize on commercial aviation recovery. The fund maintains conviction in quality companies with durable advantages, expecting health care uncertainty to prove transitory as in past cycles. Full Quick Take International Equity underperformed due to health care policy headwinds despite strong sector fundamentals. AI-driven semiconductor demand boosted tech holdings while new aerospace positions in Safran and Ryanair capitalize on commercial aviation recovery. The fund maintains conviction in quality companies with durable advantages, expecting health care uncertainty to prove transitory as in past cycles. | - | |||||
| +20.4% | +21.6% | Exceptional Q2 performance of +20.4% driven by technology-focused growth positions including Uber's autonomous vehicle partnerships and InPost's European logistics expansion. Strong YTD outperformance of +21.6% versus market's +5.5% reflects disciplined focus on undervalued companies with execution capabilities. Maintaining elevated cash position above 4% due to cautious stance following strong returns. Full Quick Take Exceptional Q2 performance of +20.4% driven by technology-focused growth positions including Uber's autonomous vehicle partnerships and InPost's European logistics expansion. Strong YTD outperformance of +21.6% versus market's +5.5% reflects disciplined focus on undervalued companies with execution capabilities. Maintaining elevated cash position above 4% due to cautious stance following strong returns. | - | ||||||
| - | - | Baird Chautauqua's growth funds underperformed in Q2 due to China exposure amid trade tensions, but managers remain optimistic about their quality-focused approach. Strong travel demand benefited Ryanair while tariff concerns weighed on Chinese holdings. The team maintains conviction in secular growth themes and believes international markets offer better value than elevated U.S. valuations. Full Quick Take Baird Chautauqua's growth funds underperformed in Q2 due to China exposure amid trade tensions, but managers remain optimistic about their quality-focused approach. Strong travel demand benefited Ryanair while tariff concerns weighed on Chinese holdings. The team maintains conviction in secular growth themes and believes international markets offer better value than elevated U.S. valuations. | - | ||||||
| - | - | Baird Chautauqua targets quality growth companies with strong competitive positions and financial resilience. Despite Q2 underperformance from Asia holdings amid trade volatility, the strategy focuses on secular themes like AI, e-commerce, and travel. Overweight Greater China positions reflect attractive valuations. International markets offer better value than elevated U.S. markets for long-term returns. Full Quick Take Baird Chautauqua targets quality growth companies with strong competitive positions and financial resilience. Despite Q2 underperformance from Asia holdings amid trade volatility, the strategy focuses on secular themes like AI, e-commerce, and travel. Overweight Greater China positions reflect attractive valuations. International markets offer better value than elevated U.S. markets for long-term returns. | |||||||
| +12.4% | - | Polaris International Equity outperformed on geopolitical de-escalation and South Korean market reforms. Travel recovery, semiconductor strength, and broad international diversification drove returns. The manager sees compelling value in European and emerging markets as investors rotate away from overvalued U.S. growth stocks toward more diversified global exposure. Full Quick Take Polaris International Equity outperformed on geopolitical de-escalation and South Korean market reforms. Travel recovery, semiconductor strength, and broad international diversification drove returns. The manager sees compelling value in European and emerging markets as investors rotate away from overvalued U.S. growth stocks toward more diversified global exposure. | - | ||||||
| - | - | London Company's SMID Cap portfolio underperformed in Q2 as quality factors lagged during risk-on rally. Portfolio maintains high-conviction focus on resilient companies with sustainable returns. Elevated tariff uncertainty and deteriorating macro backdrop create headwinds, but quality orientation positions well for policy risks and fragile growth ahead. Full Quick Take London Company's SMID Cap portfolio underperformed in Q2 as quality factors lagged during risk-on rally. Portfolio maintains high-conviction focus on resilient companies with sustainable returns. Elevated tariff uncertainty and deteriorating macro backdrop create headwinds, but quality orientation positions well for policy risks and fragile growth ahead. | |||||||
| +24.8% | +8.7% | The Auxier Focus Fund gained 2.48% in Q2 2025 amidst a speculative market pivot. The manager remains cautious of record margin debt and aggressive tariffs, prioritizing high-quality cash compounders with strong defensive moats. Full Quick Take The Auxier Focus Fund gained 2.48% in Q2 2025 amidst a speculative market pivot. The manager remains cautious of record margin debt and aggressive tariffs, prioritizing high-quality cash compounders with strong defensive moats. | |||||||
| +40.0% | -30.0% | Baron Real Estate Fund manager sees compelling opportunity in real estate trading below replacement cost with improving demand-supply dynamics. Fund returned 3.61% in Q2 2025 with diversified exposure across REITs and non-REIT categories. Key themes include residential real estate benefiting from structural underinvestment, travel recovery, and data center growth from AI demand. Manager remains optimistic despite near-term headwinds. Full Quick Take Baron Real Estate Fund manager sees compelling opportunity in real estate trading below replacement cost with improving demand-supply dynamics. Fund returned 3.61% in Q2 2025 with diversified exposure across REITs and non-REIT categories. Key themes include residential real estate benefiting from structural underinvestment, travel recovery, and data center growth from AI demand. Manager remains optimistic despite near-term headwinds. | - | ||||||
| -15.1% | - | Value fund down 15% in Q1 on tariff uncertainty despite limited fundamental impact. Portfolio trades 6.4x forward FCF with strong balance sheets. Key positions include cash/NOL shell below net cash, Manhattan real estate turnaround with Meow Wolf catalyst, and Rolex partner facing temporary luxury headwinds. Manager sees exceptional risk/reward opportunities from volatility. Full Quick Take Value fund down 15% in Q1 on tariff uncertainty despite limited fundamental impact. Portfolio trades 6.4x forward FCF with strong balance sheets. Key positions include cash/NOL shell below net cash, Manhattan real estate turnaround with Meow Wolf catalyst, and Rolex partner facing temporary luxury headwinds. Manager sees exceptional risk/reward opportunities from volatility. | - | ||||||
| -4.9% | - | Optimist Fund's Q1 decline of 4.9% reflects short-term volatility rather than fundamental deterioration. Manager McNamee maintains high conviction in portfolio companies like ThredUp, Carvana, and Uber, which demonstrated strong operational progress despite market headwinds. The fund leverages market dislocations as opportunities, positioning for compound value creation over five years in underappreciated growth businesses. Full Quick Take Optimist Fund's Q1 decline of 4.9% reflects short-term volatility rather than fundamental deterioration. Manager McNamee maintains high conviction in portfolio companies like ThredUp, Carvana, and Uber, which demonstrated strong operational progress despite market headwinds. The fund leverages market dislocations as opportunities, positioning for compound value creation over five years in underappreciated growth businesses. | - | ||||||
| -9.6% | -9.6% | Trump's tariff policy triggered market crashes creating exceptional value opportunities. Quality companies like airlines trading at 5-6x earnings and tech leaders like Nvidia at 22x multiples fully discount recession risks. With portfolio upside estimated at 156% and historical panic conditions typically followed by strong returns, current positioning targets superior 5-year performance across economic scenarios. Full Quick Take Trump's tariff policy triggered market crashes creating exceptional value opportunities. Quality companies like airlines trading at 5-6x earnings and tech leaders like Nvidia at 22x multiples fully discount recession risks. With portfolio upside estimated at 156% and historical panic conditions typically followed by strong returns, current positioning targets superior 5-year performance across economic scenarios. | - | ||||||
| +0.5% | - | Dynasty Trust posted 0.54% returns amid market volatility, actively repositioning with strong performance from Flow Traders and Sportradar. The fund specializes in controlled companies and aircraft leasing opportunities while managing trade policy risks through luxury and Asian holdings. Portfolio remains nearly fully invested with close monitoring of travel exposures and trade tensions. Full Quick Take Dynasty Trust posted 0.54% returns amid market volatility, actively repositioning with strong performance from Flow Traders and Sportradar. The fund specializes in controlled companies and aircraft leasing opportunities while managing trade policy risks through luxury and Asian holdings. Portfolio remains nearly fully invested with close monitoring of travel exposures and trade tensions. | - | ||||||
| +4.4% | - | Oakmark Global outperformed by 618bp in Q1 through disciplined value investing in quality companies trading below intrinsic value. Strong performance from financials led by Lloyds Banking Group offset Alphabet weakness. New positions in Airbnb, Brenntag, Pernod Ricard, and Sysco capitalize on travel growth, chemical cycle recovery, premium spirits barriers, and foodservice distribution trends. Full Quick Take Oakmark Global outperformed by 618bp in Q1 through disciplined value investing in quality companies trading below intrinsic value. Strong performance from financials led by Lloyds Banking Group offset Alphabet weakness. New positions in Airbnb, Brenntag, Pernod Ricard, and Sysco capitalize on travel growth, chemical cycle recovery, premium spirits barriers, and foodservice distribution trends. | - | ||||||
| -8.0% | - | Baron Focused Growth Fund outperformed benchmarks despite Q1 challenges from tariff uncertainty affecting cyclical holdings. Strong recurring revenue base, founder-led management, and robust balance sheets position the portfolio well for current uncertainty. Recent market declines create attractive entry points in competitively advantaged growth businesses, with the fund actively deploying capital into both existing and new opportunities. Full Quick Take Baron Focused Growth Fund outperformed benchmarks despite Q1 challenges from tariff uncertainty affecting cyclical holdings. Strong recurring revenue base, founder-led management, and robust balance sheets position the portfolio well for current uncertainty. Recent market declines create attractive entry points in competitively advantaged growth businesses, with the fund actively deploying capital into both existing and new opportunities. | - | ||||||
| -8.0% | -8.0% | Exploiting Market Volatility and Value Disconnects, Travel and Leisure Sector Entry, Additional Keywords & Themes | Ariel Fund declined 8.00% in Q1 2025, underperforming its benchmarks amid tariff fears and policy uncertainty. The manager is leveraging this market volatility to acquire high-quality, oversold companies with strong fundamentals and attractive valuations. Full Quick Take Ariel Fund declined 8.00% in Q1 2025, underperforming its benchmarks amid tariff fears and policy uncertainty. The manager is leveraging this market volatility to acquire high-quality, oversold companies with strong fundamentals and attractive valuations. | ||||||
| -7.3% | -7.3% | Artisan Mid Cap Fund fell 7.35% in Q1 as growth underperformed value amid trade policy uncertainty and AI sector disruption from China's DeepSeek breakthrough. The team is repositioning toward resilient franchises and capital-light AI beneficiaries while monitoring tariff impacts. New positions include Baker Hughes, Snowflake, and Viking, targeting companies with strong company-specific catalysts despite macro headwinds. Full Quick Take Artisan Mid Cap Fund fell 7.35% in Q1 as growth underperformed value amid trade policy uncertainty and AI sector disruption from China's DeepSeek breakthrough. The team is repositioning toward resilient franchises and capital-light AI beneficiaries while monitoring tariff impacts. New positions include Baker Hughes, Snowflake, and Viking, targeting companies with strong company-specific catalysts despite macro headwinds. | - | ||||||
| - | -4.8% | Concentrated portfolio with top five positions at 70% weight, reflecting high conviction in Sea Limited's e-commerce dominance, eDreams' travel recovery, Evolution's gaming leadership, Google's cloud growth, and Apollo's private credit expansion. Added Franco-Nevada gold royalty position for portfolio diversification. Despite tariff uncertainty and macro headwinds, manager maintains optimistic outlook on core holdings and expects strong relative performance ahead. Full Quick Take Concentrated portfolio with top five positions at 70% weight, reflecting high conviction in Sea Limited's e-commerce dominance, eDreams' travel recovery, Evolution's gaming leadership, Google's cloud growth, and Apollo's private credit expansion. Added Franco-Nevada gold royalty position for portfolio diversification. Despite tariff uncertainty and macro headwinds, manager maintains optimistic outlook on core holdings and expects strong relative performance ahead. | - |
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