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 |
|---|---|---|---|---|---|---|---|---|---|
| +4.5% | - | Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. Full Quick Take Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. | |||||||
| +8.8% | +2.3% | Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. Full Quick Take Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. | |||||||
| - | - | Thungela's 1H26 results validated the operational recovery thesis: Ensham rebounded strongly, South African production held steady, rail performance improved and the company retained R6.1bn net cash while paying its tenth consecutive dividend. Statutory profit was flattered by non-cash gains and cash flow benefited from derivatives, but the core mining business recovered as expected. At 525p the market treats all risks as arriving simultaneously when they aren't. Full Quick Take Thungela's 1H26 results validated the operational recovery thesis: Ensham rebounded strongly, South African production held steady, rail performance improved and the company retained R6.1bn net cash while paying its tenth consecutive dividend. Statutory profit was flattered by non-cash gains and cash flow benefited from derivatives, but the core mining business recovered as expected. At 525p the market treats all risks as arriving simultaneously when they aren't. | |||||||
| +0.1% | +5.4% | Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. Full Quick Take Moerus returned 5.37% in H1 2026, lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Manager actively avoids overvalued tech, instead finding opportunities in UK homebuilding, ag equipment, and Indian financials at significant discounts. Extreme market bifurcation between hot AI stocks and unloved sectors creates fertile hunting ground for deep value approach. | |||||||
| -12.6% | -4.3% | Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. Full Quick Take Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. | |||||||
| - | +30.0% | The fund returned 30% year-to-date as the Strait of Hormuz closure disrupted 14 million barrels per day for four months. Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Inventories approach critical minimums by September if disruption continues, forcing sharp price increases. Full Quick Take The fund returned 30% year-to-date as the Strait of Hormuz closure disrupted 14 million barrels per day for four months. Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Inventories approach critical minimums by September if disruption continues, forcing sharp price increases. | - | ||||||
| - | -5.0% | REQ Global Compounders fell 5.0% in H1 2026 as AI rotation pressured software holdings despite strong fundamentals—portfolio companies grew EBITA 14% while the fund trades at 17.7x NTM, the lowest valuation since inception. Aerospace holdings HEICO and Diploma surged on booming demand. Management added proven industrial distributors Applied and DiscoverIE while trimming AI-concentrated Amphenol, viewing current prices as creating exceptional long-term entry points for patient capital. Full Quick Take REQ Global Compounders fell 5.0% in H1 2026 as AI rotation pressured software holdings despite strong fundamentals—portfolio companies grew EBITA 14% while the fund trades at 17.7x NTM, the lowest valuation since inception. Aerospace holdings HEICO and Diploma surged on booming demand. Management added proven industrial distributors Applied and DiscoverIE while trimming AI-concentrated Amphenol, viewing current prices as creating exceptional long-term entry points for patient capital. | |||||||
| +8.8% | +10.7% | Auxier positions in AI infrastructure providers earning strong profits supplying vital hardware and connectivity rather than hyperscalers chasing uncertain AI model profitability. The fund warns margin debt surging 50% to $1.53 trillion and leveraged single-stock ETFs create extreme liquidation risk. Technology debt issuance quadrupled to fund AI buildout with 20-30 year bonds financing potentially obsolete data centers. The fund favors enduring businesses with large moats, minimal capital needs, and strong returns resisting market disruptions. Full Quick Take Auxier positions in AI infrastructure providers earning strong profits supplying vital hardware and connectivity rather than hyperscalers chasing uncertain AI model profitability. The fund warns margin debt surging 50% to $1.53 trillion and leveraged single-stock ETFs create extreme liquidation risk. Technology debt issuance quadrupled to fund AI buildout with 20-30 year bonds financing potentially obsolete data centers. The fund favors enduring businesses with large moats, minimal capital needs, and strong returns resisting market disruptions. | |||||||
| - | +3.5% | MJG returned 3.45% in H1 2026 after an exceptional 2025, maintaining decade-long outperformance at 21.9% annualized. Precious metals collapsed 28-52% from January peaks as anticipated, validating defensive positioning. Copper remains the largest weighting at 34% with strong fundamentals despite equity underperformance. Cash increased to 22%, the highest since inception, positioning for potential broad weakness while preserving deployment capacity. The proven people-first, bottom-up approach continues unchanged. Full Quick Take MJG returned 3.45% in H1 2026 after an exceptional 2025, maintaining decade-long outperformance at 21.9% annualized. Precious metals collapsed 28-52% from January peaks as anticipated, validating defensive positioning. Copper remains the largest weighting at 34% with strong fundamentals despite equity underperformance. Cash increased to 22%, the highest since inception, positioning for potential broad weakness while preserving deployment capacity. The proven people-first, bottom-up approach continues unchanged. | |||||||
| +12.5% | +3.5% | Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. Full Quick Take Baron Small Cap Fund's Q2 2026 return of 12.57% trailed the Russell 2000 Growth Index due to underexposure to momentum and beta factors that dominated performance. Data center holdings including Vertiv and Legence surged on AI infrastructure demand while software names declined on AI disruption concerns. The manager sees small caps well-positioned with attractive valuations and strengthening industrial fundamentals despite near-term geopolitical uncertainty. | |||||||
| +21.9% | +20.9% | Impax Global Environmental Markets Fund surged 21.98% in Q2 2026, outperforming on AI infrastructure tailwinds driving semiconductor and data center holdings. The team maintains high conviction in picks and shovels AI exposure while balancing with defensive waste, industrial gas, and utility positions. Water infrastructure faced headwinds from rates and macro uncertainty. Portfolio remains concentrated in 42 high-quality names with pricing power and secular environmental growth drivers. Full Quick Take Impax Global Environmental Markets Fund surged 21.98% in Q2 2026, outperforming on AI infrastructure tailwinds driving semiconductor and data center holdings. The team maintains high conviction in picks and shovels AI exposure while balancing with defensive waste, industrial gas, and utility positions. Water infrastructure faced headwinds from rates and macro uncertainty. Portfolio remains concentrated in 42 high-quality names with pricing power and secular environmental growth drivers. | - | ||||||
| - | - | Barometer navigated a volatile, choppy quarter dominated by Iran geopolitical risk and policy uncertainty. Semiconductors and financials emerged as clear leaders, prompting substantial position additions in AI infrastructure names and banks. Industrials contributed on data center power and aerospace strength. Precious metals corrected sharply after extended gains, leading to reduced exposure. The manager maintains conviction in semiconductor, financial, and industrial themes while staying disciplined and flexible. Full Quick Take Barometer navigated a volatile, choppy quarter dominated by Iran geopolitical risk and policy uncertainty. Semiconductors and financials emerged as clear leaders, prompting substantial position additions in AI infrastructure names and banks. Industrials contributed on data center power and aerospace strength. Precious metals corrected sharply after extended gains, leading to reduced exposure. The manager maintains conviction in semiconductor, financial, and industrial themes while staying disciplined and flexible. | - | ||||||
| +2.4% | -0.2% | - | Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Jensen Investment provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +7.2% | +8.6% | Greystone Capital pursues concentrated small-cap value in neglected niche industrials while actively avoiding overvalued AI infrastructure. Q2 return of +7.2% lagged AI-driven indices but core holdings like Pitney Bowes, Natural Resource Partners, and Shift4 offer asymmetric upside at 13-15% cash flow yields and mid-single-digit EBITDA multiples. Manager adding to positions during volatility and researching new opportunities in attractive environment for mispriced earnings power. Full Quick Take Greystone Capital pursues concentrated small-cap value in neglected niche industrials while actively avoiding overvalued AI infrastructure. Q2 return of +7.2% lagged AI-driven indices but core holdings like Pitney Bowes, Natural Resource Partners, and Shift4 offer asymmetric upside at 13-15% cash flow yields and mid-single-digit EBITDA multiples. Manager adding to positions during volatility and researching new opportunities in attractive environment for mispriced earnings power. | |||||||
| - | +2.1% | Rozendal's Global Fund lagged in H1 2026 by avoiding the AI mania that drove tech 30% higher, while the Iran war disrupted oil and precious metals markets. Three successful investment cycles closed: Meta at 31% annualized, silver at 20%+, and Curro at 22-24%. The manager maintains disciplined valuation focus despite momentum-driven markets favoring speculation over fundamentals. Full Quick Take Rozendal's Global Fund lagged in H1 2026 by avoiding the AI mania that drove tech 30% higher, while the Iran war disrupted oil and precious metals markets. Three successful investment cycles closed: Meta at 31% annualized, silver at 20%+, and Curro at 22-24%. The manager maintains disciplined valuation focus despite momentum-driven markets favoring speculation over fundamentals. | |||||||
| - | +26.8%SI: +1551.3% | SRK Fund I gained 26.80% net of fees in the first half of 2026 by avoiding crowded AI momentum trades and focusing on mispriced micro-cap turnarounds with substantial operating leverage, disciplined capital allocation, and visible cash flows. Full Quick Take SRK Fund I gained 26.80% net of fees in the first half of 2026 by avoiding crowded AI momentum trades and focusing on mispriced micro-cap turnarounds with substantial operating leverage, disciplined capital allocation, and visible cash flows. | |||||||
| +36.3% | -0.9% | Optimist Fund rebounded 36.3% in Q2 2026 on concentrated positions in market-leading e-commerce and consumer finance businesses. ThredUp surged 109% on strong execution and new direct listing optionality. The manager added significantly to Affirm, viewing BNPL as a second-inning growth opportunity, and continues adding to Carvana at 13x 2027 EBITDA despite 40% organic growth. The portfolio targets better than mid-teens annualized returns over five years. Full Quick Take Optimist Fund rebounded 36.3% in Q2 2026 on concentrated positions in market-leading e-commerce and consumer finance businesses. ThredUp surged 109% on strong execution and new direct listing optionality. The manager added significantly to Affirm, viewing BNPL as a second-inning growth opportunity, and continues adding to Carvana at 13x 2027 EBITDA despite 40% organic growth. The portfolio targets better than mid-teens annualized returns over five years. | |||||||
| +11.2% | +11.1% | The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings. Full Quick Take The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings. | |||||||
| - | +7.8% | Global Alpha's portfolio trades at an unprecedented discount to the market despite delivering strong fundamental growth and higher expected earnings. The strategy maintains concentrated exposure to AI leaders NVIDIA and TSMC while building breadth across emerging market champions, industry consolidators, and mispriced software businesses. The valuation disconnect creates substantial upside potential as the market's mono-thematic focus on AI hardware eventually broadens to recognize quality growth across multiple drivers. Full Quick Take Global Alpha's portfolio trades at an unprecedented discount to the market despite delivering strong fundamental growth and higher expected earnings. The strategy maintains concentrated exposure to AI leaders NVIDIA and TSMC while building breadth across emerging market champions, industry consolidators, and mispriced software businesses. The valuation disconnect creates substantial upside potential as the market's mono-thematic focus on AI hardware eventually broadens to recognize quality growth across multiple drivers. | |||||||
| +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. | - | ||||||
| +10.7% | - | PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. Full Quick Take PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. | |||||||
| +18.2% | +19.7% | - | Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. Full Quick Take Grandeur Peak's EM Opportunities Fund returned +18.19% in Q2 as quality growth investing showed signs of resurfacing after years of underperformance. Small-cap Semiconductors surged +68.7% on strong fundamentals. The firm sees compelling opportunities in Industrials, Consumer, and selective Chinese brands at attractive valuations. Management believes most portfolio holdings remain undiscovered and positioned for sustained outperformance as the market refocuses on fundamentals over speculation. | - | |||||
| +13.0% | +7.9% | - | Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. Full Quick Take Grandeur Peak's high-quality small-cap portfolios began surfacing in Q2 after years underwater, driven by strong semiconductor performance and a broad market rally favoring fundamentals over speculation. The firm rotated away from AI-threatened software into industrials and consumer franchises trading at attractive valuations. While most holdings haven't yet re-rated, management believes earnings growth will eventually force market recognition and sustained outperformance. | - | |||||
| +2.7% | -6.3% | Mayar Capital endures its worst five-year stretch, underperforming due to avoiding the AI bubble that dominates markets. The manager draws parallels to the late 1990s, identifying extreme valuations, passive flow distortions, and speculative excess. Despite the pain, he maintains conviction that the disciplined value strategy will be vindicated, with the current portfolio representing the highest-quality, most attractively valued opportunity set in the fund's 15-year history. Full Quick Take Mayar Capital endures its worst five-year stretch, underperforming due to avoiding the AI bubble that dominates markets. The manager draws parallels to the late 1990s, identifying extreme valuations, passive flow distortions, and speculative excess. Despite the pain, he maintains conviction that the disciplined value strategy will be vindicated, with the current portfolio representing the highest-quality, most attractively valued opportunity set in the fund's 15-year history. | |||||||
| +0.7% | - | - | The Fund sharply reduced duration to under one year as managers position for a structural shift to higher inflation. Globalization's disinflationary era is over, replaced by supply-chain fragmentation, labor scarcity, and capital-intensive industrial policy that will push equilibrium inflation from 1.5%-3.5% toward 3.5%-4.5%. Long-term Treasury yields face upward pressure from rising real rates, higher term premiums, and greater volatility. Full Quick Take The Fund sharply reduced duration to under one year as managers position for a structural shift to higher inflation. Globalization's disinflationary era is over, replaced by supply-chain fragmentation, labor scarcity, and capital-intensive industrial policy that will push equilibrium inflation from 1.5%-3.5% toward 3.5%-4.5%. Long-term Treasury yields face upward pressure from rising real rates, higher term premiums, and greater volatility. | - | |||||
| +14.4% | +16.9% | Cambiar SMID returned 14.39% in 2Q 2026, trailing the index as AI-driven semiconductors dominated. The manager is trimming expensive technology positions despite strong fundamentals, reallocating to quality value names with robust cash flows and reasonable valuations. Industrials rebounded sharply while Financials lagged modestly. With 4% cash and disciplined positioning, the fund is positioned for potential small cap leadership after years of underperformance while avoiding speculative excess in concentrated mega-cap technology. Full Quick Take Cambiar SMID returned 14.39% in 2Q 2026, trailing the index as AI-driven semiconductors dominated. The manager is trimming expensive technology positions despite strong fundamentals, reallocating to quality value names with robust cash flows and reasonable valuations. Industrials rebounded sharply while Financials lagged modestly. With 4% cash and disciplined positioning, the fund is positioned for potential small cap leadership after years of underperformance while avoiding speculative excess in concentrated mega-cap technology. | - | ||||||
| +12.3% | +18.0% | SouthernSun underperformed in Q2 2026 by avoiding speculative AI concentration that drove index returns. The manager took profits in AI names and maintains disciplined underweight positioning, questioning market stability. Strong results from Extreme Networks and Generac were offset by Darling's oil-price-driven decline and Broadridge's AI-fear selloff. Extensive field research continues across niche industrials and out-of-favor opportunities, with conviction grounded in fundamentals not sentiment. Full Quick Take SouthernSun underperformed in Q2 2026 by avoiding speculative AI concentration that drove index returns. The manager took profits in AI names and maintains disciplined underweight positioning, questioning market stability. Strong results from Extreme Networks and Generac were offset by Darling's oil-price-driven decline and Broadridge's AI-fear selloff. Extensive field research continues across niche industrials and out-of-favor opportunities, with conviction grounded in fundamentals not sentiment. | |||||||
| +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. | - | ||||||
| +30.5% | +38.8% | Invesco Discovery Fund outperformed significantly in Q2 2026 with a 30.63% return, driven by concentrated semiconductor and AI infrastructure holdings. Top contributors TTM Technologies, Sterling Infrastructure, and MACOM benefited from cyclical recovery and AI-driven demand. Management added three industrial positions targeting AI infrastructure and industrial renewal opportunities. The team maintains a constructive outlook on small-cap growth, supported by strong corporate fundamentals, broadening market participation, and robust AI innovation. Full Quick Take Invesco Discovery Fund outperformed significantly in Q2 2026 with a 30.63% return, driven by concentrated semiconductor and AI infrastructure holdings. Top contributors TTM Technologies, Sterling Infrastructure, and MACOM benefited from cyclical recovery and AI-driven demand. Management added three industrial positions targeting AI infrastructure and industrial renewal opportunities. The team maintains a constructive outlook on small-cap growth, supported by strong corporate fundamentals, broadening market participation, and robust AI innovation. | - | ||||||
| +3.0% | - | - | California high-yield municipal bonds rebounded in Q2 2026 with solid gains driven by attractive yields and healthy supply/demand. Security selection in workforce housing, charter schools, and hospitals drove outperformance. Despite mounting state budget pressures from spending growth outpacing revenues, strong reserves provide cushion. The manager maintains selective positioning in higher-quality issuers within energy prepay, development districts, and multifamily housing sectors offering attractive value. Full Quick Take California high-yield municipal bonds rebounded in Q2 2026 with solid gains driven by attractive yields and healthy supply/demand. Security selection in workforce housing, charter schools, and hospitals drove outperformance. Despite mounting state budget pressures from spending growth outpacing revenues, strong reserves provide cushion. The manager maintains selective positioning in higher-quality issuers within energy prepay, development districts, and multifamily housing sectors offering attractive value. | - | |||||
| -20.0% | -22.0% | EMA GARP Fund's 20% Q2 decline reflects temporary AI euphoria overshadowing their core monetary debasement thesis. With US debt at 123% of GDP and inevitable massive inflation ahead, gold and silver miners offer extreme asymmetry at current prices. Portfolio concentration in names like Aris and Avino provides multi-bagger potential with substantial operating leverage. Sentiment at 30-year lows signals major rally ahead as financial war drives gold's replacement of Treasuries as global reserve asset. Full Quick Take EMA GARP Fund's 20% Q2 decline reflects temporary AI euphoria overshadowing their core monetary debasement thesis. With US debt at 123% of GDP and inevitable massive inflation ahead, gold and silver miners offer extreme asymmetry at current prices. Portfolio concentration in names like Aris and Avino provides multi-bagger potential with substantial operating leverage. Sentiment at 30-year lows signals major rally ahead as financial war drives gold's replacement of Treasuries as global reserve asset. | |||||||
| +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. | - | ||||||
| +8.7% | +4.0% | Madison Mid Cap underperformed in Q2 2026 as markets became hyper-concentrated in AI infrastructure plays, with nine of the Russell Midcap's ten largest companies being direct AI beneficiaries. While the fund's AI-exposed holdings led performance, managers warn current euphoria reflects excessive risk appetite. They're adding to overlooked quality companies at attractive valuations, positioning for eventual rotation away from narrow AI concentration toward broader market participation. Full Quick Take Madison Mid Cap underperformed in Q2 2026 as markets became hyper-concentrated in AI infrastructure plays, with nine of the Russell Midcap's ten largest companies being direct AI beneficiaries. While the fund's AI-exposed holdings led performance, managers warn current euphoria reflects excessive risk appetite. They're adding to overlooked quality companies at attractive valuations, positioning for eventual rotation away from narrow AI concentration toward broader market participation. | |||||||
| - | - | Riverwater's microcap strategy lagged the Russell Microcap Index in Q2 2026 as speculation dominated, with pre-revenue biotech, crypto, and unproven AI narratives leading. Quality discipline kept the portfolio behind despite solid absolute returns. Industrials outperformed while technology underweight hurt. New positions include Lifeway Foods and Strattec Security. The manager anticipates rotation into higher-quality businesses as speculative trades unwind and is positioning for healthcare sector strength. Full Quick Take Riverwater's microcap strategy lagged the Russell Microcap Index in Q2 2026 as speculation dominated, with pre-revenue biotech, crypto, and unproven AI narratives leading. Quality discipline kept the portfolio behind despite solid absolute returns. Industrials outperformed while technology underweight hurt. New positions include Lifeway Foods and Strattec Security. The manager anticipates rotation into higher-quality businesses as speculative trades unwind and is positioning for healthcare sector strength. | |||||||
| +11.3% | - | The Devon Alpha Fund returned 2.7% in June, driven by strong performance from Brambles, Port of Tauranga, and Summerset. The manager sees New Zealand's economy turning upward from a lower base while Australia shows fatigue, creating an attractive opportunity set for active stock selection. The fund increased exposure to BHP Group and Cleanaway at levels believed to be attractive. Full Quick Take The Devon Alpha Fund returned 2.7% in June, driven by strong performance from Brambles, Port of Tauranga, and Summerset. The manager sees New Zealand's economy turning upward from a lower base while Australia shows fatigue, creating an attractive opportunity set for active stock selection. The fund increased exposure to BHP Group and Cleanaway at levels believed to be attractive. | - | ||||||
| - | - | - | Hoisington argues the U.S. is exiting globalization's disinflationary era and entering a structurally higher inflation regime (3.5-4.5%) driven by supply chain fragmentation, labor scarcity, and surging capital demands from industrial policy and AI infrastructure. With net national saving near historic lows and the Fed under Warsh expected to pursue balance sheet restraint, the outlook is for more volatile interest rates with upward pressure on long-term Treasury yields. Full Quick Take Hoisington argues the U.S. is exiting globalization's disinflationary era and entering a structurally higher inflation regime (3.5-4.5%) driven by supply chain fragmentation, labor scarcity, and surging capital demands from industrial policy and AI infrastructure. With net national saving near historic lows and the Fed under Warsh expected to pursue balance sheet restraint, the outlook is for more volatile interest rates with upward pressure on long-term Treasury yields. | - | |||||
| +6.0% | - | Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance. Full Quick Take Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance. | |||||||
| - | -1.4% | GoodHaven runs a concentrated 18-position value portfolio trading at 17.6x earnings versus 23.7x for the S&P 500, with 69% in top 10 holdings including Berkshire (16.8%) and Alphabet (10.2%). The manager targets quality businesses at discounts across financials, housing, energy, and digital advertising, emphasizing that value and growth are connected. Following a 2020 upgrade, the fund has delivered 10.92% annualized over five years despite lagging YTD. Full Quick Take GoodHaven runs a concentrated 18-position value portfolio trading at 17.6x earnings versus 23.7x for the S&P 500, with 69% in top 10 holdings including Berkshire (16.8%) and Alphabet (10.2%). The manager targets quality businesses at discounts across financials, housing, energy, and digital advertising, emphasizing that value and growth are connected. Following a 2020 upgrade, the fund has delivered 10.92% annualized over five years despite lagging YTD. | - | ||||||
| +20.9% | +3.7% | Contrarius returned 20.9% in Q2 2026 by investing in AI-Winners and AI-Proof companies at attractive valuations. Sony exemplifies this dual thesis: it owns irreplaceable music catalogues, film libraries, and gaming franchises that appreciate as AI content proliferates, while manufacturing 53% of global image sensors positioned to dominate physical AI in autonomous vehicles and robotics. The market prices it as a tired conglomerate despite a fortress balance sheet and improving management. Full Quick Take Contrarius returned 20.9% in Q2 2026 by investing in AI-Winners and AI-Proof companies at attractive valuations. Sony exemplifies this dual thesis: it owns irreplaceable music catalogues, film libraries, and gaming franchises that appreciate as AI content proliferates, while manufacturing 53% of global image sensors positioned to dominate physical AI in autonomous vehicles and robotics. The market prices it as a tired conglomerate despite a fortress balance sheet and improving management. | |||||||
| +20.1% | +31.1% | Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes. Full Quick Take Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes. | |||||||
| +17.1% | +25.6% | Heartland Value Fund delivered 17.05% in Q2 2026, maintaining a contrarian stance against AI euphoria while small caps outperformed. The managers actively trimmed overvalued Technology exposure and added to 51 positions across overlooked sectors at attractive valuations. Key investments include Photronics, i3 Verticals, Unitil, and Sonic Automotive. They see ample opportunities for disciplined value investors willing to challenge the herd mentality dominating markets. Full Quick Take Heartland Value Fund delivered 17.05% in Q2 2026, maintaining a contrarian stance against AI euphoria while small caps outperformed. The managers actively trimmed overvalued Technology exposure and added to 51 positions across overlooked sectors at attractive valuations. Key investments include Photronics, i3 Verticals, Unitil, and Sonic Automotive. They see ample opportunities for disciplined value investors willing to challenge the herd mentality dominating markets. | |||||||
| - | - | 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. | |||||||
| - | - | - | Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals. Full Quick Take Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals. | - | |||||
| +0.7% | -0.8% | - | Robinson Opportunistic Income Fund identified an arbitrage opportunity in private credit CEFs trading at discounts comparable to the Great Financial Crisis and moved to overweight despite near-term underperformance. New Fed Chairman Warsh's hawkish stance shifted expectations to rate hikes, benefiting the Fund's floating rate exposure. Long-term fiscal deficit concerns support the strategy of being long corporate credit and short Treasuries. Full Quick Take Robinson Opportunistic Income Fund identified an arbitrage opportunity in private credit CEFs trading at discounts comparable to the Great Financial Crisis and moved to overweight despite near-term underperformance. New Fed Chairman Warsh's hawkish stance shifted expectations to rate hikes, benefiting the Fund's floating rate exposure. Long-term fiscal deficit concerns support the strategy of being long corporate credit and short Treasuries. | - | |||||
| +17.4% | +4.7% | The Compounding Tortoise returned 17.35% in Q2 2026 despite elevated volatility in mega-caps. Portfolio companies with 30% ROICs delivered 15.1% Q1 earnings growth, compounding at 14% annually over two and a half years. A 27% valuation headwind since mid-2025 has created opportunity as the derating completes. Forward returns are positioned to be driven by continued earnings compounding and dividends, with accelerating growth momentum emerging across holdings. Full Quick Take The Compounding Tortoise returned 17.35% in Q2 2026 despite elevated volatility in mega-caps. Portfolio companies with 30% ROICs delivered 15.1% Q1 earnings growth, compounding at 14% annually over two and a half years. A 27% valuation headwind since mid-2025 has created opportunity as the derating completes. Forward returns are positioned to be driven by continued earnings compounding and dividends, with accelerating growth momentum emerging across holdings. | - | ||||||
| +5.5% | +5.3% | - | Robinson Tax-Advantaged Income Fund delivered 5.48% in Q2 2026 by investing in tax-exempt closed-end funds while hedging interest rate risk through Treasury futures shorts. The strategy isolates municipal credit spreads and CEF discounts as return drivers. The manager rotated away from Nuveen/Invesco CEFs now trading at premiums toward the broader market trading at -7.5% discounts. The hedging approach provides inflation protection while capitalizing on narrowing municipal credit spreads. Full Quick Take Robinson Tax-Advantaged Income Fund delivered 5.48% in Q2 2026 by investing in tax-exempt closed-end funds while hedging interest rate risk through Treasury futures shorts. The strategy isolates municipal credit spreads and CEF discounts as return drivers. The manager rotated away from Nuveen/Invesco CEFs now trading at premiums toward the broader market trading at -7.5% discounts. The hedging approach provides inflation protection while capitalizing on narrowing municipal credit spreads. | - | |||||
| +11.2% | +1.8% | Torre Financial's concentrated quality-growth portfolio trails Q2's momentum-driven rally but maintains superior economics: 25.6% ROIC and 28.3% cash-on-capital returns versus 23.6% and 20.5% for the S&P 500, trading cheaper at 2.9% FCF yield. AI infrastructure holdings led gains while three quality franchises de-rated on intact fundamentals, prompting disciplined additions. The manager prioritizes durable business models over chasing momentum past intrinsic value. Full Quick Take Torre Financial's concentrated quality-growth portfolio trails Q2's momentum-driven rally but maintains superior economics: 25.6% ROIC and 28.3% cash-on-capital returns versus 23.6% and 20.5% for the S&P 500, trading cheaper at 2.9% FCF yield. AI infrastructure holdings led gains while three quality franchises de-rated on intact fundamentals, prompting disciplined additions. The manager prioritizes durable business models over chasing momentum past intrinsic value. | - | ||||||
| - | - | Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concentrates equity exposure in deeply discounted energy assets trading at five times earnings with high yields. Offshore drillers benefit from industry consolidation while Chinese technology stocks offer value. The defensive positioning preserves capital amid extreme market valuations while maintaining exposure to compelling opportunities. Full Quick Take Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concentrates equity exposure in deeply discounted energy assets trading at five times earnings with high yields. Offshore drillers benefit from industry consolidation while Chinese technology stocks offer value. The defensive positioning preserves capital amid extreme market valuations while maintaining exposure to compelling opportunities. | - | ||||||
| - | - | Markets in 2026 are being reshaped by structural forces, not macro events. Record concentration, passive flows, retail participation, and leverage are fundamentally altering price discovery and risk transfer. The top 10 stocks control 40% of the S&P 500, semiconductors represent one-fifth of the index, and retail investors have become a persistent structural bid deploying capital at record levels through increasingly short-dated instruments. Full Quick Take Markets in 2026 are being reshaped by structural forces, not macro events. Record concentration, passive flows, retail participation, and leverage are fundamentally altering price discovery and risk transfer. The top 10 stocks control 40% of the S&P 500, semiconductors represent one-fifth of the index, and retail investors have become a persistent structural bid deploying capital at record levels through increasingly short-dated instruments. | - |
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