Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| - | +10.2% | Silver Beech posted a 10.2% YTD net return through July 2026, staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. Gallagher at attractive valuations, maintaining focus on durable, asset-light, cash-generative franchises. Full Quick Take Silver Beech posted a 10.2% YTD net return through July 2026, staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. Gallagher at attractive valuations, maintaining focus on durable, asset-light, cash-generative franchises. | |||||||
| - | - | AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. Full Quick Take AI represents a $2.5 trillion debt bubble built on false productivity assumptions that will collapse and force Fed money printing. The hyperscalers are burning cash funding data centers while $1.2 trillion in AI debt sits in undercapitalized life insurers. When implementation failures trigger defaults, sequential collapses will spread from neoclouds to AI labs to insurance companies, forcing government bailouts. Gold is the optimal safe haven. | |||||||
| +1.8% | -14.8% | Baron Financials ETF gained 1.82% in Q2 but trailed the index as AI infrastructure dominated market returns. Financial software and exchange operators faced disruption concerns and slower trading activity. The manager views holdings as oversold at 18x forward earnings despite stable growth. New positions in JPMorgan, Bank of America, and AerCap were initiated at attractive valuations. Favorable economic conditions support the outlook for continued earnings growth. Full Quick Take Baron Financials ETF gained 1.82% in Q2 but trailed the index as AI infrastructure dominated market returns. Financial software and exchange operators faced disruption concerns and slower trading activity. The manager views holdings as oversold at 18x forward earnings despite stable growth. New positions in JPMorgan, Bank of America, and AerCap were initiated at attractive valuations. Favorable economic conditions support the outlook for continued earnings growth. | |||||||
| +16.0% | +15.9% | Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. Full Quick Take Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts. Manager views hot IPO market and persistent inflation as emerging risks. Portfolio balances AI participation with quality businesses offering durable advantages across sectors and geographies, designed for full-cycle performance rather than chasing concentrated leadership. | |||||||
| - | - | ACR Alpine raised cash to 25% amid historic market valuations driven by AI speculation. While $800 billion in AI capital expenditures inflate corporate profits, actual productivity gains remain unclear four years into the generative AI era. Manager sees selective opportunities in healthcare, food, and perceived AI casualties like software, but maintains disciplined value approach requiring high confidence before deploying capital in this speculative environment. Full Quick Take ACR Alpine raised cash to 25% amid historic market valuations driven by AI speculation. While $800 billion in AI capital expenditures inflate corporate profits, actual productivity gains remain unclear four years into the generative AI era. Manager sees selective opportunities in healthcare, food, and perceived AI casualties like software, but maintains disciplined value approach requiring high confidence before deploying capital in this speculative environment. | - | ||||||
| +14.9% | - | The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. Full Quick Take The Fund returned 14.95% versus the benchmark's 24.05%, underperforming due to its underweight in SK Hynix, which surged 224.7% on AI-driven memory demand. The rally was highly concentrated in Korean and Taiwanese semiconductors. The Fund's valuation discipline kept it underweight the largest memory names, detracting this quarter but positioning it for broader participation if leadership rotates toward lagging financials, industrials, and consumer names. | |||||||
| - | - | Tall Oak warns that current market valuations exceed 1999 dot-com levels, with the S&P 500 at a P/E of 31.9 and profit margins near 35-year highs. Historical analysis suggests this starting point could produce roughly -1.4% annual returns over the next decade if valuations mean-revert. The firm is building portfolio resilience through tail-risk hedging and diversification across alternatives rather than timing a market decline. Full Quick Take Tall Oak warns that current market valuations exceed 1999 dot-com levels, with the S&P 500 at a P/E of 31.9 and profit margins near 35-year highs. Historical analysis suggests this starting point could produce roughly -1.4% annual returns over the next decade if valuations mean-revert. The firm is building portfolio resilience through tail-risk hedging and diversification across alternatives rather than timing a market decline. | - | ||||||
| - | - | - | Lux Capital's Q2 2026 letter centers on error correction as the West's competitive advantage across AI, defense, and markets. The firm has invested the full AI stack from Hugging Face to EvolutionaryScale to infrastructure plays, plus defense companies positioned for European rearmament. Manager warns AI valuations show bubble characteristics with capex growing three times faster than revenue, but maintains long-term conviction in error-correcting systems over closed architectures. Full Quick Take Lux Capital's Q2 2026 letter centers on error correction as the West's competitive advantage across AI, defense, and markets. The firm has invested the full AI stack from Hugging Face to EvolutionaryScale to infrastructure plays, plus defense companies positioned for European rearmament. Manager warns AI valuations show bubble characteristics with capex growing three times faster than revenue, but maintains long-term conviction in error-correcting systems over closed architectures. | - | |||||
| - | -16.2% | Waine is concentrating to 8-12 high-conviction positions amid major life changes. Portfolio down 14% year-to-date entirely from multiple compression—earnings up 21% while valuations fell from 27x to 18x. Exited five names in July, favoring founder-owned software and broadly-owned professional services with strong ownership structures. Plans minimal activity, letting positions compound long-term rather than sourcing new ideas. Full Quick Take Waine is concentrating to 8-12 high-conviction positions amid major life changes. Portfolio down 14% year-to-date entirely from multiple compression—earnings up 21% while valuations fell from 27x to 18x. Exited five names in July, favoring founder-owned software and broadly-owned professional services with strong ownership structures. Plans minimal activity, letting positions compound long-term rather than sourcing new ideas. | - | ||||||
| +10.8% | +22.1% | Yacktman generates risk-adjusted returns by owning quality companies at attractive valuations. Samsung Electronics at 3-4x cash flow provides AI infrastructure exposure with downside protection. Energy holdings hedge geopolitical risk. South Korean positions benefit from governance reforms. The fund added software positions after AI-driven selloffs created bargains. Portfolio positioned to protect capital while capturing opportunities as markets reach all-time highs with concentrated risks. Full Quick Take Yacktman generates risk-adjusted returns by owning quality companies at attractive valuations. Samsung Electronics at 3-4x cash flow provides AI infrastructure exposure with downside protection. Energy holdings hedge geopolitical risk. South Korean positions benefit from governance reforms. The fund added software positions after AI-driven selloffs created bargains. Portfolio positioned to protect capital while capturing opportunities as markets reach all-time highs with concentrated risks. | |||||||
| +7.0% | +10.7% | Tweedy Browne delivered strong absolute returns in Q2 2026 but warns of late-1990s bubble conditions as AI mania drives valuations to historic extremes. The manager actively avoids overvalued mega-cap tech, instead positioning in attractively valued European, Japanese, and smaller-cap companies. With CAPE at 41X and persistent inflation forcing Fed hawkishness, the portfolio is defensively positioned to outperform in a potential market correction while maintaining participation if enthusiasm persists. Full Quick Take Tweedy Browne delivered strong absolute returns in Q2 2026 but warns of late-1990s bubble conditions as AI mania drives valuations to historic extremes. The manager actively avoids overvalued mega-cap tech, instead positioning in attractively valued European, Japanese, and smaller-cap companies. With CAPE at 41X and persistent inflation forcing Fed hawkishness, the portfolio is defensively positioned to outperform in a potential market correction while maintaining participation if enthusiasm persists. | - | ||||||
| - | +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. | - | ||||||
| - | - | Market leadership broadened in Q2 2026 as the Magnificent Seven lagged while AI-driven semiconductor stocks and small caps surged, with some names returning over 100%. Despite strong performance, S&P 500 valuations near dot-com peaks and rising inflation prompt the manager to emphasize diversification into small caps, value, and cheaper emerging markets. High concentration and elevated multiples make exposure beyond large-cap U.S. tech especially crucial. Full Quick Take Market leadership broadened in Q2 2026 as the Magnificent Seven lagged while AI-driven semiconductor stocks and small caps surged, with some names returning over 100%. Despite strong performance, S&P 500 valuations near dot-com peaks and rising inflation prompt the manager to emphasize diversification into small caps, value, and cheaper emerging markets. High concentration and elevated multiples make exposure beyond large-cap U.S. tech especially crucial. | - | ||||||
| +6.7% | +8.8% | Tweedy Browne International Value Fund II returned 6.69% in Q2 2026 but trails benchmarks year-to-date at 8.84%. The manager expresses serious concern about AI-driven valuation excesses, with key metrics at bubble-like levels and hyperscalers trapped in a capex prisoner's dilemma. The portfolio emphasizes smaller caps and non-US equities at attractive valuations while avoiding overpriced US tech, positioning defensively for potential market correction. Full Quick Take Tweedy Browne International Value Fund II returned 6.69% in Q2 2026 but trails benchmarks year-to-date at 8.84%. The manager expresses serious concern about AI-driven valuation excesses, with key metrics at bubble-like levels and hyperscalers trapped in a capex prisoner's dilemma. The portfolio emphasizes smaller caps and non-US equities at attractive valuations while avoiding overpriced US tech, positioning defensively for potential market correction. | - | ||||||
| - | -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. | |||||||
| +15.6% | - | - | African Lions Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take African Lions Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +7.2% | +11.1% | Tweedy Browne delivered strong Q2 absolute returns but lagged AI-driven benchmarks. The manager draws explicit parallels to the late 1990s bubble, citing 41X Cape Shiller P/E, hyperscaler capex prisoner's dilemma, and record margin debt. Most AI stocks fail their valuation criteria. The Funds emphasize smaller and mid-cap companies at attractive valuations, positioned to outperform if market excesses correct while participating if animal spirits continue. Full Quick Take Tweedy Browne delivered strong Q2 absolute returns but lagged AI-driven benchmarks. The manager draws explicit parallels to the late 1990s bubble, citing 41X Cape Shiller P/E, hyperscaler capex prisoner's dilemma, and record margin debt. Most AI stocks fail their valuation criteria. The Funds emphasize smaller and mid-cap companies at attractive valuations, positioned to outperform if market excesses correct while participating if animal spirits continue. | - | ||||||
| +8.0% | +5.8% | Diamond Hill Mid Cap underperformed in Q2 2026 as AI infrastructure spending drove concentrated market leadership. The managers maintained discipline, limiting exposure to highest-valued semiconductors and memory companies while believing current valuations leave little room for disappointment. Health care provided strength with new positions in managed care. Portfolio emphasizes higher-quality businesses at attractive valuations positioned to protect capital and compound value long-term despite elevated market valuations. Full Quick Take Diamond Hill Mid Cap underperformed in Q2 2026 as AI infrastructure spending drove concentrated market leadership. The managers maintained discipline, limiting exposure to highest-valued semiconductors and memory companies while believing current valuations leave little room for disappointment. Health care provided strength with new positions in managed care. Portfolio emphasizes higher-quality businesses at attractive valuations positioned to protect capital and compound value long-term despite elevated market valuations. | - | ||||||
| +6.6% | -5.4% | SGA's quality growth portfolio delivered strong fundamentals with 15% revenue and 20% EPS growth but underperformed as extreme momentum and AI infrastructure spending dominated Q2 returns. Portfolio now trades at steepest discount to market in 23-year history despite predictable compounding from durable franchises. Manager views current valuation dislocation as unusually attractive opportunity with portfolio positioned for 15% revenue and 19% earnings growth over three years. Full Quick Take SGA's quality growth portfolio delivered strong fundamentals with 15% revenue and 20% EPS growth but underperformed as extreme momentum and AI infrastructure spending dominated Q2 returns. Portfolio now trades at steepest discount to market in 23-year history despite predictable compounding from durable franchises. Manager views current valuation dislocation as unusually attractive opportunity with portfolio positioned for 15% revenue and 19% earnings growth over three years. | |||||||
| +7.6% | -3.7% | SGA's International Growth portfolio delivered 7.6% net in Q2 but underperformed as extreme momentum in AI infrastructure and memory stocks dominated markets. Portfolio fundamentals remained strong with 10% median growth and 60% of holdings beating estimates, yet valuations compressed to near-record discounts versus the benchmark. With 3.4% Enterprise Yield and positioning for 12% revenue and 17% earnings growth over three years, the firm sees compelling opportunity as quality compounders trade at historically attractive levels. Full Quick Take SGA's International Growth portfolio delivered 7.6% net in Q2 but underperformed as extreme momentum in AI infrastructure and memory stocks dominated markets. Portfolio fundamentals remained strong with 10% median growth and 60% of holdings beating estimates, yet valuations compressed to near-record discounts versus the benchmark. With 3.4% Enterprise Yield and positioning for 12% revenue and 17% earnings growth over three years, the firm sees compelling opportunity as quality compounders trade at historically attractive levels. | |||||||
| +7.2% | -7.6% | SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses. Manager sees compelling opportunity as AI hype matures and memory cycle reminds investors cyclicality persists. Full Quick Take SGA's quality growth portfolio delivered strong fundamentals with 12% revenue and 14% EPS growth but underperformed as extreme momentum leadership favored AI infrastructure speculation. Portfolio now trades at steepest discount to market since 2011 inception despite positioning for 16% revenue and 20% earnings growth from predictable businesses. Manager sees compelling opportunity as AI hype matures and memory cycle reminds investors cyclicality persists. | |||||||
| - | - | The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. Full Quick Take The Fund suffered a 36% decline as AI fears drove indiscriminate software selling despite portfolio companies growing earnings 28% year-on-year. The manager views incumbent enterprise platforms as positioned to benefit from AI through proprietary data and trusted distribution, not be disrupted. With the portfolio now trading at 22x forward earnings while businesses continue compounding, the manager sees a rare opportunity for patient capital. | |||||||
| +12.6% | +10.4% | The London Company Small Cap returned 12.6% net in Q2 but underperformed the Russell 2000's 21.5% as markets rewarded high-beta momentum over quality fundamentals. The manager maintains conviction in durable, high-quality businesses positioned to compound over full cycles. They express caution on elevated valuations, fragile AI capex with negative hyperscaler free cash flow, and historic index concentration, expecting more modest returns ahead and positioning for mean reversion toward fundamentals-driven performance. Full Quick Take The London Company Small Cap returned 12.6% net in Q2 but underperformed the Russell 2000's 21.5% as markets rewarded high-beta momentum over quality fundamentals. The manager maintains conviction in durable, high-quality businesses positioned to compound over full cycles. They express caution on elevated valuations, fragile AI capex with negative hyperscaler free cash flow, and historic index concentration, expecting more modest returns ahead and positioning for mean reversion toward fundamentals-driven performance. | |||||||
| - | -7.9% | - | Crescat targets $20,000 gold within four years driven by M2 money supply growth, central bank accumulation at double historical pace, and fiscal dominance forcing monetary policy into debt management mode. Activist metals exploration strategy across five funds leverages this thesis through PIPE-funded discoveries in gold, silver, and copper. Recent precious metals pullback creates entry opportunity despite trailing twelve-month return of 52.0% in flagship Precious Metals Fund. Full Quick Take Crescat targets $20,000 gold within four years driven by M2 money supply growth, central bank accumulation at double historical pace, and fiscal dominance forcing monetary policy into debt management mode. Activist metals exploration strategy across five funds leverages this thesis through PIPE-funded discoveries in gold, silver, and copper. Recent precious metals pullback creates entry opportunity despite trailing twelve-month return of 52.0% in flagship Precious Metals Fund. | - | |||||
| +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. | |||||||
| - | - | Horos delivered solid Q2 returns while maintaining deep skepticism about the AI investment boom's sustainability. The manager sees the $700 billion hyperscaler spending spree creating semiconductor bottlenecks and valuations reminiscent of historical bubbles. SpaceX's $2 trillion IPO despite massive cash burn epitomizes the euphoria. The portfolio was repositioned away from recent winners toward undervalued holdings like Suzano and French holding companies, maintaining strict focus on margin of safety. Full Quick Take Horos delivered solid Q2 returns while maintaining deep skepticism about the AI investment boom's sustainability. The manager sees the $700 billion hyperscaler spending spree creating semiconductor bottlenecks and valuations reminiscent of historical bubbles. SpaceX's $2 trillion IPO despite massive cash burn epitomizes the euphoria. The portfolio was repositioned away from recent winners toward undervalued holdings like Suzano and French holding companies, maintaining strict focus on margin of safety. | |||||||
| - | - | Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. Full Quick Take Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation. | |||||||
| - | +4.2% | GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. Full Quick Take GCQ's -22.6% return reflects AI-driven multiple compression, not business deterioration. Portfolio companies grew earnings 15% while trading quality declined from 23x to 19x forward earnings despite 18% expected annual cash flow growth ahead. Manager repositioned aggressively, exiting fully-valued names and adding quality businesses caught in AI disruption fears. Current valuations represent best buying opportunity manager has ever seen for concentrated quality portfolio. | |||||||
| - | - | Stewart Investors' Asia strategies surged in Q2 2026 on semiconductor strength, with Samsung, MediaTek and TSMC driving returns amid AI-fueled memory demand. The manager trimmed these expensive positions while adding Indian banks and Vietnamese companies at attractive valuations. China faces domestic weakness and capital control concerns. Despite Middle East volatility, the manager sees compelling long-term opportunities in quality Asian businesses trading at discounts to developed markets. Full Quick Take Stewart Investors' Asia strategies surged in Q2 2026 on semiconductor strength, with Samsung, MediaTek and TSMC driving returns amid AI-fueled memory demand. The manager trimmed these expensive positions while adding Indian banks and Vietnamese companies at attractive valuations. China faces domestic weakness and capital control concerns. Despite Middle East volatility, the manager sees compelling long-term opportunities in quality Asian businesses trading at discounts to developed markets. | |||||||
| - | - | Manager holds concentrated positions in hated cable/telecom names trading at extreme discounts while maintaining winners Millicom and Garrett Motion despite material appreciation. Charter Communications trades at ~50% forward free cash flow yield with bonds near par, suggesting 2-4x equity upside. Broad US markets at Shiller P/E ~41x with geopolitical risks and AI spending sustainability underpriced. Discipline to hold winners and add to inflection points drives returns despite periodic volatility. Full Quick Take Manager holds concentrated positions in hated cable/telecom names trading at extreme discounts while maintaining winners Millicom and Garrett Motion despite material appreciation. Charter Communications trades at ~50% forward free cash flow yield with bonds near par, suggesting 2-4x equity upside. Broad US markets at Shiller P/E ~41x with geopolitical risks and AI spending sustainability underpriced. Discipline to hold winners and add to inflection points drives returns despite periodic volatility. | |||||||
| - | - | YCG owns global champion businesses with permanent competitive advantages that have compounded earnings at 13.9% annually but now trade at a historic discount as capital floods into AI infrastructure. The manager views the $388 billion AI build-out as history's largest capital rush destined to follow patterns where investors lose money. This creates the most compelling opportunity for quality businesses since the firm's inception. Full Quick Take YCG owns global champion businesses with permanent competitive advantages that have compounded earnings at 13.9% annually but now trade at a historic discount as capital floods into AI infrastructure. The manager views the $388 billion AI build-out as history's largest capital rush destined to follow patterns where investors lose money. This creates the most compelling opportunity for quality businesses since the firm's inception. | - | ||||||
| +14.3% | +6.5% | - | The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly. Full Quick Take The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly. | - | |||||
| +16.0% | +10.4% | Royal London Global Equity Diversified outperformed in Q2 2026 on strong semiconductor and AI infrastructure holdings including Intel, Micron, and TSMC. The manager actively upgraded the portfolio, adding AI exposure via Nebius and Arm while trimming after strong runs. Energy positions weakened as Middle East tensions eased. Key risk is whether elevated AI stock valuations can be justified by upcoming earnings. Full Quick Take Royal London Global Equity Diversified outperformed in Q2 2026 on strong semiconductor and AI infrastructure holdings including Intel, Micron, and TSMC. The manager actively upgraded the portfolio, adding AI exposure via Nebius and Arm while trimming after strong runs. Energy positions weakened as Middle East tensions eased. Key risk is whether elevated AI stock valuations can be justified by upcoming earnings. | |||||||
| - | - | Wasatch Small Cap Growth trailed the benchmark in Q2 2026 as speculative AI stocks reached dot-com-era valuations, but the managers maintain conviction in their quality-focused approach. Portfolio fundamentals remain strong with 20%+ earnings growth across many holdings. AI beneficiaries like JFrog and AAON contributed meaningfully while the team concentrated capital in overlooked steady growers trading at attractive valuations, positioning for long-term outperformance when market leadership broadens. Full Quick Take Wasatch Small Cap Growth trailed the benchmark in Q2 2026 as speculative AI stocks reached dot-com-era valuations, but the managers maintain conviction in their quality-focused approach. Portfolio fundamentals remain strong with 20%+ earnings growth across many holdings. AI beneficiaries like JFrog and AAON contributed meaningfully while the team concentrated capital in overlooked steady growers trading at attractive valuations, positioning for long-term outperformance when market leadership broadens. | |||||||
| - | - | The AI buildout is the biggest known unknown in 25 years, but this is not the 1999 bubble. Tech profit margins are 2.5x higher at half the P/E. Rolling mini-bubbles burst without taking down indexes. After 15 years of large-cap growth dominance, diversification works again. Emerging markets and small caps returned 5x large-cap growth. Stay diversified and composed through volatility. Full Quick Take The AI buildout is the biggest known unknown in 25 years, but this is not the 1999 bubble. Tech profit margins are 2.5x higher at half the P/E. Rolling mini-bubbles burst without taking down indexes. After 15 years of large-cap growth dominance, diversification works again. Emerging markets and small caps returned 5x large-cap growth. Stay diversified and composed through volatility. | |||||||
| +8.9% | +7.4% | The Fund underperformed in Q2 as China's onshore market concentrated in expensive AI stocks. The managers maintain valuation discipline, avoiding the most expensive technology names despite strong recent performance. The portfolio trades at a 6% discount to the market and offers exposure to AI infrastructure through cheaper industrial holdings and to long-term consumer growth through undervalued discretionary names. Current positioning prioritizes sustainable cash flow growth over multiple expansion. Full Quick Take The Fund underperformed in Q2 as China's onshore market concentrated in expensive AI stocks. The managers maintain valuation discipline, avoiding the most expensive technology names despite strong recent performance. The portfolio trades at a 6% discount to the market and offers exposure to AI infrastructure through cheaper industrial holdings and to long-term consumer growth through undervalued discretionary names. Current positioning prioritizes sustainable cash flow growth over multiple expansion. | |||||||
| +4.6% | - | Brown Advisory's concentrated Global Leaders Strategy underperformed in Q2 2026 due to semiconductor underweights during the AI infrastructure surge but has repositioned by initiating Nvidia and eliminating software exposure outside Microsoft. The manager sees exceptional opportunity with ready-to-buy lists at multi-year highs and 12-13% average portfolio IRRs. Quality investing remains core with strict valuation discipline targeting double-digit five-year returns from durable compounders. Full Quick Take Brown Advisory's concentrated Global Leaders Strategy underperformed in Q2 2026 due to semiconductor underweights during the AI infrastructure surge but has repositioned by initiating Nvidia and eliminating software exposure outside Microsoft. The manager sees exceptional opportunity with ready-to-buy lists at multi-year highs and 12-13% average portfolio IRRs. Quality investing remains core with strict valuation discipline targeting double-digit five-year returns from durable compounders. | |||||||
| +17.5% | +6.9% | Brown Advisory's Mid-Cap Growth Strategy outperformed by 300 basis points in Q2 2026, driven by AI infrastructure suppliers including Marvell Technology which returned 166% before being sold on valuation. The manager executed high portfolio turnover, adding eighteen new positions across data center hardware, software, and consumer services while maintaining discipline around price targets. Market leadership continued broadening beyond mega-cap tech as anticipated in recent letters. Full Quick Take Brown Advisory's Mid-Cap Growth Strategy outperformed by 300 basis points in Q2 2026, driven by AI infrastructure suppliers including Marvell Technology which returned 166% before being sold on valuation. The manager executed high portfolio turnover, adding eighteen new positions across data center hardware, software, and consumer services while maintaining discipline around price targets. Market leadership continued broadening beyond mega-cap tech as anticipated in recent letters. | |||||||
| +5.7% | +11.1% | - | Miller Wealth Management's Q2 2026 letter emphasizes a disciplined, long-term approach amid market uncertainty. The firm highlights progress on inflation by the Federal Reserve and points to artificial intelligence as a generational trend. Rather than reacting to short-term news, they advise staying diversified and maintaining a steady, non-emotional investment strategy. Full Quick Take Miller Wealth Management's Q2 2026 letter emphasizes a disciplined, long-term approach amid market uncertainty. The firm highlights progress on inflation by the Federal Reserve and points to artificial intelligence as a generational trend. Rather than reacting to short-term news, they advise staying diversified and maintaining a steady, non-emotional investment strategy. | - | |||||
| +0.7% | -18.9% | Akre Focus underperformed dramatically in Q2 as markets chased AI semiconductor speculation, but the manager sees the Fund at decade-low valuations with exceptional fundamentals. Portfolio companies are successfully monetizing AI at the application layer with 16% projected growth and 42% ROIC at 17x free cash flow. The manager draws parallels to Berkshire during the Internet bubble and remains fully invested in quality software businesses. Full Quick Take Akre Focus underperformed dramatically in Q2 as markets chased AI semiconductor speculation, but the manager sees the Fund at decade-low valuations with exceptional fundamentals. Portfolio companies are successfully monetizing AI at the application layer with 16% projected growth and 42% ROIC at 17x free cash flow. The manager draws parallels to Berkshire during the Internet bubble and remains fully invested in quality software businesses. | - | ||||||
| - | - | - | Mondrian is structurally bullish on AI but cyclically cautious on valuations. Market concentration is at all-time highs, with AI infrastructure spending now dependent on external financing rather than free cash flow, adding fragility. Semiconductors are priced for unsustainable growth. The firm sees widening dispersion creating opportunities in high-ROIC businesses outside AI winners, applying disciplined value methodology to identify mispriced securities globally. Full Quick Take Mondrian is structurally bullish on AI but cyclically cautious on valuations. Market concentration is at all-time highs, with AI infrastructure spending now dependent on external financing rather than free cash flow, adding fragility. Semiconductors are priced for unsustainable growth. The firm sees widening dispersion creating opportunities in high-ROIC businesses outside AI winners, applying disciplined value methodology to identify mispriced securities globally. | - | |||||
| - | - | Montaka is positioned for mean reversion as semiconductor mania has created extreme mispricings. Portfolio earnings grew at teens annually while multiples compressed during the SaaSpocalypse. Manager substantially increased Visa and Mastercard exposure, seeing major mispricing as these extraordinarily advantaged payment networks trade at 4% implied growth versus expected double-digit rates. Believes AI buildout faces political and technological disruption while quality software platforms like Salesforce represent compelling opportunities at trough valuations. Full Quick Take Montaka is positioned for mean reversion as semiconductor mania has created extreme mispricings. Portfolio earnings grew at teens annually while multiples compressed during the SaaSpocalypse. Manager substantially increased Visa and Mastercard exposure, seeing major mispricing as these extraordinarily advantaged payment networks trade at 4% implied growth versus expected double-digit rates. Believes AI buildout faces political and technological disruption while quality software platforms like Salesforce represent compelling opportunities at trough valuations. | |||||||
| - | - | Global equity markets rallied in Q2 2026 on AI momentum, but Mondrian warns this narrow advance masks significant risks. Hyperscale AI investment now depends on external financing rather than free cash flow, adding fragility. Market concentration has reached historic extremes, with semiconductor valuations pricing in unsustainable growth. While structurally bullish on AI long-term, Mondrian sees cyclical caution warranted and focuses on mispriced opportunities outside the AI winners. Full Quick Take Global equity markets rallied in Q2 2026 on AI momentum, but Mondrian warns this narrow advance masks significant risks. Hyperscale AI investment now depends on external financing rather than free cash flow, adding fragility. Market concentration has reached historic extremes, with semiconductor valuations pricing in unsustainable growth. While structurally bullish on AI long-term, Mondrian sees cyclical caution warranted and focuses on mispriced opportunities outside the AI winners. | - | ||||||
| +3.4% | +0.8% | Diamond Hill's Large Cap Fund underperformed by 1,052 basis points in Q2 2026, driven almost entirely by avoiding AI beneficiaries like Micron while the technology sector surged 81%. The manager maintains conviction in enterprise software holdings despite AI disruption concerns and added managed care exposure on improving Medicare reimbursement. Despite elevated market valuations expected to produce below-average returns, the team remains confident in generating alpha through selective bottom-up opportunities. Full Quick Take Diamond Hill's Large Cap Fund underperformed by 1,052 basis points in Q2 2026, driven almost entirely by avoiding AI beneficiaries like Micron while the technology sector surged 81%. The manager maintains conviction in enterprise software holdings despite AI disruption concerns and added managed care exposure on improving Medicare reimbursement. Despite elevated market valuations expected to produce below-average returns, the team remains confident in generating alpha through selective bottom-up opportunities. | |||||||
| +13.1% | +14.3% | The portfolio captured strong semiconductor gains driven by AI-fueled memory demand, with Samsung tripling quarterly profits, but the manager systematically trimmed IT winners on valuation discipline, redeploying into quality companies like Spotify trading at better entry points. They view the AI boom through a bottom-up lens, expecting durability to vary by competitive positioning, and caution that cyclical semiconductor patterns may reassert by 2028 despite near-term strength. Full Quick Take The portfolio captured strong semiconductor gains driven by AI-fueled memory demand, with Samsung tripling quarterly profits, but the manager systematically trimmed IT winners on valuation discipline, redeploying into quality companies like Spotify trading at better entry points. They view the AI boom through a bottom-up lens, expecting durability to vary by competitive positioning, and caution that cyclical semiconductor patterns may reassert by 2028 despite near-term strength. | |||||||
| +5.7% | +16.1% | Thornburg Investment Income Builder delivered 16.15% YTD returns through Q2 2026, driven by strong performance from semiconductor holdings and European financials. The fund maintains a 3.5% dividend yield, more than double the MSCI Index, while trading at a 13.0x P/E versus 19.5x for the index. Despite elevated market valuations and macro uncertainty, the managers believe the portfolio's dividend-paying firms with resilient businesses offer significant intrinsic value. Full Quick Take Thornburg Investment Income Builder delivered 16.15% YTD returns through Q2 2026, driven by strong performance from semiconductor holdings and European financials. The fund maintains a 3.5% dividend yield, more than double the MSCI Index, while trading at a 13.0x P/E versus 19.5x for the index. Despite elevated market valuations and macro uncertainty, the managers believe the portfolio's dividend-paying firms with resilient businesses offer significant intrinsic value. | |||||||
| +10.5% | +4.4% | Supply constraints drove semiconductor pricing power in Q2 2026, but investors rewarded temporary scarcity over durable competitive advantages. Hyperscalers lagged as extraordinary AI capital spending raised concerns about returns. The manager questions whether current growth expectations will be met, focusing instead on companies like NVIDIA, TSMC, and ASML with structural advantages that can compound earnings across multiple AI spending scenarios. Full Quick Take Supply constraints drove semiconductor pricing power in Q2 2026, but investors rewarded temporary scarcity over durable competitive advantages. Hyperscalers lagged as extraordinary AI capital spending raised concerns about returns. The manager questions whether current growth expectations will be met, focusing instead on companies like NVIDIA, TSMC, and ASML with structural advantages that can compound earnings across multiple AI spending scenarios. | - | ||||||
| +16.8% | +9.6% | Parnassus Core Equity outperformed in Q2 2026 with a 16.83% return, driven by semiconductor and AI infrastructure holdings. The fund balances 40% offensive AI positions with 60% defensive quality compounders, adding exposure to electrical infrastructure and food delivery while exiting competitive healthcare and software names. Management remains constructively bullish on U.S. equities despite record market concentration, positioning for foundational infrastructure ownership at sensible valuations. Full Quick Take Parnassus Core Equity outperformed in Q2 2026 with a 16.83% return, driven by semiconductor and AI infrastructure holdings. The fund balances 40% offensive AI positions with 60% defensive quality compounders, adding exposure to electrical infrastructure and food delivery while exiting competitive healthcare and software names. Management remains constructively bullish on U.S. equities despite record market concentration, positioning for foundational infrastructure ownership at sensible valuations. | |||||||
| +12.2% | +1.5% | Q2 2026 saw extreme market concentration in AI infrastructure stocks drive 12.18% fund return versus 14.93% benchmark. Portfolio suffered multiple compression despite intact earnings growth across software, healthcare, and China holdings. Manager trimmed winners TSMC and ASML, added to de-rated compounders Adyen and Constellation. Views valuation reset as coiled spring for future returns over five-year horizon given rising intrinsic value. Full Quick Take Q2 2026 saw extreme market concentration in AI infrastructure stocks drive 12.18% fund return versus 14.93% benchmark. Portfolio suffered multiple compression despite intact earnings growth across software, healthcare, and China holdings. Manager trimmed winners TSMC and ASML, added to de-rated compounders Adyen and Constellation. Views valuation reset as coiled spring for future returns over five-year horizon given rising intrinsic value. | |||||||
| - | - | Focus Wealth Management warns markets show late-stage bubble characteristics with half the S&P 500 at 10x price-to-sales requiring impossible returns. While AI is genuinely revolutionary, hyperscaler economics are unattractive and three-quarters of U.S. growth depends on this spending. The manager avoids the mania, buying quality businesses left behind like WSP Global and Abbott Laboratories, maintaining discipline and dry powder for inevitable volatility. Full Quick Take Focus Wealth Management warns markets show late-stage bubble characteristics with half the S&P 500 at 10x price-to-sales requiring impossible returns. While AI is genuinely revolutionary, hyperscaler economics are unattractive and three-quarters of U.S. growth depends on this spending. The manager avoids the mania, buying quality businesses left behind like WSP Global and Abbott Laboratories, maintaining discipline and dry powder for inevitable volatility. |
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