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 |
|---|---|---|---|---|---|---|---|---|---|
| +17.8% | - | Meridian Contrarian returned 17.75% in Q2 2026, lagging the momentum-driven Russell 2500's 20.26% as technology concentration dominated returns. Top contributors BlackBerry, CEVA, and PDF Solutions all benefited from accelerating AI and semiconductor cycles, validating the fund's contrarian thesis on operational recovery in out-of-favor names. The manager actively trimmed winners and reduced oil/defense exposure while maintaining conviction in bottom-up research identifying mispriced small-cap recovery opportunities. Full Quick Take Meridian Contrarian returned 17.75% in Q2 2026, lagging the momentum-driven Russell 2500's 20.26% as technology concentration dominated returns. Top contributors BlackBerry, CEVA, and PDF Solutions all benefited from accelerating AI and semiconductor cycles, validating the fund's contrarian thesis on operational recovery in out-of-favor names. The manager actively trimmed winners and reduced oil/defense exposure while maintaining conviction in bottom-up research identifying mispriced small-cap recovery opportunities. | |||||||
| - | - | River Oaks Capital experienced its most challenging period since inception, underperforming benchmarks due to zero AI exposure as capital rotated away from its microcap holdings. Manager Huguley is taking direct action: separating management quality from industry economics assessment, and actively working with portfolio companies to create catalysts through aggressive buybacks and value-realization strategies. With 12 of 15 holdings growing earnings while trading near 50% of fair value, the manager sees compelling long-term opportunities. Full Quick Take River Oaks Capital experienced its most challenging period since inception, underperforming benchmarks due to zero AI exposure as capital rotated away from its microcap holdings. Manager Huguley is taking direct action: separating management quality from industry economics assessment, and actively working with portfolio companies to create catalysts through aggressive buybacks and value-realization strategies. With 12 of 15 holdings growing earnings while trading near 50% of fair value, the manager sees compelling long-term opportunities. | |||||||
| - | - | Q2 2026 delivered a decisive equity rebound as geopolitical tensions eased and AI capex reasserted itself. Momentum dominated with one of its strongest quarters since the dot-com era, while Value's outperformance masked a semiconductor concentration bet. Quality's three-year lag now presents a mean-reversion opportunity, with history showing 82% recovery probability. Stretched valuations and momentum dispersion warrant greater factor diversification ahead. Full Quick Take Q2 2026 delivered a decisive equity rebound as geopolitical tensions eased and AI capex reasserted itself. Momentum dominated with one of its strongest quarters since the dot-com era, while Value's outperformance masked a semiconductor concentration bet. Quality's three-year lag now presents a mean-reversion opportunity, with history showing 82% recovery probability. Stretched valuations and momentum dispersion warrant greater factor diversification ahead. | - | ||||||
| - | +14.5% | Distillate Capital sees extreme market bifurcation with AI names trading at over 50x free cash flow after $25 trillion in gains against minimal fundamental improvement. The manager actively avoids AI due to unfavorable risk/reward in an increasingly competitive industry. Outside mega-caps, tremendous value exists with stocks at double-digit FCF yields. The Small/Mid Quality Value strategy trades at 8% FCF/EV yield versus 2.9% for the S&P 500, positioned for outperformance when fundamentals reassert. Full Quick Take Distillate Capital sees extreme market bifurcation with AI names trading at over 50x free cash flow after $25 trillion in gains against minimal fundamental improvement. The manager actively avoids AI due to unfavorable risk/reward in an increasingly competitive industry. Outside mega-caps, tremendous value exists with stocks at double-digit FCF yields. The Small/Mid Quality Value strategy trades at 8% FCF/EV yield versus 2.9% for the S&P 500, positioned for outperformance when fundamentals reassert. | |||||||
| - | +3.9% | Distillate's International FSV strategy lagged in Q2 2026 as AI-driven momentum and semiconductor concentration dominated returns, but the manager sees this as opportunity. AI names gained $25 trillion in value on just $300 billion of FCF growth, creating extreme valuation bifurcation. The strategy trades at 8.5% FCF/EV yield versus 4.6% for the benchmark, the widest discount since inception, positioning for outperformance when fundamentals reassert themselves as they did post-2000. Full Quick Take Distillate's International FSV strategy lagged in Q2 2026 as AI-driven momentum and semiconductor concentration dominated returns, but the manager sees this as opportunity. AI names gained $25 trillion in value on just $300 billion of FCF growth, creating extreme valuation bifurcation. The strategy trades at 8.5% FCF/EV yield versus 4.6% for the benchmark, the widest discount since inception, positioning for outperformance when fundamentals reassert themselves as they did post-2000. | |||||||
| +7.8% | +10.4% | - | Northern International Equity Fund returned 7.79% in Q2 2026, underperforming its benchmark as geopolitical tensions eased and AI-driven sectors led global markets. The fund's momentum exposure added value while quality and value factors detracted. The manager remains constructive on high-quality, attractively valued international equities despite ongoing geopolitical uncertainty and potential market volatility, believing the disciplined factor-based approach is well positioned for excess returns. Full Quick Take Northern International Equity Fund returned 7.79% in Q2 2026, underperforming its benchmark as geopolitical tensions eased and AI-driven sectors led global markets. The fund's momentum exposure added value while quality and value factors detracted. The manager remains constructive on high-quality, attractively valued international equities despite ongoing geopolitical uncertainty and potential market volatility, believing the disciplined factor-based approach is well positioned for excess returns. | - | |||||
| +10.5% | +12.5% | Northern Large Cap Value Fund posted 10.52% in Q2 2026 but underperformed its benchmark as high-quality value stocks lagged despite broad value outperformance. Semiconductors like MU and INTC surged over 200% on AI demand and memory shortages. The manager maintains conviction in quality-value investing, targeting inexpensive, profitable companies with strong cash flows to outperform through the cycle while avoiding value traps. Full Quick Take Northern Large Cap Value Fund posted 10.52% in Q2 2026 but underperformed its benchmark as high-quality value stocks lagged despite broad value outperformance. Semiconductors like MU and INTC surged over 200% on AI demand and memory shortages. The manager maintains conviction in quality-value investing, targeting inexpensive, profitable companies with strong cash flows to outperform through the cycle while avoiding value traps. | - | ||||||
| +5.5% | +5.2% | Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. Full Quick Take Source Capital is pivoting away from the AI-driven market rally, reducing exposure to semiconductor and data center beneficiaries despite long-term bullish views on the technology. The manager deployed capital into 13 new AI-agnostic mid-cap businesses at 10-15x earnings, creating a portfolio with better growth and valuation characteristics than the index. With high yield spreads at historic lows and 21% cash, they are positioned for absolute returns over relative performance. | |||||||
| - | - | - | Newport Capital advocates diversified positioning across styles, caps, and regions amid Iran-driven volatility. Q2 saw strong market rebound with S&P 500 up 15.2% on easing tensions and robust earnings. The Fed shifted to tightening bias under new Chairman Warsh. Firm expects 2.0% economic growth, range-bound rates, and continued earnings strength at 24.0% growth. Value and international equities appear relatively attractive versus growth and Large-Cap. Full Quick Take Newport Capital advocates diversified positioning across styles, caps, and regions amid Iran-driven volatility. Q2 saw strong market rebound with S&P 500 up 15.2% on easing tensions and robust earnings. The Fed shifted to tightening bias under new Chairman Warsh. Firm expects 2.0% economic growth, range-bound rates, and continued earnings strength at 24.0% growth. Value and international equities appear relatively attractive versus growth and Large-Cap. | - | |||||
| +6.3% | +4.5% | Tweedy Browne's value-focused fund delivered strong absolute returns but lagged AI-driven benchmarks in Q2 2026. The team warns of late-1990s bubble dynamics with AI valuations at extremes, record margin debt, and hyperscaler capex uncertainty. The recently expanded buyback mandate enabled new positions in undervalued companies repurchasing shares. Portfolio emphasizes smaller/mid-cap global equities offering better valuations than overheated US tech. Full Quick Take Tweedy Browne's value-focused fund delivered strong absolute returns but lagged AI-driven benchmarks in Q2 2026. The team warns of late-1990s bubble dynamics with AI valuations at extremes, record margin debt, and hyperscaler capex uncertainty. The recently expanded buyback mandate enabled new positions in undervalued companies repurchasing shares. Portfolio emphasizes smaller/mid-cap global equities offering better valuations than overheated US tech. | - | ||||||
| - | +4.6% | The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies. Full Quick Take The Steppe Eagle gained 4.64% in H1 2026 as clean energy positions offset SaaS weakness amid LLM uncertainty. New capital enabled tactical additions to quality software names at depressed prices. The fund avoids Magnificent Seven concentration risk, holding only Alphabet, while building positions in value-oriented businesses and waiting for clean energy discounts. Management targets double-digit returns through patient, long-term investing in environmentally sustainable companies. | |||||||
| +3.0% | - | Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations. Full Quick Take Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations. | |||||||
| - | +11.2% | Aegis Value Fund returned 11.19% in H1 2026, driven by a 38.3% energy allocation capitalizing on structural oil supply constraints and geopolitical risk. The manager warns nearly 40% of S&P 500 exposure to AI buildout risks historical overinvestment patterns. Despite gold's correction, precious metals positions maintained given strengthened long-term fundamentals. New positions in Radian, hotel REITs, and turnaround situations purchased at steep discounts to book value. Full Quick Take Aegis Value Fund returned 11.19% in H1 2026, driven by a 38.3% energy allocation capitalizing on structural oil supply constraints and geopolitical risk. The manager warns nearly 40% of S&P 500 exposure to AI buildout risks historical overinvestment patterns. Despite gold's correction, precious metals positions maintained given strengthened long-term fundamentals. New positions in Radian, hotel REITs, and turnaround situations purchased at steep discounts to book value. | |||||||
| +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. | |||||||
| +8.8% | - | Fairtree Global Equity underperformed by 6.1% in Q2 2026 as extreme momentum concentration in AI and semiconductors drove benchmarks higher. The fund's value-oriented positioning clashed with record momentum factor outperformance fueled by leveraged ETFs and options flows. Management added semiconductor and AI exposure while maintaining conviction that narrow leadership will give way to fundamental-driven broadening, viewing current valuations as compelling despite near-term style headwinds. Full Quick Take Fairtree Global Equity underperformed by 6.1% in Q2 2026 as extreme momentum concentration in AI and semiconductors drove benchmarks higher. The fund's value-oriented positioning clashed with record momentum factor outperformance fueled by leveraged ETFs and options flows. Management added semiconductor and AI exposure while maintaining conviction that narrow leadership will give way to fundamental-driven broadening, viewing current valuations as compelling despite near-term style headwinds. | - | ||||||
| +4.9% | +8.3% | Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. Full Quick Take Alluvial Fund's boring portfolio of cash flow producers at deep discounts underperformed momentum-driven benchmarks in Q2 2026. The manager is adding to Zegona Communications at 7-8x free cash flow following a 27% pullback and participating fully in McDermott International's transformative rights offering that substantially deleverages the company. Portfolio trades at large discounts to intrinsic value with clear catalysts ahead across multiple holdings. | |||||||
| +2.1% | +6.5% | - | Pelican Bay's concentrated value portfolio underperformed in Q2 2026 as AI euphoria drove the benchmark 13.8% higher while the portfolio gained just 2.1%. The manager maintains conviction in high-quality holdings trading at steep discounts to intrinsic value with superior metrics versus the index. New energy positions were added on the thesis that supply shocks and surging data center electricity demand create material mispricing opportunities. Full Quick Take Pelican Bay's concentrated value portfolio underperformed in Q2 2026 as AI euphoria drove the benchmark 13.8% higher while the portfolio gained just 2.1%. The manager maintains conviction in high-quality holdings trading at steep discounts to intrinsic value with superior metrics versus the index. New energy positions were added on the thesis that supply shocks and surging data center electricity demand create material mispricing opportunities. | ||||||
| - | +14.9% | Sohra Peak delivered +14.9% net in H1 2026, driven by D-BOX Technologies and Auto Partner, both validating the manager's high-conviction value theses. The concentrated portfolio of 11 small-cap holdings, 92% non-US, reflects a disciplined approach to finding undervalued companies with limited analyst coverage. The manager is now actively pursuing South Korean small-caps, viewing them as exceptionally cheap with corporate governance reform catalysts ahead. Full Quick Take Sohra Peak delivered +14.9% net in H1 2026, driven by D-BOX Technologies and Auto Partner, both validating the manager's high-conviction value theses. The concentrated portfolio of 11 small-cap holdings, 92% non-US, reflects a disciplined approach to finding undervalued companies with limited analyst coverage. The manager is now actively pursuing South Korean small-caps, viewing them as exceptionally cheap with corporate governance reform catalysts ahead. | |||||||
| +7.6% | +13.7% | Yacktman delivered 7.64% in Q2 2026, underperforming benchmarks but maintaining disciplined value approach. Samsung Electronics drove performance trading at three to four times cash flow versus competitors, enabling AI infrastructure participation with downside protection. Energy holdings hedged geopolitical risks from Iran conflict. Added Broadridge and Intuit opportunistically as software sector repriced on AI concerns. Portfolio positioned to protect capital while capturing bargains in elevated market. Full Quick Take Yacktman delivered 7.64% in Q2 2026, underperforming benchmarks but maintaining disciplined value approach. Samsung Electronics drove performance trading at three to four times cash flow versus competitors, enabling AI infrastructure participation with downside protection. Energy holdings hedged geopolitical risks from Iran conflict. Added Broadridge and Intuit opportunistically as software sector repriced on AI concerns. Portfolio positioned to protect capital while capturing bargains in elevated market. | |||||||
| -12.8% | +42.8% | - | Bison returned -12.8% in Q2 but sees the energy drawdown as a compelling entry point with the sector at all-time low S&P weightings and substantial mispricings. The fund opened a new co-investment in an undervalued oil and gas producer with strong improving operations trading at a significant discount to peers, offering multi-bagger upside through asset sales and buybacks amid historic oil supply disruptions and recovering institutional sentiment. Full Quick Take Bison returned -12.8% in Q2 but sees the energy drawdown as a compelling entry point with the sector at all-time low S&P weightings and substantial mispricings. The fund opened a new co-investment in an undervalued oil and gas producer with strong improving operations trading at a significant discount to peers, offering multi-bagger upside through asset sales and buybacks amid historic oil supply disruptions and recovering institutional sentiment. | - | |||||
| +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. | - | ||||||
| +6.7% | - | The Fund returned 6.7% in Q2 as small and mid-cap UK stocks reversed multi-year underperformance. Holdings like Intertek, Renishaw, and Auction Technology delivered strong gains on positive trading updates and takeover interest. Energy holdings declined on the Iran ceasefire. The Fund now trades at a historic valuation discount to the UK market despite superior Quality characteristics, presenting a compelling opportunity for patient investors. Full Quick Take The Fund returned 6.7% in Q2 as small and mid-cap UK stocks reversed multi-year underperformance. Holdings like Intertek, Renishaw, and Auction Technology delivered strong gains on positive trading updates and takeover interest. Energy holdings declined on the Iran ceasefire. The Fund now trades at a historic valuation discount to the UK market despite superior Quality characteristics, presenting a compelling opportunity for patient investors. | |||||||
| +13.9% | +19.2% | Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. Full Quick Take Harbor Mid Cap Value outperformed in Q2 2026 through disciplined stock selection despite value lagging growth. AI infrastructure holdings TD Synnex, Arrow Electronics, and Hewlett Packard Enterprise surged 50-90% on semiconductor and data center demand. The Fund trades at 10.6x forward earnings versus 16x for the benchmark, maintaining overweights to Financials and Consumer Discretionary while adhering to its quantitative value discipline. | |||||||
| +12.1% | - | Orbis navigated an exceptionally narrow AI-driven market by trimming exuberant AI exposure while adding mispriced opportunities with narrower outcome distributions. Credit spreads signal extreme risk appetite comparable to historical bubbles. The manager is rotating toward discount retail like BBB Foods and finding value in healthcare and consumer staples, prioritizing absolute risk management over benchmark tracking despite potential near-term underperformance in this concentrated market environment. Full Quick Take Orbis navigated an exceptionally narrow AI-driven market by trimming exuberant AI exposure while adding mispriced opportunities with narrower outcome distributions. Credit spreads signal extreme risk appetite comparable to historical bubbles. The manager is rotating toward discount retail like BBB Foods and finding value in healthcare and consumer staples, prioritizing absolute risk management over benchmark tracking despite potential near-term underperformance in this concentrated market environment. | |||||||
| +16.9% | +14.4% | City Different's Multi-Cap Core strategy outperformed in Q2 2026, up 16.94% versus the S&P 500's 15.20%, driven by Flex and an overweight to Value holdings. The five-year anniversary reinforced the lesson that highest-conviction ideas add the most value. Going forward, the manager will focus more deeply on absolute favorite investments while maintaining portfolio balance across baskets, sectors, and market caps. Full Quick Take City Different's Multi-Cap Core strategy outperformed in Q2 2026, up 16.94% versus the S&P 500's 15.20%, driven by Flex and an overweight to Value holdings. The five-year anniversary reinforced the lesson that highest-conviction ideas add the most value. Going forward, the manager will focus more deeply on absolute favorite investments while maintaining portfolio balance across baskets, sectors, and market caps. | - | ||||||
| - | - | - | Oldfield Partners delivered strong returns from semiconductor holdings purchased at depressed valuations that have since doubled or tripled. The manager warns extensively about bubble dynamics and market excess, particularly around AI enthusiasm and the SpaceX listing, using balloon metaphors to signal caution. Despite these concerns, the firm sees abundant value opportunities with portfolios trading at eleven times earnings and significant upside potential. Value investing is back. Full Quick Take Oldfield Partners delivered strong returns from semiconductor holdings purchased at depressed valuations that have since doubled or tripled. The manager warns extensively about bubble dynamics and market excess, particularly around AI enthusiasm and the SpaceX listing, using balloon metaphors to signal caution. Despite these concerns, the firm sees abundant value opportunities with portfolios trading at eleven times earnings and significant upside potential. Value investing is back. | - | |||||
| - | +6.0% | - | Azvalor sees a golden age for value investing with extreme valuation disparities favoring their style. The firm delivered strong first-half gains while rotating capital into deeply undervalued opportunities, estimating 60-84% upside across portfolios. Despite broad market strength, the S&P 500 trades expensively with dividend yields below government bills. The manager warns against speculation in leveraged products while maintaining concentrated positions in sound businesses at attractive prices. Full Quick Take Azvalor sees a golden age for value investing with extreme valuation disparities favoring their style. The firm delivered strong first-half gains while rotating capital into deeply undervalued opportunities, estimating 60-84% upside across portfolios. Despite broad market strength, the S&P 500 trades expensively with dividend yields below government bills. The manager warns against speculation in leveraged products while maintaining concentrated positions in sound businesses at attractive prices. | - | |||||
| - | +15.0% | Azvalor Internacional returned 15% in first-half 2026, continuing strong momentum from 2025. The manager sees a golden age for value investing with extreme valuation gaps favoring undervalued stocks over speculative growth names. They actively rotate winners into new deeply discounted ideas, adding ten positions during the period including Yellow Cake and Borr Drilling. Portfolio upside estimated at 82% despite strong cumulative gains. Full Quick Take Azvalor Internacional returned 15% in first-half 2026, continuing strong momentum from 2025. The manager sees a golden age for value investing with extreme valuation gaps favoring undervalued stocks over speculative growth names. They actively rotate winners into new deeply discounted ideas, adding ten positions during the period including Yellow Cake and Borr Drilling. Portfolio upside estimated at 82% despite strong cumulative gains. | - | ||||||
| +4.3% | +2.0% | Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. Full Quick Take Aristotle Value underperformed in Q2 2026 due to deliberate underexposure to AI infrastructure semiconductors, which the manager views as transient scarcity earnings destined to normalize. They are upgrading the portfolio toward Durable Quality franchises with permanent competitive advantages at attractive valuations, selling Atmos and Danaher to buy Autodesk and Edwards Lifesciences. The manager expects capital concentration in speculative themes to eventually reverse as fundamentals reconnect with prices. | |||||||
| +22.3% | +5.2% | Curreen Capital delivered 22.26% in Q2 through three special situations: a profitable tender offer in Optimum Communications, a merger-spinoff in Green Dot later exited due to timing uncertainty, and adding to TriNet as an inexpensive turnaround. The concentrated portfolio emphasizes spinoffs and turnarounds trading at attractive upside-to-downside ratios with strong downside protection. Full Quick Take Curreen Capital delivered 22.26% in Q2 through three special situations: a profitable tender offer in Optimum Communications, a merger-spinoff in Green Dot later exited due to timing uncertainty, and adding to TriNet as an inexpensive turnaround. The concentrated portfolio emphasizes spinoffs and turnarounds trading at attractive upside-to-downside ratios with strong downside protection. | |||||||
| +5.8% | - | - | Fortress Caribbean Growth Fund gained 5.8% in Q2 as AI buildout drove semiconductor gains, but the manager questions profit durability at current extreme valuations. While AI winners price in very bright futures, many other global equity areas have become wonderfully undemanding, creating value opportunities. The Fund maintains disciplined positioning in high-quality assets at reasonable prices with a long-term perspective across diversified geographies. Full Quick Take Fortress Caribbean Growth Fund gained 5.8% in Q2 as AI buildout drove semiconductor gains, but the manager questions profit durability at current extreme valuations. While AI winners price in very bright futures, many other global equity areas have become wonderfully undemanding, creating value opportunities. The Fund maintains disciplined positioning in high-quality assets at reasonable prices with a long-term perspective across diversified geographies. | - | |||||
| - | - | Generation sees Q2 2026 as a compelling entry point for quality investors. Extreme AI-driven market concentration has pushed the ten largest US stocks to 42% of the S&P 500 while their high-quality sustainable holdings trade at historically low valuations despite strong fundamentals. They are highly skeptical of the semiconductor rally and retail exuberance, positioning instead for downstream AI value creation and eventual market rotation toward durable compounders. Full Quick Take Generation sees Q2 2026 as a compelling entry point for quality investors. Extreme AI-driven market concentration has pushed the ten largest US stocks to 42% of the S&P 500 while their high-quality sustainable holdings trade at historically low valuations despite strong fundamentals. They are highly skeptical of the semiconductor rally and retail exuberance, positioning instead for downstream AI value creation and eventual market rotation toward durable compounders. | |||||||
| - | - | - | Hennessy Equity and Income Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Hennessy Equity and Income Fund provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +2.9% | +4.6% | First Eagle Global Fund underperformed in Q2 2026 as growth stocks surged, but the manager used volatility to reposition into value opportunities. The fund maintains strategic gold exposure despite a 14% quarterly decline and sees compelling valuations in equal-weighted stocks and international markets. While concerned about extreme risk appetite and unsustainable AI spending, the manager believes scarce, durable assets at sensible prices will deliver long-term value. Full Quick Take First Eagle Global Fund underperformed in Q2 2026 as growth stocks surged, but the manager used volatility to reposition into value opportunities. The fund maintains strategic gold exposure despite a 14% quarterly decline and sees compelling valuations in equal-weighted stocks and international markets. While concerned about extreme risk appetite and unsustainable AI spending, the manager believes scarce, durable assets at sensible prices will deliver long-term value. | - | ||||||
| +17.6% | +24.6% | - | Bailard's quantitative small cap value strategy outperformed in Q2 2026 by navigating volatile sentiment shifts through proprietary behavioral finance models. The Path-Dependent Anchoring Bias factor proved most effective. A small cap value renaissance is underway driven by accelerating earnings, attractive valuations, reshoring tailwinds, deregulation, and improving M&A activity. Strategy capacity confirmed at $1.5 billion with low trading impact. Full Quick Take Bailard's quantitative small cap value strategy outperformed in Q2 2026 by navigating volatile sentiment shifts through proprietary behavioral finance models. The Path-Dependent Anchoring Bias factor proved most effective. A small cap value renaissance is underway driven by accelerating earnings, attractive valuations, reshoring tailwinds, deregulation, and improving M&A activity. Strategy capacity confirmed at $1.5 billion with low trading impact. | - | |||||
| -6.7% | - | Classic value investor running concentrated compounder portfolio down 3.86% in 2025 but up over 10% excluding currency headwinds from NIS strength. Actively avoiding Magnificent Ten AI bubble while portfolio companies compound FCF at 20% annually versus 3.5% for S&P 500, trading at half the market multiple. Increased positions in insurance, asset managers, and Constellation Software at 50% discount. Maintains full equity exposure with multi-year horizon. Full Quick Take Classic value investor running concentrated compounder portfolio down 3.86% in 2025 but up over 10% excluding currency headwinds from NIS strength. Actively avoiding Magnificent Ten AI bubble while portfolio companies compound FCF at 20% annually versus 3.5% for S&P 500, trading at half the market multiple. Increased positions in insurance, asset managers, and Constellation Software at 50% discount. Maintains full equity exposure with multi-year horizon. | |||||||
| - | +4.5% | Rozendal delivered strong absolute and relative returns in H1 2026 despite avoiding the AI mania that drove markets. The Iran war benefited energy holdings while precious metals shorts paid off as gold and platinum sold off. Three successful investment cycles closed including Meta at 31% IRR. The manager remains disciplined on valuation, selling silver and Meta after speculative run-ups, demonstrating that even contrarian value investors must respect price. Full Quick Take Rozendal delivered strong absolute and relative returns in H1 2026 despite avoiding the AI mania that drove markets. The Iran war benefited energy holdings while precious metals shorts paid off as gold and platinum sold off. Three successful investment cycles closed including Meta at 31% IRR. The manager remains disciplined on valuation, selling silver and Meta after speculative run-ups, demonstrating that even contrarian value investors must respect price. | |||||||
| - | +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. | |||||||
| +14.0% | +8.7% | Pzena Focused Value outperformed in Q2 2026 on health care strength, led by managed care insurers benefiting from favorable medical cost trends. The manager trimmed semiconductors on unsustainable 80%+ margins, avoiding the cyclical peak, and initiated software positions after AI-disruption fears created decade-low valuations. Extreme market concentration has created compelling value opportunities in consumer and health care businesses left behind by the AI rally. Full Quick Take Pzena Focused Value outperformed in Q2 2026 on health care strength, led by managed care insurers benefiting from favorable medical cost trends. The manager trimmed semiconductors on unsustainable 80%+ margins, avoiding the cyclical peak, and initiated software positions after AI-disruption fears created decade-low valuations. Extreme market concentration has created compelling value opportunities in consumer and health care businesses left behind by the AI rally. | - | ||||||
| - | - | Tarkio Fund targets companies undergoing Lean cultural transformations at compelling valuations, focusing on struggling businesses when proven transformational leaders are brought in. Recent additions include General Electric, Modine, and Lumen Technologies, with Lumen's Kate Johnson exemplifying required leadership courage. The fund's hands-on transformation experience enables earlier identification of turnarounds before broader market recognition, with five new early-stage holdings added. Full Quick Take Tarkio Fund targets companies undergoing Lean cultural transformations at compelling valuations, focusing on struggling businesses when proven transformational leaders are brought in. Recent additions include General Electric, Modine, and Lumen Technologies, with Lumen's Kate Johnson exemplifying required leadership courage. The fund's hands-on transformation experience enables earlier identification of turnarounds before broader market recognition, with five new early-stage holdings added. | |||||||
| +7.8% | +11.6% | Diamond Hill International underperformed in Q2 2026 as narrow AI-driven market leadership favored a small group of semiconductor names. The portfolio benefited from TSMC, Samsung, and SK hynix on strong AI chip demand, but energy holdings declined on weak prices and Alibaba fell on China concerns. The manager eliminated four positions for better opportunities while maintaining focus on quality businesses trading below intrinsic value. Full Quick Take Diamond Hill International underperformed in Q2 2026 as narrow AI-driven market leadership favored a small group of semiconductor names. The portfolio benefited from TSMC, Samsung, and SK hynix on strong AI chip demand, but energy holdings declined on weak prices and Alibaba fell on China concerns. The manager eliminated four positions for better opportunities while maintaining focus on quality businesses trading below intrinsic value. | - | ||||||
| +15.5% | +13.4% | - | BlackRock's Mid-Cap Value Fund delivered 15.49% in Q2 2026, driven by strong stock selection in healthcare, materials, and consumer staples. The fund targets mid-cap companies with resilient earnings, strong balance sheets, and attractive valuations. Portfolio manager David Zhao increased exposure to healthcare and technology while trimming energy and industrials. The value-oriented approach aims to navigate elevated rates and macro uncertainty while capturing opportunities in quality dividend-paying companies. Full Quick Take BlackRock's Mid-Cap Value Fund delivered 15.49% in Q2 2026, driven by strong stock selection in healthcare, materials, and consumer staples. The fund targets mid-cap companies with resilient earnings, strong balance sheets, and attractive valuations. Portfolio manager David Zhao increased exposure to healthcare and technology while trimming energy and industrials. The value-oriented approach aims to navigate elevated rates and macro uncertainty while capturing opportunities in quality dividend-paying companies. | - | |||||
| - | - | Matrix Dividend Income delivered high single-digit gains in Q2 2026 through disciplined value investing in dividend-paying large caps. The portfolio's 2.69% yield and 16.5x P/E multiple offer compelling value versus the S&P 500's 1.08% yield and 21.8x multiple. The manager added Abbott Laboratories and McDonald's at attractive entry points near 52-week lows while trimming winners. Fourteen holdings raised dividends 6.8% year-to-date, supporting the income and growth mandate. Full Quick Take Matrix Dividend Income delivered high single-digit gains in Q2 2026 through disciplined value investing in dividend-paying large caps. The portfolio's 2.69% yield and 16.5x P/E multiple offer compelling value versus the S&P 500's 1.08% yield and 21.8x multiple. The manager added Abbott Laboratories and McDonald's at attractive entry points near 52-week lows while trimming winners. Fourteen holdings raised dividends 6.8% year-to-date, supporting the income and growth mandate. | |||||||
| +10.5% | - | Sound Shore gained 10.48% in Q2 2026 as AI-driven infrastructure spending propelled semiconductors and technology holdings including Qualcomm and Marvell Technology. The fund benefited from broader portfolio strength in Elevance Health and Southwest Air while energy retreated with oil prices. Maintaining disciplined value approach at 13x forward P/E versus market at 20x, the fund focuses on durable earnings power not reflected in current valuations while questioning AI cycle sustainability. Full Quick Take Sound Shore gained 10.48% in Q2 2026 as AI-driven infrastructure spending propelled semiconductors and technology holdings including Qualcomm and Marvell Technology. The fund benefited from broader portfolio strength in Elevance Health and Southwest Air while energy retreated with oil prices. Maintaining disciplined value approach at 13x forward P/E versus market at 20x, the fund focuses on durable earnings power not reflected in current valuations while questioning AI cycle sustainability. | |||||||
| +0.9% | -11.5% | SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. Full Quick Take SGA's EM Growth portfolio underperformed in Q2 as AI momentum stocks dominated, but portfolio companies delivered strong fundamentals with 18% revenue and 20% earnings growth. The portfolio trades at its steepest discount to the index since 2014 inception despite positioning for 19% annual earnings growth over three years. SGA views cyclical AI beneficiaries as unsustainable and maintains high conviction in quality compounders at unprecedented valuations. | |||||||
| +15.6% | - | Kennedy Capital outperformed by 217 basis points in Q2 2026 despite avoiding three AI-beneficiary stocks that created a 350 basis point headwind. The manager trimmed AI winners as valuations reached limiting levels and rotated into excessively pessimistic stocks. The portfolio maintains its focus on companies with above-average returns on capital while avoiding cyclical businesses experiencing temporary pricing power. Full Quick Take Kennedy Capital outperformed by 217 basis points in Q2 2026 despite avoiding three AI-beneficiary stocks that created a 350 basis point headwind. The manager trimmed AI winners as valuations reached limiting levels and rotated into excessively pessimistic stocks. The portfolio maintains its focus on companies with above-average returns on capital while avoiding cyclical businesses experiencing temporary pricing power. | - | ||||||
| - | +32.4% | AGT Partners delivered +32.4% in 1H26 through a dual strategy of owning quality large-caps with durable moats (TSMC, Microsoft, Alphabet) and under-followed small-caps in unglamorous sectors. The manager initiated Alphabet on AI monetization evidence, holds SK Hynix cautiously amid unsustainable memory pricing, and is evolving toward constructive shareholder engagement by appointing ex-Dyna-Mac CEO as advisor to unlock value in smaller holdings. Full Quick Take AGT Partners delivered +32.4% in 1H26 through a dual strategy of owning quality large-caps with durable moats (TSMC, Microsoft, Alphabet) and under-followed small-caps in unglamorous sectors. The manager initiated Alphabet on AI monetization evidence, holds SK Hynix cautiously amid unsustainable memory pricing, and is evolving toward constructive shareholder engagement by appointing ex-Dyna-Mac CEO as advisor to unlock value in smaller holdings. | |||||||
| +10.9% | +1.9% | GreensKeeper's concentrated value portfolio surged 10.9% in Q2 as markets rotated back to valuations. ICON exemplified the strategy: aggressively buying a quality business at a 15% free cash flow yield during peak pessimism, then capturing a 90% gain as uncertainty receded. Richemont's pricing discipline, Alphabet's AI-enhanced search growth, and Elevance's margin recovery demonstrate the portfolio's focus on compounding high-quality franchises trading at attractive valuations. Full Quick Take GreensKeeper's concentrated value portfolio surged 10.9% in Q2 as markets rotated back to valuations. ICON exemplified the strategy: aggressively buying a quality business at a 15% free cash flow yield during peak pessimism, then capturing a 90% gain as uncertainty receded. Richemont's pricing discipline, Alphabet's AI-enhanced search growth, and Elevance's margin recovery demonstrate the portfolio's focus on compounding high-quality franchises trading at attractive valuations. | |||||||
| +13.3% | +19.9% | Polaris Global Equity delivered 13.26% in Q2, driven by AI semiconductor infrastructure (SK hynix, Samsung) and healthcare innovation (Lantheus M&A, CVS GLP-1). The manager rotated from richly valued names into Adobe, Fujifilm, UniCredit, and Booking Holdings, viewing market concentration as creating value dislocations. China detracted on Alibaba regulatory headwinds. The manager sees early innings of a multi-year international value opportunity with 2.1% cash. Full Quick Take Polaris Global Equity delivered 13.26% in Q2, driven by AI semiconductor infrastructure (SK hynix, Samsung) and healthcare innovation (Lantheus M&A, CVS GLP-1). The manager rotated from richly valued names into Adobe, Fujifilm, UniCredit, and Booking Holdings, viewing market concentration as creating value dislocations. China detracted on Alibaba regulatory headwinds. The manager sees early innings of a multi-year international value opportunity with 2.1% cash. | - | ||||||
| +7.0% | -5.9% | The fund returned 7.03% in Q2 2026 but lagged the 15.49% benchmark as AI-related momentum drove extreme factor performance favoring growth over value. The managers maintain 30 concentrated positions in quality companies trading at discounts to intrinsic value, with an estimated price-to-value in the upper-70s. Despite near-term underperformance, they believe their disciplined value approach will deliver adequate multi-year returns as extremes normalize. Full Quick Take The fund returned 7.03% in Q2 2026 but lagged the 15.49% benchmark as AI-related momentum drove extreme factor performance favoring growth over value. The managers maintain 30 concentrated positions in quality companies trading at discounts to intrinsic value, with an estimated price-to-value in the upper-70s. Despite near-term underperformance, they believe their disciplined value approach will deliver adequate multi-year returns as extremes normalize. | - |
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