Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| +4.5% | - | Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. Full Quick Take Meridian Hedged Equity returned 4.50% net in Q2 2026, trailing the S&P 500's 15.20% as covered call hedges limited upside in a powerful rebound driven by Middle East de-escalation and AI-fueled semiconductor strength. Top contributors MGM Resorts, Global Foundries, and ACV Auctions delivered strong operational results and capital allocation announcements. The manager sees a constructive backdrop but narrower margin for error, with inflation persistent, Fed policy shifting hawkish, and valuations elevated, leaving markets dependent on unproven AI spending returns. | |||||||
| +23.2% | +9.1% | Voss Capital returned 23.2% net in Q2 2026, deploying into undervalued small-cap special situations as fundamentals turn. New positions include Rackspace Technology (AI infrastructure turnaround with unutilized data center capacity), Versigent (automotive wire harness oligopolist at 5x EBITDA), Hill & Smith (US grid infrastructure play at UK discount), and De'Longhi (coffee equipment leader with mispriced Professional segment growing 30%+ annually). Full Quick Take Voss Capital returned 23.2% net in Q2 2026, deploying into undervalued small-cap special situations as fundamentals turn. New positions include Rackspace Technology (AI infrastructure turnaround with unutilized data center capacity), Versigent (automotive wire harness oligopolist at 5x EBITDA), Hill & Smith (US grid infrastructure play at UK discount), and De'Longhi (coffee equipment leader with mispriced Professional segment growing 30%+ annually). | |||||||
| +22.4% | +8.5% | Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. Full Quick Take Voss returned +22.4% in Q2 2026 through concentrated small-cap special situations. Four new positions target AI infrastructure turnarounds (Rackspace), automotive electrification (Versigent spin-off at 5x EBITDA), US grid modernization (Hill & Smith at discount valuations), and specialty coffee equipment growth (De'Longhi's mispriced Professional segment). Small-cap fundamentals are inflecting positive with earnings revisions turning favorable while valuations remain deeply discounted, though AI infrastructure concentration presents structural risks. | |||||||
| +16.6% | +10.4% | Baron Partners Fund returned 16.61% in Q2 2026, outpacing its benchmark on the strength of SpaceX, which surged 62% after its record IPO and major AI deals. Several software and information services holdings declined on AI disruption fears despite strong fundamentals, creating what managers view as attractive valuations. The Fund's concentrated portfolio with 74% in top 10 positions delivered exceptional long-term results of 18% annualized since 2003. Full Quick Take Baron Partners Fund returned 16.61% in Q2 2026, outpacing its benchmark on the strength of SpaceX, which surged 62% after its record IPO and major AI deals. Several software and information services holdings declined on AI disruption fears despite strong fundamentals, creating what managers view as attractive valuations. The Fund's concentrated portfolio with 74% in top 10 positions delivered exceptional long-term results of 18% annualized since 2003. | |||||||
| -12.6% | -4.3% | Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. Full Quick Take Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples. The manager transformed Howard Hughes into an insurance-focused holding company and expects temporary valuation dislocations to reverse as fundamentals drive stock prices back to intrinsic values. | |||||||
| -1.0% | -21.0% | - | Rowan Street Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Rowan Street Capital provides comprehensive portfolio insights and market positioning for 2026 Q2. | ||||||
| +29.1% | +22.5% | Emerging Markets Growth returned 29% in Q2 2026, driven by AI infrastructure businesses as memory shortages broadened from HBM into conventional DRAM and NAND. Sequential memory price increases of 60-90% reflect structural, multiyear supply constraints. The portfolio broadened semiconductor exposure and tactically added Indian cyclicals given attractive valuations. Despite strong returns, the portfolio trades at 13x forward earnings with high earnings growth expectations, creating compelling multiyear value. Full Quick Take Emerging Markets Growth returned 29% in Q2 2026, driven by AI infrastructure businesses as memory shortages broadened from HBM into conventional DRAM and NAND. Sequential memory price increases of 60-90% reflect structural, multiyear supply constraints. The portfolio broadened semiconductor exposure and tactically added Indian cyclicals given attractive valuations. Despite strong returns, the portfolio trades at 13x forward earnings with high earnings growth expectations, creating compelling multiyear value. | |||||||
| +27.9% | - | Ariel Global Fund surged +27.91% in Q2 2026, crushing benchmarks as AI investment broadened beyond U.S. tech to semiconductors and infrastructure across Asia. Intel, Murata and MediaTek drove outperformance on AI infrastructure demand. The fund deployed capital aggressively, initiating thirteen positions including utilities, biotech tools and Chinese automation plays. Management sees an increasingly attractive opportunity set as market leadership diversifies and fundamentals matter more than macro narratives. Full Quick Take Ariel Global Fund surged +27.91% in Q2 2026, crushing benchmarks as AI investment broadened beyond U.S. tech to semiconductors and infrastructure across Asia. Intel, Murata and MediaTek drove outperformance on AI infrastructure demand. The fund deployed capital aggressively, initiating thirteen positions including utilities, biotech tools and Chinese automation plays. Management sees an increasingly attractive opportunity set as market leadership diversifies and fundamentals matter more than macro narratives. | |||||||
| +19.5% | +20.0% | Baron Emerging Markets Fund returned 19.61% in Q2 2026, trailing the benchmark's 24.05% in a semiconductor-dominated quarter. Agentic AI adoption and Iran cease-fire drove returns concentrated in mega-cap memory leaders SK hynix, TSMC, and Samsung. The manager added Indian pharma supply chain plays and maintains conviction in quality growth despite AI concentration risks, viewing digitization beneficiaries as mispriced opportunities after market rotation toward legacy semiconductor names. Full Quick Take Baron Emerging Markets Fund returned 19.61% in Q2 2026, trailing the benchmark's 24.05% in a semiconductor-dominated quarter. Agentic AI adoption and Iran cease-fire drove returns concentrated in mega-cap memory leaders SK hynix, TSMC, and Samsung. The manager added Indian pharma supply chain plays and maintains conviction in quality growth despite AI concentration risks, viewing digitization beneficiaries as mispriced opportunities after market rotation toward legacy semiconductor names. | |||||||
| +10.0% | +5.4% | The fund returned 10.3% gross in Q2 2026, outperforming the 9.8% benchmark, driven by semiconductor and industrial holdings benefiting from AI data center demand. The manager is positioning for physical AI applications in robotics and automation, adding Japanese quality-growth companies at improved valuations including Harmonic Drive Systems, Japan Elevator Service, and Rakus. Year-to-date performance of 5.9% trails the index's 9.4% return. Full Quick Take The fund returned 10.3% gross in Q2 2026, outperforming the 9.8% benchmark, driven by semiconductor and industrial holdings benefiting from AI data center demand. The manager is positioning for physical AI applications in robotics and automation, adding Japanese quality-growth companies at improved valuations including Harmonic Drive Systems, Japan Elevator Service, and Rakus. Year-to-date performance of 5.9% trails the index's 9.4% return. | |||||||
| +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. | |||||||
| - | - | Renaissance's international small cap strategy outperformed in Q2 2026, led by semiconductor holdings benefiting from NAND supply chain dynamics and traditional auto components gaining from slower EV adoption. The manager added energy services exposure while trimming commodity-dependent producers. International equities trade at a 32% discount to U.S. peers despite superior expected earnings growth through 2027, creating compelling value for diversification-seeking investors. Full Quick Take Renaissance's international small cap strategy outperformed in Q2 2026, led by semiconductor holdings benefiting from NAND supply chain dynamics and traditional auto components gaining from slower EV adoption. The manager added energy services exposure while trimming commodity-dependent producers. International equities trade at a 32% discount to U.S. peers despite superior expected earnings growth through 2027, creating compelling value for diversification-seeking investors. | - | ||||||
| +9.9% | +14.4% | Heartland's mid-cap value fund gained 9.90% but trailed the index's 13.40% return as AI euphoria drove extreme concentration, with top holdings up 1,000-5,000%. The team reduced ON Semiconductor after doubling, added MarketAxess at 8.8X EV/EBITDA despite headwinds, and initiated IFF as a self-help turnaround. They see wide valuation disparities creating opportunities amid speculation, maintaining discipline through scenario-based targets. Full Quick Take Heartland's mid-cap value fund gained 9.90% but trailed the index's 13.40% return as AI euphoria drove extreme concentration, with top holdings up 1,000-5,000%. The team reduced ON Semiconductor after doubling, added MarketAxess at 8.8X EV/EBITDA despite headwinds, and initiated IFF as a self-help turnaround. They see wide valuation disparities creating opportunities amid speculation, maintaining discipline through scenario-based targets. | |||||||
| +25.3% | - | Tectonic delivered 25.3% in Q2 2026, driven by Firmus revaluation to USD 8.5 billion ahead of October IPO. Listed portfolio underperformed as resources rotation failed to materialize while capital flowed to US tech. Manager maintains conviction in resources thesis despite near-term weakness. Interactive Brokers, Sandfire, and Sea Limited contributed positively. BYD declined 32% on China EV pricing pressure. Fund remains closed to new applications ahead of Firmus IPO. Full Quick Take Tectonic delivered 25.3% in Q2 2026, driven by Firmus revaluation to USD 8.5 billion ahead of October IPO. Listed portfolio underperformed as resources rotation failed to materialize while capital flowed to US tech. Manager maintains conviction in resources thesis despite near-term weakness. Interactive Brokers, Sandfire, and Sea Limited contributed positively. BYD declined 32% on China EV pricing pressure. Fund remains closed to new applications ahead of Firmus IPO. | |||||||
| - | - | North Sky Capital is capitalizing on the convergence of energy transition, AI infrastructure buildout, and secondary market maturation. Multiple portfolio companies went public in Q2 2026 signaling improved liquidity. The firm is deploying capital into EV charging, energy storage, and battery technology positioned to benefit from a $2.3 trillion infrastructure supercycle. Battery advancements from Tesla and CATL could dramatically accelerate EV adoption and expand addressable markets. Full Quick Take North Sky Capital is capitalizing on the convergence of energy transition, AI infrastructure buildout, and secondary market maturation. Multiple portfolio companies went public in Q2 2026 signaling improved liquidity. The firm is deploying capital into EV charging, energy storage, and battery technology positioned to benefit from a $2.3 trillion infrastructure supercycle. Battery advancements from Tesla and CATL could dramatically accelerate EV adoption and expand addressable markets. | - | ||||||
| -13.1% | -13.1% | Concentrated global growth fund underperformed significantly in Q1 2026 despite strong individual company fundamentals. Manager maintains high conviction in technology leaders like Arm Holdings benefiting from AI adoption and Tesla's EV/autonomy evolution. Portfolio trades at substantial discount to estimated intrinsic value, reflecting patient long-term approach focused on quality businesses with sustainable competitive advantages. Full Quick Take Concentrated global growth fund underperformed significantly in Q1 2026 despite strong individual company fundamentals. Manager maintains high conviction in technology leaders like Arm Holdings benefiting from AI adoption and Tesla's EV/autonomy evolution. Portfolio trades at substantial discount to estimated intrinsic value, reflecting patient long-term approach focused on quality businesses with sustainable competitive advantages. | - | ||||||
| -45.0% | -45.0% | Guinness Global Innovators underperformed in Q1 2026 due to geopolitical tensions and AI-driven software sector weakness. Strong semiconductor equipment performance from Applied Materials, Lam Research, and KLA offset headwinds from zero Energy exposure and software holdings pressure. Fund maintains conviction in quality growth approach despite near-term macro volatility and AI disruption concerns. Full Quick Take Guinness Global Innovators underperformed in Q1 2026 due to geopolitical tensions and AI-driven software sector weakness. Strong semiconductor equipment performance from Applied Materials, Lam Research, and KLA offset headwinds from zero Energy exposure and software holdings pressure. Fund maintains conviction in quality growth approach despite near-term macro volatility and AI disruption concerns. | - | ||||||
| +32.8% | +19.8% | The Aristotle/Saul Global Equity Fund posted a 3.28% return in Q4 2025, closely matching global indexes. The fund actively rotated its portfolio, exiting underperforming positions in FMC and Nidec to establish positions in Itochu and Lowe's. Full Quick Take The Aristotle/Saul Global Equity Fund posted a 3.28% return in Q4 2025, closely matching global indexes. The fund actively rotated its portfolio, exiting underperforming positions in FMC and Nidec to establish positions in Itochu and Lowe's. | - | ||||||
| - | - | Surowiec warns that Trump Administration policies, particularly tariffs affecting 70% of businesses per Yale CEO survey, create harmful uncertainty despite steady markets. He criticizes regulatory interference and winner-picking while maintaining focus on companies with strong fundamentals and competitive moats that can adapt to policy volatility. Recent addition Rivian positioned for EV growth. Full Quick Take Surowiec warns that Trump Administration policies, particularly tariffs affecting 70% of businesses per Yale CEO survey, create harmful uncertainty despite steady markets. He criticizes regulatory interference and winner-picking while maintaining focus on companies with strong fundamentals and competitive moats that can adapt to policy volatility. Recent addition Rivian positioned for EV growth. | - | ||||||
| +4.7% | +10.9% | Emerald delivered 4.7% net returns in Q3 despite maintaining discipline in an increasingly speculative AI-driven market. The strategy benefits from AI transformation through reasonably valued infrastructure plays while avoiding stretched direct AI stocks. Recent Chinese additions like Alibaba and BYD reflect opportunities in overlooked markets. The manager prioritizes capital preservation over momentum chasing. Full Quick Take Emerald delivered 4.7% net returns in Q3 despite maintaining discipline in an increasingly speculative AI-driven market. The strategy benefits from AI transformation through reasonably valued infrastructure plays while avoiding stretched direct AI stocks. Recent Chinese additions like Alibaba and BYD reflect opportunities in overlooked markets. The manager prioritizes capital preservation over momentum chasing. | - | ||||||
| - | - | Fund outperformed in Q3 2025 driven by strong technology sector performance, particularly AI-related themes in Taiwan and Korea. Samsung Electronics and Alibaba were key contributors on memory demand strength and e-commerce/AI growth prospects. Managers remain constructive on emerging markets citing improved political visibility, accommodative policies, and attractive valuations despite Trump policy headwinds. Full Quick Take Fund outperformed in Q3 2025 driven by strong technology sector performance, particularly AI-related themes in Taiwan and Korea. Samsung Electronics and Alibaba were key contributors on memory demand strength and e-commerce/AI growth prospects. Managers remain constructive on emerging markets citing improved political visibility, accommodative policies, and attractive valuations despite Trump policy headwinds. | - | ||||||
| - | - | Green Alpha's Next Economy Index outperformed by investing in companies solving systemic risks from AI power demands to cybersecurity threats. The fund holds technology leaders like Cloudflare, Broadcom, and XPeng that are building essential infrastructure for a sustainable economy. Three catalysts drive the outlook: AI infrastructure buildout, China trade arbitrage, and resource scarcity making efficiency solutions mandatory. Full Quick Take Green Alpha's Next Economy Index outperformed by investing in companies solving systemic risks from AI power demands to cybersecurity threats. The fund holds technology leaders like Cloudflare, Broadcom, and XPeng that are building essential infrastructure for a sustainable economy. Three catalysts drive the outlook: AI infrastructure buildout, China trade arbitrage, and resource scarcity making efficiency solutions mandatory. | |||||||
| +7.6% | +22.5% | Polen's Emerging Markets Growth strategy underperformed in Q3 2025 despite strong contributions from CATL (EV batteries), Prosus (Tencent proxy), and Accton (AI infrastructure). The team allocated capital toward electrification and consumer discretionary themes while reducing exposure to macro-challenged companies. Management remains optimistic on Emerging Markets' long-term prospects given attractive valuations and healthier balance sheets versus developed markets. Full Quick Take Polen's Emerging Markets Growth strategy underperformed in Q3 2025 despite strong contributions from CATL (EV batteries), Prosus (Tencent proxy), and Accton (AI infrastructure). The team allocated capital toward electrification and consumer discretionary themes while reducing exposure to macro-challenged companies. Management remains optimistic on Emerging Markets' long-term prospects given attractive valuations and healthier balance sheets versus developed markets. | |||||||
| - | - | Antipodes Global underperformed in Q3 but maintains strong year-to-date performance. Portfolio benefited from China tech rally and gold strength while suffering from short positioning. Manager increased defensive commodity exposure, expanded Chinese technology holdings, and added healthcare positions while exiting semiconductor names at cycle highs. AI euphoria and easing trade tensions drove market gains. Full Quick Take Antipodes Global underperformed in Q3 but maintains strong year-to-date performance. Portfolio benefited from China tech rally and gold strength while suffering from short positioning. Manager increased defensive commodity exposure, expanded Chinese technology holdings, and added healthcare positions while exiting semiconductor names at cycle highs. AI euphoria and easing trade tensions drove market gains. | - | ||||||
| - | - | Antipodes Global Value outperformed in Q3 2025, led by China exposure benefiting from policy support and trade tension easing. Portfolio added to AI beneficiaries Alibaba and Tencent, EV battery leader CATL, and healthcare names Merck and Globus Medical. Gold holdings surged on precious metals strength. Strategy positioned for AI monetization, China recovery, and structural demographic trends. Full Quick Take Antipodes Global Value outperformed in Q3 2025, led by China exposure benefiting from policy support and trade tension easing. Portfolio added to AI beneficiaries Alibaba and Tencent, EV battery leader CATL, and healthcare names Merck and Globus Medical. Gold holdings surged on precious metals strength. Strategy positioned for AI monetization, China recovery, and structural demographic trends. | - | ||||||
| +4.3% | - | Growth Equity Strategy gained 4.3% in Q3 driven by AI infrastructure winners Oracle, Broadcom, and ASML. Oracle's transformational cloud growth positions it among tech giants with $455B contracted revenue. AI bubble risks are rising with 40-100% gains across tech plays, but long-term adoption opportunities continue expanding. Portfolio rebalanced through trimming winners and adding Medtronic and BYD. Full Quick Take Growth Equity Strategy gained 4.3% in Q3 driven by AI infrastructure winners Oracle, Broadcom, and ASML. Oracle's transformational cloud growth positions it among tech giants with $455B contracted revenue. AI bubble risks are rising with 40-100% gains across tech plays, but long-term adoption opportunities continue expanding. Portfolio rebalanced through trimming winners and adding Medtronic and BYD. | - | ||||||
| - | - | AI infrastructure boom drives strong Q3 returns led by Oracle's transformational cloud growth and Broadcom's XPU market share gains. Bubble risks rising with many AI stocks up 40-100%, prompting selective trimming of winners while adding quality names like BYD. Focus remains on companies with strong competitive moats in the AI revolution. Full Quick Take AI infrastructure boom drives strong Q3 returns led by Oracle's transformational cloud growth and Broadcom's XPU market share gains. Bubble risks rising with many AI stocks up 40-100%, prompting selective trimming of winners while adding quality names like BYD. Focus remains on companies with strong competitive moats in the AI revolution. | - | ||||||
| +4.3% | - | Growth Equity Strategy gained 4.3% in Q3 driven by AI infrastructure plays like Oracle and Broadcom. While the AI opportunity continues expanding with broader adoption, bubble risks are rising with some tech stocks up 40-100%. The manager is balancing opportunities against risks through selective trimming of winners and adding quality names like BYD and Medtronic where growth potential is underappreciated. Full Quick Take Growth Equity Strategy gained 4.3% in Q3 driven by AI infrastructure plays like Oracle and Broadcom. While the AI opportunity continues expanding with broader adoption, bubble risks are rising with some tech stocks up 40-100%. The manager is balancing opportunities against risks through selective trimming of winners and adding quality names like BYD and Medtronic where growth potential is underappreciated. | - | ||||||
| +19.2% | - | Contrarius delivered strong Q2 performance driven by AI holdings Tesla and Nvidia, which the manager views as transformative beneficiaries of accelerating real-world AI adoption. The fund maintains its contrarian approach, adding to Nvidia during recent weakness while holding diverse value positions across media and luxury sectors, positioning for long-term disruption and outperformance. Full Quick Take Contrarius delivered strong Q2 performance driven by AI holdings Tesla and Nvidia, which the manager views as transformative beneficiaries of accelerating real-world AI adoption. The fund maintains its contrarian approach, adding to Nvidia during recent weakness while holding diverse value positions across media and luxury sectors, positioning for long-term disruption and outperformance. | |||||||
| +12.1% | - | The fund outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global tariff policies. Full Quick Take The fund outperformed its benchmark in Q2 2025 with a 12.14% return, driven by strength in industrials and timely adjustments in financial services holdings amid shifting global tariff policies. | - | ||||||
| - | - | Emerging Markets Growth outperformed in Q2 2025 with 12.9% returns, led by Taiwan Semiconductor's AI-driven growth and strong digital platform performance from MercadoLibre, Sea, and Nu Holdings. The portfolio benefits from secular trends in digitalization and industry consolidation across emerging markets, with improved fundamentals despite expected volatility from AI developments and geopolitical factors. Full Quick Take Emerging Markets Growth outperformed in Q2 2025 with 12.9% returns, led by Taiwan Semiconductor's AI-driven growth and strong digital platform performance from MercadoLibre, Sea, and Nu Holdings. The portfolio benefits from secular trends in digitalization and industry consolidation across emerging markets, with improved fundamentals despite expected volatility from AI developments and geopolitical factors. | - | ||||||
| - | - | Octahedron highlights that while newly introduced tariffs have injected macro uncertainty, structural secular trends in AI inference, database re-platforming, autonomous vehicles, and retail media continue to power resilient, internet-scale compounding machines. Full Quick Take Octahedron highlights that while newly introduced tariffs have injected macro uncertainty, structural secular trends in AI inference, database re-platforming, autonomous vehicles, and retail media continue to power resilient, internet-scale compounding machines. | - | ||||||
| -30.0% | -30.0% | Longriver outperformed in Q1 despite negative returns, with manager increasing Chinese equity exposure to 25% of portfolio. Rhodes argues Chinese stocks offer compelling value after years of deleveraging, highlighting BYD as beneficiary of structural auto industry shift to electric vehicles. DeepSeek's AI breakthrough demonstrates China's technological resilience despite US sanctions and tariffs. Full Quick Take Longriver outperformed in Q1 despite negative returns, with manager increasing Chinese equity exposure to 25% of portfolio. Rhodes argues Chinese stocks offer compelling value after years of deleveraging, highlighting BYD as beneficiary of structural auto industry shift to electric vehicles. DeepSeek's AI breakthrough demonstrates China's technological resilience despite US sanctions and tariffs. | - | ||||||
| - | - | Nightview Capital sees a historic technology inflection point where AI, automation, and electrification converge to create massive value. Tesla's Cybercab launch, Amazon's warehouse robotics achieving 25% productivity gains, and John Deere's autonomous farming solutions represent transformative opportunities. Despite macro headwinds, the fund positions for extraordinary growth from companies leading automation and AI innovation. Full Quick Take Nightview Capital sees a historic technology inflection point where AI, automation, and electrification converge to create massive value. Tesla's Cybercab launch, Amazon's warehouse robotics achieving 25% productivity gains, and John Deere's autonomous farming solutions represent transformative opportunities. Despite macro headwinds, the fund positions for extraordinary growth from companies leading automation and AI innovation. | - | ||||||
| - | - | East Capital sees compelling emerging market opportunities despite tariff volatility. China leads with AI breakthroughs and economic stabilization, while Eastern Europe benefits from reduced war premiums. The manager rotates from overvalued tech into quality non-tech names, maintaining discipline amid trade tensions. Light investor positioning creates outperformance potential if tariff situation improves. Full Quick Take East Capital sees compelling emerging market opportunities despite tariff volatility. China leads with AI breakthroughs and economic stabilization, while Eastern Europe benefits from reduced war premiums. The manager rotates from overvalued tech into quality non-tech names, maintaining discipline amid trade tensions. Light investor positioning creates outperformance potential if tariff situation improves. | - | ||||||
| - | - | Trump's tariff policies triggered 12% market decline but create value opportunities for patient investors. Manager maintains positions in capital-light businesses like Google/Amazon and cyclical oil investments while adding recession-resistant Constellation Brands. Believes Trump is overplaying his hand and expects 2026 midterm backlash to drive policy changes. Views current turmoil as major inflection point favoring disciplined value investors. Full Quick Take Trump's tariff policies triggered 12% market decline but create value opportunities for patient investors. Manager maintains positions in capital-light businesses like Google/Amazon and cyclical oil investments while adding recession-resistant Constellation Brands. Believes Trump is overplaying his hand and expects 2026 midterm backlash to drive policy changes. Views current turmoil as major inflection point favoring disciplined value investors. | - | ||||||
| +8.6% | - | Baillie Gifford's US Growth strategy delivered 8.6% in Q1 2025 while navigating Trump policy volatility. The team trimmed Tesla, Trade Desk, and NVIDIA at stretched valuations, adding DraftKings for US sports betting expansion, Globant for AI consulting, and Cloudflare for edge inference. Focus remains on exceptional growth companies positioned for structural drivers like falling battery costs and AI inferencing over five to ten years. Full Quick Take Baillie Gifford's US Growth strategy delivered 8.6% in Q1 2025 while navigating Trump policy volatility. The team trimmed Tesla, Trade Desk, and NVIDIA at stretched valuations, adding DraftKings for US sports betting expansion, Globant for AI consulting, and Cloudflare for edge inference. Focus remains on exceptional growth companies positioned for structural drivers like falling battery costs and AI inferencing over five to ten years. | - | ||||||
| - | - | Baillie Gifford's concentrated growth strategy repositioned during Q1 2025, exiting Tesla completely while maintaining trimmed NVIDIA position and newer BYD holding. NVIDIA's AI dominance continues with 40-fold performance roadmap, while BYD's free autonomous driving strategy pressures Tesla's premium pricing model. Long-term innovation focus remains intact despite cyclical industry headwinds. Full Quick Take Baillie Gifford's concentrated growth strategy repositioned during Q1 2025, exiting Tesla completely while maintaining trimmed NVIDIA position and newer BYD holding. NVIDIA's AI dominance continues with 40-fold performance roadmap, while BYD's free autonomous driving strategy pressures Tesla's premium pricing model. Long-term innovation focus remains intact despite cyclical industry headwinds. | - | ||||||
| - | - | Baillie Gifford's International Growth Strategy focuses on exceptional growth companies despite recent geopolitical volatility. Chinese holdings like BYD and Pinduoduo outperformed while semiconductors faced cyclical weakness. The team made strategic portfolio adjustments, adding Galderma and Disco while reducing Genmab exposure. Management remains optimistic about international opportunities, emphasizing long-term operational performance over short-term market noise. Full Quick Take Baillie Gifford's International Growth Strategy focuses on exceptional growth companies despite recent geopolitical volatility. Chinese holdings like BYD and Pinduoduo outperformed while semiconductors faced cyclical weakness. The team made strategic portfolio adjustments, adding Galderma and Disco while reducing Genmab exposure. Management remains optimistic about international opportunities, emphasizing long-term operational performance over short-term market noise. | |||||||
| +1.3% | +1.3% | China's shift from real estate speculation to supporting innovative private companies in AI and electric vehicles could drive higher-quality economic growth. Recent policy support and technological advances by companies like DeepSeek and Alibaba suggest China may avoid Japan's stagnation path. Trade tensions create near-term uncertainty, but the long-term transition toward productivity-driven growth remains compelling. Full Quick Take China's shift from real estate speculation to supporting innovative private companies in AI and electric vehicles could drive higher-quality economic growth. Recent policy support and technological advances by companies like DeepSeek and Alibaba suggest China may avoid Japan's stagnation path. Trade tensions create near-term uncertainty, but the long-term transition toward productivity-driven growth remains compelling. | - | ||||||
| -12.0% | - | Baron Opportunity Fund fell 11.97% in Q1 amid tariff uncertainty affecting AI leaders like NVIDIA and Tesla. Despite trade policy headwinds, the manager maintains conviction in secular growth trends, particularly AI as a transformative platform shift. The fund prioritizes companies with macroeconomic resilience while positioning for long-term technology-driven growth once current volatility subsides. Full Quick Take Baron Opportunity Fund fell 11.97% in Q1 amid tariff uncertainty affecting AI leaders like NVIDIA and Tesla. Despite trade policy headwinds, the manager maintains conviction in secular growth trends, particularly AI as a transformative platform shift. The fund prioritizes companies with macroeconomic resilience while positioning for long-term technology-driven growth once current volatility subsides. | - | ||||||
| -7.1% | - | Contrarius underperformed in Q1 with their contrarian positioning during trade war uncertainty and AI reassessment. They sold Amazon and Meta after doubling, added Nvidia on weakness, and maintain Tesla as top holding for autonomous driving potential. New position in Swatch Group represents classic contrarian opportunity in cyclically depressed luxury watches trading below pandemic lows despite strong fundamentals. Full Quick Take Contrarius underperformed in Q1 with their contrarian positioning during trade war uncertainty and AI reassessment. They sold Amazon and Meta after doubling, added Nvidia on weakness, and maintain Tesla as top holding for autonomous driving potential. New position in Swatch Group represents classic contrarian opportunity in cyclically depressed luxury watches trading below pandemic lows despite strong fundamentals. | - | ||||||
| -8.0% | - | Baron Focused Growth Fund outperformed benchmarks despite Q1 challenges from tariff uncertainty affecting cyclical holdings. Strong recurring revenue base, founder-led management, and robust balance sheets position the portfolio well for current uncertainty. Recent market declines create attractive entry points in competitively advantaged growth businesses, with the fund actively deploying capital into both existing and new opportunities. Full Quick Take Baron Focused Growth Fund outperformed benchmarks despite Q1 challenges from tariff uncertainty affecting cyclical holdings. Strong recurring revenue base, founder-led management, and robust balance sheets position the portfolio well for current uncertainty. Recent market declines create attractive entry points in competitively advantaged growth businesses, with the fund actively deploying capital into both existing and new opportunities. | - | ||||||
| +2.5% | - | Emerging Markets Growth selectively owns premier growth businesses benefiting from digitalization and industry formalization. Despite growth stock headwinds, the strategy outperformed the EM Growth Index. Key contributors included Bajaj Finance, Sea, and Tencent. The portfolio has narrowed its China underweight while remaining cautious about trade tensions and recession risks from escalating tariffs. Full Quick Take Emerging Markets Growth selectively owns premier growth businesses benefiting from digitalization and industry formalization. Despite growth stock headwinds, the strategy outperformed the EM Growth Index. Key contributors included Bajaj Finance, Sea, and Tencent. The portfolio has narrowed its China underweight while remaining cautious about trade tensions and recession risks from escalating tariffs. | - | ||||||
| +3.0% | - | Fund outperformed amid trade policy uncertainty, benefiting from China digitization and EV themes while India corrected then recovered. Manager sees U.S. economic nationalism as paradigm shift favoring non-dollar assets long-term. Portfolio emphasizes domestic growth companies over exporters, with India overweight positioned as trade war winner given minimal U.S. exposure. Full Quick Take Fund outperformed amid trade policy uncertainty, benefiting from China digitization and EV themes while India corrected then recovered. Manager sees U.S. economic nationalism as paradigm shift favoring non-dollar assets long-term. Portfolio emphasizes domestic growth companies over exporters, with India overweight positioned as trade war winner given minimal U.S. exposure. | - | ||||||
| -3.4% | -3.4% | Global growth fund underperformed in Q1 2025 with -3.35% returns versus -1.32% benchmark. Strong performance from MercadoLibre, Alibaba, and Novartis offset weakness in Tesla, Alphabet, and Amazon. Portfolio maintains concentrated exposure to quality growth companies in e-commerce, electric vehicles, cloud computing, and pharmaceuticals trading at significant discounts to intrinsic value estimates. Full Quick Take Global growth fund underperformed in Q1 2025 with -3.35% returns versus -1.32% benchmark. Strong performance from MercadoLibre, Alibaba, and Novartis offset weakness in Tesla, Alphabet, and Amazon. Portfolio maintains concentrated exposure to quality growth companies in e-commerce, electric vehicles, cloud computing, and pharmaceuticals trading at significant discounts to intrinsic value estimates. | - | ||||||
| +4.3% | - | Growth Equity Strategy gained 4.3% in Q3 driven by AI infrastructure plays like Oracle and Broadcom. Manager trimmed winners after strong gains while adding Medtronic and BYD positions. Despite emerging AI bubble signs with some stocks up 40-100%, long-term AI adoption trends remain compelling. Strategy balances opportunities with rising risks through fundamental research and selective positioning. Full Quick Take Growth Equity Strategy gained 4.3% in Q3 driven by AI infrastructure plays like Oracle and Broadcom. Manager trimmed winners after strong gains while adding Medtronic and BYD positions. Despite emerging AI bubble signs with some stocks up 40-100%, long-term AI adoption trends remain compelling. Strategy balances opportunities with rising risks through fundamental research and selective positioning. | - | ||||||
| - | - | Strong Q3 performance driven by AI infrastructure leaders Oracle, Broadcom, and ASML despite growing bubble concerns. Manager trimmed winners for risk management while adding Medtronic and BYD on underappreciated growth potential. Maintains conviction in long-term AI opportunity through quality companies with defendable moats, balancing opportunities with rising risks through fundamental research and selective positioning. Full Quick Take Strong Q3 performance driven by AI infrastructure leaders Oracle, Broadcom, and ASML despite growing bubble concerns. Manager trimmed winners for risk management while adding Medtronic and BYD on underappreciated growth potential. Maintains conviction in long-term AI opportunity through quality companies with defendable moats, balancing opportunities with rising risks through fundamental research and selective positioning. | - | ||||||
| +0.7% | - | American Century's EM Fund underperformed in Q1 2025 amid trade policy uncertainty, returning 0.72% versus benchmark's 2.93%. Portfolio emphasizes domestic-oriented companies with strong fundamentals, highlighted by Chinese EV leader BYD and Brazilian aircraft maker Embraer. Managers see differentiated tariff impacts favoring Latin America over Asia, positioning for growth-supportive EM central bank policies ahead. Full Quick Take American Century's EM Fund underperformed in Q1 2025 amid trade policy uncertainty, returning 0.72% versus benchmark's 2.93%. Portfolio emphasizes domestic-oriented companies with strong fundamentals, highlighted by Chinese EV leader BYD and Brazilian aircraft maker Embraer. Managers see differentiated tariff impacts favoring Latin America over Asia, positioning for growth-supportive EM central bank policies ahead. | - | ||||||
| - | - | International equities are experiencing a fundamental leadership shift with Europe and Asia outperforming the U.S. by over 1,100 basis points. The strategy capitalizes on defense spending increases, European banking sector recovery, and China's EV market expansion. Multiple structural catalysts including fiscal spending acceleration and regulatory easing support extended international outperformance after years of U.S. dominance. Full Quick Take International equities are experiencing a fundamental leadership shift with Europe and Asia outperforming the U.S. by over 1,100 basis points. The strategy capitalizes on defense spending increases, European banking sector recovery, and China's EV market expansion. Multiple structural catalysts including fiscal spending acceleration and regulatory easing support extended international outperformance after years of U.S. dominance. | - |
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