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 |
|---|---|---|---|---|---|---|---|---|---|
| - | +51.4% | Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. Full Quick Take Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. | - | ||||||
| - | - | Q2 2026 proved that crises do not necessarily mean sell signals. Despite the Strait of Hormuz closure creating a major oil shock, markets delivered positive returns driven by containable energy disruptions and robust US earnings growth of 11.5%. AI is transforming the economy faster than electricity did, with Anthropic and Nvidia showing explosive growth. Expect strong profits, ongoing geopolitical tensions, and elevated volatility ahead. Full Quick Take Q2 2026 proved that crises do not necessarily mean sell signals. Despite the Strait of Hormuz closure creating a major oil shock, markets delivered positive returns driven by containable energy disruptions and robust US earnings growth of 11.5%. AI is transforming the economy faster than electricity did, with Anthropic and Nvidia showing explosive growth. Expect strong profits, ongoing geopolitical tensions, and elevated volatility ahead. | - | ||||||
| - | - | - | Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. Full Quick Take Stenham delivered strong Q2 returns across all hedge fund strategies, driven by AI infrastructure buildout and robust M&A activity. Semiconductors surged 88% before July's 24% selloff raised monetization concerns. Credit markets show extreme dispersion with CCC spreads at 98th percentile, flagging default risk among levered AI names. Quantitative strategies benefited from high dispersion while compressed volatility created asymmetric hedge opportunities. AuM grew 25% year-over-year. | - | |||||
| -20.5% | -17.5% | - | Q2 2026 marked an AI-driven mania rivaling the dotcom bubble. Semiconductors surged 88% to become 20% of the S&P 500 on record leverage—margin debt at $1.5 trillion, hedge fund exposure at 98th percentile. The Buffett Indicator hit 235%, dividend yields reached all-time lows. The fund is short AI winners and long AI losers, positioned for sharp reversal when hyperscaler capex cuts trigger momentum unwind. Full Quick Take Q2 2026 marked an AI-driven mania rivaling the dotcom bubble. Semiconductors surged 88% to become 20% of the S&P 500 on record leverage—margin debt at $1.5 trillion, hedge fund exposure at 98th percentile. The Buffett Indicator hit 235%, dividend yields reached all-time lows. The fund is short AI winners and long AI losers, positioned for sharp reversal when hyperscaler capex cuts trigger momentum unwind. | - | |||||
| - | - | Generated 17.8% net by trading sector rotation between AI winners and losers in a flat market. Semiconductors peaked climactically in June after a 30% rally driven by memory bottlenecks. Shorted upside volatility in overleveraged memory products while rotating into cheap IT services and quality names. Built defensive energy positions around Iran crisis. Positioned long yen against extreme carry trade positioning. Expect elevated volatility into elections despite low VIX. Full Quick Take Generated 17.8% net by trading sector rotation between AI winners and losers in a flat market. Semiconductors peaked climactically in June after a 30% rally driven by memory bottlenecks. Shorted upside volatility in overleveraged memory products while rotating into cheap IT services and quality names. Built defensive energy positions around Iran crisis. Positioned long yen against extreme carry trade positioning. Expect elevated volatility into elections despite low VIX. | - | ||||||
| +7.5% | +7.5% | - | The Easterly Hedged Equity Fund returned 7.48% in Q2 2026, capturing 73% of market upside with lower volatility as equities rebounded from Q1 uncertainty. The systematic options hedging strategy repositioned every four to five weeks in response to declining volatility and improving sentiment driven by strong earnings and easing geopolitical tensions. Elevated valuations, concentrated leadership, and inflation concerns support continued disciplined risk management. Full Quick Take The Easterly Hedged Equity Fund returned 7.48% in Q2 2026, capturing 73% of market upside with lower volatility as equities rebounded from Q1 uncertainty. The systematic options hedging strategy repositioned every four to five weeks in response to declining volatility and improving sentiment driven by strong earnings and easing geopolitical tensions. Elevated valuations, concentrated leadership, and inflation concerns support continued disciplined risk management. | - | |||||
| +6.3% | +3.2% | - | The Fund delivered 6.32% in Q2 2026 by capturing a 100+ basis point rally in credit spreads while its floating-rate structure benefited from rising base rates. With 363 diversified obligors, minimal duration, and a 6.06% pro-forma yield, the strategy is engineered to harvest credit risk premiums at half the volatility of equities. Managers view current spread compression as setting up future deployment opportunities. Full Quick Take The Fund delivered 6.32% in Q2 2026 by capturing a 100+ basis point rally in credit spreads while its floating-rate structure benefited from rising base rates. With 363 diversified obligors, minimal duration, and a 6.06% pro-forma yield, the strategy is engineered to harvest credit risk premiums at half the volatility of equities. Managers view current spread compression as setting up future deployment opportunities. | - | |||||
| - | +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. | |||||||
| +2.2% | +10.1% | - | The iMGP DBi Managed Futures Strategy ETF delivered 2.23% in Q2 and 10.11% year-to-date, outperforming benchmarks in an increasingly volatile and unpredictable market environment. Emerging markets exposure and currency positioning drove gains while crude oil detracted. The manager positions the fund as a critical diversifier and liquidity provider as traditional bonds have failed allocators, with the meme stock environment expected to persist. Full Quick Take The iMGP DBi Managed Futures Strategy ETF delivered 2.23% in Q2 and 10.11% year-to-date, outperforming benchmarks in an increasingly volatile and unpredictable market environment. Emerging markets exposure and currency positioning drove gains while crude oil detracted. The manager positions the fund as a critical diversifier and liquidity provider as traditional bonds have failed allocators, with the meme stock environment expected to persist. | - | |||||
| +2.7% | +3.2% | Marram holds 47% cash amid elevated valuations and macro uncertainty, maintaining core positions in energy infrastructure MLPs, regional banks, payment technology, and biopharma. Energy infrastructure and banks have performed well, while payment names declined 23% YTD on valuation compression. Manager exited PayPal and ICON plc, added Berkshire Hathaway, and continues patient opportunism approach with substantial dry powder awaiting attractive entry points on expanded Wishlist. Full Quick Take Marram holds 47% cash amid elevated valuations and macro uncertainty, maintaining core positions in energy infrastructure MLPs, regional banks, payment technology, and biopharma. Energy infrastructure and banks have performed well, while payment names declined 23% YTD on valuation compression. Manager exited PayPal and ICON plc, added Berkshire Hathaway, and continues patient opportunism approach with substantial dry powder awaiting attractive entry points on expanded Wishlist. | - | ||||||
| - | - | Alpine Capital rotated from semiconductors into hyperscalers after June's AI infrastructure selloff, increasing Microsoft to overweight and initiating Oracle positions. The AI buildout is real and defensible with capex approaching $1 trillion by 2028. Big tech is attractively priced with reinforced moats following ROI concerns. Extreme single-stock dispersion creates opportunities amid neutral near-term outlook and structurally declining rate environment. Full Quick Take Alpine Capital rotated from semiconductors into hyperscalers after June's AI infrastructure selloff, increasing Microsoft to overweight and initiating Oracle positions. The AI buildout is real and defensible with capex approaching $1 trillion by 2028. Big tech is attractively priced with reinforced moats following ROI concerns. Extreme single-stock dispersion creates opportunities amid neutral near-term outlook and structurally declining rate environment. | - | ||||||
| - | +3.4% | Baillie Gifford's International Growth strategy exploits market short-termism to build a diversified portfolio of high-quality growth companies positioned for AI transformation and structural change. Despite recent underperformance driven by indiscriminate SaaS selling, the manager has broadened holdings into pharma, energy, and industrials while maintaining conviction in semiconductor leaders and deeply embedded software businesses. Patient capital and selective positioning should drive strong long-term returns as fundamentals diverge from volatile share prices. Full Quick Take Baillie Gifford's International Growth strategy exploits market short-termism to build a diversified portfolio of high-quality growth companies positioned for AI transformation and structural change. Despite recent underperformance driven by indiscriminate SaaS selling, the manager has broadened holdings into pharma, energy, and industrials while maintaining conviction in semiconductor leaders and deeply embedded software businesses. Patient capital and selective positioning should drive strong long-term returns as fundamentals diverge from volatile share prices. | |||||||
| +2.8% | - | Lazard Enhanced Opportunities returned 2.82% in Q2 2026, underperforming as equity hedges detracted from strong market gains. AI infrastructure convertibles from Nebius and Akamai drove positive performance through volatility-driven basis expansion. Record convertible issuance of $83 billion nearly doubled prior year levels. Rising rates under hawkish Fed Chair Warsh partially offset gains. The team expects earnings volatility to create gamma trading opportunities. Full Quick Take Lazard Enhanced Opportunities returned 2.82% in Q2 2026, underperforming as equity hedges detracted from strong market gains. AI infrastructure convertibles from Nebius and Akamai drove positive performance through volatility-driven basis expansion. Record convertible issuance of $83 billion nearly doubled prior year levels. Rising rates under hawkish Fed Chair Warsh partially offset gains. The team expects earnings volatility to create gamma trading opportunities. | - | ||||||
| +14.3% | +6.5% | - | The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly. Full Quick Take The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly. | - | |||||
| +9.4% | - | Langdon Global Smaller Companies returned 9.4% in Q2 but lagged the benchmark's 17.0% due to underweight information technology hardware exposure. The manager used volatility to add to YETI and DO & CO where prices fell faster than business value, initiated Miami International Holdings for its exchange platform potential, and reassessed Royal Unibrew after its Pepsi agreement expiration. The core thesis: price signals investigation, not automatic action. Full Quick Take Langdon Global Smaller Companies returned 9.4% in Q2 but lagged the benchmark's 17.0% due to underweight information technology hardware exposure. The manager used volatility to add to YETI and DO & CO where prices fell faster than business value, initiated Miami International Holdings for its exchange platform potential, and reassessed Royal Unibrew after its Pepsi agreement expiration. The core thesis: price signals investigation, not automatic action. | |||||||
| +5.7% | +3.5% | The Fund's quantitative strategy targeting quality and low-volatility stocks underperformed in Q2 2026 as markets rewarded semiconductor exposure and penalized defensive positioning. The low-volatility factor experienced its worst month in 26 years in April. Energy underweights contributed positively as oil collapsed 38%. The manager maintains conviction in the strategy, noting low-volatility stocks now trade at historically attractive valuations with mean reversion potential ahead. Full Quick Take The Fund's quantitative strategy targeting quality and low-volatility stocks underperformed in Q2 2026 as markets rewarded semiconductor exposure and penalized defensive positioning. The low-volatility factor experienced its worst month in 26 years in April. Energy underweights contributed positively as oil collapsed 38%. The manager maintains conviction in the strategy, noting low-volatility stocks now trade at historically attractive valuations with mean reversion potential ahead. | - | ||||||
| -3.7% | -4.1% | - | Logica's tail risk strategy finished June flat (+0.03%) while the S&P fell -1.06% amid elevated volatility and multiple binary events. The Fed's hawkish pivot, Iran conflict, and semiconductor concerns drove eight 1%+ daily moves and pushed realized volatility to 17.3%. Deep tail protection spiked repeatedly while ATM remained muted. The manager sees this as evidence of expanding opportunity and remains positioned for convexity if stress materializes in H2 2026. Full Quick Take Logica's tail risk strategy finished June flat (+0.03%) while the S&P fell -1.06% amid elevated volatility and multiple binary events. The Fed's hawkish pivot, Iran conflict, and semiconductor concerns drove eight 1%+ daily moves and pushed realized volatility to 17.3%. Deep tail protection spiked repeatedly while ATM remained muted. The manager sees this as evidence of expanding opportunity and remains positioned for convexity if stress materializes in H2 2026. | - | |||||
| +9.3% | - | Shelton Equity Income delivered 9.32% net in Q2 2026, outperforming its benchmark by 2.27% as markets rebounded on AI enthusiasm and strong earnings. The strategy generated 4.48% year-to-date income from options and dividends. Semiconductor and technology holdings led gains while Energy lagged. The manager maintains conviction in top performers and actively uses volatility to generate premium income, positioning the portfolio to benefit from expected continued market turbulence. Full Quick Take Shelton Equity Income delivered 9.32% net in Q2 2026, outperforming its benchmark by 2.27% as markets rebounded on AI enthusiasm and strong earnings. The strategy generated 4.48% year-to-date income from options and dividends. Semiconductor and technology holdings led gains while Energy lagged. The manager maintains conviction in top performers and actively uses volatility to generate premium income, positioning the portfolio to benefit from expected continued market turbulence. | - | ||||||
| -4.4% | +11.3% | Praetorian declined 4.39% as Mid-East war temporarily broke Feudalism dynamics the fund is positioned for. Core thesis: Economic Feudalism continues with weak-Dollar catalyzing Emerging Markets, refiners benefiting from supply tightness, and technical colleges capturing AI reskilling. AI capex is a historic bubble supporting 10%+ of GDP that will unwind badly. Manager awaits equity decline to deploy at bargain levels. Full Quick Take Praetorian declined 4.39% as Mid-East war temporarily broke Feudalism dynamics the fund is positioned for. Core thesis: Economic Feudalism continues with weak-Dollar catalyzing Emerging Markets, refiners benefiting from supply tightness, and technical colleges capturing AI reskilling. AI capex is a historic bubble supporting 10%+ of GDP that will unwind badly. Manager awaits equity decline to deploy at bargain levels. | |||||||
| +0.7% | - | - | Lord Abbett Short Duration Income Fund delivered 0.72% in Q2 2026, navigating a hawkish Fed pivot and persistent inflation. The fund is actively repositioning away from AI-disrupted sectors while favoring AI infrastructure plays and disruption-resistant industries. With credit spreads tight and rate volatility elevated, the portfolio emphasizes high-quality carry over capital appreciation, maintaining balanced risk exposure through AAA-rated securitized products and selective investment grade corporates. Full Quick Take Lord Abbett Short Duration Income Fund delivered 0.72% in Q2 2026, navigating a hawkish Fed pivot and persistent inflation. The fund is actively repositioning away from AI-disrupted sectors while favoring AI infrastructure plays and disruption-resistant industries. With credit spreads tight and rate volatility elevated, the portfolio emphasizes high-quality carry over capital appreciation, maintaining balanced risk exposure through AAA-rated securitized products and selective investment grade corporates. | - | |||||
| - | - | - | Reams Asset Management sees Kevin Warsh's Fed appointment as ending decades of asset price support policies. The manager expects increased volatility as Warsh allows markets to reprice risk, but views this as ultimately positive for the economy. Current positioning remains cautious, reflecting the long-held belief that asset markets lack adequate risk premium amid multiple destabilizing global economic currents. Full Quick Take Reams Asset Management sees Kevin Warsh's Fed appointment as ending decades of asset price support policies. The manager expects increased volatility as Warsh allows markets to reprice risk, but views this as ultimately positive for the economy. Current positioning remains cautious, reflecting the long-held belief that asset markets lack adequate risk premium amid multiple destabilizing global economic currents. | - | |||||
| +8.0% | +8.0% | - | Brummer Multi-Strategy posted 1.9% in June (8.0% YTD) through diversified positioning across market neutral equity, trend following, and macro strategies. Market neutral long/short captured AI-driven semiconductor gains while hedging the late-month tech sell-off. European financials contributed positively. Trend following benefited from Dollar strength as the index gained 2.7%. Portfolio resilience demonstrated through divergent market conditions and geopolitical uncertainty. Full Quick Take Brummer Multi-Strategy posted 1.9% in June (8.0% YTD) through diversified positioning across market neutral equity, trend following, and macro strategies. Market neutral long/short captured AI-driven semiconductor gains while hedging the late-month tech sell-off. European financials contributed positively. Trend following benefited from Dollar strength as the index gained 2.7%. Portfolio resilience demonstrated through divergent market conditions and geopolitical uncertainty. | - | |||||
| - | - | - | Global markets posted strong Q2 2026 gains despite geopolitical volatility and sticky inflation. AI demand drove US and Asian markets higher, with the S&P 500 up 15.2% and Asia ex-Japan up 27.8%. Middle East tensions pushed energy prices and inflation higher before easing late in the quarter. Performance diverged sharply across regions, with over 20% spread between indices, underscoring the value of diversification and long-term focus. Full Quick Take Global markets posted strong Q2 2026 gains despite geopolitical volatility and sticky inflation. AI demand drove US and Asian markets higher, with the S&P 500 up 15.2% and Asia ex-Japan up 27.8%. Middle East tensions pushed energy prices and inflation higher before easing late in the quarter. Performance diverged sharply across regions, with over 20% spread between indices, underscoring the value of diversification and long-term focus. | - | |||||
| - | -2.9% | Fundsmith is adapting to a momentum-dominated market by increasing portfolio activity while maintaining its quality focus. The fund executed significant portfolio changes in H1 2026, exiting underperformers and initiating positions in companies with strong fundamental momentum across data center infrastructure, payments, streaming, and AI-driven advertising. Despite near-term underperformance, the portfolio's superior fundamentals and reasonable valuation position it for long-term outperformance when momentum inevitably reverses. Full Quick Take Fundsmith is adapting to a momentum-dominated market by increasing portfolio activity while maintaining its quality focus. The fund executed significant portfolio changes in H1 2026, exiting underperformers and initiating positions in companies with strong fundamental momentum across data center infrastructure, payments, streaming, and AI-driven advertising. Despite near-term underperformance, the portfolio's superior fundamentals and reasonable valuation position it for long-term outperformance when momentum inevitably reverses. | |||||||
| +17.4% | +4.7% | The Compounding Tortoise returned 17.35% in Q2 2026 despite elevated volatility in mega-caps. Portfolio companies with 30% ROICs delivered 15.1% Q1 earnings growth, compounding at 14% annually over two and a half years. A 27% valuation headwind since mid-2025 has created opportunity as the derating completes. Forward returns are positioned to be driven by continued earnings compounding and dividends, with accelerating growth momentum emerging across holdings. Full Quick Take The Compounding Tortoise returned 17.35% in Q2 2026 despite elevated volatility in mega-caps. Portfolio companies with 30% ROICs delivered 15.1% Q1 earnings growth, compounding at 14% annually over two and a half years. A 27% valuation headwind since mid-2025 has created opportunity as the derating completes. Forward returns are positioned to be driven by continued earnings compounding and dividends, with accelerating growth momentum emerging across holdings. | - | ||||||
| - | - | Markets in 2026 are being reshaped by structural forces, not macro events. Record concentration, passive flows, retail participation, and leverage are fundamentally altering price discovery and risk transfer. The top 10 stocks control 40% of the S&P 500, semiconductors represent one-fifth of the index, and retail investors have become a persistent structural bid deploying capital at record levels through increasingly short-dated instruments. Full Quick Take Markets in 2026 are being reshaped by structural forces, not macro events. Record concentration, passive flows, retail participation, and leverage are fundamentally altering price discovery and risk transfer. The top 10 stocks control 40% of the S&P 500, semiconductors represent one-fifth of the index, and retail investors have become a persistent structural bid deploying capital at record levels through increasingly short-dated instruments. | - | ||||||
| - | - | Passive investing has reached dangerous extremes with three funds holding $2.6Tn and top-10 S&P 500 names representing 38-39% of the index. Computer-driven momentum has detached pricing from fundamentals, with negative-earnings companies outperforming and Nasdaq volatility spiking. The manager positions defensively in underrepresented sectors, particularly energy, expecting commodities to outperform equities over 5-10 years when inevitable rotation occurs. Full Quick Take Passive investing has reached dangerous extremes with three funds holding $2.6Tn and top-10 S&P 500 names representing 38-39% of the index. Computer-driven momentum has detached pricing from fundamentals, with negative-earnings companies outperforming and Nasdaq volatility spiking. The manager positions defensively in underrepresented sectors, particularly energy, expecting commodities to outperform equities over 5-10 years when inevitable rotation occurs. | - | ||||||
| - | - | - | Bahl & Gaynor maintains their disciplined dividend growth approach despite extreme market whipsaw from Q1 fear to April momentum-driven rally. With market breadth at 30-year lows and only 23% of stocks beating the index, they view quality dividend payers as on sale. Multiple conflicting signals remain unresolved including inflation persistence and policy divergence, reinforcing their focus on resilient portfolios built for long-term compounding. Full Quick Take Bahl & Gaynor maintains their disciplined dividend growth approach despite extreme market whipsaw from Q1 fear to April momentum-driven rally. With market breadth at 30-year lows and only 23% of stocks beating the index, they view quality dividend payers as on sale. Multiple conflicting signals remain unresolved including inflation persistence and policy divergence, reinforcing their focus on resilient portfolios built for long-term compounding. | - | |||||
| - | - | - | Stone Harbor is constructive but highly selective on emerging market debt over the next twelve months. The team believes that resilient global growth and solid carry cushions will drive positive returns, with the best opportunities found in credits with clear positive catalysts such as IMF execution, reserve rebuilding, and political normalization, rather than relying on broad market beta or currency appreciation. Full Quick Take Stone Harbor is constructive but highly selective on emerging market debt over the next twelve months. The team believes that resilient global growth and solid carry cushions will drive positive returns, with the best opportunities found in credits with clear positive catalysts such as IMF execution, reserve rebuilding, and political normalization, rather than relying on broad market beta or currency appreciation. | - | |||||
| +43.5% | +40.4% | The Carmignac Portfolio Tech Solutions fund returned +43.45% in Q2 2026, underperforming its benchmark as speculative semiconductor names led a highly concentrated rally. Tactically, the fund is shifting away from speculative hardware and hyperscalers, redeploying capital into high-quality leaders like Nvidia and developer software companies poised to capture enterprise-scale AI deployment. Full Quick Take The Carmignac Portfolio Tech Solutions fund returned +43.45% in Q2 2026, underperforming its benchmark as speculative semiconductor names led a highly concentrated rally. Tactically, the fund is shifting away from speculative hardware and hyperscalers, redeploying capital into high-quality leaders like Nvidia and developer software companies poised to capture enterprise-scale AI deployment. | - | ||||||
| - | - | - | Small-caps maintained market leadership in Q2 2026 with the Russell 2000 up 21.5% and Russell Microcap up 25.6%. Earnings growth drove over 60% of returns, fueled by AI infrastructure spending benefiting small-cap suppliers. Despite strong performance, valuations remain near 25-year lows versus large-cap while earnings fundamentals improve. The combination of attractive valuations and accelerating earnings supports continued small-cap outperformance. Full Quick Take Small-caps maintained market leadership in Q2 2026 with the Russell 2000 up 21.5% and Russell Microcap up 25.6%. Earnings growth drove over 60% of returns, fueled by AI infrastructure spending benefiting small-cap suppliers. Despite strong performance, valuations remain near 25-year lows versus large-cap while earnings fundamentals improve. The combination of attractive valuations and accelerating earnings supports continued small-cap outperformance. | - | |||||
| +4.0% | +3.7% | The fund outperformed its composite benchmark in Q2 2026 by tactically rotating into oversold global equities, specifically targeting AI-linked technology and emerging markets while trimming energy and defensive exposures. Although the tactical environment is constructive, management maintains a disciplined macro outlook given tight credit spreads, stagflation risks, and prospective policy tightening from the Federal Reserve. Full Quick Take The fund outperformed its composite benchmark in Q2 2026 by tactically rotating into oversold global equities, specifically targeting AI-linked technology and emerging markets while trimming energy and defensive exposures. Although the tactical environment is constructive, management maintains a disciplined macro outlook given tight credit spreads, stagflation risks, and prospective policy tightening from the Federal Reserve. | - | ||||||
| - | - | Horos leveraged Q1 2026 market volatility from AI disruption, private credit stress, and Iran war to rebalance portfolios toward higher return potential. Despite modest quarterly performance, strategic moves included adding Booking Holdings post-AI selloff and increasing energy exposure via TGS. The team views current uncertainties as classic value investing opportunities, maintaining their disciplined long-term approach. Full Quick Take Horos leveraged Q1 2026 market volatility from AI disruption, private credit stress, and Iran war to rebalance portfolios toward higher return potential. Despite modest quarterly performance, strategic moves included adding Booking Holdings post-AI selloff and increasing energy exposure via TGS. The team views current uncertainties as classic value investing opportunities, maintaining their disciplined long-term approach. | - | ||||||
| - | +6.0% | Ashva Capital rebounded strongly in April after Q1 volatility, outperforming the S&P 500 YTD. The manager views market weakness from oil disruption as temporary, maintaining secular bull market thesis. Strategy focuses on high-quality businesses with strong cash flow and shareholder-friendly capital allocation, using volatility as opportunity while staying selective on AI investments given disruption risks. Full Quick Take Ashva Capital rebounded strongly in April after Q1 volatility, outperforming the S&P 500 YTD. The manager views market weakness from oil disruption as temporary, maintaining secular bull market thesis. Strategy focuses on high-quality businesses with strong cash flow and shareholder-friendly capital allocation, using volatility as opportunity while staying selective on AI investments given disruption risks. | |||||||
| - | - | Lazard's convertible arbitrage strategy capitalized on Q1 2026's elevated volatility driven by Middle East tensions and software sector pressure. Akamai and IREN convertibles led gains while Bill.com and software names detracted. Strong $53 billion issuance market and continued geopolitical uncertainty position convertibles favorably, with the portfolio well-hedged for broad risks. Full Quick Take Lazard's convertible arbitrage strategy capitalized on Q1 2026's elevated volatility driven by Middle East tensions and software sector pressure. Akamai and IREN convertibles led gains while Bill.com and software names detracted. Strong $53 billion issuance market and continued geopolitical uncertainty position convertibles favorably, with the portfolio well-hedged for broad risks. | - | ||||||
| +16.4% | +16.4% | Praetorian returned 16.44% in Q1 2026, positioned for an inflationary multipolar world with elevated volatility. Core holdings in emerging markets, refiners, precious metals, and commodities trading benefit from Dollar weakness and structural disruptions. Manager maintains cautious positioning despite strong performance, awaiting clarity on Hormuz situation before increasing exposures. Full Quick Take Praetorian returned 16.44% in Q1 2026, positioned for an inflationary multipolar world with elevated volatility. Core holdings in emerging markets, refiners, precious metals, and commodities trading benefit from Dollar weakness and structural disruptions. Manager maintains cautious positioning despite strong performance, awaiting clarity on Hormuz situation before increasing exposures. | |||||||
| -5.6% | -5.6% | AI disruption drove extreme market volatility in Q1 2026, creating the widest price dispersion since 2020. Ironvine capitalized on the bifurcation, maintaining conviction in semiconductor enablers while avoiding clear AI threats. Their largest holding Amazon is well-positioned through AWS despite advertising business concerns. Quality franchises now trade at decade-low valuations, creating compelling opportunities. Full Quick Take AI disruption drove extreme market volatility in Q1 2026, creating the widest price dispersion since 2020. Ironvine capitalized on the bifurcation, maintaining conviction in semiconductor enablers while avoiding clear AI threats. Their largest holding Amazon is well-positioned through AWS despite advertising business concerns. Quality franchises now trade at decade-low valuations, creating compelling opportunities. | |||||||
| +8.6% | +8.6% | Upslope delivered +8.6% in Q1 by capitalizing on geopolitical volatility through concentrated long/short positioning. The manager added defensive-plus European businesses and exited fully valued positions, expecting continued macro volatility to create opportunities. Strong performance from defense, consulting, and consumer holdings offset modest detractors, with portfolio positioned for ongoing volatility-driven opportunities. Full Quick Take Upslope delivered +8.6% in Q1 by capitalizing on geopolitical volatility through concentrated long/short positioning. The manager added defensive-plus European businesses and exited fully valued positions, expecting continued macro volatility to create opportunities. Strong performance from defense, consulting, and consumer holdings offset modest detractors, with portfolio positioned for ongoing volatility-driven opportunities. | - | ||||||
| -19.8% | -19.8% | Rowan Street's concentrated portfolio declined 19.8% in Q1 amid rate and AI concerns, but the manager views this as typical volatility for exceptional businesses. Historical examples show their holdings delivered extraordinary long-term returns despite severe drawdowns. Current valuations are characterized as the most compelling since 2022, with portfolio companies expected to grow earnings 21% annually. Full Quick Take Rowan Street's concentrated portfolio declined 19.8% in Q1 amid rate and AI concerns, but the manager views this as typical volatility for exceptional businesses. Historical examples show their holdings delivered extraordinary long-term returns despite severe drawdowns. Current valuations are characterized as the most compelling since 2022, with portfolio companies expected to grow earnings 21% annually. | |||||||
| +48.0% | +48.0% | Emerging Markets Valuation Discount, Geopolitical and Inflation Volatility, Additional Keywords & Themes | The BNY Mellon Global Emerging Markets Fund outperformed its benchmark in Q1 2026, driven by strong selection in consumer staples and information technology, despite geopolitical headwinds and regional weaknesses in India and China. Full Quick Take The BNY Mellon Global Emerging Markets Fund outperformed its benchmark in Q1 2026, driven by strong selection in consumer staples and information technology, despite geopolitical headwinds and regional weaknesses in India and China. | - | |||||
| - | - | - | 49 Financial navigated Q1 2026 volatility through quality-focused positioning in dividend-oriented strategies while avoiding concentrated, overvalued U.S. segments. The firm sees emerging market dispersion and geopolitical risks as structural shifts favoring active management and international diversification. Portfolio emphasizes quality, global diversification, and value opportunities as fundamentals reassert themselves over index-driven momentum. Full Quick Take 49 Financial navigated Q1 2026 volatility through quality-focused positioning in dividend-oriented strategies while avoiding concentrated, overvalued U.S. segments. The firm sees emerging market dispersion and geopolitical risks as structural shifts favoring active management and international diversification. Portfolio emphasizes quality, global diversification, and value opportunities as fundamentals reassert themselves over index-driven momentum. | - | |||||
| - | - | Opal Capital navigated Q1 2026 volatility through quality-focused dividend strategies that outperformed during market rotation away from momentum toward value. The firm views this shift as early-stage risk repricing, maintaining defensive positioning in international markets and quality companies while avoiding overvalued U.S. segments amid persistent geopolitical and inflation risks. Full Quick Take Opal Capital navigated Q1 2026 volatility through quality-focused dividend strategies that outperformed during market rotation away from momentum toward value. The firm views this shift as early-stage risk repricing, maintaining defensive positioning in international markets and quality companies while avoiding overvalued U.S. segments amid persistent geopolitical and inflation risks. | - | ||||||
| -48.0% | -48.0% | - | Logica's volatility strategies faced headwinds in March as geopolitical whipsaw from Iran conflict created expensive options environment with insufficient realized movement. Despite VIX elevated at 25-30, low realized volatility limited trading opportunities. LAA outperformed S&P by 105bps but March 31 reversal hurt positioning. Strategies positioned for asymmetric upside if volatility alignment occurs. Full Quick Take Logica's volatility strategies faced headwinds in March as geopolitical whipsaw from Iran conflict created expensive options environment with insufficient realized movement. Despite VIX elevated at 25-30, low realized volatility limited trading opportunities. LAA outperformed S&P by 105bps but March 31 reversal hurt positioning. Strategies positioned for asymmetric upside if volatility alignment occurs. | - | |||||
| +50.0% | +50.0% | Marram maintains defensive positioning with 44% cash amid macro headwinds and AI uncertainty. Energy infrastructure at 28% NAV provides stable cash flows and inflation protection. The manager emphasizes current yields over uncertain growth, having reduced exposures and harvested gains. Strategy remains patient opportunism, waiting for attractive bargains to emerge from rising volatility. Full Quick Take Marram maintains defensive positioning with 44% cash amid macro headwinds and AI uncertainty. Energy infrastructure at 28% NAV provides stable cash flows and inflation protection. The manager emphasizes current yields over uncertain growth, having reduced exposures and harvested gains. Strategy remains patient opportunism, waiting for attractive bargains to emerge from rising volatility. | - | ||||||
| -12.4% | -12.4% | The fund fell 12.4% in a volatile quarter dominated by AI disruption fears and profit disappointments. Despite healthy underlying business performance from holdings like AUB Group, indiscriminate selling created significant price dislocations. The manager views current volatility as opportunity, maintaining concentrated positions while selectively adding to quality businesses trading below intrinsic value. Full Quick Take The fund fell 12.4% in a volatile quarter dominated by AI disruption fears and profit disappointments. Despite healthy underlying business performance from holdings like AUB Group, indiscriminate selling created significant price dislocations. The manager views current volatility as opportunity, maintaining concentrated positions while selectively adding to quality businesses trading below intrinsic value. | |||||||
| -9.6% | -9.6% | The fund slightly outperformed its benchmark in a volatile, down quarter, capitalizing on AI-infrastructure and energy-transition trends while actively repositioning its software exposure amid AI disruption fears. Full Quick Take The fund slightly outperformed its benchmark in a volatile, down quarter, capitalizing on AI-infrastructure and energy-transition trends while actively repositioning its software exposure amid AI disruption fears. | - | ||||||
| +1.2% | +1.2% | RLH SPAC Fund sees the current market as approaching an inflection point with the most attractive risk-adjusted opportunities since inception. Elevated SPAC issuance outpacing transactions has created yield widening to 5% levels with protected downside and free optionality. The fund is actively deploying capital into this compelling setup. Full Quick Take RLH SPAC Fund sees the current market as approaching an inflection point with the most attractive risk-adjusted opportunities since inception. Elevated SPAC issuance outpacing transactions has created yield widening to 5% levels with protected downside and free optionality. The fund is actively deploying capital into this compelling setup. | |||||||
| - | - | - | Marcuard Heritage sees continued global economic resilience despite trade frictions, maintaining constructive positioning while emphasizing capital preservation. The firm favors credit investments offering 7-9% yields and views rising volatility as opportunity for active management alpha generation. Key focus is whether 2026 earnings can justify elevated equity valuations in a structurally higher inflation environment driven by fiscal deficits and protectionism. Full Quick Take Marcuard Heritage sees continued global economic resilience despite trade frictions, maintaining constructive positioning while emphasizing capital preservation. The firm favors credit investments offering 7-9% yields and views rising volatility as opportunity for active management alpha generation. Key focus is whether 2026 earnings can justify elevated equity valuations in a structurally higher inflation environment driven by fiscal deficits and protectionism. | - | |||||
| +3.2% | +3.2% | - | Leaven Partners posted 3.2% Q1 returns despite March volatility from Strait of Hormuz disruption. Oil prices surged above $100, triggering defensive hedging. Manager maintains disciplined value approach, viewing volatility as opportunity rather than threat. Focus remains on long-term compounding with patience as competitive advantage. Full Quick Take Leaven Partners posted 3.2% Q1 returns despite March volatility from Strait of Hormuz disruption. Oil prices surged above $100, triggering defensive hedging. Manager maintains disciplined value approach, viewing volatility as opportunity rather than threat. Focus remains on long-term compounding with patience as competitive advantage. | - | |||||
| - | - | - | Bahl & Gaynor maintains their dividend growth focus amid Iran conflict volatility, viewing growing dividends as protection during tightening financial conditions. Energy outperformed while defensive sectors declined. The firm avoids emotional reactions, instead seeking mis-pricings created by market volatility while emphasizing companies with internal capital generation capabilities over those dependent on external funding sources. Full Quick Take Bahl & Gaynor maintains their dividend growth focus amid Iran conflict volatility, viewing growing dividends as protection during tightening financial conditions. Energy outperformed while defensive sectors declined. The firm avoids emotional reactions, instead seeking mis-pricings created by market volatility while emphasizing companies with internal capital generation capabilities over those dependent on external funding sources. | - |
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