Investor Letters

Letters through March 31, 2026

63 letters reporting on the period ending March 31, 2026, in each firm's own reckoning.

North Sky Capital 1st Quarter 2026 The Pursuit of Arete North Sky deployed Clean Growth VII into a GP-led secondary anchored by Carbon Clean and prepared further impact-secondary investments as liquidity demand outstripped specialist capital. Its infrastructure strategy advanced New York storage projects, secured a California offtake agreement for SoCal Biomethane and expanded solar development in Pennsylvania. 1st Quarter 2026 —
Stone Sentinel Capital The Proteus test: Q126 letter to partners Stone Sentinel Capital frames AI, wars and energy disruptions as uncertainty to endure only where business outcomes remain bounded, and urges selling only when a thesis breaks. It defends Ascentech’s Citrix infrastructure business against AI-disruption fears and views Protasco’s Roadcare renewal risk as mispriced given incumbency, partner alignment and switching costs. Q126 3565 $135M
Greenwood Gearhart First Quarter 2026: Market Commentary Geopolitical conflict in Iran, higher energy prices and softer economic data drove volatility and compressed large-cap valuations despite intact earnings and margins. The portfolio retained exposure to small caps, utilities and staples to offset technology weakness, while Nvidia's infrastructure demand and Walmart's resilience supported a broadening market-leadership thesis. first quarter of 2026 —
TIFF Investment Management 1st Quarter 2026 CIO Commentary TIFF maintains near-benchmark equity factor exposure, a modest megacap underweight, short fixed-income duration and newly added merger-arbitrage and equity-capital-markets strategies. It views the Strait of Hormuz disruption as an energy-driven inflation risk while arguing that AI productivity could create opportunities in software stocks such as SAP despite fears of business-model erosion. 1st Quarter 2026 SAP $240B
Artisan Partners Artisan Mid Cap Fund Quarterly Commentary Artisan Mid Cap Fund added to DoorDash and ROBLOX after share-price weakness, initiated Semtech, Tradeweb Markets and SiTime, and exited Ares Management, CCC Intelligent Solutions and Parsons. The portfolio favors health care, AI infrastructure and aerospace and defense businesses with durable profit cycles amid wider market dispersion. Q1 2026 AJG $58BALAB $66BARES $39B
Kingdom Capital Advisors Q1 2026 Investor Letter Kingdom Capital Advisors exited TSS, Energous and SunOpta after operating catalysts, contract wins and an acquisition crystallized gains. The portfolio added Alliance Entertainment after an earnings dislocation, while retaining Net Lease Office Properties, United Natural Foods, Magnera and Enviri on asset monetization, capital-allocation and earnings theses. Q1 2026 AENT $237MMAGN $419MNLOP $142M
Advisory Research Select Dividend Q1 2026 Investor Letter Select Dividend assesses the Iran war as a contained stagflation shock rather than a lasting market regime change, arguing that energy inventories, rerouted supply and reduced oil intensity limit the damage. The strategy retains its process of emphasizing cash flows and accretive capital deployment while expecting resilient growth to resume if de-escalation holds. Q1 2026 —
Muhlenkamp & Company Quarterly Letter, April 2026 The Iran war disrupted energy markets, lifted inflation risks and reinforced uncertainty around tariffs, regulation and the durability of the AI boom. Muhlenkamp took profits on successful investments, raised client cash holdings and increased overseas exposure in anticipation of a weaker dollar. first quarter 2026 —
Regency Wealth Management These are the Ways Regency Wealth Management warns that private-credit fundraising has outpaced quality deal supply, creating liquidity mismatches and redemption gates at major funds. The firm favors quality large-cap stocks trading below broad-market valuations, international and small-cap equities, and a defensive fixed-income posture with an underweight to credit. Q1 2026 —
Vltava Fund Sport and Investing (Once Again) Vltava Fund sold Novo Nordisk as its outlook became too difficult to forecast and exited United Rentals after valuation compressed expected returns. It initiated Booking Holdings, AJ Bell, and Rightmove, favoring capital-light platforms with network effects, while warning that private credit’s weak transparency and liquidity mismatch could expose cyclical lending risks. 1/2026 AJB $3BBKNG $118BNVO $168B
Frank Capital Partners Frank Value Fund Q1 2026 Letter to Shareholders Frank Value Fund argues that Microsoft’s capital intensity has eroded the quality of its future cash flow and favors cheaper healthcare opportunities with AI-driven growth potential. The fund criticizes proposed fast-track index inclusion for SpaceX, arguing that passive investors may be forced to absorb an inflated IPO valuation. Q1 2026 MSFT $3.9T
Brasada Capital First Quarter of 2026 Brasada Capital attributes the market selloff to AI disruption fears, the Iran war and energy-price pressure, while arguing that a ceasefire has reduced the risk of a severe economic outcome. The firm exited vulnerable software holdings and added Postal Realty Trust and Grupo Aeroportuario del Centro Norte, citing their niche assets and growth runways. First Quarter of 2026 OMAB $4.5BPSTL $393M
Oldfield Partners Overstone World All Cap Equity Fund 1Q 2026 Commentary Overstone World All Cap Equity Fund cut ArcelorMittal and Jardine Matheson early in March, then rebuilt its ArcelorMittal position at a lower price. The portfolio retained easyJet and Barrick Mining despite near-term pressures, arguing that depressed valuations outside the US reward a contrarian focus on durable businesses. 1Q 2026 B $64BESYJY $5.2BMT $47B
Riverwater Partners Q1 2026 Small Cap Macro Update: The Fog of Excursion Riverwater Partners repositioned toward domestic commodity producers, critical materials, energy infrastructure, downstream processing and disrupted agricultural-input supply chains after the Hormuz closure exposed structural shortages. The firm argues damaged Gulf aluminum capacity and decades of offshoring have made reshoring, import substitution and domestic production more durable investment themes. Q1 2026 —
Chilton Capital Management Portfolio Insight | 1st Quarter 2026 Chilton Capital Management expects the Iran conflict, higher energy prices and inflation risk to keep equity and bond markets volatile, while maintaining exposure to AI, power, defense and capital-markets themes. Its REIT outlook favors merger targets as persistent discounts to net asset value, rising replacement costs and activist activity increase pressure on management teams. first quarter of 2026 —
Broadleaf Partners Growth Equity Portfolio First Quarter Review Broadleaf Growth Equity Portfolio held its positioning amid war in Iran, private-credit concerns and AI fatigue, arguing that shifting market leadership has made near-term trading convictions difficult. The portfolio sees hyperscaler spending as supportive for broad beneficiaries, but questions whether returns on that investment can sustain both beneficiaries and the largest technology spenders. Q1 2026 —
QuantStreet Capital April 2026 Update QuantStreet maintains diversified US and international risk exposure, pairing a bullish US-equity case around AI infrastructure, fiscal stimulus and credit capacity with a weaker-dollar case for foreign assets. It is watching publicly traded business-development companies rather than buying them amid private-credit redemptions, and judges the Iran War energy shock likely temporary. March 2026 —
Lansing Street Advisors Q1 2026 Letter – All Along the Watchtower Lansing Street Advisors ranks an AI-driven technology revaluation and a private-credit bear market ahead of the Iran conflict among 2026’s main risks. It argues that private-credit illiquidity, opaque marks and software exposure warrant prudence, but that the sector’s scale makes a 2008-style systemic crisis unlikely. Q1 2026 —
Latitude Investment Management Latitude Global Fund Q126 Commentary Kroger was added and Unilever sold, with Latitude arguing that the grocer offers inflation protection, defensive earnings growth and scope for margin expansion through advertising, private label and fuel retailing. The portfolio favours defensives over richly valued AI, commodity and defence cyclicals as geopolitical fragmentation increases uncertainty. Q126 KR $36B
Smead Capital Management 1Q26 U.S. Value Strategy Newsletter: Permanently Higher Plateau The U.S. Value Strategy challenges the case for a permanently elevated S&P 500 valuation, arguing that AI investment is reducing free cash flow efficiency at dominant technology companies. It contrasts Microsoft, Alphabet, Meta and Amazon with Apache, whose oil and gas cash generation is expected to benefit from a restored geopolitical risk premium. 1Q26 AMZN $2.7TGOOGL $4.2TMETA $1.9T
Smead Capital Management 1Q26 International Value Strategy Newsletter: Succeeding Unconventionally Smead International Value Strategy concentrates in oil equities after the prior energy capital-spending boom left supply constrained and producers reluctant to expand. It argues that European banks’ cost discipline, buybacks and potential consolidation can sustain returns on capital, while reviewing recoveries in Burberry, Glencore, Frontline and Next. 1Q26 BAWAY $14BBBRYF $4.8BBCS $77B
EdgePoint Wealth Management Pounding the rock – 1st quarter, 2026 EdgePoint Credit Portfolios used renewed credit-market volatility to add high-yield securities after years of watchlist work. Perimeter Solutions became a core example: the team bought its bonds after weak fire seasons and competitive fears, betting on PHOS-CHEK’s entrenched position, cost actions and eventual normalization of wildfire demand. 1st quarter, 2026 PRM $4.6BTDG $60B
Andrew Hill Investment Advisors Q1 2026 Client Letter Andrew Hill Investment Advisors reduced equity, long-duration bond and gold exposure, added short-term bonds and an S&P 500 inverse fund, citing the Iran conflict, energy inflation and weakening economic conditions. The portfolios emphasize Nvidia, Microsoft, Apple, renewable-power equipment and U.S. gas infrastructure, while adding EQT, National Fuel Gas and Rivian. The firm argues that AI-driven electricity demand and localized energy production support its energy and utility themes. 2026.Q1 AAPL $4.9TEQT $33BGEV $274B
Confluence Investment Management Asset Allocation Quarterly (First Quarter 2026) Confluence Investment Management favors US large caps and increased international developed-equity exposure as dollar softness, fiscal support abroad and broader market leadership reshape equity positioning. It shortened fixed-income duration, underweights corporate bonds, added communication-services and metals-miner exposure, and initiated platinum allocations in higher-risk portfolios. First Quarter 2026 —
EdgePoint Wealth Management It's been emotional – 1st quarter, 2026 EdgePoint argues that benchmark-driven compensation and career risk encourage fund managers to mimic indexes and each other, amplifying market swings between fear and greed. The firm describes its differentiated-idea process, long-term peer-relative compensation, focused product range and cross-capital-structure team review as safeguards against behavioural bias. 1st quarter, 2026 —
Troy Asset Management Investment Report No.88 April 2026 Troy Multi-Asset Strategy cut gold after its sharp advance and took profits in Alphabet and Microsoft as AI investment spending and valuation risk intensified. The strategy retained short-duration inflation protection and yen exposure, arguing that Gulf-war supply shocks, persistent inflation and crowded risk assets warrant proactive stock selection. first quarter of 2026 GOOGL $4.2TMSFT $3.9T
Optimist Fund Q1 2026 Quarterly Letter Optimist Fund added to ThredUp, Wayfair, Carvana and First Advantage after sentiment-driven selling, while exiting Monday.com over reduced confidence in management communication. It initiated Toast and Zscaler, exited Teledyne Technologies and Ashtead Group, and increased equity exposure as it judged growth-company valuations compelling. Q1 2026 TOST $17BCVNA $46BFA $3.2B
Crossroads Capital, LLC Crossroads Capital Q1 2026 Investor Letter Crossroads Capital kept the core book largely unchanged, exited Vistry after its CEO resignation undermined the transformation case, and increased Nebius as execution de-risked the business. It argues AST SpaceMobile has cleared manufacturing constraints ahead of batch launches, while FTAI Aviation’s MRO model and power initiative broaden its earnings drivers. Q1 2026 ASTS $22BFTAI $17BMETA $1.9T
RiverPark Funds RiverPark Long/Short Opportunity Fund First Quarter 2026 Performance Summary RiverPark Long/Short Opportunity Fund retained software longs including Microsoft, ServiceNow and Datadog, arguing that enterprise software coordinates institutional workflows and that AI is creating demand rather than displacing revenue. The fund exited Pinterest amid advertising weakness and increased short exposure while remaining cautious on richly valued semiconductor shares. First Quarter 2026 ADBE $90BADSK $46BAMAT $404B
Marram Investment Management 2026 1st Quarter Letter Marram harvested remaining regional-bank gains in mid-February, reduced exposure across the portfolio and retained substantial cash as geopolitical strain, weaker profit tailwinds and AI disruption raised uncertainty. The firm favors investments with meaningful current cash flow, including energy infrastructure, while applying stricter underwriting to existing holdings and prospective purchases. 1st Quarter of 2026 —
Fiduciary Management Q1 2026 Investment Strategy Outlook Fiduciary Management favors high-quality, discounted businesses with strong balance sheets as the Iran war disrupts energy markets and pressures cyclical holdings. It argues that housing repair and remodeling demand should recover, while AI concerns have created opportunities in Huron Consulting, Booking Holdings, and IMCD. Q1 2026 BKNG $118BHURN $2.5BIMCDY $6.5B
Cedar Grove Capital Management Q1 2026 Cedar Grove Capital Management deployed capital into small and microcap healthcare and consumer-discretionary names it viewed as mispriced amid the SaaS selloff. It exited the failed LENSAR merger-arbitrage position, sharply reduced and then sold WW International after weakening subscriber trends and a CEO departure, while retaining core positions in KITS, The RealReal, Evolv and Sanuwave. Q1 2026 ABVX $7.8BEVLV $852MHIMS $6.5B
White Brook Capital First Quarter 2026 Commentary White Brook Capital bought S&P Global during an AI-related sell-off and added ICON after its revenue-recognition inquiry, arguing both prices discount durable franchises. It expects Perma-Fix’s Hanford ramp, Sanara’s hospital penetration, and Rapid Micro’s follow-on orders and vendor savings to drive upside, while warning that oil, inflation and AI uncertainty complicate the outlook. First Quarter 2026 ICLR $13BPESI $328MRPID $48M
Saga Partners Quarterly Update First Quarter 2026 Saga Portfolio addresses the first material drawdown in three years by distinguishing headline-driven price moves from changes in intrinsic value. It defends The Trade Desk’s independent DSP position against Amazon and AI concerns, argues its growth slowdown is temporary, and retains existing holdings because their prices offer better relative opportunity. FIRST QUARTER 2026 0LF5
SaltLight Capital 1Q 2026 Co-Investor Letter - Make “Long-Term” Great Again MercadoLibre is lowering Brazil’s free-shipping threshold, expanding credit cards and building cross-border trade despite margin pressure, which SaltLight views as investment in a deeper Latin American ecosystem. SaltLight has harvested AI-infrastructure profits and shifted capital toward businesses entering multi-year investment cycles, including Tencent, AppLovin and WeBuyCars. 1Q 2026 MELI $94B
JM Finn Q1 2026 commentary: marked shift in global markets Global markets shifted from a supportive mix of easing inflation and resilient growth to volatility after Middle East conflict disrupted shipping through the Strait of Hormuz. JM Finn maintains a constructive stance, arguing that healthy corporate balance sheets, positive growth and AI-led productivity gains outweigh current geopolitical uncertainty. Q1 2026 —
Peapack Private First Quarter 2026 Investment Outlook: Shooting Ourselves in the Foot? Peapack Private argues that the Iran conflict has lifted energy costs, complicated the Federal Reserve’s inflation and employment trade-off, and reset equity risk premiums without materially reducing earnings expectations. It expects an eventual de-escalation to support international equities, smaller US companies, cyclical and value stocks, and municipal bonds. First Quarter 2026 —
Matthews Asia Q1 2026 CIO Review and Outlook Emerging markets and Asia faced a March risk-off shock as the Iran conflict disrupted energy shipments and raised oil and shipping costs. Matthews favors structural support from AI semiconductor demand, reindustrialization and improving earnings, while adjusting portfolio beta for diverging exposure to higher energy prices. Q1 2026 —
Alpine Capital Research The AI Iran Rollercoaster ACR rejects trading around the Iran conflict, tech leadership and value rotations, instead valuing energy producers on normalized commodity assumptions and temporary cash distributions. It warns that AI leaders command extreme valuations while software firms face uneven disruption risks, prompting company-by-company research rather than broad bets. 1Q 2026 —
Artisan Partners Artisan Global Discovery Fund Quarterly Commentary The Global Discovery Fund added to Twist Bioscience, Sea, Compass, Medline, Spotify and Insmed, initiated Roblox, H World Group and ASM International, and exited JFrog, JBT Marel and Sartorius as conviction, valuation and profit-cycle prospects changed. It favors health care, AI infrastructure and aerospace and defense while treating software disruption and macro volatility as selective entry opportunities. Q1 2026 ASMXF $45BCOHR $66BCOMP $7.1B
Cedar Creek Partners Cedar Creek Partners 2026 First Quarter Results Cedar Creek Partners added Harbor Diversified after its Air Wisconsin asset sale and continued allocating to expert-market stocks, citing discounts to estimated asset values and earnings. The fund sold MetroCity Bankshares after the First IC transaction, built Steele Bancorp, and retained Solitron Devices amid its strategic-alternatives review and defense-production backlog. 2026 First Quarter ENDI $125MEXCE $1.2BHRBR $129M
Praetorian Capital Q1 2026 Investor Letter Praetorian Capital retained a core book of inflation beneficiaries, volatility and exchange-volume exposures while trimming event-driven equities to preserve dry powder amid uncertainty over Hormuz. The fund argues Marex can compound through commodity-market volatility and consolidation, while building positions in emerging markets, precious-metals beneficiaries, St. Joe and refiners. Q1 2026 JOE $3.8BMRX $5.4B
Palm Harbour Capital Q1 2026 Letter Palm Harbour Capital sold Solvay and Magnum’s, reallocating capital to a Portuguese logistics business and a Korean eyecare company. It argues that Odet’s control structure and Bolloré dividend could enable further consolidation, and makes the case for Cirsa’s regulated gaming franchises, online expansion and acquisition-led growth. first quarter 2026 CIRSA $3.4B082920 $961M0NFS
Protean Funds Fog of War Protean Funds bought Nibe on the view that Europe’s energy-security shock strengthens the long-term case for efficient heating, while using March volatility to trim expensive holdings and add indiscriminately sold names. Protean Select cut its capacity limit, while Small Cap added Vimian and Vertiseit and exited Hexpol and Sinch. March 2026 DVYSR $89MNDRBF $9BVERT-B $192M
Artisan Partners Artisan Global Opportunities Fund Quarterly Commentary Artisan Global Opportunities Fund added to Linde, Shopify, Amazon, Woodward and Spotify while opening positions in Edwards Lifesciences, Eli Lilly and Roblox. It exited Netflix, Snowflake and RELX as AI disruption, later-cycle risk or weaker conviction altered the opportunity set, while favoring AI infrastructure, health care and aerospace and defense. Q1 2026 AMZN $2.7TEW $48BGEV $274B
Sequoia Fund Q1 2026 Sequoia Fund Letter Sequoia Fund added modestly to SAP and Universal Music Group while building several undisclosed new positions. The fund financed the purchases through tax-efficient trims in Amentum Holdings, Credit Acceptance, Liberty Broadband, Meta, Rolls-Royce and TSMC. first quarter of 2026 —
Tweedy, Browne Tweedy, Browne Funds Commentary, Q1 2026 Tweedy, Browne established positions in Autotrader, Bunzl and Springer Nature, citing discounts to intrinsic value, financial strength and growth runways. The firm trimmed several appreciated holdings, reduced Diageo amid changing drinking patterns and GLP-1 concerns, and repositioned its high-dividend fund to emphasize undervalued companies pursuing dividends or buybacks. Q1 2026 —
Polaris Capital Management First Quarter 2026 International Equity Composite Commentary Polaris International Equity Composite sold Methanex after its valuation target and exited Capgemini as outsourcing risks weakened its thesis, while adding Ryanair after an oil-led selloff. It favored fertilizer, energy and financial holdings amid Hormuz-driven disruptions, and argues Ryanair's costs and fuel hedges support share gains. The strategy sees international diversification gaining appeal as U.S. concentration risks rise. First Quarter 2026 MEOH $4.8BRYAAY $29B
Polaris Capital Management First Quarter 2026 Global Equity Composite Commentary Polaris Global Equity Composite exited Methanex, Sally Beauty, UnitedHealth and Capgemini as valuations or investment theses changed, while initiating Eastman Chemical and Ryanair. The portfolio favors global diversification and selective buying amid oil-driven volatility, with Ryanair's cost structure and Eastman's restructuring viewed as near-term catalysts. First Quarter 2026 ALSN $9.6BARW $12BCAPMF $21B
Oakmark Funds Why didn’t we do better when value outperformed? Oakmark Fund repositioned heavily from energy and industrials into software and financials as unusually wide dispersion created opportunities to sell shares near value estimates and buy discounted businesses. The portfolio remains positioned for a narrowing valuation gap, with the manager arguing AI fears have made software stocks unusually cheap relative to industrials despite stronger expected growth. 1Q 2026 —
Broyhill Asset Management The Broyhill Letter 2026 Q1 Broyhill attributes the quarter’s shortfall to its lack of energy exposure, overseas holdings and defensive-sector positions, while arguing that portfolio companies’ fundamentals remain intact. It sold Ball, Kenedy Wilson, Fresenius Medical Care, Evolution and Avantor, and added Microsoft, Smurfit WestRock, Sotera Health, Masco and Floor and Décor amid dislocations. 2026.Q1 IQV $42BAVTR $11BBALL $15B
Grey Owl Capital Management Q1 2026 Grey Owl All-Season Strategy increased fixed income and cash, reduced gold and commodities after oil and gold rallies, and trimmed energy exposure while tilting global equities toward Latin America and Asia. It argues that accelerating growth and inflation, unresolved Iran risk, and unconfirmed market internals warrant a balanced, capital-preserving stance. first quarter of 2026 —
Horizon Kinetics 1st Quarter Commentary Horizon Kinetics argues that crowd-driven abandonment of commodity and hard-asset sectors has created durable value in asset-light royalty companies, strategic land holdings and securities exchanges. It describes opportunistic income investments in Cheniere, Hawaiian Electric, partnership structures and senior CLO tranches, while positioning TPL-linked relationships as a source of private-market ideas. 1st Quarter 2026 TPL $24BHE $1.5BLNG $56B
O'Keefe Stevens Advisory Quarterly Investor Letter Q1 2026 O'Keefe Stevens Advisory kept cash as its largest position, sold Alibaba and Tri Pointe Homes, and trimmed Corning as valuations and AI spending risks widened. The firm initiated Baxter, added to Perrigo and Weyerhaeuser, and argues that security-specific dislocations, rather than macro calls, should govern redeployment. Q1 2026 BABA $270BBAX $13BCALY $2.5B
Maran Capital Management Q1 2026 Letter to Partners Maran Partners Fund used the AI-driven software selloff and broader volatility to begin a small position in an unnamed cash-rich, high-free-cash-flow company. The fund reviewed gains from delisting and uplisting special situations, reiterated its insurance demutualization thesis, and warned that private-credit liquidity mismatches warrant monitoring. first quarter 2026 —
Patient Capital Management 1Q26 Quarterly Market Review First-quarter markets were shaped by the Iran war, higher energy prices, inflation uncertainty and an AI-driven rotation out of private credit and software. Patient Capital Management describes a Federal Reserve balancing inflation against weakening sentiment and employment concerns, while market leadership broadened toward energy, utilities, materials, mid-caps and value. Q1 2026 —
Patient Capital Management 1Q26 Portfolio Activity & Attribution Patient Opportunity Equity Strategy initiated Adobe and iShares Bitcoin Trust ETF, replacing its Fidelity bitcoin fund exposure, while selling Alibaba, Mattel and Peloton after reassessing valuations and funding new ideas. The strategy argues that its energy holdings offer an anti-fragile diversifier, and increased UnitedHealth after its Medicare reimbursement-driven selloff. 1Q26 ADBE $90BCHYM $11BIBIT $173B
Hayden Capital Quarterly Letter 2026 | Vol. 1 Sea Limited is presented as a reinvestment case, with Shopee VIP and logistics spending intended to deepen customer loyalty, raise order density and reinforce its lead over TikTok Shop. Unity is a new and enlarged holding, based on new leadership and Vector’s use of engine-level data to rebuild its advertising business. Hayden Capital favors AI users over infrastructure suppliers. Q1 2026 SE $57BAMZN $2.7TAPP $93B
Alluvial Capital Management Letter to Limited Partners First Quarter 2026 Alluvial Fund sold Peakstone Realty Trust after Brookfield agreed to acquire it and trimmed Zegona Communications to limit position size. The fund defended EACO's shareholder lawsuit settlement and retained FitLife Brands despite distribution problems. It added Gulf Marine Services, citing debt reduction, contracted cash flows and a discount created by regional disruption. First Quarter 2026 FTLF $85MGMS $263MMCDIF $125M
Intrepid Capital Mutual Fund Commentary Intrepid Capital Fund 1Q 2026 Intrepid Capital Fund attributed the quarter’s market volatility to the Iran conflict, higher oil prices and rising Treasury yields. Sprott, Permian Resources, Fabrinet, Madison Square Garden Sports and Alphabet were leading contributors, while Fiserv, Jefferies and Take-Two were among the main detractors. 1Q 2026 —
RGA Investment Advisors Year Zero: How AI Is Reshaping Our Investment Process RGA Investment Advisors rebuilt its research workflow around Claude Code, APIs and proprietary dashboards that flag changes, validate data and focus follow-up work. The firm argues Amazon’s AWS can benefit from model-agnostic AI workflows and uses a SaaS risk tracker to distinguish resilient businesses from potential value traps. Q1 2026 AMZN $2.7T
Heartland Advisors Heartland Value Fund 1Q26 Portfolio Manager Commentary Heartland Value Fund argues geopolitical volatility has not derailed a rotation toward undervalued small-value stocks, and it is recycling gains into companies with management, insider-buying, or catalyst-driven rerating potential. It exited acquired holdings including Calavo Growers and SunOpta, added to Allegiant, and identifies i3 Verticals and Chiron Real Estate as mispriced opportunities. 1Q26 ALGT $2.1BIIIV $390MXRN $449M
Palm Valley Capital First Quarter 2026 Commentary Palm Valley Capital Fund held 77% of assets in Treasury-bill-heavy cash equivalents while finding valuation discounts across staffing, food, software, medical devices and used car parts. It bought Rayonier and trimmed Chord Energy, Heartland Express and Farmland Partners as they neared estimated value. The fund argues that AI disruption is being overstated in several holdings, particularly Amdocs and staffing firms. First Quarter 2026 CHRD $7.5BDOX $6.1BFLO $1.2B