Investor Letters

Letters through June 30, 2026

182 letters reporting on the period ending June 30, 2026, in each firm's own reckoning.

The London Company Large Cap – 2Q2026 vs. Russell 1000 Value Market Update The Large Cap portfolio retained its quality bias as AI-led semiconductor and cyclical leadership left Quality and Yield factors behind. It trimmed Alphabet to maintain position limits, added to Republic Services for its defensive waste-services model, and argues that elevated AI spending, index concentration and valuations warrant discipline. 2Q2026 ENTG $25BGOOGL $4.2TMLM $35B
The London Company Market Observations & Portfolio Commentary International Equity – 2Q2026 vs MSCI EAFE The International Equity portfolio retained its quality-and-valuation discipline amid volatile markets, arguing that durable cash flows, pricing power and strong balance sheets should benefit as financial conditions tighten. It exited Burford Capital after its Argentina appeal loss, added to RELX and Willis Towers Watson, and maintained conviction in Taiwan Semiconductor, ICON, InterContinental Hotels, Nintendo and BAE Systems. 2Q2026 BAESY $72BICLR $13BIHG $24B
Mar Vista Investment Partners U.S. Quality Premier Portfolio Commentary U.S. Quality Premier initiated ASML, exited Intuit and Ametek, added to Broadcom and GE Vernova, and trimmed several large holdings. The strategy argues that AI beneficiaries must convert infrastructure spending into earnings, while favoring GE Aerospace’s aftermarket cycle, Alphabet’s AI-led growth, TSM’s advanced-chip leadership, and QXO’s TopBuild acquisition. second quarter 2026 ASML $693BGOOGL $4.2TINTU $79B
Artisan Partners Artisan Mid Cap Fund Quarterly Commentary Artisan Mid Cap Fund added to Lattice Semiconductor, Comfort Systems, Guardant Health, Teledyne and Tradeweb while initiating Entegris, Modine Manufacturing and C.H. Robinson Worldwide. The fund exited ROBLOX, Insulet and Cencora, arguing that AI infrastructure, health care innovation and selected profit-cycle recoveries offer better opportunities than maturing or competitively challenged franchises. Q2 2026 0HQW COR $60BENTG $25B
Cedar Grove Capital Management Q2’2026 Cedar Grove broadened the portfolio, added event-driven opportunities and increased shorts as AI-led market leadership favored momentum over valuation-sensitive stock selection. It exited SANUWAVE after reimbursement disruption cut device guidance, reduced KITS after its bitcoin ETF treasury decision, and added telehealth, neurology and grid-modernization positions. Q2'26 ABVX $7.8BCLPT $333MHIMS $6.5B
Brasada Capital Second Quarter of 2026 Brasada Capital favors durable AI infrastructure beneficiaries over cyclical semiconductor and memory manufacturers whose high margins may invite overcapacity. It pairs Amphenol’s data-center connectivity exposure with Cavco’s manufactured-housing franchise and Fastenal’s industrial supply-chain model, while introducing a globally diversified ETF strategy. Second Quarter of 2026 APH $215BCVCO $4.1BFAST $58B
Oldfield Partners Overstone World All Cap Equity Fund 2Q 2026 Commentary Overstone World All Cap Equity Fund sold Samsung and SK Inc. too early, while retaining Stellantis and Barratt Redrow on the view that restructurings, low valuations and durable industry economics are underappreciated. The fund views easyJet’s recommended takeover price as failing to reflect its fleet, landing slots and profit potential. 2Q 2026 BTRW $5.8BESYJY $5.2BSTLA $13B
Fairtree Asset Management Fairtree SA Equity Prescient Fund Q2 2026 commentary Fairtree SA Equity Prescient Fund added to Gold Fields, Impala, Sasol, Northam and AngloGold after weakness, maintaining its long-term precious-metals thesis. It expects softer, steadier oil prices to improve South Africa’s inflation outlook and support financial conditions, while retaining liquidity for volatile markets. Q2 2026 AU $48BGFI $32BIMPUY $9.8B
Fairtree Asset Management Fairtree Global Listed Real Estate Fund Q2 2026 commentary Fairtree Global Listed Real Estate Fund reduced its US underweight, took profits in Segro following Prologis’s approach, exited Healthpeak Properties and added Mitsui Fudosan after its sell-off. The portfolio remains positioned for external growth in net lease, industrial fundamentals and data-centre demand while assessing Asian value opportunities. Q2 2026 —
Fairtree Asset Management Fairtree Global Emerging Markets Fund Q2 2026 Commentary The Fairtree Global Emerging Markets Fund added to Samsung and SK Hynix, increased Tencent and Kiwoom Securities, and opened positions in Kia, Chenbro Micom and OTP Bank while trimming TSMC to meet its position limit. It argues that concentrated momentum leadership in semiconductor stocks penalised its valuation-disciplined tilt, leaving opportunities where holdings have derated faster than business fundamentals. Q2 2026 453950 SKHY $943BSSNLF $1688T
Palm Valley Capital Groundhog Day Palm Valley retained a large Treasury-bill allocation and avoided AI beneficiaries, arguing that speculative valuations, peak margins, and costly AI investment leave little room for normal competition and cyclicality. The fund added Clorox, Molson Coors, and Vontier, sold Heartland Express at its valuation, and maintained positions in discounted businesses including Amdocs, LKQ, Kelly Services, and TrueBlue. Second Quarter 2026 CLX $9.9BDOX $6.1BHTLD $868M
Fairtree Asset Management Fairtree Balanced Prescient Fund Q2 2026 commentary The Fairtree Balanced Prescient Fund increased defensive positioning amid an oil-driven inflation shock, holding overweight global cash, US government bonds, precious metals and PGMs while remaining underweight equities, especially the US. It cut South African equity exposure, added energy and diversified miners, and shifted South African bonds to a slight overweight concentrated at the front end of the curve. Q2 2026 —
Fairtree Asset Management Fairtree FR Income Plus Fund Q2 2026 commentary Fairtree FR Income Plus Fund recycled capital into wider credit spreads during March volatility, allowing floating-rate instruments to reset at more favourable margins. The portfolio maintained low duration and avoided equities to limit drawdown risk, while managers plan to raise risk during any downturn to protect the cash-plus target. Q2 2026 —
Fairtree Asset Management Fairtree Global Flexible Income Plus Fund Q2 2026 commentary Fairtree Global Flexible Income Plus Fund paired floating-rate credit exposure with minimal duration as sovereign yields rose and crossover spreads tightened. The portfolio holds 45 positions across 363 obligors, and managers expect carry to drive income while retaining capacity to add credit risk if spreads widen again. Q2 2026 —
QuantStreet Capital June 2026 Update QuantStreet increased value-stock exposure through Vanguard Value ETF, arguing that its bank, industrial, energy and consumer holdings offer a less volatile alternative to technology-led benchmarks. The firm expects robust earnings growth and AI infrastructure spending to support markets over the medium term, while allowing for a near-term pullback after the recent technology rally. June 2026 —
QuantStreet Capital July 2026 Update QuantStreet Capital shifted portfolios toward Vanguard Value ETF exposure as valuation models flagged expensive technology, software, communications and broad-equity sectors. It argues that traditional-economy companies may benefit from AI-driven productivity gains with a lag, while also considering alternatives and 351 ETF exchanges for suitable clients. June 2026 QQQ $286B
Smead Capital Management 2Q26 International Value Strategy Newsletter: Stampeding Towards the Next Problem Smead Capital Management argues that strong refining margins and falling global inventories contradict claims of oil-demand destruction. It favors Canadian heavy-oil producers with long-life assets, disciplined capital allocation and buyback preferences, expecting constrained North American and OPEC+ supply to require higher oil prices over time. 2Q26 CVE $58BIMO $59BIPCO $20B
Forager Funds Management Annual Report June 2026 Forager argues that the AI capital-spending boom has become a sector-specific bubble while neglected software and value businesses offer better prospective value. The firm sold Fiserv after its turnaround failed, exited richly valued Comfort Systems and Zegona, added to selected Japanese software holdings, and retained conviction in operating progress at companies including Cuscal and IDP Education. 2026 financial year 5038 $221MAMA $159MBVS $974M
Night Watch Investment Management Q2 2026 Update Night Watch added FUTU aggressively, initiated Booking.com and Adyen, and trimmed exposure to cyclical memory beneficiaries as AI-related valuations rose. The firm argues that Dutch employment-tax rules limit stock-based compensation at internationally oriented companies, while Watches of Switzerland is resuming its Rolex-led consolidation playbook after US tariff relief. Q2 2026 WOSG $2.1BADYEY $31BBKNG $118B
Andrew Hill Investment Advisors 2026.Q2 Performance Recap: Navigating a Narrow Rally & Shifting Commodities Andrew Hill Investment Advisors liquidated its remaining gold exposure, added floating-rate funds and short-duration bonds as inflation and rate expectations rose, and retained laddered high-grade bond portfolios. The firm reduced Nvidia, made Eli Lilly a leading equity position, shifted emphasis toward biotechnology, and added ADP, DocuSign and Blackbaud after software-sector selling. second quarter of 2026 AAPL $4.9TADP $107BBLKB $2B
Matthews Asia 2026 Q2 CIO Review and Outlook Emerging markets were shaped by AI capital spending, reindustrialization and commodity demand, with South Korea and Taiwan benefiting from semiconductor and advanced-manufacturing exposure. China faced weak domestic demand despite strength in technology and power infrastructure, while India benefited from easing oil prices but faced competitive and valuation challenges. Q2 2026 —
Confluence Investment Management Asset Allocation Quarterly The Asset Allocation Committee added energy, industrials and Asia Pacific developed-market exposure while shifting lower-risk strategies further toward value and eliminating domestic small- and mid-cap positions. It favors mortgage-backed securities and modestly longer duration, remains underweight corporates and high yield, and retains gold and platinum as geopolitical and inflation hedges. Second Quarter 2026 —
PenderFund Capital Management Ltd. Pender Small Cap Opportunities Fund - June 2026 Pender Small Cap Opportunities Fund increased cash and merger-arbitrage exposure while adding technology holdings and favouring catalyst-driven situations. It argues that McDermott’s rights issue should strengthen its balance sheet, views Kneat’s acquisition as evidence of small-cap technology undervaluation, and backs Telesat and MDA Space on government-linked demand and visible backlogs. Q2 2026 MCDIF $125MMDA $4.7BTSAT $680M
EdgePoint Wealth Management Tighter credit spreads, same underwriting discipline EdgePoint credit portfolios maintained underwriting standards amid decade-low high-yield and investment-grade spreads, declining to reach for yield through weaker issuers or lower capital-structure positions. The team limited participation in Canadian new issues and sought company-specific opportunities with resilient cash flows, asset coverage, seniority and covenant protection. 2nd quarter, 2026 —
RF Capital Management RF Capital July 2026 Investor Letter RF Capital rebuilt the portfolio around emerging compounders and early inflection businesses, selling weaker legacy and special-situation holdings while temporarily raising cash. The firm plans a more concentrated approach, adding only when business execution, valuation and price action align, and limiting public discussion of active holdings. second quarter of 2026 —
Optimist Fund Q2 2026 Quarterly Letter Optimist Fund added materially to Affirm during the first-quarter correction and argues that its underwriting model, merchant economics and founder ownership can sustain BNPL expansion. The fund retained its holdings, added to Carvana, and sees direct listings at ThredUp, physical retail at Wayfair, and operating leverage at First Advantage as key sources of upside. Q2 2026 AFRM $25BCVNA $46BFA $3.2B
Orange Investment Advisors Structured Credit Value Strategy Commentary Structured credit positioning favored higher-quality RMBS over CMBS, while retaining liquidity and selectively targeting seasoned CMBS, subprime auto ABS, solar ABS and small-business loan securitizations. The strategy views AI investment and strong technical demand as supportive of structured credit, but stresses issuer selection amid consumer bifurcation and persistent office-property weakness. Q2 2026 —
BlackRock Advantage Small Cap Core Fund Advantage Small Cap Core Fund attributed benchmark outperformance to macro signals, valuation measures and text-based sentiment research. It kept broadly neutral sector positioning, with modest overweights in industrials and IT and underweights in real estate, materials and financials. second quarter of 2026 —
Fred Alger Management, LLC Alger Mid Cap Growth Fund Commentary Alger Mid Cap Growth Fund favored AI-infrastructure beneficiaries Astera Labs, Nebius Group and Comfort Systems USA, citing hyperscaler demand for connectivity, cloud capacity and data-center construction. GFL Environmental, Celsius Holdings and QXO detracted as acquisition financing, margin concerns and softer building-products markets weighed on sentiment. 2nd Quarter 2026 ALAB $66BCELH $6.8BFIX $61B
Crossroads Capital, LLC Crossroads Capital Q2 2026 Investor Letter Crossroads Capital trimmed and wrote calls on Nebius, added Nintendo during its selloff, and initiated a common-and-call position in Take-Two alongside its Nintendo work. The portfolio emphasizes company-specific catalysts in AST SpaceMobile, Nebius and FTAI Aviation while treating momentum-driven selling as disconnected from operating progress. Q2 2026 ASTS $22BBE $87BFTAI $17B
Angel Oak Capital Advisors Angel Oak Multi-Strategy Income Fund Quarterly Commentary Angel Oak Multi-Strategy Income Fund added corporate credit and CLO exposure as first-quarter dislocations widened spreads, while reducing non-agency RMBS to reallocate capital toward more attractive securitized opportunities. The portfolio retained core overweights in non-agency RMBS, agency MBS and ABS, citing resilient homeowner credit and rising dispersion among weaker corporate issuers. Q2 2026 —
Alpinum Investment Management AG Quarterly Investment Letter – Q3 2026 Alpinum Investment Management characterises the global economy as an inflationary boom, with Middle East energy disruption, fiscal support and AI investment sustaining nominal demand while raising stagflation risks. It favours selective equities, short-duration high yield and senior secured loans, active rotation and liquid alternatives over broad market exposure. Q2 2026 —
Long Cast Advisers 2Q26 PDEX remains a top position because Zimmer’s mBos launch could materially expand its operating cash flow. Long Cast added to NRC on its record contract backlog and management transition, while monitoring PESI’s Hanford waste-processing opportunity and expecting MTRX’s cash earnings to exceed market expectations. The portfolio exited acquired CCRN and added to QRHC. 2Q26 NRC $448MZBH $17B
Kingdom Capital Advisors Q2 2026 Investor Letter Kingdom Capital built a major Beasley Broadcasting stake, arguing its recapitalization pressures the founding family to sell assets and preserve control. The portfolio re-entered Entravision on Smadex’s growth and valuation, added Core Natural Resources, and pursued event-driven opportunities in Agility Robotics, Elme Communities and Scully Royalty. Q2 2026 BBGI $19MCNR $4.4BEVC $634M
Hinde Group 2Q26 Amazon.com was increased in February after concerns over AWS AI infrastructure spending drove a sell-off. Hinde Group argues that accelerating AWS growth, capacity constraints and a maturing mix of higher-margin AI services support Amazon’s long-term earnings and valuation case. second quarter of 2026 AMZN $2.7T
Andvari Associates Andvari's Q2 2026 Letter Andvari argues that Constellation Software, Tyler Technologies and S&P Global retain durable advantages while cloud conversion, transaction revenue and the Mobility Global spinout create further value drivers. It adds Amazon, Microsoft, Texas Instruments and Martin Marietta but underweights AI infrastructure, warning that excessive capital investment, circular financing and competition could erode returns. Q2 2026 AMZN $2.7TCNSWF $43BMBGL $5.3B
Vltava Fund When Artificial Intelligence Becomes Abundant in Investing, What Will Become Rare? Vltava Fund argues that artificial intelligence will commoditize basic analysis while increasing the value of independent judgment, patience, skepticism and long time horizons. It exited Lam Research, Applied Materials, KLA and Cenovus on valuation concerns, then added Visa and Kaspi.kz for their durable payment-network and ecosystem advantages. second quarter of 2026 AMAT $404BCVE $58BKLAC $261B
Summers Value Partners Q2 2026 Letter Consensus Cloud Solutions remains a core holding as its cloud-fax healthcare business resumes growth, pays down debt and deploys free cash flow toward repurchases. Summers Value Partners initiated AnaptysBio on expected GSK litigation resolution, exited Avanos after its acquisition, and sold Embecta after a customer loss exposed fragility in its business model. second quarter of 2026 CCSI $657M
Kathmandu Capital 2Q26 Letter to Investors Kathmandu Capital concentrated more than half the portfolio in Murata and Yageo, arguing that AI-server demand has created a durable shortage of high-capacitance MLCCs. The firm adopted a hybrid Taiwan trading framework, pairing long-term AI exposure with active sector rotation, technical signals and hedges. second quarter of 2026 YAGOD MRAAY $101B
Frank Capital Partners Frank Value Fund Q2 2026 Letter to Shareholders Frank Value Fund retained a large consumer-staples allocation and added healthcare companies and defense contractors, arguing that low valuations support buybacks and earnings growth. The fund warns that S&P 500 concentration in the AI Big 10 resembles prior market peaks, while Hershey and Post Holdings offer predictable free cash flow at depressed valuations. Q2 2026 HSY $33BPOST $3.3B
East 72 Quarterly Report #14: Period to 30 June 2026 Dynasty Trust added Wise Group after its post-listing selloff, arguing that its cross-border payments model, customer-balance growth and bank-disintermediation potential are underappreciated. The portfolio retains travel exposures and presents EVT Limited as an asset-rich hotel, cinema, property and ski-resort business whose hotel platform is central to closing its valuation discount. PERIOD TO 30 JUNE 2026 AVOL $7.3BWSE $14B
Broadleaf Partners Second Quarter Review Broadleaf Partners increased its conviction in AI infrastructure beneficiaries as data-center shortages extend earnings visibility for memory, semiconductor, hardware and industrial suppliers. The portfolio shifted toward a concentrated view that hard, low-obsolescence assets can drive a new enterprise-productivity cycle, while monitoring AI innovation, investment returns and political opposition to data centers. Second Quarter 2026 —
Vision Capital Fund Vision Capital Fund - Q2 2026 Quarterly Letter Vision Capital Fund exited Lululemon and Paycom after concluding that weakening operating fundamentals were becoming structural, while adding to selected existing holdings after price drawdowns. The fund rejects AI bottleneck trades in memory and supply-chain names, arguing that architectural innovation and new capacity can erode scarcity premiums, and favors durable platform businesses such as Tencent and Mastercard. Q2 2026 AAPL $4.9TAVGO $1.8TLULU $10B
Stone Sentinel Capital Risk before reward: Q226 letter to partners Stone Sentinel Capital argues that unpopular stocks offer lower expectations and greater downside protection than crowded AI beneficiaries, whose capital spending may outrun sustainable demand. The portfolio added Marex on its clearing-market advantages, while retaining Ascentech and Protasco despite market skepticism over their operating results and valuations. Year-to-date as of June 30 2026 MRX $5.4BAMZN $2.7TGOOGL $4.2T
Right Tail Capital Q2 2026 Right Tail Capital Investor Letter Right Tail Capital established a position in HCA Healthcare, citing its dense local hospital networks, growing outpatient footprint and durable demand for acute care. The firm argues that HCA’s operating scale, internally developed workforce, land ownership and disciplined repurchases should reinforce its advantage despite reimbursement pressure. Q2 2026 HCA $96B
Nightview Capital Q2 2026 Investor Letter Nightview Capital added to Salesforce and ServiceNow, initiated Atlassian, and held Autodesk steady on the view that systems of record, switching costs, distribution and AI integration protect strong software franchises. It exited Meta, Intuitive Surgical, Shopify and EchoStar, added gaming and hospitality exposure, and rotated financials toward BlackRock and Charles Schwab. Q2 2026 ADSK $46BCRM $183BLVS $24B
Miller Value Partners Finding Value in a Momentum Market Deep Value Select argues that momentum-driven AI and semiconductor valuations embed overly optimistic assumptions, while smaller value companies and energy remain overlooked. It added to Crescent Energy and Gray Media after price declines, initiated Coty as a turnaround investment, and sees Bloomin Brands’ operational transformation supporting margin recovery. Q2 2026 BLMN $726MCOTY $2.5BCRGY $4.5B
Leonard Rickey Investment Advisors 2026 2nd Quarter Investment Commentary Global markets rebounded as the Iran conflict de-escalated, oil prices retreated and leadership broadened beyond U.S. mega-cap technology. Leonard Rickey Investment Advisors favors diversification across regions, styles and market caps, while preferring high-quality short- and intermediate-term bonds amid sticky inflation, elevated valuations and concentrated AI exposure. 2026 2nd Quarter —
Claret Asset Management To sell or not to sell, that is the question. Claret Asset Management argues against trying to time an extended bull market, favouring patience in well-managed compounders such as Alimentation Couche-Tard, CGI and Microsoft. It warns that AI infrastructure spending, falling token prices, circular financing and power constraints could turn today’s enthusiasm into an eventual capex correction. Q2.2026 AMZN $2.7TGOOGL $4.2TMETA $1.9T
Brighton Jones Our 2026 Q2 Investment Update Brighton Jones argues for diversified exposure across U.S. and international assets rather than aggressive currency positioning after Middle East conflict disrupted expectations for the dollar and gold. It maintains broad bond-maturity exposure and a moderate risk posture, favoring value-oriented, profitable and smaller-capitalization equities beneath expensive mega-cap index valuations. 2026 Q2 —
Azvalor Asset Management Letter to investors 1H2026 Azvalor argues that speculative activity and leveraged products have created unusually fertile conditions for value investors, while broad equity indices look expensive relative to short-term government bills. The firm rotates out of appreciated holdings into deeply discounted ideas, added Yellow Cake and Borr Drilling, sold Tenaris, and cites a growing research team and idea pipeline as support for portfolio renewal. first half of 2026 —
Aegis Value Fund Portfolio Manager’s Letter Aegis Value Fund kept a large energy allocation, arguing depleted inventories, constrained supply and underinvestment support oil producers, while retaining precious-metals miners despite a correction. It held Cenovus, reduced Equinox, sold Amerigo on valuation and feedstock risk, and bought Radian, hotel REITs, Jet2 and Harley-Davidson at discounted valuations. 1st Half Ended June 30, 2026 ARG $962MATHOF $4.2BCLDT $344M
Harry Qelm Baabsman 2026 Half-year Investment portfolio report The Steppe Eagle added Accenture, Salesforce, Lululemon, Uber, ServiceNow, Adobe, Zoom and DocuSign after new capital diluted existing position weights, using incremental purchases as prices fell. It retains Alphabet despite concerns over mega-cap concentration, sees value in software and clean energy, and sets out long-term cases for Salesforce, Uber, Shopify, Zoom, solar businesses and other holdings. 2026 Half-year ACN $118BADBE $90BCRM $183B
Infuse Asset Management Q2 2026 Letter Infuse Partners tightened its quality threshold after an overweight in software and an underweight in semiconductors left the portfolio exposed to rapid changes in agentic AI. Ryan Reeves said future decisions will rely more strictly on the firm’s proprietary ranking system and less on trading or macro views. Q2 2026 —
Bretton Fund 2026 Q2 Shareholder Letter Bretton Fund added to UnitedHealth after its selloff and initiated SAP and Constellation Software, arguing that mission-critical enterprise and niche vertical software are more insulated from AI disruption than investors assume. The fund avoided the expensive AI data-center and memory boom, citing unsustainable capital spending and inflated semiconductor valuations. 2nd Quarter 2026 CNSWF $43BGOOGL $4.2TSAP $240B
Advisory Research Select Dividend Q2 2026 Investor Letter Advisory Research argues that AI valuations reflect differentiated earnings prospects rather than indiscriminate speculation, with value likely shifting from chipmakers and training infrastructure toward enterprise applications and inference. The strategy warns that sticky inflation, energy costs, AI buildout demand and a tightening labor market could force further rate increases, and reiterates its cash-flow-focused investment discipline. Q2 2026 —
Sound Shore Management June 30, 2026 Sound Shore favored Qualcomm and Marvell Technology as AI infrastructure beneficiaries with valuations it considers compelling, while maintaining discipline on exposure after the sector’s sharp advance. The fund also cited margin-recovery initiatives at Southwest Airlines, operational improvements at Elevance Health, and Regeneron’s pipeline and balance sheet despite mixed melanoma trial results. second quarter of 2026 ELV $88BLUV $21BMRVL $252B
Rewey Asset Management 2Q26 RAM added five positions, sold four including Webster and Cross Country following acquisition offers, and raised cash modestly after selling strength. The portfolio trimmed Ultra Clean Holdings after semiconductor-capex optimism lifted the shares, retained Orthofix after CMS reversed a reimbursement decision, and built Vontier on its cash generation, deleveraging and buyback program. 2Q26 VNT $4.3BOFIX $388MUCTT $3.3B
Pittenger & Anderson 2026 – 2nd Quarter Letter – Happy Birthday America U.S. capital markets, entrepreneurial risk-taking and property rights are presented as the foundations of America’s economic resilience and innovation. Alphabet’s entry into the Dow and strength from Caterpillar and other industrial names illustrate a rotation away from Magnificent Seven leadership, reinforcing the case for durable businesses with real earnings and demand. 2nd Quarter 2026 GOOGL $4.2T
Muhlenkamp & Company Quarterly Letter, July 2026 Muhlenkamp & Company sold its Chinese investments after they missed expectations and exited an international ETF concentrated in Korean and Taiwanese chipmakers on valuation concerns. The portfolio manager continued reducing AI-related exposure, retained gold-related holdings despite the metal’s retreat, and kept cash available for more attractive opportunities. second quarter 2026 —
Lansing Street Advisors Q2 2026 Letter – Dust in the Wind Lansing Street Advisors frames the AI buildout as a capital-intensive known unknown, warning that infrastructure spending and cheap Chinese models could produce a price war before durable winners emerge. It argues that rolling speculative bubbles do not yet resemble the internet bubble, and favors diversification, patience and discipline over chasing market leadership. Q2 2026 MSTR $59B
GreenWood Investors First Half 2026 Letter to Investors GreenWood Investors avoided the late-stage AI investment cycle while recycling capital from Leonardo after its valuation rose beyond the expected earnings outlook. It added materially to Jack in the Box following its refinancing and leadership change, and is pressing Swatch Group through Swiss court actions over board accountability. CTT remains a core transformation case, centered on a potential BancoCTT monetization and redeployment into logistics or buybacks. First Half 2026 CTTOF $862MJACK $239MUHR $11B
Wealthspire Advisors 2026 2nd Quarter Commentary: “250 Years and Still Growing” Wealthspire Advisors argues that America’s history of financial panics, speculation and policy adjustments supports a long-term approach amid inflation, elevated rates and geopolitical risk. It views artificial-intelligence infrastructure investment and widening participation across cyclical sectors as signs of an evolving, rather than ending, expansion. 2026 2nd Quarter —
Regency Wealth Management Second Quarter 2026 Investment Review SpaceX’s IPO prompts a critique of index providers that altered longstanding inclusion rules, potentially compelling passive funds to buy a low-float stock at a post-IPO premium. Regency favors companies with durable earnings, defensible competitive positions and clean balance sheets, while seeking high-quality corporate bonds and US Treasuries. Second Quarter 2026 —
Moon Capital Management 2026 Q2 letter Moon Capital sold DaVita after valuation expansion reduced the benefit of buybacks and left future upside more dependent on difficult volume growth. It added Zoetis, arguing that temporary companion-animal product-cycle pressures obscure a durable franchise, strong veterinary relationships, and an undervalued innovation pipeline. second quarter 2026 ZTS $30BAMZN $2.7TDVA $11B
Evolve Private Wealth The House Edge - Q2 2026 SpaceX, Anthropic and OpenAI illustrate Evolve’s case that investors should use base rates rather than chase scarce IPO allocations and exceptional-growth narratives at exceptional valuations. The firm favors disciplined position sizing, U.S. small caps and cheaper international equities while speculative options activity signals euphoria around AI-related assets. Q2 2026 UBER $140B
Curreen Capital Quarterly Letter, April–June 2026 Curreen Capital bought Optimum Communications ahead of its tender offer, expecting Patrick Drahi to consolidate control before restructuring negotiations. It rotated from Solventum, Kontoor, Truecaller and Pluxee into Green Dot and TriNet, then exited Green Dot when the CommerceOne merger timetable became less certain. April–June 2026 GDOT $716MOPTU $259MTNET $2.9B
ByteTree ByteTree Quarterly Investor Letter - Q2 2026 ByteTree's Multi-Asset Investor cut Glencore, Hiscox, Harbour Energy and blockchain equities, while adding Berkshire Hathaway and other value situations. Charlie Morris argues that concentrated semiconductor enthusiasm, margin debt and geopolitical disruption favour diversification, with a cautious stance on gold and a possible exit from oil exposure. Q2 2026 —
Blue Tower Asset Management Q2 2026: Oil's Exhausted Buffers and the Case for Energy Blue Tower retained Enova International despite expected merger-related volatility, arguing that its combination with Grasshopper Bank will broaden markets and lower funding costs. The portfolio added Petrobras and SM Energy as an oil-price hedge, citing dwindling global inventories, constrained Hormuz traffic, Chinese stockpile drawdowns and producer capital discipline. Q2 2026 ENVA $4.5BPBR $90BSM $8.3B
1 Main Capital Q2 2026 - Letter 1 Main Capital initiated Hilton Grand Vacations, arguing its recurring management fees, financing spread and aggressive repurchases are mispriced by investors’ views of timeshare cyclicality. The fund also outlines an opportunistic DiaMedica Therapeutics stake, citing DM199’s stroke and preeclampsia programs, clinical catalysts and a planned strategic sale path. second quarter 2026 DMAC $454MHGV $2.7B
Langdon Equity Partners Q2 2026 Investor Update Langdon Canadian Smaller Companies Portfolio argues that capital concentration around AI narratives has left high-quality Canadian small caps undervalued. It maintains conviction in Groupe Dynamite and singles out A&W Food Services, Richelieu Hardware, Definity Financial and Westaim as businesses compounding intrinsic value despite limited market recognition. Q2 2026 AW $608MGRGDF $4.2B
SaltLight Capital 2Q 2026 Co-Investor Letter - Is It "Good Enough?" SaltLight Capital argues that AI competition could erode NVIDIA's CUDA and infrastructure economics as open-weight models, alternative chips and algorithmic efficiency improve. The portfolio has become more cautious, revisits hyperscalers after prior profit-taking, and adds Constellation Software for its mission-critical vertical software franchises. 2Q 2026 CNSWF $43BMSFT $3.9TNVDA $5.8T
Praetorian Capital Q2 2026 Investor Letter Praetorian Capital doubled down on positions benefiting from its “Feudalism” framework while reducing exposure to real-GDP-linked businesses and using refiners as a hedge. It halted its event-driven book for the summer, shifted AI thinking toward second-order beneficiaries, and bought stakes in Lincoln Educational Services and Universal Technical Institute to capture worker reskilling demand. Q2 2026 JOE $3.8BLINC $704MMNGGF $0.7M
Smead Capital Management 2Q26 U.S. Value Strategy Newsletter: Diversification Circa 2026 Smead’s U.S. Value Strategy argues that a 25-to-30-stock portfolio, selected under eight value-oriented criteria, provides diversification absent from the technology-heavy S&P 500. The strategy remains concentrated in oil stocks, mall REITs and consumer discretionary businesses bought during the COVID-19 shutdowns, prioritizing repeat customers, free cash flow and shareholder-friendly capital allocation. 2Q26 —
Diranko Capital Quarterly Letter Q2 2026 Diranko Capital argues that large-cap equity valuations have become overheated as capital concentrates around the AI narrative. The portfolio emphasizes idiosyncratic small-cap value, underappreciated growth and special situations, with margin-of-safety requirements and position sizes generally limited to 5% to 10% of capital at risk. Q2 2026 —
Jemekk Capital Management Q2 2026 Commentary Jemekk Hedge Fund kept a high net-long stance and an overweight precious-metals allocation, expecting softer labour data and eventual rate cuts to revive its HALO trade. The fund reduced index hedges after their drag and added Extendicare, citing its diversified care platform, demographic demand and home-health expansion. Q2 2026 EXETF $1.8B
Chautauqua Capital Management Q2 2026 International & Global Funds Market Commentary Chautauqua trimmed semiconductor and automation winners, added to Adyen and Constellation Software, and built 3i and AIA as valuations in lagging holdings compressed despite continued earnings growth. It pairs TSMC, ASML, Keyence and Fanuc with software, China and health-care franchises, arguing that durable cash generation and competitive moats can close the gap between intrinsic value and prices. Q2 2026 453950 ADYEY $31BASML $693B
Cambiar Investors Cambiar International Equity Fund Commentary Cambiar International Equity Fund lagged its benchmark as an underweight technology allocation missed an AI-driven semiconductor rally, while patient holdings in Nintendo, Coloplast and MonotaRo hurt shorter-term results. The team added Canadian National Railway and MTU Aero Engines, sold Barry Callebaut, Icon and UCB, and maintained a diversified, valuation-conscious approach with greater Industrials exposure. 2Q 2026 CNI $72BICLR $13BLDNXF $52B
Chilton Capital Management Portfolio Insight | 2ND Quarter 2026 Chilton Capital Management argues that broad-based earnings revisions and the AI investment cycle support equities despite inflation and tighter-rate risks. Its REIT strategy increased office exposure during the selloff, added Blackstone Digital Realty, and favors data centers and other heavy-asset sectors with low obsolescence risk. 2ND Quarter 2026 BXP $9.5BSKHY $943BSSNLF $1688T
Hosking Partners Q2 2026 – Quarterly Report Commentary Hosking Partners took profits in its DRAM memory-semiconductor basket while retaining selective exposure to supply-constrained AI beneficiaries. It added to Sibanye Stillwater, Hikari Tsushin, Japanese value stocks and New York office REITs, arguing that capital discipline and constrained supply favor these holdings over equity-issuing technology companies. Q2 2026 453950 AMAT $404BBESVF $17B
The London Company 2026 Q2 Quarterly Letter U.S. equities rebounded behind AI infrastructure spending, easing geopolitical tensions and a semiconductor-led technology rally, while the Russell reconstitution sharply altered style and capitalization exposures. The London Company maintained its quality discipline, added selectively to misunderstood holdings and warned that narrow leadership, high valuations and demanding earnings expectations favor durable earnings and shareholder yield. 2026 Q2 —
EdgePoint Wealth Management Why did your cash balance almost hit 2.5% despite the market being near all-time highs? EdgePoint Global Portfolio put most of its capital to work as momentum concentrated market gains in semiconductors and left other sectors at depressed valuations. The portfolio rebuilt S&P Global, added health-care exposure through Revvity and sees Tencent as an AI beneficiary trading below its historical valuation. 2nd quarter, 2026 RVTY $18BSPGI $116BTCTZF $468B
Fairtree Asset Management Fairtree Global Equity Fund Q2 2026 commentary Fairtree Global Equity Fund added to Booking Holdings, Meta and TSMC, opened positions in Shibaura Mechatronics, Charles Schwab, Robinhood, LVMH, Sasol and Gold Fields, and exited several lower-conviction holdings. The portfolio favours technology over cyclical shares while retaining valuation discipline amid a momentum-led semiconductor rally. Q2 2026 —
Robinson Capital Management Opportunistic Income Fund Q2 2026 Manager Commentary The Robinson Opportunistic Income Fund shifted from underweight to overweight taxable credit closed-end funds holding private debt and CLOs, arguing that widening discounts reflected liquidity pressure rather than worsening credit. It favors corporate issuers over Treasuries, uses Treasury and credit hedges to limit rate risk, and holds floating-rate loans and bonds for a potential rate-hike environment. Q2 2026 —
Latitude Investment Management Game of Two Halves Latitude Global Fund avoided semiconductor suppliers, arguing that AI-capex earnings may resemble the mining supercycle, where rising supply and slower demand growth eventually impaired long-term returns. It doubled UnitedHealth after reimbursement and medical-cost trends improved, and added substantially to Cencora following an earnings-estimate miss and guidance increase. Q226 COR $60BMU $1.2TRPRX $32B
SouthernSun Asset Management 2Q2026 SMID Cap Investment Commentary SouthernSun SMID Cap Composite took profits in AI-exposed holdings and stayed underweight the data-center buildout, preferring a balanced portfolio amid a narrowly led market. The team argues that Extreme Networks and Generac have durable growth drivers, while Darling Ingredients and Broadridge face temporary or overstated investor concerns. second quarter of 2026 BR $18BDAR $9.7BEXTR $3.2B
Kennedy Capital Management ESG SMID Cap – Q2 2026 Commentary The ESG SMID Cap portfolio favored Industrials and remained underweight Energy and Financials, citing attractive valuations and diverse end markets. It avoided the benchmark’s surging memory-chip constituent, judging AI-led pricing power and unusually high margins in commodity memory to be unsustainable, while emphasizing lower carbon emissions, no carbon reserves and stronger governance metrics. Q2 2026 —
Davenport Asset Management The Davenport Funds Quarterly Update Davenport warns that crowded AI infrastructure and semiconductor enthusiasm has displaced value-oriented shares, prompting a more risk-averse stance. Across its funds, the firm trimmed Marvell and UnitedHealth, added Constellation and Berkshire, initiated Stryker, Abbott, IFF and SoFi, and exited impaired Verra Mobility, Caesars and Casey’s. Q2 2026 ABT $173BACN $118BIFF $21B
Stonehearth Capital Management 2Q2026 Quarterly Insights Newsletter U.S. equities regained momentum behind an AI-led semiconductor rally, while market leadership narrowed and sector dispersion remained high. Stonehearth describes persistent inflation and a hawkish Federal Reserve, alongside diverging results across global equities, credit markets and commodities as oil weakness eroded near-term commodity trends. Q2 2026 —
Shelton Capital Management Shelton Equity Income Fund Quarterly Commentary Shelton Equity Income Fund benefited from security selection in Micron Technology, Advanced Micro Devices, Lam Research, Apple and NVIDIA, while Salesforce, Accenture, Intuit, Comcast and Intuitive Surgical detracted. The strategy expects geopolitical and oil-related volatility to persist, while covered calls trade some upside participation for option income and lower volatility. 2Q 2026 —
Troy Asset Management Investment Report No.89 July 2026 Troy Multi-Asset Strategy added infrastructure exposure through Canadian National and Hubbell while keeping cyclical holdings sized cautiously. It trimmed equities as valuations extended, added Experian at a depressed multiple, and held index-linked bonds and short-dated nominal bonds for inflation protection and future equity purchases. The first half of 2026 CNI $72BHUBB $25B
Greenwood Gearhart Second Quarter 2026: Market Commentary Equity markets rebounded on broad earnings strength, easing oil pressure after a US-Iran ceasefire, and wider participation from small caps, memory semiconductors and industrials. Greenwood Gearhart argues that AI investment is spreading productivity gains beyond hyperscalers, while monitoring inflation, consumer strain, data-center spending and renewed geopolitical risk. Second Quarter 2026 —
Easterly Asset Management Hedged Equity Fund: Q2 2026 Commentary Easterly EAB says equities rebounded as sentiment improved and implied volatility declined after first-quarter uncertainty. The team argues that disciplined hedging and dynamic beta management can keep portfolios responsive to persistent macroeconomic, geopolitical and volatility risks. Q2 2026 —
Sustainable Growth Advisers U.S. Large Cap Growth Commentary - Q2 2026 The SGA U.S. Large Cap Growth Portfolio added Equinix and Arista Networks while exiting Intuit and Aon following forced attrition. The portfolio lagged momentum-driven market leadership concentrated in AI capital-expenditure beneficiaries, but SGA expects its companies to compound revenue and earnings and sees unusually attractive relative valuation. Q2 2026 —
Gabelli Funds Gabelli Funds Shareholder Commentary: Open-End Funds Gabelli Funds frames AI infrastructure spending, resilient earnings and renewed merger activity against inflation, geopolitical risk and a more hawkish Federal Reserve. Growth portfolios added Advanced Micro Devices and Micron Technology, while several funds emphasized data-center power demand, industrial automation and live sports assets. Value managers continued to seek discounts to private-market value and catalysts such as separations, acquisitions and operational turnarounds. second quarter of 2026 6954 $36B7011 $81B9984 $227B
Financial Synergies Wealth Advisors Q2 Newsletter Financial Synergies argues that private credit, structured notes and private real estate can supplement stocks and bonds to improve retirement income and diversification. The firm also describes a diversified 1031-exchange real estate solution and reviews an AI-led equity rally, oil-driven inflation concerns and the outlook for rates. Q2 2026 AMZN $2.7TGOOGL $4.2TMETA $1.9T
Fenimore Asset Management Q2 2026 Quarterly Investment Commentary Fenimore added Ryan Specialty, Thermo Fisher Scientific, and Tyler Technologies while trimming or exiting selected holdings to fund higher-conviction opportunities. The firm argues that AI infrastructure demand favored semiconductor-linked businesses, while volatility in software, outsourcing, and defensive stocks created entry points for companies with durable competitive positions. Q2 2026 BOC $392MBR $18BEXLS $5.5B
Auxier Asset Management Auxier Report: Summer 2026 Auxier Focus Fund favored AI-infrastructure suppliers including Corning, Nvidia and Dell while warning that debt-funded data-center expansion, leverage and concentrated momentum exposure could reverse sharply. The portfolio also emphasized durable franchises such as Mastercard, Visa, Bank of New York Mellon, Philip Morris and Alphabet, and cited operational AI savings at UnitedHealth and other insurers. Second Quarter 2026 AMZN $2.7TBNY $3.4BDELL $368B
DoubleLine Quarterly Fund Commentary DoubleLine assesses an Iran-war-driven inflation backdrop, higher Treasury yields and a more hawkish Federal Reserve under Chairman Kevin Warsh. Across its funds, the firm favored securitized credit, selected emerging-market country overweights and mortgage-backed securities, while Treasuries and certain underweights detracted. 2Q2026 —
Hood River Capital Management Emerging Markets Fund Commentary - Q2 2026 The Hood River Emerging Markets Fund emphasized an AI-led capital-expenditure cycle spanning memory, packaging, connectivity and power equipment, alongside Chinese localization and robotics. It discussed Samsung Electro-Mechanics’ MLCC demand, GigaDevice Semiconductor’s memory-cycle inflection and Leaderdrive’s robotics components, while tightening scrutiny of valuations and order quality after holdings appreciated. Q2 2026 009150 $84BGIGDY
Davis Advisors Global ADR Davis Global ADR SMA Portfolio Summer Update 2026 Davis Global ADR SMA retained its contrarian Chinese exposure, arguing that sound company fundamentals and low valuations outweigh the market's AI-driven preference for technology leaders. The portfolio discussed Meituan, AIA Group, Entain, Capital One and the Devon Energy combination, while paring selected semiconductor positions on valuation. first half of 2026 —
Davis Advisors Large Cap Value Davis Large Cap Value SMA Portfolio Summer Update 2026 Davis Large Cap Value SMA favored lower-valuation businesses while warning that AI capital spending and concentrated technology leadership rest on demanding assumptions. The portfolio pared semiconductor holdings, emphasized communication services and healthcare, and cited Tyson Foods, MGM Resorts and Devon Energy as durable or attractively valued positions. first half of 2026 —
Aristotle Funds Aristotle Ultra Short Income Fund Commentary Aristotle Ultra Short Income Fund emphasized investment-grade corporates, AAA CLO debt and senior ABS while keeping a credit bias and longer-than-benchmark duration. The portfolio favored global systemically important banks, utilities, selective office REITs and data-center technology issuers, while remaining cautious on consumer cyclicals, healthcare names facing M&A pressure and retail. second quarter of 2026 —
Riverwater Partners Laying the Tracks: The AI Buildout and Small Cap Opportunity Riverwater Partners argues that the AI data-center buildout shifts small-cap opportunity toward electrical infrastructure, cooling, construction, connectivity and power generation suppliers. It is building positions in quality businesses with durable demand and pricing power, while warning that circular financing, rising funding costs and hyperscaler capex pauses could expose late-cycle suppliers. Q2 2026 AMZN $2.7TGOOGL $4.2TMETA $1.9T
North Sky Capital Rocketing Into Summer North Sky Capital links a revival in climate-tech IPOs and secondary-market liquidity to improved exit prospects, while cautioning that macroeconomic, policy and geopolitical risks may extend holding periods. It argues that battery advances, EV charging, storage assets and semiconductor and data-center construction support an infrastructure supercycle. 2nd Quarter 2026 TSLA $1.5T
Matrix Asset Advisors Capital Markets Commentary and Quarterly Report: 2nd Quarter 2026 Matrix Asset Advisors added Consumer Staples, Healthcare and selected pressured Technology names while trimming holdings that had become oversized or reached target prices. The firm initiated Abbott Laboratories and McDonald’s in its dividend strategy, reduced equity overweighting in balanced accounts, and continued to favor bonds maturing within five years. 2nd Quarter 2026 ABT $173BMCD $164B
Baird Equity Asset Management Q2 2026 Commentary and Market Outlook Baird Small/Mid Cap Growth added software, AI-infrastructure industrials and commercial-stage therapeutics while exiting holdings where conviction or the original thesis had weakened. The strategy argues that data-center spending supports demand for cooling, power and infrastructure, but maintains discipline as AI-led market leadership becomes increasingly concentrated. Q2 2026 AAON $7.2BAGYS $2.9BALKS $7.2B
TIFF Investment Management 2nd Quarter 2026 CIO Commentary TIFF retained broadly benchmark-like public-equity and diversifier exposures while adding a market-neutral stock basket to reduce unintended factor risk and introducing Topwater where appropriate. The CIOs warned that narrow AI hardware leadership and a heavy SpaceX, Anthropic and OpenAI IPO pipeline could strain public-market demand, while researching Japan activism, systematic strategies and AI exposure. Q2 2026 —
Mar Vista Investment Partners U.S. Quality Portfolio Commentary Mar Vista initiated ASML and StandardAero, exited Intuit, added to Netflix, and trimmed several large technology and industrial holdings. It argues that aerospace aftermarket demand, semiconductor manufacturing bottlenecks, and commercially productive AI investment favor businesses with durable advantages and disciplined capital allocation. second quarter of 2026 APH $215BASML $693BINTU $79B
Nixon Capital Quarterly Commentary Nixon Capital argues that America’s record of innovation, institutional durability and entrepreneurial problem-solving supports long-term equity ownership despite political and economic anxieties. The firm favors disciplined portfolio upgrades during crises, emphasizing resilient balance sheets, cash flow and management teams aligned with shareholders. June 2026, Second Quarter —
Next Century Growth Investors 2Q26 NCG Performance and Commentary Next Century Growth Investors trimmed AI-exposed technology positions after sharp valuation expansion and redirected capital toward health care, industrials, financials and software. The firm favors smaller growth companies tied to semiconductors, data-center buildout, power infrastructure, aerospace and reshored manufacturing, while maintaining a selective stance on large-cap growth. 2Q26 —
Conestoga Capital Advisors 2Q26 Quarterly Commentary Conestoga attributes its lag to a concentrated AI and high-beta rally, while retaining a quality-growth posture and expecting leadership to broaden as supply constraints ease and monetary policy tightens. It added energy and power-infrastructure names including Kodiak Gas Services, Magnolia Oil & Gas and Perimeter Solutions, and exited BlackLine, CCC Intelligent Solutions and other positions. 2Q26 AAON $7.2BAORT $1.1BBCPC $5.3B
Harding Loevner International Equity Second Quarter 2026 Report Harding Loevner trimmed Samsung Electronics, TSMC, ASML and other technology holdings as AI-driven semiconductor profits pushed valuations and concentration risk higher. The portfolio added Spotify, arguing that its scale and AI product development can defend its competitive position, while retaining selective exposure to memory and semiconductor equipment suppliers. Second Quarter 2026 035420 $21BNTES $76BSKHY $943B
Dodge & Cox Stock Fund To Our Shareholders Dodge & Cox Stock Fund added Roper Technologies, Visa, Arthur J. Gallagher and Thermo Fisher Scientific while increasing Microsoft, arguing that AI fears, cyclical pressures and regulatory concerns had created valuation opportunities. The fund retained confidence in FIS, Fiserv and Charter Communications despite operational and competitive concerns, maintaining a contrarian tilt toward Financials and Health Care. six-month period ended June 30, 2026 AJG $58BCHTR $13BFIS $18B
Broyhill Asset Management The Broyhill Letter 2026.Q2 Broyhill transfers ownership from Chris Pavese to Patrick Wells and Matt McLean while retaining its investment process and client relationships. The portfolio avoided direct semiconductor exposure, exited Accenture, HubSpot and Intuit, and added or expanded positions including ServiceNow, First Citizens BancShares, Nestlé, Masco, Sotera Health and IQVIA on company-specific catalysts. second quarter 2026 0QR4 ACN $118BFCNCA $24B
Artisan Partners Artisan Global Discovery Fund Quarterly Commentary Artisan Global Discovery Fund trimmed Twist Bioscience and Insmed, added to Lattice Semiconductor and Babcock, and exited ROBLOX, Colliers International and MongoDB as valuations, execution risks and competitive conditions changed. The portfolio initiated Entegris, Cellebrite and C.H. Robinson, while retaining emphasis on AI infrastructure, health care innovation and identifiable profit cycles. Q2 2026 0HQW ALAB $66BAS $16B
Halvio Capital Q2 2026 Letter Halvio Capital initiated Humm Group despite its governance discount and sees value in a potential commercial-division sale after board changes. It sold Tetragon and Pacific Health Care Organization, exited Beng Kuang Marine after trimming it, and argues Goldmoney’s real estate assets and metals-storage business are materially undervalued. Q2 2026 HUMGF $137M
Royce Investment Partners Royce Capital Fund–Small-Cap Portfolio Manager Commentary Royce Capital Fund–Small-Cap favored AI-infrastructure beneficiaries TD SYNNEX, Flex, Sanmina and Amkor, while Blue Bird benefited from school-bus demand and its Micro Bird acquisition. The portfolio added Maximus and IBEX at depressed prices, exited Molina Healthcare, and warned that AI capital spending and geopolitical disruption could keep small-cap markets volatile. Year-to-Date Through 6/30/26 AMKR $13BFLEX $42BMMS $2.9B
Royce Investment Partners Royce Capital Fund–Micro-Cap Portfolio Manager Commentary Capital Micro-Cap concentrated its strongest holdings in AI infrastructure suppliers, while exiting PAR Technology and Forward Air after deteriorating economics. The portfolio added to PowerFleet and EVI Industries, and began reallocating technology winners toward discounted staffing, software, agriculture, commercial-vehicle and medical-technology opportunities. first half of 2026 AAOI $11BAIOT $364MAORT $1.1B
Royce Investment Partners Royce International Premier Fund Manager Commentary Royce International Premier Fund retained CTS Eventim, Business Engineering, Cochlear, OBIC Business Consultants and Hemnet after valuation-driven selloffs, arguing that network effects, recurring revenue and durable competitive positions remain intact. The portfolio also benefited from XP Power, Maruwa, Dexerials, Ashtead Technology and Diploma, while exiting Intertek after EQT’s acquisition. year-to-date period ended 6/30/26 4828 $487MAT $587MCEVMF $6B
Royce Investment Partners Royce SMid-Cap Total Return Fund Manager Commentary Royce SMid-Cap Total Return Fund credited Kulicke & Soffa, Advance Auto Parts, Element Solutions, FTAI Aviation and Andersen Group to improving semiconductor, automotive, specialty-chemical, aerospace and advisory-business fundamentals. The managers exited Kyndryl after deteriorating execution and disclosures, while retaining value-oriented exposure to insurers and other cash-generative businesses outside the AI trade. year-to-date period ended 6/30/26 AAP $2.5BAGO $3.1BANDG $1.1B
Royce Investment Partners Royce Smaller-Companies Growth Fund Manager Commentary Royce Smaller-Companies Growth Fund favored health-care innovators, AI infrastructure suppliers, and data-center construction beneficiaries, trimming TTM Technologies, Penguin Solutions, and Legence after sharp re-ratings. It exited PAR Technology, Onterris, and Coastal Financial as execution, balance-sheet, and forecastability concerns outweighed their remaining upside. year-to-date period ended 6/30/26 ATEC $1.7BCCB $632MHNGE $7.9B
Palm Valley Capital letter for Q226 Q2 2026 —
Protean Funds How to believe in impossible things Protean Select argues that AI adoption in Europe faces underpriced political and regulatory friction, pairing longs in perceived AI losers with shorts in richly valued beneficiaries. Protean Small Cap added Indutrade and Truecaller, joined the Nordtech, Savox and Tången IPOs, sold Viva Wine and CINT after bids, and initiated Skanska while maintaining a short in Telia. June 2026 IDDWF $9.6BNTECH SKSBF $11B
Alluvial Capital Management Q2 2026 Letter to Limited Partners Alluvial Fund added to Zegona Communications after trimming the position to control concentration, arguing that its telecom turnaround, refinancing and future capital returns remain undervalued. The fund plans to fully exercise McDermott International rights, viewing the financing as a balance-sheet repair that enables larger contract bids. It also retained long-term holdings while trading Talen Energy options around AI-driven volatility. Second Quarter 2026 ZEG $5.3BDGXX $342MDIG $437M
Sequoia Fund Semi-Annual Report – June 2026 First Half of 2026 —
Hayden Capital Q2 2026 Quarterly Letter Hayden Capital argues that AI disruption will unfold more slowly than markets initially expected, favoring durable platforms with proprietary data and embedded workflows. The firm sees Shopee’s VIP and logistics spending and Mercado Libre’s delivery investments as reinvestment programs that can strengthen customer economics. It exited Pinduoduo after its original thesis played out, citing limited visibility into Pinmu and China’s weaker consumption backdrop. Q2 2026 AMZN $2.7TGOOGL $4.2TMELI $94B
Royce Investment Partners Royce Small-Cap Total Return Fund Manager Commentary Royce Small-Cap Total Return Fund attributes its lag versus the Russell 2000 Value Index largely to stock selection and limited exposure to AI-led technology names. It argues that holdings including Kulicke & Soffa, Advance Auto Parts and Element Solutions benefit from cyclical recoveries or secular demand, while retaining a contrarian focus on cash-generative old-economy businesses. Year-to-Date Through 6/30/26 AAP $2.5BBRSL $1.9BCBZ $3B
Royce Investment Partners Royce Small-Cap Special Equity Fund Manager Commentary Royce Small-Cap Special Equity favored Vishay Intertechnology, Movado Group, NVE Corporation, Ingles Markets, and Oil-Dri as operating results and demand trends strengthened. It reduced Marcus & Millichap before its later advance and argues that expensive technology and AI spending make entry valuations and neglected small caps increasingly important. Year-to-Date Through 6/30/26 CMC $7BIMKTA $1.6BKEQU $98M
Royce Investment Partners Royce Small-Cap Opportunity Fund Manager Commentary Royce Small-Cap Opportunity Fund retained exposure to semiconductor and AI-infrastructure beneficiaries while selling Applied Optoelectronics and Penguin Solutions at valuation targets. It exited Kyndryl and EPAM, added to OptimizeRx and Tandem Diabetes Care, and shifted capital toward cyclicals, North American energy, cybersecurity, and niche software. first half of 2026 AAOI $11BAORT $1.1BCOHU $3.5B
Maran Capital Management Q2 2026 Maran Partners Fund added a direct bridge loan to exploit an underserved small-loan market and used a hedged mutual-fund position to capture SpaceX's IPO revaluation. Clarus and Correios de Portugal are pursuing asset-sale alternatives and repurchasing shares to narrow perceived discounts to underlying value. second quarter 2026 SPCX
Intrepid Capital Mutual Fund Commentary Intrepid Income Fund 2Q 2026 Intrepid Income Fund argues that resilient high-yield issuer fundamentals, short duration and improving lender protections support selective exposure despite historically tight spreads. The portfolio avoids extending duration, watches liquidity pressure and rising defaults in private credit, and expects dislocations to create opportunities among smaller and non-rated issuers. 2Q 2026 —
Intrepid Capital Mutual Fund Commentary Intrepid Capital Fund 2Q 2026 Intrepid Capital Fund criticized AI-led market speculation, pointing to Google’s large equity and debt financing and SpaceX’s heavily oversubscribed public offering. The fund favored family-controlled, cash-generative businesses and argued that investors may be starting to recognize holdings outside the AI build-out. 2Q26 GOOGL $4.2T
Polaris Capital Management Second Quarter 2026 International Equity Composite Commentary Polaris International Equity Composite sold HD Hyundai Electric and SKF, added Astor Transformator Enerji, Fujifilm Holdings and UniCredit, and attributed IT strength to demand for memory chips. The portfolio sees concentrated growth leadership, sticky inflation and the Iran truce creating valuation dislocations among cash-generative international businesses. Second Quarter 2026 ENI $85BHDIH IX $40B
First Eagle Investments Overseas Fund Commentary Overseas Fund repositioned into international stocks viewed as attractively valued while maintaining a strategic gold allocation against geopolitical and debt risks. Samsung Electronics, Samsung Life, Merck KGaA, Taiwan Semiconductor and Richemont benefited from memory-chip demand, insurance economics, life-science expansion, AI-chip scarcity and resilient luxury demand. second quarter 2026 032830 $41BBABA $270BCFRHF $122B
Oakmark Funds The certainty trap Oakmark’s fixed-income team favors Meta and Oracle bonds as AI exposure with several paths to value, recurring cash flows and resilient credit profiles. It also owns select single-tenant data-center bonds while avoiding highly leveraged NeoCloud issuers whose economics depend on sustained compute-demand strength. 2Q 2026 META $1.9TORCL $439B
Oakmark Funds Wrong in the right direction Oakmark retained Samsung and ASML after revising values upward as AI-driven demand for high-bandwidth memory and lithography equipment reshaped their near-term cash-flow outlook. The fund credited Intertek’s board for accepting a private-equity offer that reflected both self-help opportunities and their execution risks. 2Q 2026 006400 $31BASML $693BIKTSF $12B
Greenhaven Road Capital Main Fund Q2 Greenhaven Road Capital is reducing concentration, adding near-term catalysts and taking profits more readily while retaining its focus on advantaged businesses. It argues that Burford’s protein litigation, Hagerty’s insurer partnerships, Cellebrite’s Genesis launch, Lifecore’s strategic process and Kingsway’s search-model buildout can close valuation gaps. second quarter 2026 ANAB $1.4BBUR $772MCLBT $2.9B
First Eagle Investments Global Equity ETF Commentary Global Equity ETF commentary argues that easy financial conditions, AI infrastructure spending and household dissaving support earnings but leave markets vulnerable, while gold retains strategic hedging value amid fiscal strain. It attributes gains to Samsung, Alphabet and health-care holdings, and maintains conviction in Noble, Charter, HCA, Exxon and Agnico despite sector pressures. second quarter 2026 0R1M $888BAEM $93BCHTR $13B
First Eagle Investments High Yield Municipal Fund Commentary First Eagle High Yield Municipal Fund benefited from Brightline West bonds as trading activity, prospective federal financing and new construction contracts supported the project. The fund also favored healthcare and selective higher-education bonds, while Brightline Florida debt faced pressure as the operator sought new equity capital. second quarter 2026 —
First Eagle Investments Overseas Equity ETF Commentary Overseas Equity ETF repositioned into international stocks viewed as attractively valued while warning that AI infrastructure spending and US asset prices may be difficult to sustain. It favored Samsung, Merck, Richemont, TSMC and FANUC on earnings and durable franchises, while retaining Shell, Imperial Oil, Agnico Eagle, Jardine Matheson and Wheaton through commodity-price pressure. second quarter 2026 AEM $93BCFRHF $122BFANUF $36B
RGA Investment Advisors AI Bottleneck Mania: Crashing Up, and the Opportunities Left Behind RGA Investment Advisors bought GitLab, Adobe, Adyen and Mips after AI-driven market concentration created dislocations outside data-center infrastructure. The firm funded the purchases by selling Lattice Semiconductor, Disney and Workday, trimming Alphabet, and expects to retain Fox shares following its acquisition of Roku. Q2 2026 ADBE $90BADYEN $31BFOX $24B
Royce Investment Partners Royce Small-Cap Fund Manager Commentary Royce Small-Cap Fund favored Element Solutions, Onto Innovation, MKS, Ultra Clean Holdings, and Arcosa, citing AI-linked process complexity, semiconductor capacity investment, specialty chemicals, and infrastructure demand. It exited PAR Technology, ADMA Biologics, Kyndryl Holdings, and TransMedics Group as execution, balance-sheet, or earnings concerns weakened the original theses, while adding to MAXIMUS. year-to-date period ended 6/30/26 ACA $7.2BADMA $2.3BESI $9B
Royce Investment Partners Royce Premier Fund Manager Commentary Royce Premier Fund benefited from information-technology stock selection and holdings including MKS, Littelfuse, ESCO Technologies, Onto Innovation and RBC Bearings. The managers argue that quality small-caps remain attractively valued despite speculative leadership, while monitoring operational conversion and acquisition execution at detractors including Colliers, Exponent and ESAB. first half of 2026 CIGI $4.5BESE $6.6BEXPO $3.3B
Ariel Investments Portfolio Manager Letter Ariel Fund and Ariel Appreciation Fund maintained scant technology exposure, refusing to chase AI-driven semiconductor and memory-chip rallies because of cyclicality, capital intensity and oversupply risk. They cite Generac and a past Accenture investment as examples of technology-related franchises bought only when quality and valuation met their standards. second quarter of 2026 —
First Eagle Investments Short Duration High Yield Municipal Fund Commentary Short Duration High Yield Municipal Fund favored Brightline West bonds as trading activity, prospective federal financing and construction contracts supported the project. The portfolio also emphasized healthcare credits benefiting from improving operating conditions and selectively pursued higher-education and student-housing bonds, while Brightline Florida debt faced pressure during its search for equity capital. second quarter 2026 —
First Eagle Investments Gold Fund Commentary Gold’s second-quarter selloff reflected tighter-policy expectations after the Iran war, even as central-bank reserve buying persisted. The fund retained gold as a strategic hedge against geopolitical turmoil and fiscal strain, while backing Agnico Eagle and Wheaton for balance-sheet strength, operating quality and long-term growth. second quarter 2026 AEM $93BBTG $9.6BPAAS $19B
First Eagle Investments Small Cap Opportunity Fund Commentary Small Cap Opportunity Fund emphasized valuation discipline after sharp gains in parts of the portfolio, directing proceeds toward undervalued healthcare, consumer-staples and idiosyncratic opportunities. Semiconductor suppliers Vishay, Silicon Motion, Ultra Clean, Cohu and TTM benefited from AI infrastructure spending, while the fund retained Oil States and Murphy Oil on backlog, specialty positioning and a potentially transformational Vietnam discovery. second quarter 2026 AORT $1.1BCENX $3.6BCOHU $3.5B
Grey Owl Capital Management Q2 2026 Grey Owl All-Season Strategy shifted equity exposure toward US-listed shares while maintaining an all-season balance across growth and inflation exposures. It sees stable growth, stubborn inflation and mixed market internals supporting risk assets with limited cushion, favoring diversification rather than a concentrated 60/40 risk profile. Q2 2026 —
Oakmark Funds The discipline to stay boring Oakmark Fund declined to chase AI hardware leaders despite their dominance in value indexes, arguing that uncertain durability of elevated margins leaves insufficient margin of safety. The fund favors discounted businesses such as Corebridge Financial and expects holdings including Capital One, AIG, Alphabet and Amazon to benefit from AI adoption. 2Q 2026 CRBG $15B
Sequoia Fund Q2 2026 Sequoia Fund Letter Sequoia Fund added to Bio-Techne, SAP and ICON Plc, initiated an undisclosed position, and funded purchases by trimming Sunbelt Rentals and Elevance Health while exiting Amentum Holdings, Liberty Broadband and Credit Acceptance. The fund is preparing to reorganize into an actively managed ETF in mid-October, subject to shareholder approval. second quarter of 2026 —
Southeastern Asset Management 2Q26 Commentary Longleaf Partners Fund argues that AI-linked market leaders have become detached from cash flow while its concentrated holdings retain upside through operational improvement, valuation rerating and strategic action. The fund added a healthcare company, exited Bio-Rad and sold FedEx Freight after its spinoff, while pressing engagements at Mattel and other investees. 2Q26 ACI $5.7BAVTR $11BCNX $5B
Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics defended long-duration ownership of land, royalty and exchange businesses, arguing that index-driven market structure creates discounts in smaller and illiquid companies. It reduced precious-metals royalty exposure as valuations absorbed gold-price optionality, while maintaining conviction in LandBridge, securities exchanges and bitcoin's supply-and-network economics. 2nd Quarter 2026 TPL $24BAMZN $2.7TCBOE $29B
Baron Funds Letter from Ron Ron Baron argues that exceptional long-term outcomes require accepting risk behind visionary management. He defends MSCI’s investment in private-market data, recounts Baron Capital’s Tesla conviction, and calls SpaceX its most compelling holding because of its launch, connectivity, and AI opportunities. JUNE 30, 2026 SPCX $2.1TTSLA $1.5TMSCI $41B
Ariel Investments Ariel Fund Ariel Fund added Haemonetics and RLI, citing plasma-therapy demand and RLI’s underwriting discipline, while exiting Paramount Skydance and First American on valuation and alternative opportunities. It argues that MSGE and Sphere combine scarce venues with expanding event demand, and retains Carlyle despite private-credit concerns. Quarter Ended June 30, 2026 CG $13BCLB $482MHAE $5.4B
Artisan Partners Artisan Global Opportunities Fund Quarterly Commentary Artisan Global Opportunities Fund trimmed AMD and Lam Research after valuations approached target ranges, while retaining conviction in AI infrastructure led by TSMC. It initiated GE Aerospace, Corning, STMicroelectronics and Robinhood, and exited Cencora, Lonza and Medline to redeploy capital toward earlier profit cycles. Q2 2026 AMD $1.1TBAESY $72BINSM $22B
Weitz Investment Management Letter to Shareholders: Value Matters — Beyond the AI Boom Alphabet, Microsoft, Amazon and Meta remain significant holdings because their established cash-generative businesses, engineering talent and financial strength support their AI investment despite uncertainty over eventual returns on data-center spending. Weitz expects broader market leadership to revive as enthusiasm for semiconductor stocks cools, while positioning for possible interest-rate and credit volatility. second quarter 2026 AMZN $2.7TGOOGL $4.2TMETA $1.9T
Royce Investment Partners Semiannual Letter: How Small-Cap Can Navigate Sustained Leadership Small-cap stocks have resumed market leadership as earnings growth, relatively attractive valuations, reshoring and AI infrastructure spending broaden the opportunity set. Royce argues that earnings rather than interest rates have historically driven durable small-cap cycles, while volatility can create openings for disciplined long-term investors. first half of 2026 —
White Falcon Capital Management Q2 2026 Partner Update Letter White Falcon sold roughly three-quarters of AMD after its valuation reflected optimistic AI expectations, while retaining conviction in Nu Holdings, Topicus and EPAM Systems. The portfolio is adding precious-metals exposure on weakness and favors businesses with low expectations, attractive valuations and durable competitive advantages amid concentration in AI-driven market narratives. Q2 2026 AMD $1.1TEPAM $5.6BNU $73B
Merion Road Capital Q2 2026 Honeywell Aerospace was added after its separation from Honeywell, with conservative guidance and a discount to peers seen as setting a low hurdle for execution. United Bancorporation of Alabama faced an open-letter campaign seeking better capital allocation, lower expense growth, improved profitability and stronger governance. Q2 2026 HONA $48B
Distillate Capital 2026 Q2 Letter to Investors: Momentum Distillate Capital argues that AI-linked valuations have outrun free-cash-flow gains as hyperscaler spending shifts profits to semiconductor suppliers and deferred depreciation, stock compensation, off-balance-sheet financing and circular deals obscure economics. It favors systematically rebalanced, high-quality cheap stocks, citing Accenture, and plans new long/short vehicles amid extreme valuation dispersion. 2026 Q2 ACN $118BAMZN $2.7TAVGO $1.8T
O'Keefe Stevens Advisory Quarterly Investor Letter Q2 2026 Sotera Health was added after Warburg Pincus exited, leaving a discounted sterilization duopoly with high switching costs, constrained industry capacity and a path toward lower capital spending and litigation risk. Qualcomm and Corning were trimmed and hedged after AI-driven appreciation, while cash remained a major holding as the firm watches software dislocation and broader AI uncertainty. Q2 2026 SHC $5.1BCALY $2.5BGLW $136B
CrossingBridge Advisors Q2 2026 Commentary - To Infinity and Beyond CrossingBridge argues that AI infrastructure resembles earlier innovation booms where real technological progress coexisted with overbuilding and poor investor outcomes. The firm favored Polar DC, Oracle, Warner Bros. Discovery, Spirit Airlines and 888 Acquisitions credit, while increasing investment-grade exposure, reducing high yield and preserving liquidity. Q2 2026 ORCL $439BTSLA $1.5TWBD $78B
GreensKeeper Asset Management Scorecard #54 – Value in Action GreensKeeper materially increased ICON after concluding that accounting restatements would not impair its cash generation or customer relationships. The fund retained its positions through concerns over Intercontinental Exchange’s competitive risks and Lockheed Martin’s execution issues, arguing both retain durable long-term earnings power. Q2 2026 CFRHF $122BELV $88BGOOGL $4.2T
Cedar Creek Partners Cedar Creek Partners 2026 Second Quarter Results Cedar Creek Partners increased expert-market exposure while building positions in companies affected by SEC Rule 15c2-11, arguing that trading restrictions create mispricings. It detailed cash-backed Harbor Diversified, Exco’s reserve development, PHI tender concerns, Solitron’s strategic review, Queen City’s ranch sale and cheaply valued community banks. Q2 ‘26 ENDI $125MEXCE $1.2BHRBR $129M
LVS Advisory Q2 2026 Vistance Networks is presented as a debt-free telecom-infrastructure remainco whose asset sales and special dividends leave a cash-generative business trading at a low multiple, with a further sale considered likely. Hikari Tsushin is framed as a Japanese capital allocator whose disciplined reinvestment, lean operations and insider ownership support a discounted conglomerate valuation. first half of 2026 HKTGF $10BVISN $1.4B
Patient Capital Management 2Q26 Quarterly Market Review U.S. equities rebounded as renewed enthusiasm for artificial intelligence and semiconductors coincided with easing Iran War tensions and lower oil prices. Patient Capital Management describes a conflicted backdrop of elevated inflation, resilient employment, weak consumer sentiment and a Federal Reserve shifting toward further tightening. 2Q26 —
FPA Crescent Fund FPA Crescent Fund 2Q26 Commentary FPA Crescent Fund scaled back semiconductor, hyperscaler and connector exposure as AI-driven valuations and capital spending left little margin of safety. The fund added 14 largely AI-agnostic mid-cap companies, including specialty chemical distributors and biotech-equipment businesses, seeking durable growth, strong balance sheets and conservative valuations. 2Q26 028260 $42BADI $197BNTDOF $57B
Polaris Capital Management Second Quarter 2026 Global Equity Composite Commentary Polaris Global Equity Composite added Adobe, Fujifilm, UniCredit, Cytokinetics and Booking Holdings while exiting MKS, HD Hyundai Electric, SKF and Daicel. It favors AI-memory beneficiaries and discounted cash-generative businesses, arguing that concentrated growth leadership has created value opportunities across international markets. SECOND QUARTER 2026 ADBE $90BBABA $270BBKNG $118B
Palm Harbour Capital Letter 2026 Q2 | 687 KB Palm Harbour Capital sold BW Energy and M Dias Branco, added a Mexican cement company and smaller Asian positions, and plans to trade Norma’s buyback rights. It argues that leveraged products and passive flows are distorting Asian markets, while Louis Hachette and Lagardère offer restructuring and ownership-simplification catalysts. second quarter 2026 ALHG $1.9B082920 $961M0NFS
Third Avenue Management Value Fund Third Avenue Value Fund argues that easyJet’s aircraft, slots and net cash support its takeover appeal, while Paltac’s warehouse network underpins Medipal’s tender offer. The fund added thyssenkrupp, citing discounted asset value and a multiyear separation plan, and retains offshore-energy exposure on energy-security and inventory-rebuilding demand. three months ended June 30, 2026 6951 $2.5BESYJY $5.2BHRBAY $1.1T
Patient Capital Management 2Q26 Portfolio Activity & Attribution Opportunity Equity added Adyen, Global Payments, Genius Sports, Fidelity Wise Origin Bitcoin Fund and QXO preferred securities while exiting IBIT, Noble and Dave & Buster's. The strategy argues that depressed expectations create value in health care, payments, biotech and selected software, while retaining conviction in QXO's building-products consolidation strategy. second quarter of 2026 ADBE $90BADYEN $31BBIIB $33B
Hoisington Investment Management Quarterly Review and Outlook Hoisington Investment Management argues that deglobalization, labor scarcity and capital-intensive industrial policy have dismantled the supply conditions that restrained inflation. It expects rising investment needs and weak national saving to pressure real rates, while Federal Reserve balance-sheet restraint could eventually curb inflation at the cost of a more volatile Treasury market. Second Quarter 2026 —
Polen Capital 5Perspectives Growth Opportunities Polen 5Perspectives Growth Opportunities 2Q 2026 Portfolio Manager Commentary Polen 5Perspectives Growth Opportunities increased Technology exposure substantially through semiconductor and neocloud additions, funded by reductions in Industrials, Financials, and Consumer Discretionary. Bloom Energy, Advanced Micro Devices, and Nebius Group benefited from AI infrastructure demand, while Fastly, BWX Technologies, and Palantir faced selective investor positioning and valuation pressure. 2Q 2026 AMD $1.1TBE $87BBWXT $13B
Laughing Water Capital H1 2026 Laughing Water Capital redeployed after the acquisitions of Theravance Biopharma, Avanos Medical and SECURE Waste Infrastructure, leaving cash available for event-driven opportunities. The portfolio added AnaptysBio ahead of its GSK litigation, while maintaining conviction in Liquidia, Nextnav, Lifecore and Stride despite regulatory, legal or operational overhangs. Q2 of 2026 ANAB $1.4BGSK $95BLFCR $244M
Dodge & Cox Stock Fund Stock Fund Investment Commentary Dodge & Cox Stock Fund established positions in Visa, Thermo Fisher Scientific, and KKR after AI and macro concerns depressed shares of businesses it views as durable franchises. The fund retained conviction in Fidelity National Information Services, Fiserv, and Charter Communications, arguing that valuation declines overstate their long-term risks. second quarter of 2026 KKR-P-D TMO $246BV $696B
Wedgewood Partners Are Hyperscalers Still Magnificent? Wedgewood increased Alphabet, Amazon, Meta Platforms and Microsoft, arguing that AI capital spending compounds already high-return businesses while their private investments help offset DRAM inflation. The firm initiated Hermès, citing scarce artisan capacity, durable brand equity and pricing power, while maintaining position-size limits amid speculative semiconductor demand. Second Quarter 2026 GOOGL $4.2THMI $152BAMZN $2.7T
Tweedy, Browne Tweedy, Browne Funds Commentary, Q2 2026 Tweedy, Browne Funds added Capgemini and bioMérieux at discounts to conservative intrinsic-value estimates, while trimming chemicals holdings and positions approaching estimated value. The managers warn that AI-led capital spending, elevated technology valuations and speculative market behavior resemble conditions preceding the 2000 technology bubble. Q2 2026 —
Polen Capital U.S. Opportunistic High Yield Polen U.S. Opportunistic High Yield – 2Q 2026 Portfolio Manager Commentary Polen U.S. Opportunistic High Yield retained its Internet Brands second-lien loan, exited Oldcastle BuildingEnvelope notes through a sponsor-negotiated transaction, and added Meridian Arc secured notes backed by contracted data-center cash flows. The strategy maintained Baffinland and RealTruck positions despite restructuring-related marks, favoring higher-rated high-yield bonds over leveraged loans amid widening issuer dispersion. Q2 2026 —
Grandeur Peak Global Advisors 2Q26 Quarterly Letter Grandeur Peak rotated away from software exposed to AI obsolescence risk and kept an overweight in semiconductors, industrials and capital-markets businesses. The firm remains cautious on expensive international banks and REITs, while selectively adding Chinese consumer brands that can capture demand for emotional value. 2Q26 —
Upslope Capital Management 2026-Q2 Update Upslope kept long-portfolio turnover low as investors favored AI-linked momentum over defensive cash-flow businesses, while exiting Intel and Hershey after their theses played out and trimming Jack Henry to reduce AI-risk exposure. The fund added Magnum Ice Cream, citing its dominant brands, standalone margin potential, defensive market position and discounted valuation versus Froneri. Q2 2026 MICC $11B
Vulcan Value Partners Second Quarter 2026 Vulcan Value Partners added Equifax, Badger Meter, TPG, Veeva and ServiceNow, funding several purchases by selling UnitedHealth and other less discounted holdings. It argues proprietary data, embedded workflows and disciplined underwriting protect its holdings from AI and cyclical fears while discounted prices provide margins of safety. Q2 2026 AMZN $2.7TBMI $3.6BEFX $17B