Investor Letters
Letters through July 31, 2026
26 letters reporting on the period ending July 31, 2026, in each firm's own reckoning.
- Oldfield Partners Overstone World All Cap Equity Fund July 2026 Commentary Overstone World All Cap Equity Fund argues that extreme AI-related valuations and narrowing market leadership resemble conditions preceding prior reversions to the mean. It finds opportunity in depressed UK equities, particularly globally exposed Rio Tinto and Diageo and domestically focused Marston’s and Barratt Redrow. July 2026 SPCX
- QuantStreet Capital August 2026 Update QuantStreet retained short-duration exposure, reduced duration across portfolios, and kept allocations to value and low-volatility equities as machine-learning models flagged rich valuations in small caps, midcaps, semiconductors and broad equity benchmarks. It added a small GSG commodities position as a hedge against Iran-related oil disruption and elevated economic-policy uncertainty. July 2026 USMV
- Forager Funds Management Monthly Report July 2026, Australian Shares Fund Bravura Solutions lifted its fiscal 2026 cash-profit guidance as cost discipline improved margins, countering concerns that AI will impair established software providers. OFX received a cash proposal for Equals Group, while Experience Co advanced a potential sale of its Australasian skydive operations to Inflite. July 2026 BVS $974MEXP $47MOFX $94M
- PenderFund Capital Management Ltd. Pender Small Cap Opportunities Fund - July 2026 Pender Small Cap Opportunities Fund shifted to a defensive stance, holding elevated cash while seeking undervalued small-cap businesses amid a cooling AI trade, rising yields and widening credit-risk concerns. Kinaxis raised guidance after solid second-quarter results, while MDA Space funded its CLS acquisition and Telesat secured a major Canadian military-connectivity contract. July 2026 KXS $3.4BMDA $4.7BTSAT $680M
- Janus Henderson Investors Global Sustainable Equity Fund Global Sustainable Equity Fund trimmed AI exposure after strength and added Verisk Analytics and selected insurers, seeking durable moats and businesses unfairly penalised by the market. The portfolio retains exposure to AI infrastructure bottlenecks, power and grid equipment, while pairing them with resilient companies positioned for energy-security and climate volatility. July 2026 KLAC $261BMCK $109BMSFT $3.9T
- Invenomic Capital Management July 2026 Commentary The Invenomic Fund benefited from a sharp momentum-factor reversal while maintaining relatively steady net exposure and reducing gross exposure as short positions generated outsized gains. It argues that AI-linked valuations remain optimistic, citing hyperscalers' off-balance-sheet commitments, rising debt burdens and uncertainty over the durability of the AI buildout. July 2026 —
- Pendelhaven Asset Management B.V. Q3 2026 Letter — Van der Mandele ARAR Fund Van der Mandele ARAR Fund retained its economic exposure to SK Hynix, resized Jackson Financial after a rally, and sold Ferrotec over valuation and moat concerns. It added Deutsche Rohstoff on oil-linked production leverage, cited Thor Explorations’ permitting outlook, and viewed Gravity’s dividend as a positive capital-allocation signal. July 2026 DR0 $445MALM $3.3BGRVY $466M
- Asset Value Investors Ltd AVI Global Special Situations Fund July 2026 AGSS reduced GABIA after Macquarie's tender offer lifted the shares, while retaining a stake because it considers the proposal inadequate. The fund retained Vivendi despite UMG's weak results, added selectively to Korean holdings after the AI and memory sell-off, and said AVI's Pacific partnership will preserve its investment autonomy. July 2026 079940 $390MUNVGY $27BVVVNF $1.6B
- Aikya Investment Management UCITS Fund – Monthly Report – July 2026 Aikya Global Emerging Markets Fund benefited from Taiwanese automation demand, improving Chinese consumer sentiment and results at Bank Central Asia as concerns about IT-services disruption eased. Indian large caps, including Dr. Reddy's Laboratories and HDFC Bank, were weak, but Aikya views the pressure as temporary. July 2026 —
- 1851 Capital 1851 Emerging Companies Fund July 2026 Monthly Report 1851 Emerging Companies Fund cited Bravura Solutions, IRESS, Viva Energy and Coast Entertainment as contributors after trading updates, software sentiment and refining conditions improved. Wagners detracted despite steady east-coast infrastructure indicators, while softer inflation strengthened the case against further rate hikes amid weak domestic trading updates. July 2026 —
- PenderFund Capital Management Ltd. Pender Alternative Special Situations Fund Manager’s Commentary Pender Alternative Special Situations Fund added to Telesat after its Canadian Armed Forces connectivity agreement and backed McDermott’s rights offering as a catalyst for balance-sheet repair and future liquidity. The portfolio raised cash, increased time-bound catalyst exposure and retained hedges amid geopolitical, trade and commodity-market uncertainty. July 2026 NEO $898MVNP $1.9B
- PenderFund Capital Management Ltd. Pender Global Small/Mid Cap Equity Fund Manager’s Commentary Pender Global Small/Mid Cap Equity Fund maintained a defensive stance amid an AI-related rotation out of semiconductor and high-beta technology shares, citing rising debt-funded hyperscaler capex and concerns over investment returns. The fund initiated Auto Trader, added Copart on weakness, sold Kneat.com after its Thoma Bravo takeout, and defended its Generac thesis while Kinaxis raised guidance. July 2026 AUTO $4.9BGNRC $13BKXS $3.4B
- PenderFund Capital Management Ltd. Pender Alternative Multi-Strategy Growth Fund Manager’s Commentary Pender Alternative Multi-Strategy Growth Fund maintained a defensive allocation through volatile energy, trade and leverage-driven markets, with cash and equivalents at approximately 16% of the small-cap portfolio. The strategy adjusted underlying-fund weightings, added several hyperscalers to its select-equity sleeve and retained merger-arbitrage exposure while monitoring correlations and liquidity opportunities. July 2026 —
- PenderFund Capital Management Ltd. Pender Alternative Arbitrage Fund Manager’s Commentary The Pender Alternative Arbitrage Fund added merger positions while redeploying capital from completed deals, concentrating on small and mid-cap transactions with simpler structures. It favours mature SPACs trading below trust value and argues that robust deal activity, cash-backed SPAC structures and greater market dispersion support event-driven strategies. July 2026 —
- Kernow Asset Management Kernow Portfolio July 2026 Kernow Portfolio argues that CMC Markets’ founder-led shift from retail trading into fintech reflects the value of optimism paired with ownership and discipline. It also backs Clarkson as an information network for global shipping, arguing that trade disruption lengthens routes and increases the value of its data and advisory services. July 2026 CKNHF $2.1BCMCX $2.3B
- PenderFund Capital Management Ltd. Pender US Small/Mid Cap Equity Fund Manager’s Commentary, July 2026 Amazon’s accelerating AWS demand and long-lived data-centre infrastructure underpin the fund’s view that AI capital spending can earn attractive returns despite near-term volatility. The portfolio emphasizes smaller companies benefiting from power, cooling, compute and grid-investment demand, including Generac, Fluor, Modine and Microchip. JULY 2026 AMZN $2.7T
- Forager Funds Management Monthly Report | July 2026 Forager International Shares Fund benefited as investor concern over AI spending supported its software investments. OBIC Business Consultants raised prices after reporting profit growth, while Sage Group sustained accelerating organic growth and Tetra Tech built a record engineering backlog. July 2026 —
- Lindsell Train Limited Finsbury Growth & Income Trust PLC Factsheet Finsbury Growth & Income Trust argues that Rightmove’s engagement, proprietary data and AI tools strengthen its platform despite weak UK housing activity. It also cites Sage and LSEG as data-rich incumbents benefiting from AI, and initiated two small new holdings in businesses with underexploited proprietary data. July 2026 RMVEY $3.7BLDNXF $56BSGGEF $13B
- Cantor Fitzgerald Asset Management Strategy & Outlook Market Update Cantor Fitzgerald Asset Management kept its funds at the low end of their asset-allocation ranges, favoring Energy, Utilities, Banks and commodities as oil prices, inflation concerns and long-dated yields rose. It closed its US dollar overweight and further shortened bond duration amid concerns over Federal Reserve credibility, fiscal deficits and renewed geopolitical risk. July 2026 —
- Asset Value Investors Ltd AVI Japanese Special Situations, July 2026 AVI Japanese Special Situations argues that Japanese governance reforms and pressure to deploy idle cash favour value companies with underused assets. It discusses Sanyo Shokai’s new dividend policy and shareholder benefits, Mitsubishi Logistics’ ROE and asset-turnover plans, and Eiken Chemical’s margin setback following its AGM. July 2026 4549 $494M8011 $218M9301 $3.1B
- Lindsell Train Limited UK Equity Fund Monthly Report | Factsheet Rightmove’s resilient consumer engagement and proprietary property data support the view that AI strengthens rather than disintermediates its platform. Sage and London Stock Exchange Group similarly showed how proprietary data and AI tools can support growth, prompting two small new positions in data-rich businesses. July 2026 RMVEY $3.7BLDNXF $56B
- Kaydan Wealth Management July 2026 Market and Economic Update: Mixed Signals and Elevated Valuations July economic conditions combined modest manufacturing improvement with weakening leading indicators, rising consumer and commercial-property delinquencies, and softer employment data. Kaydan Wealth Management maintained a cautious outlook, citing persistent inflation, elevated equity valuations, market concentration and pressure on bonds while using money market holdings in certain IRA accounts. July 2026 —
- Asset Value Investors Ltd AVI Global Trust AVI Global Trust trimmed News Corp after its recovery from the AI-driven sell-off and maintained Vivendi despite Universal Music Group’s weak results, citing deep underlying value but limited confidence in management’s margin discipline. The trust added selectively to Korean holdings after the AI and memory sell-off, while AVI agreed to join Pacific Asset Management without changing its investment teams or process. July 2026 VVVNF $1.6BUNVGY $27B
- Asset Value Investors Ltd AVI Japan Opportunity Trust - July 2026 AVI Japan Opportunity Trust argues that Japanese governance reforms and pressure to deploy idle cash could favour asset-rich value stocks. It discusses Sanyo Shokai’s dividend policy and shareholder benefits, Mitsubishi Logistics’ plans to improve capital efficiency through its real estate assets, and Eiken Chemical’s margin pressure following its AGM and quarterly results. July 2026 4549 $494M8011 $218M9301 $3.1B
- Palm Harbour Capital Fund Commentary July 2026 Palm Harbour Global Value Fund benefited from a rotation away from mega-cap technology, with Youngone, Vår Energi and Samyung Trading among the strongest holdings. Vitzrocell faced profit-taking after margin pressure, FNGuide fell in a South Korean leverage washout, and Vivendi declined after a court ruling and weaker UMG subscription growth. July 2026 064850 $178M082920 $961MVVVNF $1.6B
- Protean Funds Wide Confidence Intervals Protean Funds argues that position sizing should assume investors will sometimes be confidently wrong, after profit warnings at RaySearch and Devyser. Small Cap added to Devyser, rebuilt MT Højgaard and increased real-estate exposure while trimming Truecaller. Select traded Evolution, shorted Industrivärden and added to its Novo Nordisk short after the ZEUS readout. July 2026 DVYSR $89MEVGGF $15BNVO $168B
