Investor Letters

Letters through September 30, 2026

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

Polen Capital 5Perspectives Growth Opportunities Polen 5Perspectives Growth Opportunities – 3Q 2026 Portfolio Manager Commentary Polen 5Perspectives Growth Opportunities shifted exposure from industrial AI infrastructure suppliers toward technology, semiconductor and software businesses positioned to apply AI in their core operations. Twist Bioscience and CrowdStrike supported relative results, while Argan, an underweight Microsoft position and Bloom Energy detracted amid volatile AI-related markets. 3Q 2026 AGX $5.2BBE $70BCRWD $233B
Artisan Partners Artisan Global Discovery Fund Quarterly Commentary Artisan Global Discovery Fund reduced AI-infrastructure exposure by exiting Modine Manufacturing and Monolithic Power Systems, while concentrating capital in Lattice Semiconductor, Entegris and SiTime. The portfolio initiated Manhattan Associates, Okta and Clean Harbors, added to Twilio, West Pharmaceutical and RBC Bearings, and favored company-specific profit cycles amid higher rates, commodity costs and AI spending uncertainty. Q3 2026 CGNX $9.6BCLH $17BCOMP $6.8B
Ophir Asset Management Bond. Treasury Bond: Shares live to die another day. US small caps remain attractive despite the bond-yield shock, Ophir argues, because most portfolio companies are profitable, debt discipline is strict and valuations sit below long-run averages. The managers also point to extreme concentration in AI leaders as a setup that has historically favoured smaller companies after market leadership reverses. September 2026 —
ByteTree The Multi-Asset Investor Quarterly Investor Letter: Q3 2026 The Multi-Asset Investor warns that rising bond yields, narrow equity breadth and elevated valuations have made large, volatile growth stocks unusually dominant and markets fragile. Whisky retains quality equities, tactical value and momentum positions, precious metals, Bitcoin and energy, while Soda prioritises capital preservation and avoids large US technology. Q3 2026 —
Artisan Partners Artisan Global Equity Fund Quarterly Commentary Artisan Global Equity Fund exited CATL, Samsung Electronics and Fujikura after reassessing valuation, AI-capex risks and remaining upside. It added Moody’s, Williams Companies and GRAIL while retaining conviction in electrification, financials, and aerospace and defense, citing grid investment, bank margin expansion and defense demand. Q3 2026 0K36 CYATY $1.5TFJIKY $9.2T
White Brook Capital Third Quarter 2026 Commentary White Brook Capital favors compute enablers and advertising-rich platforms over frontier-model providers, adding Nvidia, Taiwan Semiconductor, SK Hynix, Alphabet and Meta while arguing FuboTV and Netflix can benefit from shifting media economics. Its small-cap strategy retains Perma-Fix, Rapid Micro, Ascent, CareCloud, OptimizeRx and Codexis despite execution delays, capital concerns and policy-driven demand disruptions. Third Quarter 2026 ACNT $123MCCLD $79MCDXS $136M
Lansing Street Advisors Q3 2026 Letter – My Generation Millennial household wealth, income and equity ownership are argued to be outpacing earlier generations at comparable ages, challenging claims that the American Dream has failed. Lansing Street advises investors to remain disciplined through an energy-led inflation shock and market volatility, citing healthy household balance sheets, earnings growth and valuations below prior speculative extremes. Q3 2026 —
Davenport Asset Management FundAdvisor & ETFAdvisor Summary Davenport’s FundAdvisor and ETFAdvisor portfolios retained diversified exposure across styles and market capitalizations as AI leadership broadened beyond mega-cap technology. The managers expect election-related volatility, maintain disciplined rebalancing and selection, and argue that higher bond yields improve the prospective backdrop for fixed income. Third Quarter 2026 —
Davenport Asset Management Quarterly Update Davenport emphasizes narrow equity leadership, rising Treasury yields and oil-driven inflation as pressure on cyclical, consumer and rate-sensitive holdings. The funds added selectively to businesses including ServiceNow, Danaher, Emerson Electric, Brookfield Renewable, MasTec, Fortuna Mining, AECOM and Jacobs, while trimming or exiting positions where valuations, housing exposure or insider signals weakened. Q3 2026 ACM $7.6BACN $138BAMT $86B
Financial Synergies Wealth Advisors Q3 Newsletter Financial Synergies frames tax planning as an ongoing component of portfolio construction, retirement withdrawals, charitable giving and estate transfers. Its market outlook links higher oil prices and Treasury yields to a narrower equity market, pressure on smaller companies and weaker bond prices, while watching whether AI investment converts into revenue and productivity. Q3 2026 —
Polen Capital U.S. Opportunistic High Yield Polen U.S. Opportunistic High Yield – 3Q 2026 Portfolio Manager Commentary Polen U.S. Opportunistic High Yield benefited from income and shorter duration as rising Treasury yields pressured fixed-rate credit. Angus Chemical, Medical Solutions Holdings and Eyecare Partners led contributors, while Scientific Games Lottery, Dexko Global and Asurion detracted; the managers favor bottom-up selection amid widening quality dispersion and constrained refinancing for weaker issuers. 3Q 2026 —
Distillate Capital 2026 Q3 Letter to Investors: AI and Interest Rate Risk Distillate Capital argues that AI-related megacaps have driven an unusually concentrated expansion in U.S. equity valuations while aggregate free cash flow has barely grown. The firm maintains limited exposure to the group, favors cheaply valued businesses with stable cash generation and low leverage, and warns that higher bond yields could compress equity multiples. 2026 Q3 AMZN $2.7TGOOGL $4.3TMETA $1.9T
Ariel Investments Ariel Fund Ariel Fund added to its case for Zebra Technologies, Charles River Laboratories and Bio-Rad after improving results, guidance and operational actions. It exited Leslie’s and sold newly received ADI Global Distribution and Midera Food Processing shares to redeploy capital into higher-conviction holdings amid concerns over leverage, liquidity and weakening operations. Quarter Ended September 30, 2026 BIO $9.7BCRL $15BLESL $1.6M
Rewey Asset Management Third Quarter RAM attributes equity-market weakness to higher Treasury yields following the Iran conflict’s effect on oil and inflation expectations, while arguing that hyperscaler borrowing and data-center construction will sustain upward pressure on long-term rates. The portfolio added five positions and sold two, with new Mayville Engineering exposure based on debt reduction, recovering end markets and data-center equipment demand. 3Q26 MEC $362MAMZN $2.7TGOOGL $4.3T
Chilton Capital Management Portfolio Insight | 3rd Quarter 2026 Chilton Capital Management attributes renewed inflation and higher yields to the Iran conflict, while arguing that AI infrastructure spending and resilient earnings still support equities. The firm expects higher rates to pressure private real-estate valuations but create acquisition opportunities for conservatively financed public REITs. 3rd Quarter 2026 SKHY $701BSSNLF $1410T
Hosking Partners Q3 2026 – Quarterly Report Commentary Hosking Partners argues that AI data-centre investment is creating a capital-heavy, potentially commoditised compute industry. It reduced oil-shipping, energy and memory-semiconductor exposure, while adding selected office-property positions and rotating Japanese gains into smaller deep-value companies. Q3 2026 DHT $4.1BHAFN $5.4BINSW $6.2B
Guinness Global Investors Guinness Global Equity Income Investment Commentary – October 2026 Guinness Global Equity Income replaced Aflac with Nvidia, citing Aflac’s softer underlying growth and Nvidia’s AI-compute position, cash generation and dividend-growth potential. The portfolio retained its quality-income focus while assessing hyperscaler financing commitments, rising bond yields and the potential disruption from Meta’s Muse AI agent. third quarter of 2026 ABBNY $170BAFL $59BCME $103B
Patient Capital Management 3Q26 Portfolio Activity & Attribution Opportunity Equity added Broadcom and rolled Meta call options into longer-dated contracts, while selling Illumina, JD.com and Genius Sports to fund higher-conviction ideas. The strategy argues that discounted Adobe and payments businesses retain durable cash generation, and that Precigen, QXO, Norwegian Cruise Line and UnitedHealth have identifiable paths to value creation despite near-term concerns. 3Q26 ADBE $98BADYEN $34BAVGO $1.6T
Wedgewood Partners Bad Moon Rising Wedgewood added TJX Companies and Hermès, increased Amazon, and sold Copart while trimming Meta Platforms. The portfolio argues that Microsoft, Meta, Apple, Amazon, and Motorola Solutions can compound returns on AI investment, while Toll Brothers, Old Dominion, Taiwan Semiconductor, Hermès, and United Rentals retain durable operating advantages despite market pressure. Third Quarter 2026 MSI $74BAAPL $5TAMZN $2.7T
Artisan Partners Artisan International Fund Quarterly Commentary Artisan International Fund exited CATL, Samsung Electronics and Fujikura after reassessing valuation, memory-cycle and AI-capex risks. It added Standard Chartered, Williams and Enbridge, while maintaining conviction in electrification, financials, and aerospace and defense, with grid investment and bank margin expansion central to the thesis. Q3 2026 CYATY $1.5TENB $107BFJIKY $9.2T
Artisan Partners Artisan Mid Cap Fund Quarterly Commentary Artisan Mid Cap Fund favored company-specific profit cycles, adding to Lattice Semiconductor, Robinhood, Compass and Twilio while initiating Manhattan Associates, Okta and Clean Harbors. The portfolio exited Monolithic Power Systems, FTAI Aviation and Ionis Pharmaceuticals, and reduced AI-infrastructure exposure in favor of higher-conviction franchises and selective vertical software holdings. Q3 2026 CLH $17BCOMP $6.8BFTAI $17B
Frank Capital Partners Frank Value Fund Q3 2026 Letter to Shareholders Frank Value Fund argues that Spectrum Brands, H&R Block and Talen Energy can compound shareholder value through aggressive repurchases at low valuations. The fund expects the gap between value stocks and AI-focused shares to narrow as AI enthusiasm faces higher rates, credit concerns, datacenter opposition and model commoditization. Q3 2026 SPB $1.8BHRB $6BTLN $17B
Asset Value Investors Ltd AVI Worldwide Opportunities Fund AVI Worldwide Opportunities Fund focused on closed-end funds where wide discounts, M&A, wind-downs and buybacks can unlock value. It pressed Gresham House Energy Storage on a sale, added to Chrysalis despite its widening discount, and pursued stronger capital-return policies at Baker Steel Resources Trust while exiting Taylor Maritime Investments. Q3 2026 —
Asset Value Investors Ltd AVI Global Special Situations AVI Global Special Situations sold approximately two thirds of its Christian Dior holding after the Arnault family proposed a cash offer, retaining a residual stake for later monetisation. The fund established Bio-Rad Labs as a discounted sum-of-the-parts opportunity, citing its Sartorius stake, operational restructuring and potential catalysts around ownership and asset monetisation. September 2026 CHDRF $85BSIEVF $10BSOAGY $17B
Smead Capital Management 3Q26 U.S. Value Strategy Newsletter: Breaking the Fever Smead Capital Management argues that AI data-center spending, federal deficits and concentrated leadership have created a stock-market fever amid higher interest rates. The strategy favors industries with current owner earnings and free cash flow, including interest-rate-sensitive homebuilders, while avoiding long-duration growth businesses. 3Q26 —
Smead Capital Management 3Q26 International Value Strategy Newsletter: Being Greedy When Mr. Market Doesn’t Understand Cenovus is held as oil-sands consolidation, high returns on capital and buybacks support a premium valuation despite lower oil-price scenarios. UniCredit is positioned to consolidate Commerzbank and potentially Alpha Bank, while the strategy waits for market recognition of Autotrader, Burberry and West Fraser Timber. 3Q26 CVE $61BUCG $29B
Jemekk Capital Management Q3 2026 Commentary Jemekk Hedge Fund added WSP Global and maintained its core MDA Space position after MDA’s acquisitions broadened its space and geointelligence platform. The portfolio favors precious metals, defence and selected resources, while using index hedges against risks from energy disruption, tighter financial conditions and concentrated AI-led market leadership. Q3 2026 MDA $4.7BWSP $15B
Nixon Capital September 2026, Third Quarter Nixon Capital exited PayPal after its investment thesis broke down, while retaining four other major holdings whose valuations it sees as offering greater upside. The firm attributes headwinds to higher Treasury yields and oil prices, and reiterates its discipline on valuation, thesis reassessment and long-term compounding. Third Quarter 2026 BRK.A $1.1TPYPL $48B
Southeastern Asset Management Longleaf Partners Global Fund 3Q26 Commentary The Global Fund argues that temporary earnings resets and market dislocations have widened discounts to intrinsic value across holdings including Mattel, IDP Education, Rayonier and Albertsons. It added to Fortune Brands and Canal+, bought Universal Music Group and another undisclosed Asian investment, and exited Glanbia after its shares exceeded appraisal value. 3Q26 ACI $6.3BFBIN $4.8BGPAGF $4.3B
Southeastern Asset Management Longleaf Partners Small-Cap Fund 3Q26 Commentary Longleaf Small-Cap Fund argues that a wide gap between share prices and appraised value reflects temporary earnings disappointments and misplaced market fears rather than lasting impairment. The portfolio added a new free-cash-flow-generating position, increased engagement with holdings including Mattel and Empire State Realty, and expects catalysts such as asset sales, buybacks and strategic interest to close valuation discounts. 3Q26 MAT $4.8BBATRA $3.6BBCCLF $2.8B
Southeastern Asset Management Longleaf Partners Fund 3Q26 Commentary Longleaf Partners Fund argues that short-term earnings disappointments at Mattel, Rayonier, Fortune Brands and Albertsons obscure their long-term value, while stronger operators including People, MGM, Abbott, EXOR and CNX remain mispriced. The fund added Universal Music Group, trimmed Avantor near appraisal value and increased Fortune Brands after its decline. 3Q26 ABT $178BACI $6.3BAVTR $11B
Robinson Capital Management Q3 2026 Manager Commentary The Robinson Opportunistic Income Fund increased overweight positions in closed-end funds holding less-liquid private debt, CLOs and floating-rate loans after discount widening created what it viewed as an attractive entry point. The portfolio retains credit and duration hedges while seeking to capture unusually wide taxable-credit CEF discounts amid persistent inflation, rising Treasury yields and tight credit spreads. Q3 2026 —
Stonehearth Capital Management Quarterly Market Commentary - Q3 2026 U.S. equities were supported by earnings expectations and resilient economic activity, but leadership narrowed around Technology and Energy as value outpaced growth. Higher yields and persistent inflation pressured bonds and rate-sensitive sectors, while commodity strength reflected tight energy products, agricultural supplies and constrained metals production. Q3 2026 —
Fiduciary Management Q3 2026 Investment Strategy Outlook Fiduciary Management argues that AI enthusiasm has concentrated market leadership and indiscriminately punished businesses perceived as vulnerable to disruption. It built positions in Jack Henry, CDW, and RELX, contending that their entrenched customer relationships, proprietary data, and AI-enabled products make the selloffs unjustified. Q3 2026 CDW $19BJKHY $11BRELX $64B
Asset Value Investors Ltd AVI Global Trust AVI Global Trust sold approximately two thirds of Christian Dior after the Arnault family proposed a cash offer, retaining a toehold while criticising the timing against depressed LVMH shares. It established Bio-Rad Labs as a discounted sum-of-the-parts investment, expecting restructuring, potential Sartorius monetisation and activist pressure to narrow the valuation gap. September 2026 CHDRF $85BLVMUY $218BSOAGY $17B
Asset Value Investors Ltd MIGO Opportunities Trust MIGO Opportunities Trust added to Chrysalis Investments amid a widening discount and increased Tufton Assets, while fully exiting Taylor Maritime Investments. The trust pressed Gresham House Energy Storage and Baker Steel Resources Trust on value-realisation measures, and sees corporate activity, buybacks and asset sales as catalysts across closed-end funds. Q3 2026 BSRT $181MCHRY $427MENRG $349M
Asset Value Investors Ltd AVI Japan Opportunity Trust AVI Japan Opportunity Trust welcomed MBK Partners’ tender offer for Sharingtechnology after engaging on strategy, capital allocation and shareholder value. The portfolio argued that higher Japanese interest rates raise the cost of idle corporate assets, while Broadmedia, Foster Electric and Sanyo Shokai remained active engagement cases around profitability, capital efficiency and strategic plans. September 2026 3989 $234M4347 $83M6794 $470M
Latitude Investment Management Investing in Singularity Latitude Global Fund argues that AI-led markets have obscured resilient businesses outside the AI trade. It criticises Adobe and Nike for extractive pricing that weakened their competitive moats, while presenting Tesco as a dominant, inexpensive staple with strong underlying momentum. Q3 2026 ADBE $98BNKE $52BTSCDF $45B
Shelton Capital Management Shelton Tactical Credit Fund 3Q 2026 Commentary Shelton Tactical Credit Fund added to high-conviction credits during the rates-driven selloff, using a large cash balance, short duration and hedges to manage volatility. The fund favors shorter-duration BBB and BB bonds, select single-B and CCC credits with credit-improvement catalysts, and event-driven investments while preparing to add duration opportunistically. 3Q 2026 —
Fenimore Asset Management Quarterly Investment Commentary Fenimore attributes uneven portfolio results to narrow market leadership, higher rates and sentiment-driven weakness despite durable business fundamentals. The firm sold CBIZ and Baldwin Insurance Group following acquisition announcements, initiated positions including Mobility Global, Houlihan Lokey and UL Solutions, and remained selective as AI infrastructure spending broadened beyond technology. Q3 2026 BN $82BMBGL $5.5BMLM $33B
Weitz Investment Management The Price of Enthusiasm Value investors argue that enthusiasm for artificial-intelligence beneficiaries has outrun fundamentals, leaving overlooked non-AI businesses at more attractive valuations. They are monitoring AI capital spending, safety concerns and corporate adoption while seeking to sell overvalued assets and buy undervalued ones amid expected volatility. 3rd quarter 2026 —
FPA Crescent Fund FPA Crescent Fund 3Q26 Commentary FPA Crescent Fund trimmed AI-associated holdings and added Boston Scientific, HCA, Core & Main, Fluidra and JBT Marel. It put cash to work in short-term Treasuries and TIPS, while preparing to assess credit-market dislocations and building several new positions at what it views as sensible valuations. 3Q26 028260 $36BADI $192BCHTR $13B
Brighton Jones Our 2026 Q3 Investment Update Third-quarter market conditions pushed long-term Treasury yields higher as the Iran conflict lifted energy prices and revived inflation concerns. Brighton Jones retained broad maturity exposure, floating-rate bonds and a moderate risk posture, arguing that diversification avoids reliance on interest-rate, currency or inflation forecasts. 2026 Q3 —
Diranko Capital Quarterly Letter Q3 2026 Diranko Capital sold Lifecore Biomedical after Webster Equity Partners’ bid offered limited value for opaque contingent payments, validating its emphasis on buying below replacement cost. It also built Ashtead Technology around mission-critical offshore equipment, monopoly-like pricing power and industry consolidation before an indicative takeover approach emerged. Q3 2026 AT $561MLFCR $244M
Oldfield Partners Overstone World All Cap Equity Fund 3Q 2026 Commentary Overstone World All Cap Equity Fund increased its positions in Stellantis and Marston’s, judging both seriously undervalued despite competitive and cost pressures. It sees UK and selected emerging-market equities as relatively cheap, argues Value turned in April 2025, and expects a multi-year phase as US exceptionalism weakens. 3Q 2026 —
North Sky Capital 3rd Quarter 2026 The Automation Age North Sky Capital argues that AI, robotics and autonomous vehicles will require major investment in electricity generation, storage, grid infrastructure and data centers. The firm deployed Sustainable Infrastructure Fund IV into OBE Power, pursued solar, battery and EV-charging opportunities, and positioned its secondaries strategy around mature climate-tech assets and continuation vehicles. 3rd Quarter 2026 —
TIFF Investment Management 3rd Quarter 2026 CIO Commentary TIFF increased AI-related passive equity exposure during July's weakness while retaining an underweight stance toward semiconductor exposure. It raised bond duration after Treasury yields reached long-term highs, added specialist public-equity and diversifier managers, and continued sourcing private-market opportunities through independent sponsors. 3rd Quarter 2026 —
Stone Sentinel Capital Pitch, know, invest: Q326 letter to partners Stone Sentinel Capital argues that compelling AI narratives and specialist knowledge cannot substitute for risk controls, updating and room for error. It sold Ascentech after reassessing revenue quality and governance, retains Marex and Protasco, and initiated Chien Kuo Construction for its contractor operations, customer-deposit investment float and asset-backed valuation. Q326 5515 $315M3565 $141M
Muhlenkamp & Company Quarterly Letter, October 2025 Muhlenkamp & Company expects manufacturing to improve and avert a recession, while policy uncertainty has delayed corporate capital spending. The firm added selectively to healthcare and materials, retained gold miners and royalty companies, and warns that elevated equity valuations and AI infrastructure spending have boom-and-bust characteristics. Q3 2025 —
The London Company 2026 Q3 Quarterly Letter The London Company argues that a split market has concentrated leadership in mega-cap AI stocks and energy while many high-quality businesses have repriced lower. It retained its quality and balance-sheet discipline, accepting underweights to energy, banks and speculative software while seeking opportunities beyond the crowded leaders. 2026 Q3 —
Greenwood Gearhart Third Quarter 2026: Market Commentary Corporate earnings and AI-driven data-center demand supported a narrow group of large stocks while higher oil prices, tariffs and renewed Iranian conflict lifted inflation expectations and bond yields. The commentary favors diversification and patience as household pressure intensifies and investors assess inflation, rates, Iran and AI investment economics. third quarter 2026 —
Hood River Capital Management International Opportunity Fund Commentary – Q3 2026 The International Opportunity Fund reduced its technology and industrials overweights and redeployed capital into materials, financials, consumer and healthcare businesses with attractive valuations and improving outlooks. It identified Angel One, Electro Optic Systems and EQ Resources as opportunities tied to Indian trading markets, defense technology and non-Chinese tungsten supply. Q3 2026 EOPSF $1.5BEQR $1B
Hood River Capital Management New Opportunities Fund Commentary – Q3 2026 The Hood River New Opportunities Fund trimmed appreciated positions before a momentum reversal hurt AI-related and defense holdings. The managers retained their AI exposure, exited a defense position facing margin risk, added to improving defense businesses, and favored selective biopharma companies with product ramps and visible profitability. Q3 2026 —
Hood River Capital Management Small Cap Growth Fund Commentary – Q3 2026 The Hood River U.S. Small Cap Growth Fund was hurt by a momentum reversal that hit long-term winners, despite generally solid portfolio-company earnings and demand. The managers trimmed appreciated holdings, exited a defense position exposed to contract-margin risk, and retained conviction in AI-related businesses whose contracted revenue and valuations remain attractive. Q3 2026 —
Mar Vista Investment Partners U.S. Quality Premier Portfolio Commentary U.S. Quality Premier initiated StandardAero and exited Oracle after its appreciation reduced the margin of safety. The portfolio favors AI infrastructure suppliers including Microsoft and NVIDIA, while expecting Mettler-Toledo to benefit from AI-enabled pharmaceutical research. Mar Vista grew more cautious on market valuations, rates and energy costs. third quarter 2026 GEV $251BMSFT $4TMTD $32B
Mar Vista Investment Partners U.S. Quality Portfolio Commentary Mar Vista’s U.S. Quality strategy added to NVIDIA, trimmed Apple and exited Oracle after its valuation reduced the margin of safety. The portfolio favors AI infrastructure beneficiaries and businesses that can improve productivity through AI, while taking greater caution on rates, energy costs and elevated market valuations. third quarter 2026 AAPL $5TMSFT $4TNVDA $5.2T
Kingdom Capital Advisors Q3 2026 Investor Letter Kingdom Capital Advisors attributes the drawdown chiefly to Entravision and Beasley Broadcasting, arguing that Smadex’s ad-tech franchise is misunderstood and that Beasley must still monetize assets. The portfolio retains positions in UNFI, Magnera and NLOP, while awaiting catalysts at Enviri, Monro and Harbor Diversified. Q3 2026 BBGI $18MEVC $606MMAGN $393M
Advisory Research Select Dividend Q3 2026 Investor Letter Select Dividend strategies favor globally diversified dividend growers over high-yielding, low-growth value traps while retaining exposure to AI-driven earnings growth. The commentary warns that accelerated index inclusion of SpaceX, OpenAI and Anthropic could force passive investors into thinly floated IPOs, and argues that inflationary AI capex supports equities over bonds. Q3 2026 —
Muhlenkamp & Company Quarterly Letter, October 2026 The portfolio added an integrated oil company as a hedge against a prolonged Iran war and higher oil prices, while buying software and animal-health companies at attractive valuations. It retained low direct AI exposure and unchanged gold-related holdings amid persistent inflation, rising rates and tariff disruption. 3rd quarter 2026 —
Regency Wealth Management Won’t Get Fooled Again Regency Wealth Management examines the US national debt, arguing that stronger growth, fiscal discipline and inflation are the principal historical routes to reducing debt burdens. It maintains a diversified, quality-focused approach emphasizing cash flows, valuations, balance-sheet strength, high-quality bonds and US Treasuries amid elevated long-term rates. Third Quarter 2026 —
Vltava Fund Tadej Pogačar and Investing in Stocks Vltava Fund sold Jungfraubahn after its valuation became expensive and bought Auto Trader, citing its dominant UK vehicle marketplace, recurring dealer revenue and network effects. The fund argues that cash, low leverage, liquidity and selective diversification protect against ruin. It also warns that AI infrastructure spending may temporarily inflate corporate profits before depreciation costs emerge. 3/2026 AMZN $2.7TATDRF $3.9BGOOGL $4.3T
QuantStreet Capital October 2026 Update QuantStreet attributes September’s market split to investor financing of the AI buildout while questioning why expected productivity gains have not yet lifted non-tech companies. It retains overweight value and low-volatility exposure, keeps tech in higher-risk portfolios, and modestly extends fixed-income duration while remaining underweight relative to benchmarks. September of 2026 —
Cedar Grove Capital Management Q3’2026 Cedar Grove increased gross leverage and added Zedcor, OneSpaWorld and Auxly while closing several special-situation and biotech holdings. The portfolio argues that Evolv Technologies and The RealReal retain improving operating fundamentals despite rate-driven valuation pressure, with recurring revenue and marketplace efficiency as the central theses. Q3 2026 EVLV $753MABVX $7.5BAXON $33B
Protean Funds No Crying In The Casino Protean Funds argues that short-term stock moves resemble a casino’s random noise, while durable free cash flow determines long-run outcomes. Small Cap added Bonava, Smartoptics and Scandic Hotels and sold Rejlers, while Select trimmed DSV, retained Devyser cautiously and built a position in Neste ahead of a potential diesel squeeze. September 2026 0RD7 0RHA DSV $42B
Broadleaf Partners Growth Equity Portfolio Third Quarter Review Broadleaf frames the economy as still expanding despite consumer cost pressures, and expects post-election clarity and a potential end to the Iran war to support demand. It argues that AI investment remains viable as hyperscalers demonstrate infrastructure demand, revenue opportunities and more credible paths to returns on capital. Third Quarter 2026 —
Patient Capital Management 3Q26 Quarterly Market Review U.S. equities extended their advance as Energy leadership returned amid renewed Iran-war escalation and crude prices above $100 per barrel. Patient Capital Management cites easing inflation, resilient employment and GDP, weaker consumer sentiment, rising Treasury yields, and the Federal Reserve's first rate increase since 2023. third quarter of 2026 —
Fiera Capital Investment Outlook and Portfolio Strategy Q3 2026 Fiera Capital maintains defensive equity and bond positioning as elevated inflation, trade uncertainty and a fragile U.S.-Iran peace accord limit the scope for central-bank easing. It favours cash, private credit, real assets and private equity to strengthen portfolio resilience amid higher rates and stretched public-market valuations. Q3 2026 —
Andrew Hill Investment Advisors 2026 Q3 Client Letter Andrew Hill Investment Advisors increased emphasis on high-grade corporate bonds, cash buffers and AI-adjacent energy exposure as oil, inflation and higher rates complicated the outlook. The firm argues that Nvidia, Microsoft, Arista Networks, Eli Lilly and Vertex Pharmaceuticals remain durable beneficiaries of AI infrastructure and biotechnology trends while maintaining caution on broad equities. third quarter of 2026 AAPL $5TADP $110BANET $234B
Confluence Investment Management Asset Allocation Quarterly (Third Quarter 2026) Confluence Investment Management increased small- and mid-cap exposure, shifted its aerospace and defense holding to an equal-weighted vehicle, and added emerging markets in the Aggressive Growth portfolio. It retained a preference for energy, industrials, Treasurys, agency MBS and gold, while exiting gold miners and platinum amid expectations for broader equity leadership and persistently elevated inflation. Third Quarter 2026 —
Crossroads Capital, LLC Crossroads Capital, LLC Q3 2026 Letter — Crossroads Capital Investment Partners, LP scanned Q3 2026 —
Confluence Investment Management Asset Allocation Quarterly, Third Quarter 2026 Confluence's asset-allocation strategies increased equity exposure, adding domestic small and mid-cap stocks and initiating emerging-market exposure in Aggressive Growth as market leadership broadens. The portfolios favor equities, Treasurys, agency mortgage-backed securities, and gold, while reducing commodities, exiting platinum, and avoiding tight-spread investment-grade corporate credit. The outlook calls for continued economic expansion, persistent above-target inflation, and a cautious Federal Reserve. Third Quarter 2026 —