Fundsmith, an investment management firm based in London, has released its second-quarter 2026 investor letter for its "Fundsmith Equity Fund." A copy of the letter can be downloaded here. The Fund returned -2.9% in the first half of 2026, underperforming the MSCI World Index by 14.1 percentage points, driven by challenges from a momentum-driven market dominated by passive index funds and AI-related exuberance. The letter discusses the rise of passive investing, noting that index funds now resemble active funds, concentrating heavily in a few sectors and stocks. Due to increased market volatility and a 51% portfolio turnover in the first half of the year, the firm plans to adopt a more active approach, incorporating momentum while maintaining its core mantra: buy good companies, don't overpay, and do little. In addition, please check the Firm's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Fundsmith Equity Fund highlighted Uber Technologies, Inc. (NYSE:UBER) as a newly added position. Uber Technologies, Inc. (NYSE:UBER) is a multinational technology company that offers ridesharing, food delivery, freight, and other services. On July 31, 2026, Uber Technologies, Inc. (NYSE:UBER) closed at $70.36 per share, reflecting a market capitalization of $143.22 billion. Uber Technologies, Inc. (NYSE:UBER) posted a one-month return of -2.84%, while its shares lost 20.43% over the past 52 weeks.
Fundsmith Equity Fund stated the following regarding Uber Technologies, Inc. (NYSE:UBER) in its Q2 2026 investor update:
"Uber Technologies, Inc. (NYSE:UBER) – Uber operates a platform that connects users with ride-hailing and food-delivery drivers. It relies on a two-sided network effect: more drivers mean shorter wait times, which attracts more riders, making the platform highly sticky and difficult for local competitors to disrupt. Now that most of these challengers (Karhoo, Sidecar, Juno, Fasten, Hailo, etc.) have disappeared and Uber has survived, the network effects become very attractive. This is shown in the company's cash from operations, which went from -$4.3bn in 2019 to -$445m in 2021 (last year of negative) to $3.6bn in 2023 and over $10bn in 2025. Uber's logistics network is massive, coordinating roughly 42m trips and delivery orders every single day globally. Future growth opportunities include expanding into grocery and package delivery and eventually integrating autonomous (self-driving) vehicles ('AVs') into their fleet to drastically lower costs. Some see AVs as a threat to Uber, but we think it is more likely that Tesla, Waymo, etc., will use Uber's distribution and global licenses to reach customers and maximise their ****** et usage rather than having to get licenses, build an app, and get tens of millions of people to download. ROIC: mid 20s, FCF yield: 7.4%."

#technologies

Fundsmith, an investment management firm based in London, has released its second-quarter 2026 investor letter for its "Fundsmith Equity Fund." A copy of the letter can be downloaded here. The Fund returned -2.9% in the first half of 2026, underperforming the MSCI World Index by 14.1 percentage points, driven by challenges from a momentum-driven market dominated by passive index funds and AI-related exuberance. The letter discusses the rise of passive investing, noting that index funds now resemble active funds, concentrating heavily in a few sectors and stocks. Due to increased market volatility and a 51% portfolio turnover in the first half of the year, the firm plans to adopt a more active approach, incorporating momentum while maintaining its core mantra: buy good companies, don't overpay, and do little. In addition, please check the Firm's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Fundsmith Equity Fund highlighted Mastercard Incorporated (NYSE:MA) as a newly added position. Mastercard Incorporated (NYSE:MA) is a leading global payment technology company that provides transaction processing and other payment-related products and services. On July 31, 2026, Mastercard Incorporated (NYSE:MA) closed at $573.10 per share, reflecting a market capitalization of $502.04 billion. Mastercard Incorporated (NYSE:MA) posted a one-month return of 7.50%, while its shares gained 0.58% over the past 52 weeks.
Fundsmith Equity Fund stated the following regarding Mastercard Incorporated (NYSE:MA) in its Q2 2026 investor update:
"Mastercard Incorporated (NYSE:MA) – Mastercard operates a digital payment network connecting consumers, merchants, and banks worldwide. It benefits from a classic network effect: the more consumers use the card, the more merchants are forced to accept it, making it difficult for a new entrant to replicate. A new entrant would need to negotiate agreements and integrate its technology with the majority of global financial institutions. While digital payments feel ubiquitous in developed nations, roughly 1.4bn adults globally remain entirely unbanked. Future growth depends on bringing this unbanked population into the financial system, shifting remaining cash transactions to digital payments, and expanding into business-to business payments, a far bigger market than C2C or C2B payments. We now own both Visa and Mastercard in the portfolio as payments is one of the few sectors that we expect to grow no matter what happens with AI, and Mastercard and Visa are equally good businesses. This gives us a way to achieve >6% exposure to payments without excessive stock-specific risk or breaching UCITS concentration rules. Also, with 46% of all global transactions still done in cash and B2B payments 85% of the value of total global payments, there is plenty of room for two companies to grow and compound. ROIC: >75%, FCF yield: 4.5%."

#payments #letter #Equity #global

In an exclusive interview with Meet the Press, Sen. John Kennedy (R-La.) discusses concerns over the Trump administration's so-called "anti-weaponization" fund, the subject of the Senate holdup over Todd Blanche's confirmation as attorney general.

#meet #Trump #discusses

Kevin Warsh's bare-bones communication style has left investors doubting his commitment to curb inflation, putting more pressure on the new Federal Reserve chairman to back up his words with interest-rate hikes.Matt Miskin, Co-Chief Investment Strategist John Hancock Investment Management, discusses the divergent equity and bond reaction this morning to the FOMC decision.

#investment #hancock

This week on the Five Heart Podcast, the Terrific Trio discusses numerous topics of the week.
It is Big Ten Media Days, and Minnie, Fred, and Greg will provide any necessary updates from Chicago.
Also, the Huskers defensive unit this past week was given the moniker of "potentially elite." Now part of that will be new Defensive Coordinator Rob Aurich, who has a history of elevating defenses of the teams he has coached. But another part of that will be added depth across the defensive squad, as there were eight players added to the defensive side of the ball this transfer portal season. How will the new additions merge with the players on the roster to bring about the best version of the Blackshirts?
Meanwhile, down South, a former Nebraska defender is involved in a lawsuit from his most recent school after jumping from Ole Miss to LSU on the coattails of his head coach. How will it all play out for him and others in this breach of contract lawsuit?
More Big Ten football teams are selling ad ******* e on their jerseys. Who are the newest? And what business would do the same for Nebraska?

#part #heart

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On this episode of the Managing Madrid Podcast, Kiyan Sobhani discusses:
The incredible business model of the Real Madrid academy
How the Gonzalo Garcia deal works: the rights, future scenarios, etc
Cesar Palacios

#podcast

Please note: Ross discusses suicide during the Mr Vegas section of this week's podcast. Please listen or skip as best fits your situation.
A rush of Reading news besets the boys this week, both on and off the field. There's a recap of the preseason friendlies with Newport County and Woking – both of which Ben attended. Then off the field, Reading release a new kit and announce a new front-of-shirt sponsor: gambling site Mr Vegas.
And in horse news, Long Kelvin leaves RG2 and English shores altogether, signing with Danish club AC Horsens. Is this good business, and how hard will Ehibhatiomhan be to replace?
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Thank you to The Amazons for providing the theme song.

#reading #field #county #woking

The EMA GARP Fund, managed by Equity Management ****** ociates, recently released its second-quarter investor letter for 2026. The letter can be downloaded here. The letter emphasizes that capital expenditures in artificial intelligence (AI) are driving growth and earnings, despite extreme valuations in the U.S. market, which resemble a bubble-like situation. It also discusses the impact of passive ETF flows, fiscal deficits, and inflationary policies. For the quarter, the Fund's value decreased by 20.00%, and it is down 21.96% for the first half of the year, even though AI and related growth stocks were prominent during Q2. Additionally, the firm identified precious metals miners as a potentially strong investment, noting that they are significantly undervalued and present substantial asymmetrical opportunities. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, the EMA GARP Fund highlighted Aris Mining Corporation (NYSE:ARIS). Aris Mining Corporation (NYSE:ARIS) is a Canadian gold miner that engages in the acquisition, exploration, development, and operation of gold properties. On July 27, 2026, Aris Mining Corporation (NYSE:ARIS) closed at $14.86 per share, reflecting a market capitalization of $3.06 billion. Aris Mining Corporation (NYSE:ARIS) posted a one-month return of -0.34%, while its shares gained 106.68% over the past 52 weeks.
The EMA GARP Fund stated the following regarding Aris Mining Corporation (NYSE:ARIS) in its Q2 2026 investor update:
"The miners are way, way too cheap at present gold and silver prices. And their earnings outlook is robust at higher bullion prices given the substantial operating leverage. Miner industry profitability is as good as it's been at any point in the last 25 years. Two Miner Case Studies are outlined – Aris Mining Corporation (NYSE:ARIS) and Avino. Crazy cheap and massive asymmetry.
Aris is an emerging mid-tier producer with two operating mines in Colombia (Marmato and Segovia) and two large development projects, one in Colombia and one in Guyana. In 2025, they produced 257,000 ounces of gold. Their average selling cost was $3,526/ounce and their average mining cost (AISC) was $1,705/ounce. So, their gross mine profit was $467 million. In 2026, they have guided production between 300,000 and 350,000 ounces at similar costs. The mid-point of guidance equals a 26% growth in ounces produced. They have plans to increase the production in the existing mines after 2026 and their target is to become a 1 million ounce producer within 5 years. In the Q1 2026, they generated EBITDA of $212 million (a run rate of $800 million per year which is the same as the Bloomberg consensus estimates). So, the Company is trading at only 3.75x EBITDA. This compares favorably to the average EBITDA multiple of the S&P 500 which is currently 17x and even more so compared to the MAG-7 stocks which trade at an average multiple of 28x..." (Click here to r

The EMA GARP Fund, managed by Equity Management ******* ociates, recently released its second-quarter investor letter for 2026. The letter can be downloaded here. The letter emphasizes that capital expenditures in artificial intelligence (AI) are driving growth and earnings, despite extreme valuations in the U.S. market, which resemble a bubble-like situation. It also discusses the impact of passive ETF flows, fiscal deficits, and inflationary policies. For the quarter, the Fund's value decreased by 20.00%, and it is down 21.96% for the first half of the year, even though AI and related growth stocks were prominent during Q2. Additionally, the firm identified precious metals miners as a potentially strong investment, noting that they are significantly undervalued and present substantial asymmetrical opportunities. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, EMA GARP Fund highlighted Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM). Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) is a Canadian precious metal mining company that engages in the acquisition, exploration, and advancement of mineral properties. On July 24, 2026, Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) closed at $5.63 per share, reflecting a market capitalization of $986.77 million. Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) posted a one-month return of -10.21%, while its shares gained 69.07% over the past 52 weeks.
EMA GARP Fund stated the following regarding Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) in its Q2 2026 investor update:
"The miners are way, way too cheap at present gold and silver prices. And their earnings outlook is robust at higher bullion prices given the substantial operating leverage. Miner industry profitability is as good as it's been at any point in the last 25 years. Two Miner Case Studies are outlined – Aris and Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM). Crazy cheap and massive asymmetry.
Avino Silver and Gold is a mid-tier producer of mostly silver with some gold and copper credits. They operate two mines which share one mill in Mexico's Durango Province, a generally safe area free of cartel activity. In calendar 2025, they produced 2.6 million silver equivalent ounces at an average cost (AISC) of $23.75/ounce. With an average silver selling price of $44.70 per ounce during the year their average margin was $20.95/ounce. So, at the mine operating level they had contribution of $54 million. After SG&A, EBITDA for 2025 was $28.5 million. However silver prices today ($60/ounce) are substantially above last year's average price and in Q1 of 2026 they had EBITDA of $20 million. Bloomberg ******* yst's consensus for 2026 EBITDA is $80 million. So, the Company is trading at 12.5x EBITDA…." (Click here to read the full text)

#silver #Gold #fund #letter

The Chicago Bears are back at Halas Hall for the start of training camp, with the first practice set to take place on Wednesday. Before the players hit the field, though, general manager Ryan Poles met with the media on Tuesday to discuss a number of topics, including injuries, position battles, and more.
One notable topic is the possibility of extending right tackle Darnell Wright, who became eligible for a new deal this offseason. Wright has been the entrenched starter since coming into the league as the No. 10 overall pick in 2023 and is coming off his best season as a pro.
Poles acknowledged the Bears want Wright to be with the team long-term but stated it takes two sides to get a deal done and the window is limited. "There's a window to get a deal done. At some point, we have to go play football. So we will figure that out. Darnell is a guy we want here for the long term," Poles said via Bear Report's Zack Pearson. He also maintained that Wright needs to play with more consistency going into 2026. "We see the flashes and stacks of plays he puts together. He needs to be consistent day-in, day-out," he said via Shaw Media's Michal Dwojak.
Wright played in 16 games last season and allowed just three sacks, three QB hits, and 19 pressures. His main issue continues to be penalties, which he had 12 of in 2025. Still, Wright earned Second-Team All-Pro for his play on the offensive line and, at 24 years old, is just hitting his prime. The Bears did pick up Wright's fifth-year option, ensuring he remains with the Bears through the 2027 season. Hopefully the two sides come to an agreement sooner rather than later to keep him around longer than that.
This article originally appeared on Bears Wire: Bears GM Ryan Poles discusses possible extension for Darnell Wright

#poles #team

Marques Colston spent a decade building one of the most accomplished careers in New Orleans Saints history. Today, he's applying those same principles of discipline, patience, and long-term thinking to investing.
The former NFL star joins Portfolio Players to discuss the launch of Champions Fund, a fund designed to give athletes and everyday investors access to sports-related opportunities. Colston explains why too many athletes are treated as brand ambassadors rather than true investors, how he navigated the business world after football, and why creating access has become central to his mission.
Colston also shares lessons from owning arena football teams, investing in companies like Fathead and SI Tickets, and taking a stake in English soccer club Ipswich Town. He discusses the growing appeal of sports as an **** et class, the rise of women's sports, and why opportunities outside the major leagues may offer the greatest upside for investors.
Portfolio Players, presented by E*TRADE from Morgan Stanley, explores how institutional capital, cultural momentum, and strategic ownership are redefining the business of sports.

#sports

Bond traders and Federal Reserve Chairman Kevin Warsh are in agreement on a crucial point: The central bank's fight against inflation still seems far from over. The Labor Department report that US consumer prices in June saw the first monthly drop since 2020 was met with relief in financial markets, where investors last week rapidly unwound bets that the central bank might start raising interest rates later this month. Rob Sockin, Chief Economist at PGIM, discusses his base case of three rate hikes in 2026.

#bond #labor #june

Of the many shocking moments in Michigan State athletics this decade, perhaps the most surprising was the decision of MSU basketball star Tre Holloman to leave Michigan State by way of the transfer portal for NC State. Holloman was a beloved Spartan, and MSU fans were in uproar over the decision in what became an extremely divisive moment in MSU basketball history.
Now, Tre Holloman is back in Lansing, where he lives and raises his daughter, and was in attendance at this week's Moneyball Pro-Am. Naturally, Holloman was asked about the decision to leave, along with a potential return if the NCAA allows players like him and Jaxon Kohler to have one more year of eligibility.
Holloman laughed and said 'no comment' when asked if he regretted his decision to leave, and said that if there was a good plan for him at MSU, he would love to come back for one more season if he had the chance. You can watch the full clip below:
Contact/Follow us The SpartansWire on X, and like our page on Facebook to follow ongoing coverage of Michigan State news, notes, and opinion. You can also follow Andrew Brewster on Twitter IAmBrewster.
This article originally appeared on Spartans Wire: Tre Holloman discusses decision to leave MSU, potential return

#state #Basketball

L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter discusses the current investment environment as a 'two-speed' but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a 'narrow' character, marked by high exuberance and ****** ounced over-pessimism. Against this backdrop, the Fund returned +2.6% (net of fees) during the June 2026 quarter, compared to the benchmark return of +12.5% (all in A$). The underperformance was driven more by which investments were not held in the Fund. The Fund remains focused on quality, valuation and the avoidance of permanent capital loss, and believes the portfolio is positioned to deliver attractive risk-adjusted returns for patient investors. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, L1 Capital International Fund highlighted Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the world's leading contract chip manufacturer, producing advanced semiconductors for major global technology companies. On July 17, 2026, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) closed at $398.37 per share. One-month return of Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) was -12.50%, and its shares gained 71.32% over the past 52 weeks. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) has a market capitalization of $2.07 trillion.
L1 Capital International Fund stated the following regarding Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Q2 2026 investor update:
"At an individual stock level, while the Fund had more positive contributors than negative detractors to returns, quarterly performance was again mixed. TSMC contributed more than 2.0% to the Fund's returns (measured in A$). Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), and to a lesser extent Nvidia, benefitted from the market favouring AI capex winners. Our valuation of both businesses continues to increase. Nvidia and TSMC are currently top 5 holdings in the Fund."
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is in 6th position on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 234 hedge fund portfolios held Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) at the end of the first quarter, up from 224 in the previous quarter. In Q1 2026, Taiwan Semiconductor Manufacturing Company Limited's (NYSE:TSM) revenue increased 6.4% (in U.S. dollar terms) sequentially to $35.9 billion, exceeding the guidance. While we acknowledge the potential of Taiwan Semiconductor Manuf

L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter discusses the current investment environment as a 'two-speed' but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a 'narrow' character, marked by high exuberance and ****** ounced over-pessimism. Against this backdrop, the Fund returned +2.6% (net of fees) during the June 2026 quarter, compared to the benchmark return of +12.5% (all in A$). The underperformance was driven more by which investments were not held in the Fund. The Fund remains focused on quality, valuation and the avoidance of permanent capital loss, and believes the portfolio is positioned to deliver attractive risk-adjusted returns for patient investors. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, L1 Capital International Fund highlighted Intuit Inc. (NASDAQ:INTU). Intuit Inc. (NASDAQ:INTU) is a financial software company offering products and services for financial management, payments, capital, compliance, and marketing. On July 17, 2026, Intuit Inc. (NASDAQ:INTU) closed at $291.09 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 12.93%, and its shares lost 61.88% over the past 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $79.62 billion.
L1 Capital International Fund stated the following regarding Intuit Inc. (NASDAQ:INTU) in its Q2 2026 investor update:
"Intuit Inc.'s (NASDAQ:INTU) Q3 2026 quarterly results were moderately below our – and the market's – expectations. The share price fell nearly 40% during the June 2026 quarter. While we consider the market's response excessive, it was not without reason. Intuit operates a number of software businesses. QuickBooks (accounting, payroll and payments) continues to perform solidly although growth rates are expected to slow. Credit Karma (personal finance) has performed exceptionally well, while Mailchimp (marketing) has struggled since acquisition although this is not new information. The core disappointment was the TurboTax business.
TurboTax is a tale of two cities. Intuit has been investing in AI for many years. TurboTax has developed a hybrid offering between AI driven software and a human tax expert called TurboTax Live which is rapidly disrupting the 'do it for me' tax filing industry. This part of TurboTax grew at a mid-30s growth rate and is now over 50% of total TurboTax revenue. However, the 'do it yourself' TurboTax product lost meaningful share amongst price sensitive, low-income filers, causing a modest downgrade to expected total TurboTax divisional growth from around 8% to around 7% for FY2026. On its surface the slightly lower revenue expectations look

L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter discusses the current investment environment as a 'two-speed' but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a 'narrow' character, marked by high exuberance and ***** ounced over-pessimism. Against this backdrop, the Fund returned +2.6% (net of fees) during the June 2026 quarter, compared to the benchmark return of +12.5% (all in A$). The underperformance was driven more by which investments were not held in the Fund. The Fund remains focused on quality, valuation and the avoidance of permanent capital loss, and believes the portfolio is positioned to deliver attractive risk-adjusted returns for patient investors. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, L1 Capital International Fund highlighted AerCap Holdings N.V. (NYSE:AER). AerCap Holdings N.V. (NYSE:AER) is a leading aviation leasing company headquartered in Dublin, Ireland. On July 17, 2026, AerCap Holdings N.V. (NYSE:AER) closed at $146.97 per share, reflecting a market capitalization of $23.18 billion. AerCap Holdings N.V. (NYSE:AER) posted a one-month return of 0.08%, while its shares gained 33.08% over the past 52 weeks.
L1 Capital International Fund stated the following regarding AerCap Holdings N.V. (NYSE:AER) in its Q2 2026 investor update:
"AerCap Holdings N.V. (NYSE:AER), the world's largest aircraft and aircraft engine lessor, continues to benefit from strong demand and constrained supply across both aircraft and engines. Higher fuel prices ***** ociated with the Middle East conflict have contributed to some adjustment in airline capacity and increased pressure on weaker carriers, but we do not expect this to materially negatively impact AerCap and may present opportunities for AerCap's nimble management team. We expect another quarter of strong financial results and elevated buyback activity. Although upside is more modest following recent share price appreciation, AerCap remains a high-quality compounder capable of creating significant shareholder value through sustained financial performance and disciplined capital allocation."
AerCap Holdings N.V. (NYSE:AER) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 56 hedge fund portfolios held AerCap Holdings N.V. (NYSE:AER) at the end of the first quarter, up from 54 in the previous quarter. While we acknowledge the potential of AerCap Holdings N.V. (NYSE:AER) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stan

L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter discusses the current investment environment as a 'two-speed' but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a 'narrow' character, marked by high exuberance and ****** ounced over-pessimism. Against this backdrop, the Fund returned +2.6% (net of fees) during the June 2026 quarter, compared to the benchmark return of +12.5% (all in A$). The underperformance was driven more by which investments were not held in the Fund. The Fund remains focused on quality, valuation and the avoidance of permanent capital loss, and believes the portfolio is positioned to deliver attractive risk-adjusted returns for patient investors. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
According to L1 Capital International Fund's Q2 2026 investor letter, Intercontinental Exchange, Inc. (NYSE:ICE), a US-based financial services company that provides technology, data, and market infrastructure to financial institutions, corporations, and government entities, detracted from the performance. On July 17, 2026, Intercontinental Exchange, Inc. (NYSE:ICE) closed at $139.65 per share, reflecting a market capitalization of $78.97 billion. Intercontinental Exchange, Inc. (NYSE:ICE) posted a one-month return of 6.33%, and its shares lost 22.76% over the past 52 weeks.
L1 Capital International Fund stated the following regarding Intercontinental Exchange, Inc. (NYSE:ICE) in its Q2 2026 investor update:
"Intercontinental Exchange, Inc. (NYSE:ICE) is an example of a high quality business that is not particularly AI-sensitive (positively or negatively) that we ****** s to be trading at a compelling valuation. ICE is trading on a forward price to earnings ratio of around 17x, a level we have not seen since the GFC.
ICE has been a long-term holding of the Fund, and we have discussed the investment on many prior occasions. In our view, not much has changed. There are some market concerns around the impact AI may have on the number of people using ICE's proprietary data and ****** ytics. We think this is a peripheral issue and unlikely to materially impact ICE. The larger market concern is that the Commodity Futures Trading Commission (CFTC), which regulates many of ICE's markets, may authorise 'perpetual' derivatives and encourage competition in products such as crypto that could compete with established regulated exchanges.

#market

L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter discusses the current investment environment as a 'two-speed' but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a 'narrow' character, marked by high exuberance and ****** ounced over-pessimism. Against this backdrop, the Fund returned +2.6% (net of fees) during the June 2026 quarter, compared to the benchmark return of +12.5% (all in A$). The underperformance was driven more by which investments were not held in the Fund. The Fund remains focused on quality, valuation and the avoidance of permanent capital loss, and believes the portfolio is positioned to deliver attractive risk-adjusted returns for patient investors. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, L1 Capital International Fund highlighted Amazon.com, Inc. (NASDAQ:AMZN). Amazon.com, Inc. (NASDAQ:AMZN) is a multinational technology and retail company known for its leading online marketplace and cloud platform. On July 16, 2026, Amazon.com, Inc. (NASDAQ:AMZN) closed at $247.23 per share. One-month return of Amazon.com, Inc. (NASDAQ:AMZN) was 6.20%, and its shares gained 10.51% over the past 52 weeks. Amazon.com, Inc. (NASDAQ:AMZN) has a market capitalization of $2.69 trillion.
L1 Capital International Fund stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2026 investor update:
"At an individual stock level, while the Fund had more positive contributors than negative detractors to returns, quarterly performance was again mixed. Amazon.com contributed around 1.0%. We remain excited by the outlook for Amazon.com, Inc. (NASDAQ:AMZN), both for the ecommerce business and Amazon Web Services (AWS). Operational execution within ecommerce is consistently improving, and the June 2026 announcement to extend Amazon Freight services to the less-than-truckload market segment is an indication that management has sufficient comfort in the operational performance of the logistics network to further extend the platform to third parties.
We expect further increases in AWS's capital expenditure which will result in Amazon.com generating negative free cash flow. We believe the market remains overly focused on near-term free cash flow and continues to underappreciate the longer-term structural opportunity for the hyperscalers and the potential returns on their AI-related capital investment. Amazon CEO Andy Jassy's Letter to Shareholders in April 2026 is recommended reading, particularly his perspectives on AI and how Amazon is being positioned for what he considers to be a 'seminal shift'. Jassy shed some light on AWS's internal chip capabilities (part

L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter discusses the current investment environment as a 'two-speed' but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a 'narrow' character, marked by high exuberance and ***** ounced over-pessimism. Against this backdrop, the Fund returned +2.6% (net of fees) during the June 2026 quarter, compared to the benchmark return of +12.5% (all in A$). The underperformance was driven more by which investments were not held in the Fund. The Fund remains focused on quality, valuation and the avoidance of permanent capital loss, and believes the portfolio is positioned to deliver attractive risk-adjusted returns for patient investors. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, L1 Capital International Fund highlighted NVIDIA Corporation (NASDAQ:NVDA). NVIDIA Corporation (NASDAQ:NVDA) is a leading data center-scale AI infrastructure company that operates through Compute & Networking and Graphics segments. On July 17, 2026, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $202.81 per share. One-month return of NVIDIA Corporation (NASDAQ:NVDA) was -2.80%, and its shares gained 18.34% over the past 52 weeks. NVIDIA Corporation (NASDAQ:NVDA) has a market capitalization of $4.91 trillion.
L1 Capital International Fund stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2026 investor update:
"During the June 2026 Quarter the Fund's investment in NVIDIA Corporation (NASDAQ:NVDA) was increased. This reflects our view that AI is rapidly becoming more capable and AI capital expenditure will be stronger for longer. Nvidia is now a top 5 holding. It is the world's largest company by market capitalisation, so is hardly unknown. We have followed Nvidia for many years, but our first investment in the company was slightly less than 12 months ago. At that time, we explained that we had materially underestimated the growth in AI, the size of the addressable market, and Nvidia's ***** ociated growth and profitability.
Since then, Nvidia's financial performance has gone from strength to strength, and our earnings and cash flow expectations for Nvidia for the next few years have almost doubled. Yet the share price has 'only' increased around 15% since our initial investment. This has been reflected in a material derating of Nvidia's near term trading multiples. Market commentators are generally not concerned about Nvidia's short term earnings prospects. Key concerns are focused on longer term loss of market share, and questions over management's allocation of Nvidia's immense free cash flow. We do expect Nvidia will lose share wi

L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter discusses the current investment environment as a 'two-speed' but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a 'narrow' character, marked by high exuberance and ***** ounced over-pessimism. Against this backdrop, the Fund returned +2.6% (net of fees) during the June 2026 quarter, compared to the benchmark return of +12.5% (all in A$). The underperformance was driven more by which investments were not held in the Fund. The Fund remains focused on quality, valuation and the avoidance of permanent capital loss, and believes the portfolio is positioned to deliver attractive risk-adjusted returns for patient investors. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, L1 Capital International Fund highlighted Salesforce, Inc. (NYSE:CRM). Salesforce, Inc. (NYSE:CRM) is a cloud computing company that offers Customer Relationship Management (CRM) technology that brings companies and customers together. On July 17, 2026, Salesforce, Inc. (NYSE:CRM) closed at $170.77 per share. One-month return of Salesforce, Inc. (NYSE:CRM) was 13.76%, and its shares lost 34.89% over the past 52 weeks. Salesforce, Inc. (NYSE:CRM) has a market capitalization of $139.86 billion.
L1 Capital International Fund stated the following regarding Salesforce, Inc. (NYSE:CRM) in its Q2 2026 investor update:
"Salesforce, Inc. (NYSE:CRM) is the clear leader in its software sub-segment, is well-managed and its business economics and financial position are strong. However, we think the implications of AI are significant for Salesforce, and management will need to respond with strong execution and adjustments to the current business model. We sold into a bounce in Salesforce's share price and used the proceeds to fund the increased investment in Nvidia."
Salesforce, Inc. (NYSE:CRM) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 27 hedge fund portfolios held Salesforce, Inc. (NYSE:CRM) at the end of the first quarter, up from 23 in the previous quarter. While we acknowledge the potential of Salesforce, Inc. (NYSE:CRM) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

#letter

L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter discusses the current investment environment as a 'two-speed' but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a 'narrow' character, marked by high exuberance and ******* ounced over-pessimism. Against this backdrop, the Fund returned +2.6% (net of fees) during the June 2026 quarter, compared to the benchmark return of +12.5% (all in A$). The underperformance was driven more by which investments were not held in the Fund. The Fund remains focused on quality, valuation and the avoidance of permanent capital loss, and believes the portfolio is positioned to deliver attractive risk-adjusted returns for patient investors. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, L1 Capital International Fund highlighted CDW Corporation (NASDAQ:CDW). CDW Corporation (NASDAQ:CDW) is an information technology (IT) solutions company that operates through its Commercial, Government, and Education segments. On July 17, 2026, CDW Corporation (NASDAQ:CDW) closed at $133.24 per share. One-month return of CDW Corporation (NASDAQ:CDW) was 7.83%, and its shares lost 24.67% over the past 52 weeks. CDW Corporation (NASDAQ:CDW) has a market capitalization of $17.02 billion.
L1 Capital International Fund stated the following regarding CDW Corporation (NASDAQ:CDW) in its Q2 2026 investor update:
"CDW Corporation (NASDAQ:CDW) is a leading provider of products and solutions in the information technology (IT) industry in North America and the U.K. It acts as a value-added reseller for many of the leading IT businesses. Management is executing solidly in subdued market conditions. Most of the AI implications for CDW are second-order. For example, clients may spend less on the products and solutions sold by CDW and more on AI-centric solutions.
We divested CDW to fund larger investments in several high-quality businesses that are not AI sensitive and trading below our ******* sed fair value, thus offering a compelling investment opportunity particularly for investors who are less driven by short term momentum and have a longer-term investment horizon. Examples include American Express, Apollo Group, Danaher, HCA and ICE."

#corporation #solutions

L1 Capital, an investment management firm, released its "L1 Capital International Fund" (unhedged) second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter discusses the current investment environment as a 'two-speed' but resilient global economy, accompanied by an uncertain future. The letter explores the potential of an AI bubble, distinguishing between strong fundamentals and speculative momentum. Additionally, the market displays a 'narrow' character, marked by high exuberance and ******* ounced over-pessimism. Against this backdrop, the Fund returned +2.6% (net of fees) during the June 2026 quarter, compared to the benchmark return of +12.5% (all in A$). The underperformance was driven more by which investments were not held in the Fund. The Fund remains focused on quality, valuation and the avoidance of permanent capital loss, and believes the portfolio is positioned to deliver attractive risk-adjusted returns for patient investors. In addition, you can check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, L1 Capital International Fund highlighted Microsoft Corporation (NASDAQ:MSFT). Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions, holding dominant positions in software, cloud infrastructure, generative AI, and gaming. On July 17, 2026, Microsoft Corporation (NASDAQ:MSFT) closed at $393.82 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was 7.21%, and its shares lost 22.79% over the past 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $2.93 trillion.
L1 Capital International Fund stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its Q2 2026 investor update:
"Particularly attentive long-term followers of the Fund may have noticed that Microsoft Corporation (NASDAQ:MSFT) is no longer among the top 10 holdings. We have rebalanced the portfolio weights between Alphabet and Microsoft. We remain comfortable with the Azure hyperscaler business of Microsoft, although we believe the business may be less well positioned compared to Alphabet's GCP and Amazon's AWS hyperscaler businesses:
• Microsoft is behind in developing its own chips (GPUs, CPUs, ASICs) to support AI workloads at lower cost and reduce reliance on Nvidia. • Previously, Azure pulled back on some data centre investments and is now capacity constrained and more dependent on neocloud capacity for immediate needs. • Azure is more OpenAI-centric and less Anthropic-centric, and recently Anthropic has been out-executing OpenAI. Azure does not just serve OpenAI and is a trusted partner of many of the largest organisations globally. We expect Azure to deliver strong growth, and sound returns on its massive capital expenditure.

#fund #international

Treasuries largely held gains Wednesday after a soft inflation report that derailed bets on an imminent Federal Reserve interest-rate increase.Darren Shames, Global Head of Rates Sales in the Americas at Nomura, discusses market positioning and the Fed following Tuesday's CPI decline.

Fmr. Gov. Mark Sanford (R-S.C.) joins Meet the Press NOW to react to the sudden and unexpected death of Sen. Lindsey Graham (R-S.C.). Sanford discusses Senator Graham's legacy on Capitol Hill and his role as a liaison between President Trump and the Senate.

SiriusXM NBA Radio: “We’re in the mix for the greatest player of all time” Cavs Head Coach Kenny Atkinson discusses with WorldWideWob, DarthAmin, and Ryan McDonough what it would be like to have LeBron return to Cleveland.
x.com
This article originally appeared on Hoops Hype: “We’re in the mix for the greatest player of all time” …

SiriusXM NBA Radio: ‘He's ours, we're happy to have him. I know Trajan Langdon is excited, JB Bickerstaff loves him. He's ours and hopefully, we get things worked out.’ Pistons advisor Dwane Casey discusses Jalen Duren’s playoff struggles and how Detroit’s front office is feeling as both sides have yet to come to an extension
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Keith Smith: Factoring in the reported contracts for John Collins, Kevin Huerter & Javonte Green and the Gary Harris/Taurean Prince acquisitions, I've got the Pistons at about $42.8M under the luxury tax. That's enough room to give Jalen Duren a 25% of the cap max without going into the tax. — 7/7/2026 x.com
The primary reason the Lakers likely chose Kessler over offering a max deal to Detroit Pistons restricted free agent Jalen Duren is that Kessler is one of the NBA’s best rim protectors. He’s the kind of interior presence a team needs if it’s going to employ Dončić and Reaves on the perimeter as primary playmakers. In 2024-25, Kessler’s last full(ish) season, he contested 7.5 shots per game at the rim, according to NBA.com, which tied for the fifth-most in the league. On those shots, he allowed opponents to shoot just 54.8 percent. Among the 16 players in the league to contest at least six shots per game that season, that percentage ranked third behind only Victor Wembanyama and Chet Holmgren, who were the top two finalists for Defensive Player of the Year this season. In the three full seasons he has played, Kessler has blocked at least 2.3 shots per game. — 7/2/2026 New York Times
The Pistons have maintained their stance that they’re not interested in sign-and-trade scenarios for Jalen Duren and will continue to try to bridge the gap between both sides and get a deal done. Duren and Domantas Sabonis share the same agency, The Team. With Sabonis, 30, naturally looking to compete in the prime of his career instead of beginning a rebuild, and the Kings exploring the trade market for Sabonis, Zach LaVine, and DeMar DeRozan, it’s easy to see why this Duren sign-and-trade scenario would appeal to Sacramento. On paper, however, going from the 22-year-old Duren to the 30-year-old Sabonis, who’s owed $94.08 million over the next two years, isn’t prudent for Detroit. — 7/2/2026 HoopsHype

SiriusXM NBA Radio: ‘He's ours, we're happy to have him. I know Trajan Langdon is excited, JB Bickerstaff loves him. He's ours and hopefully, we get things worked out.’ Pistons advisor Dwane Casey discusses Jalen Duren’s playoff struggles and how Detroit’s front office is feeling as both sides have yet to come to an extension
x.com
This article originally appeared on Hoops Hype: Pistons advisor Dwane Casey on Jalen Duren: ‘Hopefully we get things worked out’

Alex Wennberg joins the podcast!
Wennberg talks about the William Eklund trade, possibly having Ivar Stenberg live with him, and new San Jose Sharks additions Jacob Trouba, Darnell Nurse, Michael Kesselring, and Mason Marchment.
Wennberg also discusses athletic recovery and longevity, and how Swedish sports nutrition drink Nomio has helped him in both.
Eliza Morgan and Justine Kang of Elite Prospects jump on to deep dive San Jose Sharks' development camp
What makes Stenberg look so NHL-ready? How much progress has Haoxi (Simon) ******* actually made? Who has faith in Alexander Karmanov?

This story discusses suicide. If you or someone you know is having thoughts of suicide, please contact the Suicide & Crisis Lifeline at 988 or 1-800-273-TALK (8255).
WASHINGTON, D.C. — Christian parents whose two daughters were seized by the Swedish government more than three years ago brought their custody battle to Washington, D.C., on Friday.
A crowd of Romanian Americans gathered outside the Swedish Embassy in Washington on Friday morning to show their support for Daniel and Bianca Samson, Christian parents who have been separated from their daughters, Sara and Tiana, since December 2022.
The years-long battle began after Sara, then 11, made a false abuse allegation against her parents, stemming from an argument over not being allowed to wear makeup or have a smartphone. Despite Sara quickly admitting she had lied, Swedish social services removed the girls from the home.
Brazil Parents Face Prison Sentence For Homeschooling After Court Accuses Them Of 'Intellectual Neglect'

The Vikings' selection of Caleb Banks is going to be debated for months until he steps on the field in a regular-season game. Given the injury concerns, folks will want to see how sustainable his play is, but, of course, they will hope for the best.
Until then, various angles of his prospects for the Vikings will be discussed, including some making projections on what his long-term upside will look like. Sports Illustrated's Justin Melo wrote that up for all 32 first round picks recently.
Within his piece, Melo discusses the "high-risk, high reward" type of play his selection was.
"The Minnesota Vikings made Caleb Banks the most high-risk, high-reward pick of the entire first round. Banks was occasionally dominant at Florida, showcasing rare size, length, and athleticism. Health and consistency are the goals moving forward."
If Banks is a hit, this could be a defense altering type of player for the Vikings. If it is a miss however, it will be yet another one in what is becoming a growing list of players in recent memory for the team.