Conestoga Capital Advisors, an ****** et management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter reports a positive market shift towards Small Caps, with the Russell 2000 Index achieving its best first half since 1991 and the Russell 2000 Growth Index up 25.7% in Q2, fueled by AI enthusiasm and semiconductor stocks. However, market leadership was uneven, mirroring the Tech Bubble, as high-beta stocks outperformed while high-quality companies lagged, impacting Conestoga's quality-focused strategies. Management expressed confidence in long-term outcomes, noting that speculative leadership won't last as monetary policy tightens and market breadth improves. The firm remains committed to high-quality growth businesses, expecting these to regain favor as leadership broadens. The Conestoga Small Cap Composite returned 14.32% net-of-fees in the second quarter, with 25.71% for the Russell 2000 Growth Index. Narrow Index leadership hurt the relative results, but it also hid Composite improvements. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Conestoga Capital Advisors highlighted Knowles Corporation (NYSE:KN) as a newly added position in the Small Cap Composite. Knowles Corporation (NYSE:KN) is a specialty electronic components manufacturer that offers capacitors, radio frequency (RF) and microwave filters, balanced armature speakers, and medtech microphones. On August 4, 2026, Knowles Corporation (NYSE:KN) closed at $40.40 per share, reflecting a market capitalization of $3.45 billion. Knowles Corporation (NYSE:KN) posted a one-month return of 14.25%, while its shares gained 105.03% over the past 52 weeks.
Conestoga Capital Advisors stated the following regarding Knowles Corporation (NYSE:KN) in its Q2 2026 investor letter:
"Knowles Corporation (NYSE:KN) designs highly engineered components used in medical, defense, industrial, and electrification applications. We were attracted to the company's accelerating organic growth, expanding margins, and exposure to several attractive long-term secular trends. Management highlighted strong order activity across its Precision Devices business, with a sixth consecutive quarter of book-to-bill above 1.0x supporting confidence in continued growth."
Knowles Corporation (NYSE:KN) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. As per our database, 26 hedge fund portfolios held Knowles Corporation (NYSE:KN) at the end of the first quarter, which was 30 in the previous quarter. While we acknowledge the risk and potential of Knowles Corporation (NYSE:KN) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Knowles Corporation (NYSE:KN) and that has 10,000% upside pote

Conestoga Capital Advisors, an ******* et management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter reports a positive market shift towards Small Caps, with the Russell 2000 Index achieving its best first half since 1991 and the Russell 2000 Growth Index up 25.7% in Q2, fueled by AI enthusiasm and semiconductor stocks. However, market leadership was uneven, mirroring the Tech Bubble, as high-beta stocks outperformed while high-quality companies lagged, impacting Conestoga's quality-focused strategies. Management expressed confidence in long-term outcomes, noting that speculative leadership won't last as monetary policy tightens and market breadth improves. The firm remains committed to high-quality growth businesses, expecting these to regain favor as leadership broadens. The Conestoga Small Cap Composite returned 14.32% net-of-fees in the second quarter, with 25.71% for the Russell 2000 Growth Index. Narrow Index leadership hurt the relative results, but it also hid Composite improvements. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Conestoga Capital Advisors highlighted Matador Resources Company (NYSE:MTDR). The firm added Matador Resources Company (NYSE:MTDR), a US-based independent energy company engages in the acquisition, exploration, development, and production of oil and natural gas resources, to its Small Cap Composite during the quarter. On August 04, 2026, Matador Resources Company (NYSE:MTDR) closed at $48.80 per share. One-month return of Matador Resources Company (NYSE:MTDR) was -7.58%, and its shares gained 4.56% over the past 52 weeks. Matador Resources Company (NYSE:MTDR) has a market capitalization of $6.06 billion.
Conestoga Capital Advisors stated the following regarding Matador Resources Company (NYSE:MTDR) in its Q2 2026 investor letter:
"Matador Resources Company (NYSE:MTDR) is an independent oil and natural gas producer focused on the Permian Basin. We believe the company is well positioned to generate attractive shareholder returns through disciplined capital allocation, production growth, and balance sheet strength despite a volatile commodity environment. Management continues to prioritize increasing production, reducing debt, and maintaining capital discipline, providing flexibility across a range of energy price scenarios."
Matador Resources Company (NYSE:MTDR) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 35 hedge fund portfolios held Matador Resources Company (NYSE:MTDR) at the end of the first quarter, up from 31 in the previous quarter. While we acknowledge the risk and potential of Matador Resources Company (NYSE:MTDR) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for

Conestoga Capital Advisors, an ****** et management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter reports a positive market shift towards Small Caps, with the Russell 2000 Index achieving its best first half since 1991 and the Russell 2000 Growth Index up 25.7% in Q2, fueled by AI enthusiasm and semiconductor stocks. However, market leadership was uneven, mirroring the Tech Bubble, as high-beta stocks outperformed while high-quality companies lagged, impacting Conestoga's quality-focused strategies. Management expressed confidence in long-term outcomes, noting that speculative leadership won't last as monetary policy tightens and market breadth improves. The firm remains committed to high-quality growth businesses, expecting these to regain favor as leadership broadens. The Conestoga Small Cap Composite returned 14.32% net-of-fees in the second quarter, with 25.71% for the Russell 2000 Growth Index. Narrow Index leadership hurt the relative results, but it also hid Composite improvements. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Conestoga Capital Advisors highlighted AAON, Inc. (NASDAQ:AAON) as a material contributor. AAON, Inc. (NASDAQ:AAON) designs and manufactures high-efficiency air conditioning and heating equipment. On August 4, 2026, AAON, Inc. (NASDAQ:AAON) closed at $95.55 per share, reflecting a market capitalization of $7.82 billion. AAON, Inc. (NASDAQ:AAON) posted a one-month return of -11.51%, while its shares gained 17.26% over the past 52 weeks.
Conestoga Capital Advisors stated the following regarding AAON, Inc. (NASDAQ:AAON) in its Q2 2026 investor letter:
"AAON, Inc. (NASDAQ:AAON) was among the portfolio's strongest contributors during the quarter following what we believe was an exceptional first-quarter earnings report. Results highlighted significant demand for the company's BASX division, which provides liquid-cooling solutions for data centers. Management raised its 2026 BASX revenue outlook to approximately $1.0 billion, up from its previous forecast of $715 million, reflecting accelerating demand from AI-driven data center investments. The company's rooftop HVAC business also demonstrated a healthy rebound despite ongoing macroeconomic uncertainty. While gross margins declined during the quarter, management intentionally prioritized growth and market share over near-term profitability. We believe this is the appropriate strategy given the robust demand environment and should strengthen AAON's competitive position over the long term."

#NASDAQ #letter

Conestoga Capital Advisors, an ******* et management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The letter reports a positive market shift towards Small Caps, with the Russell 2000 Index achieving its best first half since 1991 and the Russell 2000 Growth Index up 25.7% in Q2, fueled by AI enthusiasm and semiconductor stocks. However, market leadership was uneven, mirroring the Tech Bubble, as high-beta stocks outperformed while high-quality companies lagged, impacting Conestoga's quality-focused strategies. Management expressed confidence in long-term outcomes, noting that speculative leadership won't last as monetary policy tightens and market breadth improves. The firm remains committed to high-quality growth businesses, expecting these to regain favor as leadership broadens. The Conestoga Small Cap Composite returned 14.32% net-of-fees in the second quarter, with 25.71% for the Russell 2000 Growth Index. Narrow Index leadership hurt the relative results, but it also hid Composite improvements. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Conestoga Capital Advisors highlighted Perimeter Solutions, Inc. (NYSE:PRM) as a newly added position in the small cap composite. Perimeter Solutions, Inc. (NYSE:PRM) is a leading manufacturer of firefighting products, electronic components, lubricant additives, and engineered machinery. On August 4, 2026, Perimeter Solutions, Inc. (NYSE:PRM) closed at $33.25 per share, reflecting a market capitalization of $5.44 billion. Perimeter Solutions, Inc. (NYSE:PRM) posted a one-month return of 0.95%, while its shares gained 115.61% over the past 52 weeks.
Conestoga Capital Advisors stated the following regarding Perimeter Solutions, Inc. (NYSE:PRM) in its Q2 2026 investor letter:
"Perimeter Solutions, Inc. (NYSE:PRM) provides mission-critical fire safety and specialty chemical solutions. We initiated a position based on the company's durable earnings profile, disciplined capital allocation, and strong competitive position in niche markets. Recent long-term contract wins, including a five-year agreement with the Defense Logistics Agency, reinforce confidence in PRM's ability to generate predictable cash flow while continuing to expand its earnings base through both organic growth and acquisitions."
Perimeter Solutions, Inc. (NYSE:PRM) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 37 hedge fund portfolios held Perimeter Solutions, Inc. (NYSE:PRM) at the end of the first quarter, up from 33 in the previous quarter. While we acknowledge the risk and potential of Perimeter Solutions, Inc. (NYSE:PRM) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising

Gator Capital Management, an investment management company, released its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. In the Q2 2026 investor letter from Gator Capital Management, the firm reported strong absolute performance across its funds, demonstrating notable outperformance relative to the Financials sector, even though it slightly lagged the broader market. The funds' investments in small and mid-cap Financials continued to outperform the largest banks and insurance companies during this quarter. Gator Financial Partners, LLC achieved a return of 14.82%, Gator Offshore Partners, Ltd returned 14.58%, and Gator Qualified Partners, LLC saw a gain of 13.98%. In comparison, the S&P 500 Total Return Index gained 15.20%, and the S&P 1500 Financials Index returned 9.36%. The letter also highlights an investment thesis regarding Navient Corporation, emphasizing that, despite being viewed as a declining servicer of legacy student loans, Navient is well-positioned for future growth. Please review the Funds' top five holdings to gain insights into their key selections for 2026.
In its Q2 2026 investor letter, Gator Capital Management highlighted Navient Corporation (NASDAQ:NAVI). The firm shared its investment thesis on Navient Corporation (NASDAQ:NAVI), a US-based technology-enabled education finance for education company. On August 4, 2026, Navient Corporation (NASDAQ:NAVI) closed at $9.36 per share, reflecting a market capitalization of $879.74 million. Navient Corporation (NASDAQ:NAVI) posted a one-month return of 15.84%, while its shares lost 24.82% over the past 52 weeks.
Gator Capital Management stated the following regarding Navient Corporation (NASDAQ:NAVI) in its Q2 2026 investor letter:
"Navient Corporation (NASDAQ:NAVI) trades at roughly 40% of tangible book value as investors continue to view it as a runoff portfolio of legacy student loans, in other words, a melting ice cube. We believe that Navient is becoming a growth lender again, and investor perception will shift in time. The private student lending market is entering its first meaningful expansion in more than fifteen years, an activist investor has completed a major restructuring of the company, and early evidence suggests Navient's loan portfolio may be returning to growth for the first time in years.
To understand the opportunity in Navient's stock, we believe it is important to understand some of the dynamics and history of the student lending industry. Since there are only three publicly traded companies focused on the student lending industry and their combined market cap is only $10 billion, the vast majority of investors are not knowledgeable on the subject…" (Click here to read the full text)

#navient #corporation #navi #student

Emerald Wealth Partners, an independent ***** et and wealth management firm based in Zurich, released its Q2 2026 investor letter for the "Focused Equity Strategy." A copy of the letter can be downloaded here. The Strategy reported a 0.8% gross return for the second quarter of 2026. Equity markets rallied after the first quarter's Iran shock faded and oil prices reversed their spike, but the advance remained narrow and concentrated in cyclical semiconductor and memory stocks benefiting from supply constraints. The letter warned that investors were treating peak-cycle earnings as durable, while FOMO, IPO demand, and a US cyclically adjusted P/E ratio near 40 pointed to late-cycle market behavior. Long-term fundamentals are currently undervalued by the market, leading to underperformance in the strategy, notably due to the portfolio's avoidance of low-quality momentum-driven semiconductor stocks, which boosted the benchmark this quarter. It remains focused on enterprise infrastructure, digital platforms, custom silicon, and networking businesses that hold customer relationships, workflow data, distribution, and efficiency advantages, which could allow them to monetize AI rather than be displaced by it. Please review the Strategy's top five holdings for its key selections.
In its second-quarter 2026 investor letter, Emerald Wealth Partners Focused Equity Strategy highlighted Shell plc (NYSE:SHEL). Headquartered in London, United Kingdom, Shell plc (NYSE:SHEL) operates as an energy and petrochemical company. On August 4, 2026, Shell plc (NYSE:SHEL) closed at $89.84 per share. One-month return of Shell plc (NYSE:SHEL) was 9.24% and its shares gained 24.36% over the past 52 weeks. Shell plc (NYSE:SHEL) has a market capitalization of $247.4 billion.
Emerald Wealth Partners Focused Equity Strategy stated the following regarding Shell plc (NYSE:SHEL) in its Q2 2026 investor letter:
"Shell plc (NYSE:SHEL) was the largest detractor from quarterly performance, reducing returns by 59 bps. The stock fell 15.9% during Q2 as the ceasefire between the US and Iran pared back geopolitical risks and the Strait of Hormuz gradually reopened. This followed a strong first quarter, when Shell's shares rose 28% thanks to sharp oil and gas price rises. Following that move, Shell had become our largest position in the portfolio. We therefore sold approximately half our holding: the sharp appreciation had compressed the margin of safety and left the position larger than we were comfortable with."

#partners

Emerald Wealth Partners, an independent ****** et and wealth management firm based in Zurich, released its Q2 2026 investor letter for the "Focused Equity Strategy." A copy of the letter can be downloaded here. The Strategy reported a 0.8% gross return for the second quarter of 2026. Equity markets rallied after the first quarter's Iran shock faded and oil prices reversed their spike, but the advance remained narrow and concentrated in cyclical semiconductor and memory stocks benefiting from supply constraints. The letter warned that investors were treating peak-cycle earnings as durable, while FOMO, IPO demand, and a US cyclically adjusted P/E ratio near 40 pointed to late-cycle market behavior. Long-term fundamentals are currently undervalued by the market, leading to underperformance in the strategy, notably due to the portfolio's avoidance of low-quality momentum-driven semiconductor stocks, which boosted the benchmark this quarter. It remains focused on enterprise infrastructure, digital platforms, custom silicon, and networking businesses that hold customer relationships, workflow data, distribution, and efficiency advantages, which could allow them to monetize AI rather than be displaced by it. Please review the Strategy's top five holdings for its key selections.
In its second-quarter 2026 investor letter, Emerald Wealth Partners Focused Equity Strategy highlighted ASML Holding N.V. (NASDAQ:ASML). ASML Holding N.V. (NASDAQ:ASML), a lithography solutions provider for the development, production, marketing, sales, upgrading, and servicing of advanced semiconductor equipment systems, contributed 156 bps to the strategy's performance during the quarter. On August 4, 2026, ASML Holding N.V. (NASDAQ:ASML) closed at $1,711.89 per share. One-month return of ASML Holding N.V. (NASDAQ:ASML) was -3.21% and its shares gained 147.76% over the past 52 weeks. ASML Holding N.V. (NASDAQ:ASML) has a market capitalization of $648.21 billion.
Emerald Wealth Partners Focused Equity Strategy stated the following regarding ASML Holding N.V. (NASDAQ:ASML) in its Q2 2026 investor letter:
"ASML Holding N.V. (NASDAQ:ASML) rose 51.0%, adding 156 bps benefitting from the euphoria surrounding the semiconductor sector. Its monopoly in advanced lithography remains one of the most durable competitive positions we own. Each new generation of its machines allows chipmakers to pack more transistors into less silicon. This steady improvement in efficiency — better performance per watt, easier thermal management, a lower cost per unit of compute — is what underpins further advances in AI, and every other application where efficient chips matter."

#asml #Equity

Emerald Wealth Partners, an independent ******* et and wealth management firm based in Zurich, released its Q2 2026 investor letter for the "Focused Equity Strategy." A copy of the letter can be downloaded here. The Strategy reported a 0.8% gross return for the second quarter of 2026. Equity markets rallied after the first quarter's Iran shock faded and oil prices reversed their spike, but the advance remained narrow and concentrated in cyclical semiconductor and memory stocks benefiting from supply constraints. The letter warned that investors were treating peak-cycle earnings as durable, while FOMO, IPO demand, and a US cyclically adjusted P/E ratio near 40 pointed to late-cycle market behavior. Long-term fundamentals are currently undervalued by the market, leading to underperformance in the strategy, notably due to the portfolio's avoidance of low-quality momentum-driven semiconductor stocks, which boosted the benchmark this quarter. It remains focused on enterprise infrastructure, digital platforms, custom silicon, and networking businesses that hold customer relationships, workflow data, distribution, and efficiency advantages, which could allow them to monetize AI rather than be displaced by it. Please review the Strategy's top five holdings for its key selections.
According to Emerald Wealth Partners Focused Equity Strategy'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 August 04, 2026, Intercontinental Exchange, Inc. (NYSE:ICE) closed at $149.20 per share, reflecting a market capitalization of $83.76 billion. Intercontinental Exchange, Inc. (NYSE:ICE) posted a one-month return of 8.77%, and its shares lost 20.66% over the past 52 weeks.
Emerald Wealth Partners Focused Equity Strategy stated the following regarding Intercontinental Exchange, Inc. (NYSE:ICE) in its Q2 2026 investor letter:
"Intercontinental Exchange, Inc.'s (NYSE:ICE) 21.4% share decline knocked 58 bps from the portfolio's performance. ICE is emblematic of a broader group of high-quality businesses caught in a negative AI narrative largely disconnected from their underlying fundamentals. The company owns a unique collection of complementary franchises — including the New York Stock Exchange, clearing houses, fixed income data businesses and a mortgage technology platform — ******* embled over decades through disciplined and accretive acquisitions. These businesses continue to benefit from secular growth in trading volumes and recurring data revenues, while the electronification of mortgage origination remains in its early stages. In our view, artificial intelligence is far more likely to enhance the value of ICE's proprietary data and infrastructure than replicate the ******* ets that underpin its competitive advantages."

#exchange #emerald

Emerald Wealth Partners, an independent ***** et and wealth management firm based in Zurich, released its Q2 2026 investor letter for the "Focused Equity Strategy." A copy of the letter can be downloaded here. The Strategy reported a 0.8% gross return for the second quarter of 2026. Equity markets rallied after the first quarter's Iran shock faded and oil prices reversed their spike, but the advance remained narrow and concentrated in cyclical semiconductor and memory stocks benefiting from supply constraints. The letter warned that investors were treating peak-cycle earnings as durable, while FOMO, IPO demand, and a US cyclically adjusted P/E ratio near 40 pointed to late-cycle market behavior. Long-term fundamentals are currently undervalued by the market, leading to underperformance in the strategy, notably due to the portfolio's avoidance of low-quality momentum-driven semiconductor stocks, which boosted the benchmark this quarter. It remains focused on enterprise infrastructure, digital platforms, custom silicon, and networking businesses that hold customer relationships, workflow data, distribution, and efficiency advantages, which could allow them to monetize AI rather than be displaced by it. Please review the Strategy's top five holdings for its key selections.
In its second-quarter 2026 investor letter, Emerald Wealth Partners Focused Equity Strategy ServiceNow, Inc. (NYSE:NOW), noting its inclusion in the portfolio this quarter. ServiceNow, Inc. (NYSE:NOW) is a cloud-based software company that provides a platform for automating and managing digital workflows. On August 04, 2026, ServiceNow, Inc. (NYSE:NOW) closed at $118.14 per share. The one-month return of ServiceNow, Inc. (NYSE:NOW) was 9.61% and its shares lost 35.25% over the past 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $122.16 billion with a 52-week trading range between $81.24 - $194.73.
Emerald Wealth Partners Focused Equity Strategy stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its Q2 2026 investor letter:
"Finally, we added to ServiceNow, Inc. (NYSE:NOW). As we explained last quarter, investors are drawing too few distinctions in the software sell-off. We believe businesses that sit at the operating core of large enterprises are far harder to displace than the market ***** umes, because what has to be replaced is not the code but everything built around it — years of configuration, shared investment and accumulated understanding of each customer's specificities. ServiceNow is the clearest illustration we own: its Now Platform has become the system of record for how large organizations manage work across IT, HR, finance, legal and customer operations, and the proprietary workflow data it holds is precisely what allows it to deliver AI tools that are immediately relevant — and what makes it a monetization vehicle for enterprise AI adoption rather than a casualty of it."

#strategy #letter

Emerald Wealth Partners, an independent ***** et and wealth management firm based in Zurich, released its Q2 2026 investor letter for the "Focused Equity Strategy." A copy of the letter can be downloaded here. The Strategy reported a 0.8% gross return for the second quarter of 2026. Equity markets rallied after the first quarter's Iran shock faded and oil prices reversed their spike, but the advance remained narrow and concentrated in cyclical semiconductor and memory stocks benefiting from supply constraints. The letter warned that investors were treating peak-cycle earnings as durable, while FOMO, IPO demand, and a US cyclically adjusted P/E ratio near 40 pointed to late-cycle market behavior. Long-term fundamentals are currently undervalued by the market, leading to underperformance in the strategy, notably due to the portfolio's avoidance of low-quality momentum-driven semiconductor stocks, which boosted the benchmark this quarter. It remains focused on enterprise infrastructure, digital platforms, custom silicon, and networking businesses that hold customer relationships, workflow data, distribution, and efficiency advantages, which could allow them to monetize AI rather than be displaced by it. Please review the Strategy's top five holdings for its key selections.
In its second-quarter 2026 investor letter, Emerald Wealth Partners Focused Equity Strategy highlighted Broadcom Inc. (NASDAQ:AVGO). Broadcom Inc. (NASDAQ:AVGO), a leading American company that designs and develops various semiconductor devices and infrastructure software solutions, contributed 64 bps to the strategy's performance during the quarter. On August 4, 2026, Broadcom Inc. (NASDAQ:AVGO) closed at $418.16 per share. One-month return of Broadcom Inc. (NASDAQ:AVGO) was 7.58% and its shares gained 38.62% over the past 52 weeks. Broadcom Inc. (NASDAQ:AVGO) has a market capitalization of $1.99 trillion.
Emerald Wealth Partners Focused Equity Strategy stated the following regarding Broadcom Inc. (NASDAQ:AVGO) in its Q2 2026 investor letter:
"Broadcom Inc. (NASDAQ:AVGO) added 64 bps, its 22.3% share price climb helped by the news OpenAI has selected the company to design its custom inference chip. Broadcom is the dominant designer of custom AI silicon: it has long co-designed Google's Tensor Processing Units, which power Gemini and some of Anthropic's inference capacity through Google Cloud. Few companies possess the engineering depth to develop bespoke accelerators at hyperscale. AI spending is shifting from training models to running them, where custom chips deliver materially better performance per watt and a lower cost per token than Nvidia's general purpose GPUs. Under Hock Tan, one of the industry's ablest capital allocators, the company has ***** embled two further pillars that sit at the center of the AI buildout: It dominates the Ethernet switching silicon that interconnects AI clusters — content that grows with cluster size, whether those clusters run on Nvidia GPUs

Emerald Wealth Partners, an independent ******* et and wealth management firm based in Zurich, released its Q2 2026 investor letter for the "Focused Equity Strategy." A copy of the letter can be downloaded here. The Strategy reported a 0.8% gross return for the second quarter of 2026. Equity markets rallied after the first quarter's Iran shock faded and oil prices reversed their spike, but the advance remained narrow and concentrated in cyclical semiconductor and memory stocks benefiting from supply constraints. The letter warned that investors were treating peak-cycle earnings as durable, while FOMO, IPO demand, and a US cyclically adjusted P/E ratio near 40 pointed to late-cycle market behavior. Long-term fundamentals are currently undervalued by the market, leading to underperformance in the strategy, notably due to the portfolio's avoidance of low-quality momentum-driven semiconductor stocks, which boosted the benchmark this quarter. It remains focused on enterprise infrastructure, digital platforms, custom silicon, and networking businesses that hold customer relationships, workflow data, distribution, and efficiency advantages, which could allow them to monetize AI rather than be displaced by it. Please review the Strategy's top five holdings for its key selections.
In its second-quarter 2026 investor letter, Emerald Wealth Partners Focused Equity Strategy highlighted Lockheed Martin Corporation (NYSE:LMT). Lockheed Martin Corporation (NYSE:LMT) is an aerospace and defense company that engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services. On August 04, 2026, Lockheed Martin Corporation (NYSE:LMT) closed at $589.33 per share. The one-month return of Lockheed Martin Corporation (NYSE:LMT) was 11.62%, and its shares gained 35.52% over the past 52 weeks. Lockheed Martin Corporation (NYSE:LMT) has a market capitalization of $13.01 billion.
Emerald Wealth Partners Focused Equity Strategy stated the following regarding Lockheed Martin Corporation (NYSE:LMT) in its Q2 2026 investor letter:
"The ceasefire also weighed on Lockheed Martin Corporation (NYSE:LMT), which gave back part of a strong first quarter and detracted 55 bps. Our fundamental ******* sment is unchanged: conflict on European soil and Washington's pressure on NATO allies continue to drive demand for the company's systems sharply higher. But that demand comes with a twist — a business model that now requires heavier investment and carries more risk than Lockheed used to. Having trimmed the position close to its peak in the first quarter, we are comfortable with what we hold today."

#Equity #focused #quarter

The Williams Companies, Inc. (WMB), headquartered in Tulsa, Oklahoma, operates as an energy infrastructure company focused on connecting North America's hydrocarbon resource plays to growing markets for natural gas, natural gas liquids (NGLs), and olefins. With a market cap of $87.4 billion, the company owns and operates midstream gathering and processing **** ets, and interstate natural gas pipelines.
Shares of this natural gas giant have underperformed the broader market over the past year. WMB has gained 18.7% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 22.2%. However, in 2026, WMB stock is up 19%, surpassing the SPX's 13% rise on a YTD basis.
What Are Wheat Producers Seeing That Traders Aren't?
Nat-Gas Prices Retreat on Bigger US Supplies and Cooler Temps
Crude Oil Prices Slump on Hopes of a Deal to Reopen Strait of Hormuz

#broader

The commercial ******* e sector is one of the most volatile themes in the market. Because ******* e stocks often move up and down together, thanks to macro liquidity, launch successes, or sector-wide risk-on sentiment, how an ETF constructs its holdings matters significantly.
Different ******* e-focused ETFs offer different edges and also weaknesses versus their peers. That beauty, or lack thereof, is in the eyes of the beholder. It often comes down to how concentrated an ETF is. In other words, how few stock holdings it includes. Here are four ETFs I am comparing below:
Jeff Bezos Says He's Selling $1 Billion In Amazon Stock Every Year to Fund Blue Origin — 'It's The Most Important Work I'm Doing'
Apple's New CEO Is Bringing a Familiar Face Back From Retirement. The Shift Is Happening.
Nasdaq Futures Climb as Tech Rally Continues on Palantir Boost, U.S. JOLTS Report and ******* eX Earnings on Tap

#often

Baker Mayfield is focused on leading the Tampa Bay Buccaneers in 2026, but until a long-term contract extension is signed, his future will continue to generate speculation around the NFL. In a recent article, Bleacher Report's Kristopher Knox identified five teams that could keep a close eye on Mayfield's contract situation throughout the season if he and the Buccaneers fail to reach an agreement.
Those teams include the Minnesota Vikings, New York Jets, Pittsburgh Steelers, Arizona Cardinals, and Carolina Panthers.
The reasoning is simple: franchise quarterbacks rarely become available. Mayfield has revitalized his career in Tampa Bay, emerging as one of the NFL's more consistent veteran quarterbacks while leading the Buccaneers to multiple playoff appearances. If contract negotiations remain unresolved and he were somehow to reach free agency, he would immediately become one of the most sought-after players on the market.
Each team presents an interesting scenario.
The Vikings could find themselves searching for a proven veteran depending on how their quarterback situation develops with newly acquired Kyler Murray and JJ McCarthy. The Jets and Steelers have both faced uncertainty at the position in recent years and could look to an established starter if their current plans don't produce results, especially with Aaron Rodgers confirming this will be his last season. The Cardinals were also mentioned as a team that traded away Kyler Murray and is now relying on journeyman Jacoby Brissett, while the Panthers would add an intriguing NFC South wrinkle if they ever explored the possibility of pursuing Tampa Bay's quarterback as Bryce Young enters a crucial year.

#tampa #cardinals

Cowboys QB Dak Prescott's family photo with ex-fiancee draws attention originally appeared on The Sporting News. Add The Sporting News as a Preferred Source by clicking here.
Dak Prescott has spent the early days of training camp focused on football, running drills with CeeDee Lamb and George Pickens in Oxnard as the Cowboys prepare for their September 13 opener against the Giants.
On the fifth day of camp, Prescott welcomed a special visitor who cared far more about sunglasses than the playbook.
WFAA-TV reporter Mike Leslie shared the video on Instagram, capturing the wholesome exchange between Prescott and his daughter on the sideline before he returned to practice. Ramos dressed MJ specifically for the occasion, putting her in a white Cowboys logo top, a matching skirt, sneakers, and a hairband with a ribbon.
The two-year-old tossed a mini football to her dad before playfully ******* ing the sunglasses off his face in a moment captured by WFAA's Mike Leslie and shared widely online. The visit came the same week Ramos posted poolside photos of herself and MJ, captioning one simply "Obsessed," as she continues sharing glimpses of their co-parenting routine.

#cowboys #camp

LAS VEGAS – It will be nearly 20 months between fights for Billy Quarantillo, and the time off may have been worth it.
Quarantillo (18-7 MMA, 6-5 UFC) not only went under the knife, but he also made a major decision to move from the featherweight division up to lightweight. He'll get a chance to show off his new frame in the co-main event of UFC Fight Night 284 at the Meta APEX (Paramount+), when he takes on Diego Ferreira.
"I had knee surgery last year, so obviously, that takes a lot of time away, and then just focusing on rehab, doing everything right," Quarantillo told reporters at media day about his absence. "Then I decided to move up a weight class because I'm getting older, but bigger, stronger. It's been great so far keeping the size on, but obviously, a long layoff."
The 37-year-old says he's been contemplating a switch after his most recent results, which did not go his way. He was stopped by Youssef Zalal and Cub Swanson in his last couple of appearances, but he felt he had to fight not only his human opponent but also an inanimate one: the scale. Moving forward, he's going to be focused moreso on fighting the person standing across the cage from him, and is optimistic the results will turn around.
"It's been one of those things that's been building up for the last couple of fights," Quarantillo said. "... Before the Youssef Zalal fight, I actually made weight, and I was puking the night before. Pretty much all night. As a fighter, I was like, 'Oh man, at least I lost some weight doing this.' Looking back on it, that was awful.

#fight #weight #zalal

Holding his first press conference since he was traded to the Philadelphia 76ers, star forward Jaylen Brown stressed that he's moving on from his time with the Boston Celtics.
He didn't shy away, however, from hints that his final days there weren't without challenges.
During a Twitch stream in early July, Brown had said he felt there was "a bit of a lack of respect" during trade talks and discussions of Brown's future, adding that he "wasn't thrilled" with the way Celtics president of basketball operations Brad Stevens "facilitated some of the conversations."
When asked Thursday, Aug. 6 what bothered him about his final days with the Celtics, Brown wanted to look forward.
"The whole process," Brown said. "But to be honest, my mind is so focused on what's in front of me. I'm moving on. Maybe one day we can share the details of how everything transpired and all the moving parts that took place in this. Obviously, it's a lot of speculation; I feel no need to chime in on it because I'm focused on what's in front of me."

#philadelphia

Christian Norgaard has completed his move to Everton from **** nal, and the Danish midfielder has now explained why he decided to leave the Emirates after only one season with the club.
Norgaard helped **** nal win the league **** le last season while also being part of the squad that reached the final of the Champions League. Although he believed he could succeed at the Emirates, he did not receive enough opportunities to feature regularly for the team.
Arsenal viewed Norgaard as a backup option, and when opportunities did arrive, they were sometimes in defence rather than in his preferred midfield position. The lack of consistent playing time influenced his decision to look for a new challenge.
The midfielder is now focused on securing more minutes and playing a more important role at his next club. Everton believe he can contribute significantly to their progress, and **** nal agreed to allow him to complete the transfer.
Norgaard will now compete for a midtable club, which represents a significant change after being part of an **** nal squad competing for major honours. However, he believes regular football and a bigger responsibility are more important for the next stage of his career.

#norgaard #part

Edge defender Jayden Woods is one of the leaders of Florida's defense heading into 2026. He spoke to reporters after Florida's pre-fall camp press conference and shared his thoughts before the season.
Woods focused on the team's mental approach, shutting out any outside noise and starting with a blank slate after a disappointing 2025. He shared how his father has helped him approach his college career, from recruiting to the transfer portal to an everyday mindset.
Although Woods doesn't care much for social media during the season, he did see that he was named to the preseason All-SEC Third Team. The goal is for him to finish the year as a first-teamer.
Here's everything Woods said.
Messages and all that, I still go back to. He helped me a lot last fall camp, too, just with mindset. His mindset for me is always just to go out there and attack every day and don't let the day come to you. So my dad is a huge pivotal—

#camp

The FCC is drafting a ban on Chinese transceivers, a move that matters given China controls over 50% of global supply, directly elevating AAOI and COHR as US manufacturing alternatives.
LITE's revenue surged 90% to $808 million as a hyperscaler pure-play, while CRDO offers a contrarian copper-substitute payoff if optical shortages deepen.
Act now: the ***** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coherent didn't make the cut. Grab the names FREE today.
China controls more than 50% of the global transceiver market, and the Federal Communications Commission is drafting a measure to bar imports of new Chinese optical transceivers, with officials hoping to publish the rule this year. Optical transceivers are the fiber-optic pipes that move AI training data between GPUs at the speed of light. If Washington chokes off the biggest supplier while hyperscalers are already fighting over every unit, the small handful of US-listed optical names left standing get to write their own ticket. Here are the five directly in the blast radius.
Start with the name most portfolios don't own. Applied Optoelectronics (NASDAQ:AAOI) is a Sugar Land, Texas transceiver maker that has spent the past year rebuilding capacity on American soil, precisely the profile the Trump administration would elevate if a ban lands. CEO Thompson Lin has already told investors the company is "well positioned to become the premier high-volume U.S. producer of AI-focused data center transceivers and optics."

#chinese #drafting #move

The contract situation between Baker Mayfield and the Tampa Bay Buccaneers has dominated the early portion of training camp, but the quarterback hasn't allowed it to change what he believes this team can accomplish. After spending time at Buccaneers training camp, ESPN's Jeremy Fowler appears to agree with him.
Mayfield told Fowler that despite his disappointment over failed extension talks, his focus remains on leading the Buccaneers and competing for a championship. "I'm a Buccaneer right now. I'm the quarterback for this team," Mayfield said. "[I'm focused on] how can I lead the best way possible, how I can win as many games as possible and how we can win the Super Bowl."
After getting an up-close look at the roster, Fowler came away believing Mayfield's confidence is justified, writing, "Mayfield is right to think this team is well-positioned." Fowler described Tampa Bay as "loaded at receiver and on the offensive line," with Mayfield himself calling the offensive line a top-three unit when healthy. Emeka Egbuka is entering Year 2, Chris Godwin Jr. reportedly has his explosion back, and the Bucs are expecting big things from Jalen McMillan.
The optimism isn't limited to the offense. Fowler pointed toward Alex Anzalone's addition at linebacker and an improved front seven, while first-round pick Rueben Bain Jr. has apparently been everything the organization hoped for as a three-down edge defender.
There are still major questions surrounding the team, particularly Vita Vea's situation and Mayfield's future beyond 2026. Those issues haven't changed what Mayfield sees in the roster around him, though, and after getting his own look at the Bucs during camp, Fowler seems to agree that this is a team built to compete.

#team

SpaceX's $100 billion lockup expiration more than doubled its tradable float yet shares gained over 5% as markets had already priced in the risk.
ARK Invest and retail buyers absorbed the unlock while ~35% short interest created conditions for short covering that lifted shares.
The overhang persists as roughly $800 billion in additional ****** eX shares become eligible for sale through October.
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For weeks, investors have focused on one date they believed could unleash another wave of selling in one of 2026's most closely watched IPOs.

#Invest #short #active

Baker Mayfield made his feelings about his contract clear when he told reporters last week that he was feeling "disrespected" and "undervalued" by the Buccaneers.
But with Mayfield pledging to be focused on "all ball" going forward, General Manager Jason Licht is not concerned about the state of things between the front office and the club's quarterback.
Speaking to reporters on Thursday, Licht said the team still feels Mayfield is a franchise quarterback.
"Well, I'm not going to get into the specifics about the contract and all that stuff. But yeah, we think he is," Licht said, via Rick Stroud of the Tampa Bay Times. "We love Baker. Our feelings for Baker haven't changed."
Licht also seemed to be understanding of Mayfield's comments from last week.

#baker #contract

US stocks fluctuated on Thursday as investors absorbed a series of earnings reports, prospects of an imminent Strait of Hormuz deal, and fresh labor market data.
The Dow Jones Industrial Average (^DJI) fell 0.5%, risking ending the blue-chip index's record-breaking win streak, while the S&P 500 (^GSPC) fell 0.2%. The Nasdaq Composite (^IXIC) ticked below the flat line.
Investors remain hyper-focused on AI capital requirements and monetization. Those concerns, combined with high valuations for some tech names, have led to punishing earnings reactions for some AI highfliers such as Sandisk (SNDK) and Western Digital (WDC).
SpaceX (SPCX) stock popped 2% as a lockup period expired, freeing up insiders to sell their shares, though some saw the event as already priced in.
Geopolitical uncertainty continues to hang over markets, helping to send gold prices (GC=F) to multi-week highs. Global oil prices (BZ=F), which have fluctuated in recent days, rose to $81 per barrel on Thursday after Iran said it had reached an agreement with Oman for a temporary shipping route through the Strait of Hormuz. Iranian Foreign Ministry spokesperson Esmail Baghaei said the two nations would reach a deal "if certain third parties do not obstruct this process."

#strait #hormuz

Here is the paradox at the center of Broadway economics: the production that just broke the box-office record for a filmed stage musical was not built by anyone with the authority to greenlight it. It was built over 19 years by a Vermont folk singer who kept handing control to other people.
On the last weekend of July, the live capture of Hadestown opened on fewer than 2,000 screens. It took in $10.2 million, the largest opening ever recorded for a filmed Broadway musical, ahead of Hamilton. The distributor had booked it as a five-day event. Within 72 hours it announced an indefinite run. Its strongest per-screen results came from Huntsville, Salt Lake City, Eugene, and Boise: markets with no Broadway house at all.
I have spent a career focused on how the screen reshapes commerce—as President and CEO of The Museum of Television & Radio (now The Paley Center for Media), as Harvard Law School's inaugural Visiting Professor of Entertainment and Media Law, and as a management consultant on entertainment and media industry strategies. What Anaïs Mitchell built with Hadestown is the clearest working refutation I have seen of the instinct that destroys founder-led ventures in various market sectors.
The operational reality is unforgiving. A modern Broadway musical is a highly capitalized joint venture requiring upwards of $15 million against a weekly burn rate that can approach $700,000. The people who put up that money are not patrons of the arts. They are investors, and the directors, general managers, and marketing leads they hire are the operators who convert a creative vision into a going concern. Broadway posted the highest-grossing season in its history in 2025–2026, roughly $1.9 billion, and only six new musicals opened all year. More money is chasing fewer bets.
The industry's default bet is a famous name. Elton John's Tammy Faye and the Avett Brothers' Swept Away both took that bet recently, and both closed within weeks of opening. Neither was a failure of talent. Both were failures of organizational architecture. The creative founders believed that dominance in one market guaranteed fit in another, and they overruled the operators who knew better.

#hadestown #people

The forgotten man in the Cleveland quarterback rotation is forcing himself into the conversation by performing well in practice. But Dillon Gabriel has yet to officially enter the competition to win the starting quarterback job with the Browns.
Does he feel disrespected by that?
"Never disrespected," Gabriel told reporters on Wednesday. "I don't take things personally, it's a business. I'm focused on what I need to do to get better, and that's all I'm focused on. I'm present with that."
Gabriel also was asked whether he believes earning more reps gives him a chance to seize the job.
"I'm really just focused on mastering my reps," Gabriel said. "I really appreciate [pass game coordinator] Danny Bryer and [senior director of player development] James Cook. James Cook and [offensive skill development specialist] Demetric Felton are big on walkthroughs in the morning, which helps set me up for a good day. And afterwards with Danny Bryer, a guy I've really leaned on, getting coached up — three or five reps, talking through it as best I can and improving. And same with [assistant quarterbacks] coach [Matt] Baker, he's been really good for me."

#disrespected

Florida State offensive coordinator/wide receivers coach Tim Harris Jr. and defensive coordinator Tony White spoke on Wednesday, recapping FSU's scrimmage.
Harris Jr. focused on communication and tempo, saying the offense's install has to move faster than most because of the volume FSU's defense throws at it in practice. He said Ashton Daniels' confidence has grown daily and that he handled pre-snap adjustments flawlessly in Tuesday's scrimmage, with Kevin and Dean also getting positive reviews. Harris pointed to yards after contact as a season-long emphasis for the running backs, also noting Tre Wisner was held out of the scrimmage with a minor issue. He also said Tuesday marked the first true dry run of game-day operation (press box staffed, sideline communication and iPads used as they would be in a game) and called it clean.
White said he left the scrimmage angry but changed his mind after watching the film, calling the sideline operation better than nearly any point last season and the tackling cleaner than a typical first scrimmage. He described a disruptive defensive line with a couple of sacks and roughly 10 tackles for loss, and credited the group's offseason work for turning thinking into instinct. He also said the remaining camp work shifts to situational football, and named conditioning as the one thing that still has to improve
The Seminoles are now in Jacksonville for their annual Duval excursion, holding three practices at UNF from Wednesday to Saturday.
Jordan Silversmith wrote on Ousmane Kromah and the second-year running back's potential for a breakout season:

#scrimmage

It is clear from the first answer of a fascinating 45-minute chat that Chris Smalling is no ordinary footballer.
A career that took the 36-year-old from non-league Maidstone to a Champions League final in the **** e of three years, has, so far, led to 580 club appearances in three countries, playing the majority for Sir Alex Ferguson or Jose Mourinho, plus 31 England caps and trophies with Manchester United and Roma.
It has now brought Smalling and his family back to the north west of England to figure out his next steps.
Smalling has plans for his career after playing but presently, he is focused on finding a new club.
"I know my body now better than when I was 26 and that's shown in the games I'm playing," he said.

#smalling #playing #Career #champions

Applied Digital Corp (NASDAQ:APLD)'s transformation from a crypto-mining/data-center hosting company to an AI infrastructure provider is beginning to reflect in its earnings. The company is enjoying robust growth fueled by rapid conversion of its data center footprint into artificial intelligence and high-performance computing infrastructure. Likewise, hyperscaler leases and tenant buildout are increasingly driving near-term revenue growth.
Shares have gained more than 20% year to date, with the stock remaining volatile and below some of its recent highs. The market is particularly focused on the company's execution, financing, profitability, and timing of future cash flows. Sentiment and outlook for the stock are slowly changing, triggering prospects of a potential breakout after months of underperformance.
Robust revenue growth affirms why Applied Digital Corp (NASDAQ:APLD) is a compelling investment play on improving underlying fundamentals. The company delivered fiscal fourth quarter 2026 revenue of $258.7 million, up 407% year over year and topping estimates of $94.8 million. Similarly, full-year revenue was up 167% to $611.3 million. Adjusted earnings per share came in at $0.04 above expectations of a $0.22 loss.
The 407% revenue growth suggests the company is no longer a future AI story but a company that's converting data center capacity into sales. The growth has come as the company shifts toward building large, power-dense data centers that it leases to hyperscalers and AI cloud companies, thereby securing key revenue streams.
The Data Center Hosting segment generated $38 million in revenue in Q4 FY2025. Revenue in the segment increased to $203 million as of Q4 FY2026, suggesting new leases are becoming bigger than Traditional Data Center Hosting, which was essentially flat at $37.3 million.

#Growth

Hotchkis & Wiley, an investment management company, released its second-quarter 2026 investor letter for the "Hotchkis & Wiley Mid-Cap Value Fund." A copy of the letter can be downloaded here. Equity markets posted strong returns in the second quarter of 2026, with the Russell Midcap Index rising 13.8% and the Russell Midcap Value Index returning 13.4%, despite concerns about inflation, a hawkish Federal Reserve, and rising oil prices due to the Iran conflict. Narrow market leadership was evident, particularly semiconductor stocks and other stocks in the AI sector, which saw returns exceeding 100%. The Firm favors quality businesses with attractive valuations, believing that fears regarding AI's impact are overstated. The Hotchkis & Wiley Mid-Cap Value Fund lagged the Russell Midcap Value Index, achieving a 4.74% return in the second quarter, primarily due to underperformance in technology and energy sectors, while stock selection in healthcare contributed positively. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Hotchkis & Wiley Mid-Cap Value Fund highlighted APA Corporation (NASDAQ:APA). APA Corporation (NASDAQ:APA) is an energy company focused on the exploration and production of oil and natural gas in key global markets. On August 3, 2026, APA Corporation (NASDAQ:APA) closed at $36.87 per share, reflecting a market capitalization of $13.032 billion. APA Corporation (NASDAQ:APA) posted a one-month return of 8.44%, while its shares gained 98.33% over the past 52 weeks.
Hotchkis & Wiley Mid-Cap Value Fund stated the following regarding APA Corporation (NASDAQ:APA) in its Q2 2026 investor letter:
"APA Corporation (NASDAQ:APA) is an independent oil and gas E&P (exploration & production) company operating in the Permian and in Egypt. Quarterly results were in line with expectations and supportive of our investment thesis, but the stock fell as oil retreated due to optimism about a resolution to the conflict in Iran. APA offers strong free cash flow generation driven by favorable natural gas price differentials and underappreciated reinvestment opportunities in Suriname, Egypt, and potentially Alaska. Despite concerns over shorter Permian resource life, APA trades at attractive value metrics relative to its free cash flow yield and remains leveraged to a structurally undersupplied global energy market. The company has an investment grade balance sheet and trades at a valuation discount to its peers."

#midcap