SPYV and CWI pair U.S. value stocks with global markets exposure, returning roughly 16% and 14% respectively over the past year.
Apple sits at 7.3% of SPYV's portfolio, making it the fund's single largest position by a wide margin.
SPTI pays monthly Treasury income but finished nearly flat over five years, and bond funds can lose value when rates rise.
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For years, someone else watched the markets, adjusted your accounts, and made sure withdrawals went out on time. Now your adviser has retired, and at 71, the account statements land on your kitchen table. That feels uncomfortable, but the job is manageable. Three broad funds from State Street cover the core jobs of a retirement portfolio. State Street SPDR Portfolio S&P 500 Value ETF (NYSEARCA:SPYV) handles U.S. stocks. State Street SPDR MSCI ACWI ex-US ETF (NYSEARCA:CWI) adds international stocks. State Street SPDR Portfolio Intermediate Term Treasury Index ETF (NYSEARCA:SPTI) provides bond stability.

#spyv #spti

Aristotle International Equity Fund, sub-advised by Aristotle Capital Management, LLC, released its second-quarter 2026 investor letter. The letter can be downloaded here. Global equity markets reached record highs in Q2, with the MSCI ACWI Index rising 14.93%, while global fixed income grew modestly by 0.87%. Geopolitical tensions, particularly in the Middle East, affected energy markets and investor sentiment, highlighting volatility and fragility in global supply. Central banks reacted variably to inflationary pressures, with the ECB raising rates amidst concerns of stagflation, while the Fed and Bank of England held rates steady. Despite economic challenges, robust earnings continued in Europe and Asia, driven by AI infrastructure demand. The Aristotle International Equity Fund (Class I-2) recorded an 8.40% return in the quarter, underperforming both the MSCI EAFE Index, which returned 10.82%, and the MSCI ACWI ex USA Index, which returned 14.49%. Going forward, the fund remains focused on quality investments as geopolitical and macroeconomic complexities make forecasting returns challenging. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its second-quarter 2026 investor letter, Aristotle International Equity Fund highlighted Unilever PLC (NYSE:UL). Unilever PLC (NYSE:UL) is a British consumer goods giant, that sell products across food, homecare, beauty, and personal care categories. On September 17, 2026, Unilever PLC (NYSE:UL) closed at $62.22 per share. Over the past month, Unilever PLC (NYSE:UL) declined 2.99%, but its shares are down 5.09% over the past year. Unilever PLC (NYSE:UL) has a market capitalization of $133.98 billion, and its stock has traded within a 52-week range of $54.75 to $74.98.
Aristotle International Equity Fund stated the following regarding Unilever PLC (NYSE:UL) in its Q2 2026 investor letter:
"We first invested in Unilever PLC (NYSE:UL), the global consumer staples company, in the second quarter of 2013. We have long been attracted to the company's broad portfolio of leading personal care and food brands (such as Dove, Knorr and Axe), global scale, significant emerging markets exposure and strong position across everyday use categories. Over our more than decade-long holding period, Unilever strengthened and simplified its portfolio, divesting lower-growth food ***** ets, improving efficiency, increasing focus behind its largest brands and shifting the business toward faster-growing, higher-margin beauty, wellbeing, personal care and home care categories. More recently, the separation of the ice cream business and continued reshaping of the food portfolio have further narrowed Unilever's strategic focus. While we continue to view the remaining Unilever franchise as high quality, we believe the more compelling opportunity now resides in the independent ice cream business, where dedicated management and a category-specific strategy should provide a clearer pa

A UTMA custodial account requires no attorney, costs nothing to open, and lets married couples contribute $38,000 annually per grandchild without triggering gift-tax reporting.
VOO anchors the portfolio at 60-70% with a 0.03% expense ratio, while SCHG's 447% 10-year return earns it a 20-25% growth slice.
Custodial account funds legally become the grandchild's property at 18 or 21, so grandparents who want spending control should use a 529 instead.
Read More: Avoid these 13 retirement mistakes before they derail your future (sponsor)
You want to hand each grandchild a serious head start without the complicated legal setup. Skip the trust attorney. A custodial account under the Uniform Transfers to Minors Act (UTMA) can be opened in an afternoon at any major brokerage, and three low-cost ETFs can do the work for the next 15 to 20 years: the Vanguard S&P 500 ETF (NYSEARCA:VOO), the Schwab U.S. Large-Cap Growth ETF (NYSEARCA:SCHG), and the iShares Core MSCI Emerging Markets ETF (NYSEARCA:IEMG). Three tickers, one account per grandchild, and time on your side.

#custodial #three

Broyhill **** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill **** et Management highlighted First Citizens BancShares, Inc. (NASDAQ:FCNCA). First Citizens BancShares, Inc. (NASDAQ:FCNCA) operates as the holding company for First-Citizens Bank & Trust Company, providing retail and commercial banking services. On September 14, 2026, First Citizens BancShares, Inc. (NASDAQ:FCNCA) closed at $2,173.88 per share. Over the past month, First Citizens BancShares, Inc. (NASDAQ:FCNCA) declined 1.03%, but its shares are up 17.10% over the past year. First Citizens BancShares, Inc. (NASDAQ:FCNCA) has a market capitalization of $24.55 billion, and its stock has traded within a 52-week range of $1,623.76 to $2,296.30.
Broyhill **** et Management stated the following regarding First Citizens BancShares, Inc. (NASDAQ:FCNCA) in its Q2 2026 investor letter:
"First Citizens BancShares, Inc. (NASDAQ:FCNCA), initiated in June, is a well-run company which we believe to be undervalued and with catalysts on the horizon. The company has retired almost 20% of its Class A shares since July 2024, and inside its roughly $25 billion market capitalization sits a rail leasing fleet of approximately 128,000 cars valued by the market at bank multiples. Management has proven themselves highly competent and highly aligned with shareholders, with the Holding family in key executive positions, owning over 20% of the economics and controlling roughly half the vote through their Class B shares. Much of what we are waiting on has a date attached to it: two separations have completed, and Masco and First Citizens are retiring shares at a pace that improves per-share value whether or not the multiples change."

#fcnca #market

Broyhill **** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill **** et Management highlighted Rentokil Initial plc (NYSE:RTO). Rentokil Initial plc (NYSE:RTO) is a route-based service provider that offers a range of pest control services. On September 14, 2026, Rentokil Initial plc (NYSE:RTO) closed at $22.55 per share. Over the past month, Rentokil Initial plc (NYSE:RTO) declined 5.34%, but its shares are down 10.61% over the past year. Rentokil Initial plc (NYSE:RTO) has a market capitalization of $11.2 billion, and its stock has traded within a 52-week range of $22.24 to $34.67.
Broyhill **** et Management stated the following regarding Rentokil Initial plc (NYSE:RTO) in its Q2 2026 investor letter:
"Rentokil Initial plc (NYSE:RTO) declined 9%. North American pest organic growth of 2.8% was entirely price, and customer retention remains near 80%. Our thesis is that the significant valuation discount to peer Rollins (almost half at the end of the second quarter) narrows as the Terminix integration is delivered."
Rentokil Initial plc (NYSE:RTO) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 15 hedge fund portfolios held Rentokil Initial plc (NYSE:RTO) at the end of the second quarter, compared to 19 in the previous quarter. While we acknowledge the potential of Rentokil Initial plc (NYSE:RTO) 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.

#quarter #letter #investor

Broyhill ***** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill ***** et Management highlighted Masco Corporation (NYSE:MAS). Masco Corporation (NYSE:MAS), a US-based home improvement and building products manufacturer, contributed positively to performance this quarter. On September 14, 2026, Masco Corporation (NYSE:MAS) closed at $69.41 per share. Over the past month, Masco Corporation (NYSE:MAS) declined 5.41%, but its shares are down 5.31% over the past year. Masco Corporation (NYSE:MAS) has a market capitalization of $13.69 billion, and its stock has traded within a 52-week range of $58.16 to $83.64.
Broyhill ***** et Management stated the following regarding Masco Corporation (NYSE:MAS) in its Q2 2026 investor letter:
"Masco Corporation (NYSE:MAS) gained 37%, the best result in the portfolio, and was initiated in the first quarter as one of two investments in the depressed housing sector. The quarter was plumbing-led and, more to the point, volume-led, with the strongest volume growth since the end of the pandemic and pricing intact. Management raised the topline outlook, took out delayed-draw leverage to repurchase stock, and increased the buyback guide by $200 million, to more than $800 million against a $2 billion authorization. Earlier in the quarter, our investment team also attended Masco's investor day and was able to interact with management at the event."
Masco Corporation (NYSE:MAS) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 46 hedge fund portfolios held Masco Corporation (NYSE:MAS) at the end of the second quarter, compared to 42 in the previous quarter. While we acknowledge the potential of Masco Corporation (NYSE:MAS) 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.

#corporation #letter

Broyhill ***** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill ***** et Management highlighted ServiceNow, Inc. (NYSE:NOW). ServiceNow, Inc. (NYSE:NOW) is a cloud-based software company that provides a platform for automating and managing digital workflows. On September 14, 2026, ServiceNow, Inc. (NYSE:NOW) closed at $142.35 per share. Over the past month, ServiceNow, Inc. (NYSE:NOW) returned 18.32%, but its shares are down 24.15% over the past year. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $147.19 billion, and its stock has traded within a 52-week range of $81.24 to $194.73.
Broyhill ***** et Management stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its Q2 2026 investor letter:
"ServiceNow, Inc. (NYSE:NOW), added in May, fell 21%. The general argument against software fits it poorly. The Now ***** ist annual contract value target was raised by 50% to $1.5 billion, customers spending more than $1 million on it grew 130% year over year, more than half of new business is now priced on consumption rather than seats, and the gross renewal rate is 97%. That is not the profile of an obvious AI victim. While we exited other related exposure where we could not frame the range of outcomes with enough confidence to hold the position (HubSpot and Intuit), we added to ServiceNow."
ServiceNow, Inc. (NYSE:NOW) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 115 hedge fund portfolios held ServiceNow, Inc. (NYSE:NOW) at the end of the second quarter, compared to 108 in the previous quarter. While we acknowledge the potential of ServiceNow, Inc. (NYSE:NOW) 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.

#servicenow #management #quarter #investor

Broyhill ******* et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill ******* et Management highlighted Accenture plc (NYSE:ACN). Accenture plc (NYSE:ACN) provides strategy and consulting, industry X, song, and technology and operation services. On September 14, 2026, Accenture plc (NYSE:ACN) closed at $195.00 per share. Over the past month, Accenture plc (NYSE:ACN) was up 12.35%, and its shares lost 17.96% over the past 52 weeks. Accenture plc (NYSE:ACN) has a market capitalization of $119.33 billion.
Broyhill ******* et Management stated the following regarding Accenture plc (NYSE:ACN) in its Q2 2026 investor letter:
"Accenture plc (NYSE:ACN) fell 38%, and we exited in June. Our case rested on unpriced optionality appearing as revenue per employee, and that measure grew only marginally while bookings declined 3% and the managed services book to-bill fell below one. Management's response was to raise the acquisition guide to $9 billion. An inflection in bookings was a key point in the thesis, and the fact that management fell back on acquisitions when it came in weak does not inspire confidence in the core business. We sold the position following these results."
Accenture plc (NYSE:ACN) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 69 hedge fund portfolios held Accenture plc (NYSE:ACN) at the end of the second quarter, compared to 64 in the previous quarter. While we acknowledge the potential of Accenture plc (NYSE:ACN) 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.

#management #investor

Broyhill **** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill **** et Management highlighted IQVIA Holdings Inc. (NYSE:IQV). IQVIA Holdings Inc. (NYSE:IQV) is a US-based provider of clinical research services, commercial insights, and healthcare intelligence to the life sciences and healthcare industries. On September 14, 2026, IQVIA Holdings Inc. (NYSE:IQV) closed at $265.67 per share. Over the past month, IQVIA Holdings Inc. (NYSE:IQV) returned 10.68%, and its shares are up 42.21% over the past year. IQVIA Holdings Inc. (NYSE:IQV) has a market capitalization of $43.73 billion, and its stock has traded within a 52-week range of $154.50 to $271.80.
Broyhill **** et Management stated the following regarding IQVIA Holdings Inc. (NYSE:IQV) in its Q2 2026 investor letter:
"IQVIA Holdings Inc. (NYSE:IQV) gained 14% after being our largest detractor in the first quarter. We set out our full case last quarter and will not repeat it here. The second quarter added evidence: results came in ahead, and request-for-proposal flow and award timing both improved. We trimmed the position in June and rolled the proceeds into Thermo Fisher, an exercise in portfolio management rather than a statement about our conviction."
IQVIA Holdings Inc. (NYSE:IQV) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 58 hedge fund portfolios held IQVIA Holdings Inc. (NYSE:IQV) at the end of the second quarter, down from 64 in the previous quarter. While we acknowledge the potential of IQVIA Holdings Inc. (NYSE:IQV) 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.

#iqvia

Broyhill **** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill **** et Management highlighted Valvoline Inc. (NYSE:VVV) as a leading performance contributor. Valvoline Inc. (NYSE:VVV) is a US-based automotive preventive maintenance company that offers oil changes, battery, bulb, and wiper replacements; tire rotations; and other maintenance services. On September 14, 2026, Valvoline Inc. (NYSE:VVV) closed at $30.37 per share. Over the past month, Valvoline Inc. (NYSE:VVV) declined 9.69%, and its shares lost 25.33% over the past 52 weeks. Valvoline Inc. (NYSE:VVV) has a market capitalization of $3.87 billion.
Broyhill **** et Management stated the following regarding Valvoline Inc. (NYSE:VVV) in its Q2 2026 investor letter:
"Valvoline Inc. (NYSE:VVV) gained 18%, having also led the first quarter. Comparable sales grew 8.2% against consensus near 5.4%, adjusted EBITDA grew 28%, and guidance was raised across comparable sales, EBITDA, and earnings. The company added 31 stores and now operates 2,409 stores, with ticket sales driving roughly two-thirds of the gain."
Valvoline Inc. (NYSE:VVV) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 44 hedge fund portfolios held Valvoline Inc. (NYSE:VVV) at the end of the second quarter, compared to 39 in the previous quarter. While we acknowledge the potential of Valvoline Inc. (NYSE:VVV) 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.

#broyhill #investor

Broyhill ***** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill ***** et Management highlighted The Middleby Corporation (NASDAQ:MIDD). The Middleby Corporation (NASDAQ:MIDD), a leading player in the foodservice industry, contributed positively to performance during the quarter. On September 14, 2026, The Middleby Corporation (NASDAQ:MIDD) closed at $109.72 per share. Over the past month, The Middleby Corporation (NASDAQ:MIDD) declined 3.75%, but its shares are up 1.27% over the past year. The Middleby Corporation (NASDAQ:MIDD) has a market capitalization of $78.51 billion, and its stock has traded within a 52-week range of $89.14 to $148.55.
Broyhill ***** et Management stated the following regarding The Middleby Corporation (NASDAQ:MIDD) in its Q2 2026 investor letter:
"The Middleby Corporation (NASDAQ:MIDD) gained 31%. Commercial Foodservice grew organic revenue 8% as chains returned to growth and management raised full-year guidance by roughly 4%. More important was the structural progress: the Food Processing separation was confirmed at the May investor day (which our investment team attended) and completed on July 6th, creating Midera. Following the majority sale of the residential business earlier this year, what remains is a cleaner business with leverage approaching 2.5x."
The Middleby Corporation (NASDAQ:MIDD) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held The Middleby Corporation (NASDAQ:MIDD) at the end of the second quarter which was 35 in the previous quarter. While we acknowledge the potential of The Middleby Corporation (NASDAQ:MIDD) 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.

#middleby #corporation #broyhill #quarter

Broyhill ******* et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill ******* et Management highlighted Sotera Health Company (NASDAQ:SHC). Sotera Health Company (NASDAQ:SHC), a US-based company that provides sterilization solutions, lab testing, and advisory services for the healthcare industry, contributed positively to the portfolio's performance this quarter. On September 14, 2026, Sotera Health Company (NASDAQ:SHC) closed at $18.52 per share, reflecting a market capitalization of $5.29 billion. Sotera Health Company (NASDAQ:SHC) posted a one-month return of 0.05%, while its shares gained 13.62% over the past 52 weeks.
Broyhill ******* et Management stated the following regarding Sotera Health Company (NASDAQ:SHC) in its Q2 2026 investor letter:
"Sotera Health Company (NASDAQ:SHC) was our largest contributor, with shares gaining 25%. We bought it in the first quarter, when the litigation docket was the only thing anyone wanted to discuss, and the price gave no weight to the fact that there are only two companies of scale doing this work. Results beat on revenue, adjusted EBITDA, and earnings per share; guidance was reaffirmed across every line, and management described March as its best volume month in three to four years. The EPA has proposed a full repeal of the 2024 ethylene oxide standard. At the time, the shares traded at roughly 14x forward earnings against 20x for the closest comparable."
Sotera Health Company (NASDAQ:SHC) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 43 hedge fund portfolios held Sotera Health Company (NASDAQ:SHC) at the end of the second quarter, compared to 42 in the previous quarter. While we acknowledge the potential of Sotera Health Company (NASDAQ:SHC) 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.

#sotera #broyhill #second

Broyhill ******* et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill ******* et Management highlighted First Citizens BancShares, Inc. (NASDAQ:FCNCA). First Citizens BancShares, Inc. (NASDAQ:FCNCA) operates as the holding company for First-Citizens Bank & Trust Company, providing retail and commercial banking services. On September 14, 2026, First Citizens BancShares, Inc. (NASDAQ:FCNCA) closed at $2,173.88 per share. Over the past month, First Citizens BancShares, Inc. (NASDAQ:FCNCA) declined 1.03%, but its shares are up 17.10% over the past year. First Citizens BancShares, Inc. (NASDAQ:FCNCA) has a market capitalization of $24.55 billion, and its stock has traded within a 52-week range of $1,623.76 to $2,296.30.
Broyhill ******* et Management stated the following regarding First Citizens BancShares, Inc. (NASDAQ:FCNCA) in its Q2 2026 investor letter:
"First Citizens BancShares, Inc. (NASDAQ:FCNCA), initiated in June, is a well-run company which we believe to be undervalued and with catalysts on the horizon. The company has retired almost 20% of its Class A shares since July 2024, and inside its roughly $25 billion market capitalization sits a rail leasing fleet of approximately 128,000 cars valued by the market at bank multiples. Management has proven themselves highly competent and highly aligned with shareholders, with the Holding family in key executive positions, owning over 20% of the economics and controlling roughly half the vote through their Class B shares. Much of what we are waiting on has a date attached to it: two separations have completed, and Masco and First Citizens are retiring shares at a pace that improves per-share value whether or not the multiples change."

#first #fcnca

Broyhill **** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill **** et Management highlighted Rentokil Initial plc (NYSE:RTO). Rentokil Initial plc (NYSE:RTO) is a route-based service provider that offers a range of pest control services. On September 14, 2026, Rentokil Initial plc (NYSE:RTO) closed at $22.55 per share. Over the past month, Rentokil Initial plc (NYSE:RTO) declined 5.34%, but its shares are down 10.61% over the past year. Rentokil Initial plc (NYSE:RTO) has a market capitalization of $11.2 billion, and its stock has traded within a 52-week range of $22.24 to $34.67.
Broyhill **** et Management stated the following regarding Rentokil Initial plc (NYSE:RTO) in its Q2 2026 investor letter:
"Rentokil Initial plc (NYSE:RTO) declined 9%. North American pest organic growth of 2.8% was entirely price, and customer retention remains near 80%. Our thesis is that the significant valuation discount to peer Rollins (almost half at the end of the second quarter) narrows as the Terminix integration is delivered."
Rentokil Initial plc (NYSE:RTO) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 15 hedge fund portfolios held Rentokil Initial plc (NYSE:RTO) at the end of the second quarter, compared to 19 in the previous quarter. While we acknowledge the potential of Rentokil Initial plc (NYSE:RTO) 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.

#quarter

Broyhill **** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill **** et Management highlighted IQVIA Holdings Inc. (NYSE:IQV). IQVIA Holdings Inc. (NYSE:IQV) is a US-based provider of clinical research services, commercial insights, and healthcare intelligence to the life sciences and healthcare industries. On September 14, 2026, IQVIA Holdings Inc. (NYSE:IQV) closed at $265.67 per share. Over the past month, IQVIA Holdings Inc. (NYSE:IQV) returned 10.68%, and its shares are up 42.21% over the past year. IQVIA Holdings Inc. (NYSE:IQV) has a market capitalization of $43.73 billion, and its stock has traded within a 52-week range of $154.50 to $271.80.
Broyhill **** et Management stated the following regarding IQVIA Holdings Inc. (NYSE:IQV) in its Q2 2026 investor letter:
"IQVIA Holdings Inc. (NYSE:IQV) gained 14% after being our largest detractor in the first quarter. We set out our full case last quarter and will not repeat it here. The second quarter added evidence: results came in ahead, and request-for-proposal flow and award timing both improved. We trimmed the position in June and rolled the proceeds into Thermo Fisher, an exercise in portfolio management rather than a statement about our conviction."
IQVIA Holdings Inc. (NYSE:IQV) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 58 hedge fund portfolios held IQVIA Holdings Inc. (NYSE:IQV) at the end of the second quarter, down from 64 in the previous quarter. While we acknowledge the potential of IQVIA Holdings Inc. (NYSE:IQV) 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.

#holdings #letter #investor

Broyhill ***** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill ***** et Management highlighted Valvoline Inc. (NYSE:VVV) as a leading performance contributor. Valvoline Inc. (NYSE:VVV) is a US-based automotive preventive maintenance company that offers oil changes, battery, bulb, and wiper replacements; tire rotations; and other maintenance services. On September 14, 2026, Valvoline Inc. (NYSE:VVV) closed at $30.37 per share. Over the past month, Valvoline Inc. (NYSE:VVV) declined 9.69%, and its shares lost 25.33% over the past 52 weeks. Valvoline Inc. (NYSE:VVV) has a market capitalization of $3.87 billion.
Broyhill ***** et Management stated the following regarding Valvoline Inc. (NYSE:VVV) in its Q2 2026 investor letter:
"Valvoline Inc. (NYSE:VVV) gained 18%, having also led the first quarter. Comparable sales grew 8.2% against consensus near 5.4%, adjusted EBITDA grew 28%, and guidance was raised across comparable sales, EBITDA, and earnings. The company added 31 stores and now operates 2,409 stores, with ticket sales driving roughly two-thirds of the gain."
Valvoline Inc. (NYSE:VVV) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 44 hedge fund portfolios held Valvoline Inc. (NYSE:VVV) at the end of the second quarter, compared to 39 in the previous quarter. While we acknowledge the potential of Valvoline Inc. (NYSE:VVV) 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.

#valvoline #asset

Broyhill ***** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill ***** et Management highlighted The Middleby Corporation (NASDAQ:MIDD). The Middleby Corporation (NASDAQ:MIDD), a leading player in the foodservice industry, contributed positively to performance during the quarter. On September 14, 2026, The Middleby Corporation (NASDAQ:MIDD) closed at $109.72 per share. Over the past month, The Middleby Corporation (NASDAQ:MIDD) declined 3.75%, but its shares are up 1.27% over the past year. The Middleby Corporation (NASDAQ:MIDD) has a market capitalization of $78.51 billion, and its stock has traded within a 52-week range of $89.14 to $148.55.
Broyhill ***** et Management stated the following regarding The Middleby Corporation (NASDAQ:MIDD) in its Q2 2026 investor letter:
"The Middleby Corporation (NASDAQ:MIDD) gained 31%. Commercial Foodservice grew organic revenue 8% as chains returned to growth and management raised full-year guidance by roughly 4%. More important was the structural progress: the Food Processing separation was confirmed at the May investor day (which our investment team attended) and completed on July 6th, creating Midera. Following the majority sale of the residential business earlier this year, what remains is a cleaner business with leverage approaching 2.5x."
The Middleby Corporation (NASDAQ:MIDD) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held The Middleby Corporation (NASDAQ:MIDD) at the end of the second quarter which was 35 in the previous quarter. While we acknowledge the potential of The Middleby Corporation (NASDAQ:MIDD) 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.

#NASDAQ #midd #asset

Broyhill ****** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill ****** et Management highlighted Sotera Health Company (NASDAQ:SHC). Sotera Health Company (NASDAQ:SHC), a US-based company that provides sterilization solutions, lab testing, and advisory services for the healthcare industry, contributed positively to the portfolio's performance this quarter. On September 14, 2026, Sotera Health Company (NASDAQ:SHC) closed at $18.52 per share, reflecting a market capitalization of $5.29 billion. Sotera Health Company (NASDAQ:SHC) posted a one-month return of 0.05%, while its shares gained 13.62% over the past 52 weeks.
Broyhill ****** et Management stated the following regarding Sotera Health Company (NASDAQ:SHC) in its Q2 2026 investor letter:
"Sotera Health Company (NASDAQ:SHC) was our largest contributor, with shares gaining 25%. We bought it in the first quarter, when the litigation docket was the only thing anyone wanted to discuss, and the price gave no weight to the fact that there are only two companies of scale doing this work. Results beat on revenue, adjusted EBITDA, and earnings per share; guidance was reaffirmed across every line, and management described March as its best volume month in three to four years. The EPA has proposed a full repeal of the 2024 ethylene oxide standard. At the time, the shares traded at roughly 14x forward earnings against 20x for the closest comparable."
Sotera Health Company (NASDAQ:SHC) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 43 hedge fund portfolios held Sotera Health Company (NASDAQ:SHC) at the end of the second quarter, compared to 42 in the previous quarter. While we acknowledge the potential of Sotera Health Company (NASDAQ:SHC) 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

Apple is skipping the base iPhone 18 this fall in favor of three premium devices: the iPhone 18 Pro, the iPhone 18 Pro Max, and its first foldable — rumored to be called the iPhone Ultra, Duo, or Fold. The foldable is the headline. It's expected to feature a 7.8-inch internal display, a 5.3-inch external screen, an A20 Pro chip, and a thickness of just 4.5mm unfolded, with pricing estimated between $1,999 and $2,399 and limited initial supply. It marks Apple's entry into the foldable category years after rivals — a potentially major new product cycle for one of the world's most valuable companies.
Here's the pattern every ETF investor should understand before today's close. Nearly two decades of data show that Apple tends to "sell the news" on launch day itself. AAPL averages a roughly 0.3% decline on iPhone launch days, with a median drop of about 0.6% — the classic case of anticipation being priced in before the reveal.
But the weakness rarely lasts. Apple has averaged a 0.5% gain the very next session (positive in 15 of 24 releases), and the longer-term picture is decisively bullish: AAPL has gained in the 60 days following an iPhone reveal 17 times since the original 2007 launch. The biggest such move was a 20% gain in the 60 days after the iPhone 11 reveal in 2019. In other words, launch-day dips have historically been buying opportunities, not warning signs. **** ysts have also downplayed fears about the ~$2,000 foldable price tag, arguing a premium halo product is unlikely to dent Apple's overall economics.
Apple is not just a stock — it's one of the largest weights in the entire ETF universe. As one of the biggest companies in the world, it sits near the top of the S&P 500, the Nasdaq-100, and virtually every technology index. That means a move in AAPL ripples through hundreds of funds, and millions of investors have significant Apple exposure without realizing it. When Apple moves on event day, these are the ETFs that move with it.
A handful of funds carry outsized Apple weights and will feel today's move most acutely. GXPT (Global X PureCap MSCI Information Technology ETF) holds roughly 19.2% in Apple — the highest of any diversified fund. FTEC (Fidelity MSCI Information Technology Index ETF) holds about 16.3%, VGT (Vanguard Information Technology ETF) about 16.2%, TRUT (VanEck Technology TruSector ETF) roughly 15.1%, and TOPT (iShares Top 20 U.S. Stocks ETF) around 14.5%. For these funds, Apple is a dominant driver of daily returns.

#iphone #foldable #launch #aapl

This story was originally published on CRE Daily. Join 70,000+ commercial real estate professionals getting daily news, market insights, and industry ***** ysis delivered straight to their inbox with the free CRE Daily newsletter.
US apartment investment volume fell 16% year over year to $12.4B in July, according to MSCI.
MSCI said garden apartment sales declined 25% to $6.3B, while mid- and high-rise volume fell 5% to $6.1B.
Cap-rate pressure is becoming more visible in garden ***** ets as investors distinguish properties by exposure to future supply.
GlobeSt.com reports that July apartment investment data look weak on the surface, but the more important signal is a widening distinction between property types. MSCI data in its ***** ysis of July apartment transactions show US apartment volume fell 16% year over year to $12.4B. Garden sales dropped 25% to $6.3B, while mid- and high-rise volume declined 5% to $6.1B.

#msci #daily #fell #investment

Moerus Capital Management LLC, an investment management firm, recently released its "Worldwide Fund " second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The fund navigated a highly bifurcated investment environment in the second quarter of 2026, as investor enthusiasm for artificial intelligence and technology drove a sharp rally in growth stocks while capital moved away from more traditional, value-oriented areas. The Fund's Institutional Class returned 0.14% in Q2, compared with 14.49% for the MSCI ACWI ex USA and 14.93% for the MSCI ACWI, while its first-half return stood at 5.37%, versus 13.69% and 11.25%, respectively, for the two benchmarks. The relative underperformance was primarily driven by the Fund's limited exposure to Information Technology as semiconductor and AI-related stocks surged, while its Energy holdings also gave back some earlier gains as oil prices declined; however, the Fund benefited from several energy-related investments during the first half. Looking ahead, Moerus views the extreme gap between expensive AI-focused areas and neglected parts of the market as an opportunity, maintaining its long-term deep-value approach of investing in unpopular businesses and ******* ets at significant discounts to intrinsic value and using market volatility to identify potentially attractive investments. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Moerus Worldwide Fund highlighted stocks like CNH Industrial N.V. (NYSE:CNH). CNH Industrial N.V. manufactures and sells specialized machines and services for the farming and construction industries. The one-month return of CNH Industrial N.V. (NYSE:CNH) was 30.96% while its shares traded between $9.00 and $14.46 over the last 52 weeks. On September 7, 2026, CNH Industrial N.V. (NYSE:CNH) stock closed at approximately $14.40 per share, with a market capitalization of about $22.02 billion.
Moerus Worldwide Fund stated the following regarding CNH Industrial N.V. (NYSE:CNH) in its Q2 2026 investor letter:
"We also initiated a position in shares of CNH Industrial N.V. (NYSE:CNH) in H1. CNH Industrial manufactures and sells specialized machines and services for the farming and construction industries under the Case IH and New Holland brands. The production of high horsepower agricultural equipment (i.e. tractors, combines, etc.) for professional farmers is an oligopoly, of which CNH is the second largest original equipment manufacturer behind John Deere."

#NYSE #investor #letter

Moerus Capital Management LLC, an investment management firm, recently released its "Worldwide Fund " second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The fund navigated a highly bifurcated investment environment in the second quarter of 2026, as investor enthusiasm for artificial intelligence and technology drove a sharp rally in growth stocks while capital moved away from more traditional, value-oriented areas. The Fund's Institutional Class returned 0.14% in Q2, compared with 14.49% for the MSCI ACWI ex USA and 14.93% for the MSCI ACWI, while its first-half return stood at 5.37%, versus 13.69% and 11.25%, respectively, for the two benchmarks. The relative underperformance was primarily driven by the Fund's limited exposure to Information Technology as semiconductor and AI-related stocks surged, while its Energy holdings also gave back some earlier gains as oil prices declined; however, the Fund benefited from several energy-related investments during the first half. Looking ahead, Moerus views the extreme gap between expensive AI-focused areas and neglected parts of the market as an opportunity, maintaining its long-term deep-value approach of investing in unpopular businesses and **** ets at significant discounts to intrinsic value and using market volatility to identify potentially attractive investments. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Moerus Worldwide Fund highlighted stocks like Douglas Elliman Inc. (NYSE:DOUG). Douglas Elliman Inc. is a residential real estate brokerage company with a strong presence in high-end U.S. housing markets. The one-month return of Douglas Elliman Inc. (NYSE:DOUG) was -2.19% while its shares traded between $1.5300 and $3.1900 over the last 52 weeks. On September 7, 2026, Douglas Elliman Inc. (NYSE:DOUG) stock closed at approximately $1.8100 per share, with a market capitalization of about $162.69 million.
Moerus Worldwide Fund stated the following regarding Douglas Elliman Inc. (NYSE:DOUG) in its Q2 2026 investor letter:
"Outside of Materials, other meaningful detractors from H1 came from different industries but were similarly impacted by various concerns related to the war and its effects in various areas, including real estate activity (Douglas Elliman Inc. (NYSE:DOUG)) given heightened inflation concerns and increased interest rate expectations. We would argue that the current valuations of each of these holdings are unusually modest, belying the formidable, leading presence that each boasts in its respective markets."

#douglas #NYSE

Moerus Capital Management LLC, an investment management firm, recently released its "Worldwide Fund " second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The fund navigated a highly bifurcated investment environment in the second quarter of 2026, as investor enthusiasm for artificial intelligence and technology drove a sharp rally in growth stocks while capital moved away from more traditional, value-oriented areas. The Fund's Institutional Class returned 0.14% in Q2, compared with 14.49% for the MSCI ACWI ex USA and 14.93% for the MSCI ACWI, while its first-half return stood at 5.37%, versus 13.69% and 11.25%, respectively, for the two benchmarks. The relative underperformance was primarily driven by the Fund's limited exposure to Information Technology as semiconductor and AI-related stocks surged, while its Energy holdings also gave back some earlier gains as oil prices declined; however, the Fund benefited from several energy-related investments during the first half. Looking ahead, Moerus views the extreme gap between expensive AI-focused areas and neglected parts of the market as an opportunity, maintaining its long-term deep-value approach of investing in unpopular businesses and ****** ets at significant discounts to intrinsic value and using market volatility to identify potentially attractive investments. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Moerus Worldwide Fund highlighted stocks like Tidewater Inc. (NYSE:TDW). Tidewater Inc. is an offshore supply vessel operator that provides support services to the offshore energy industry. Moerus identified Tidewater as one of the Fund's five most significant positive contributors during the first half of 2026. The one-month return of Tidewater Inc. (NYSE:TDW) was 3.68% while its shares traded between $46.65 and $101.58 over the last 52 weeks. On September 7, 2026, Tidewater Inc. (NYSE:TDW) stock closed at approximately $94.26 per share, with a market capitalization of about $4.61 billion.
Moerus Worldwide Fund stated the following regarding Tidewater Inc. (NYSE:TDW) in its Q2 2026 investor letter:
"Similarly, we'd argue that offshore supply vessel (OSV) operator Tidewater Inc. (NYSE:TDW) has grown the per share value of its business dramatically since 2018 through a combination of a relentless focus on costs, share repurchases, and most notably, the utilization of its OSV industry-leading balance sheet to make three acquisitions of ****** ets (with a fourth pending) from distressed and/or motivated sellers at deep discounts to replacement costs during a years-long industry depression."

#tidewater #fund #energy #second

Moerus Capital Management LLC, an investment management firm, recently released its "Worldwide Fund " second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The fund navigated a highly bifurcated investment environment in the second quarter of 2026, as investor enthusiasm for artificial intelligence and technology drove a sharp rally in growth stocks while capital moved away from more traditional, value-oriented areas. The Fund's Institutional Class returned 0.14% in Q2, compared with 14.49% for the MSCI ACWI ex USA and 14.93% for the MSCI ACWI, while its first-half return stood at 5.37%, versus 13.69% and 11.25%, respectively, for the two benchmarks. The relative underperformance was primarily driven by the Fund's limited exposure to Information Technology as semiconductor and AI-related stocks surged, while its Energy holdings also gave back some earlier gains as oil prices declined; however, the Fund benefited from several energy-related investments during the first half. Looking ahead, Moerus views the extreme gap between expensive AI-focused areas and neglected parts of the market as an opportunity, maintaining its long-term deep-value approach of investing in unpopular businesses and ******* ets at significant discounts to intrinsic value and using market volatility to identify potentially attractive investments. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Moerus Worldwide Fund highlighted stocks like Transocean Ltd. (NYSE:RIG) while discussing its investment in Valaris. Transocean Ltd. is an offshore drilling contractor. Moerus discussed the company in connection with its agreement to acquire Valaris in an all-stock transaction, which it said helped surface significant latent value in Valaris. The one-month return of Transocean Ltd. (NYSE:RIG) was 2.53% while its shares traded between $3.01 and $7.66 over the last 52 weeks. On September 7, 2026, Transocean Ltd. (NYSE:RIG) stock closed at approximately $5.85 per share, with a market capitalization of about $6.56 billion.
Moerus Worldwide Fund stated the following regarding Transocean Ltd. (NYSE:RIG) in its Q2 2026 investor letter:
"Shares of this U.S.-based provider of offshore drilling services surged in response to the February 9th announcement that the company had agreed to be acquired by Transocean Ltd. (NYSE:RIG) in an all-stock transaction, which was priced at a roughly 32% premium to Valaris' stock price (based on the previous day's closing price of each stock)."

#valaris

Moerus Capital Management LLC, an investment management firm, recently released its "Worldwide Fund " second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The fund navigated a highly bifurcated investment environment in the second quarter of 2026, as investor enthusiasm for artificial intelligence and technology drove a sharp rally in growth stocks while capital moved away from more traditional, value-oriented areas. The Fund's Institutional Class returned 0.14% in Q2, compared with 14.49% for the MSCI ACWI ex USA and 14.93% for the MSCI ACWI, while its first-half return stood at 5.37%, versus 13.69% and 11.25%, respectively, for the two benchmarks. The relative underperformance was primarily driven by the Fund's limited exposure to Information Technology as semiconductor and AI-related stocks surged, while its Energy holdings also gave back some earlier gains as oil prices declined; however, the Fund benefited from several energy-related investments during the first half. Looking ahead, Moerus views the extreme gap between expensive AI-focused areas and neglected parts of the market as an opportunity, maintaining its long-term deep-value approach of investing in unpopular businesses and ****** ets at significant discounts to intrinsic value and using market volatility to identify potentially attractive investments. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Moerus Worldwide Fund highlighted stocks like Valaris Limited (NYSE:VAL). Valaris Limited is a U.S.-based provider of offshore drilling services. Moerus described Valaris as its largest individual contributor to performance in the first half of 2026. The one-month return of Valaris Limited (NYSE:VAL) was 1.62% while its shares traded between $46.70 and $114.12 over the last 52 weeks. On September 7, 2026, Valaris Limited (NYSE:VAL) stock closed at approximately $86.74 per share, with a market capitalization of about $6.03 billion.
Moerus Worldwide Fund stated the following regarding Valaris Limited (NYSE:VAL) in its Q2 2026 investor letter:
"For example, consider Valaris Limited (NYSE:VAL), the largest individual contributor to performance in H1. Shares of this U.S.-based provider of offshore drilling services surged in response to the February 9th announcement that the company had agreed to be acquired by Transocean in an all-stock transaction, which was priced at a roughly 32% premium to Valaris' stock price (based on the previous day's closing price of each stock). Valaris was added to the Fund in early 2025 following a slide in its share price, amid then-subdued oil prices and what we believed to be a temporary lull in offshore drilling activity caused by support infrastructure constraints (among other factors)."

#worldwide #Stock

Gabelli Investment Management Firm recently released its "Global Content & Connectivity Fund" second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The Fund delivered a strong second quarter of 2026, with its Class I shares gaining 12.88%, more than double the 6.02% return of the MSCI AC World Communication Services Index, though trailing the broader MSCI AC World Index's 15.06% gain. The fund's performance reflected renewed investor interest in AI-related investments, easing tensions in the Middle East, and lower Brent crude prices, with Information Technology gaining 39.2% and Communication Services advancing 6.0% during the quarter. Over the past year, the fund gained 25.50%, compared with 13.06% for its communication-services benchmark and 24.16% for the MSCI AC World Index. Looking ahead, Gabelli remains constructive on the long-term opportunities created by AI adoption, expanding digital infrastructure, connectivity, and the continued growth of content and entertainment, while recognizing that higher interest rates, geopolitical tensions, and the sustainability of AI-related spending could create volatility. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Global Content & Connectivity Fund highlighted stocks like Anterix Inc. (NASDAQ:ATEX). Anterix Inc. (NASDAQ:ATEX) is a wireless communications company focused on private broadband spectrum and utility communications applications. The one-month return of Anterix Inc. (NASDAQ:ATEX) was -7.03% while its shares traded between $17.58 and $113.00 over the last 52 weeks. On September 3, 2026, Anterix Inc. (NASDAQ:ATEX) stock closed at approximately $87.10 per share, with a market capitalization of about $1.69 billion.
Global Content & Connectivity Fund stated the following regarding Anterix Inc. (NASDAQ:ATEX) in its Q2 2026 investor letter:
Leading the list of positive contributors to Fund performance in the second quarter was Anterix Inc. (NASDAQ:ATEX) (8.8% of net ******* ets as of June 30, 2026; +169.6%) as it continued rallying following the Federal Communications Commission (FCC) approval of expanding broadband allocation in the 900 MHz band to 10 MHz (from 6 MHz) in February, allowing the firm to offer enhanced capacity and, possibly, address additional use cases. In addition, in May, the FCC approved an experimental license to explore the use of Lynk Global's satellite direct-to-device communications network in Anterix's licensed 900 MHz broadband spectrum.

#content #connectivity #global

Gabelli Investment Management Firm recently released its "Global Content & Connectivity Fund" second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The Fund delivered a strong second quarter of 2026, with its Class I shares gaining 12.88%, more than double the 6.02% return of the MSCI AC World Communication Services Index, though trailing the broader MSCI AC World Index's 15.06% gain. The fund's performance reflected renewed investor interest in AI-related investments, easing tensions in the Middle East, and lower Brent crude prices, with Information Technology gaining 39.2% and Communication Services advancing 6.0% during the quarter. Over the past year, the fund gained 25.50%, compared with 13.06% for its communication-services benchmark and 24.16% for the MSCI AC World Index. Looking ahead, Gabelli remains constructive on the long-term opportunities created by AI adoption, expanding digital infrastructure, connectivity, and the continued growth of content and entertainment, while recognizing that higher interest rates, geopolitical tensions, and the sustainability of AI-related spending could create volatility. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Global Content & Connectivity Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOGL). Alphabet Inc. (NASDAQ:GOOGL) is a global technology company whose businesses include Google Search, YouTube, cloud computing, and artificial intelligence. The one-month return of Alphabet Inc. (NASDAQ:GOOGL) was -5.33% while its shares traded between $233.23 and $408.61 over the last 52 weeks. On September 4, 2026, Alphabet Inc. (NASDAQ:GOOGL) stock closed at approximately $342.26 per share, with a market capitalization of about $4.14 trillion.
Global Content & Connectivity Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOGL) in its Q2 2026 investor letter:
"Alphabet Inc. (NASDAQ:GOOGL) (8.4%; +23.3%) rose on strong first quarter 2026 results, Gemini momentum and growing enterprise adoption, and expanding third-party tensor processing unit (TPU) sales."
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#alphabet #fund #global #quarter

Gabelli Investment Management Firm recently released its "Global Content & Connectivity Fund" second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The Fund delivered a strong second quarter of 2026, with its Class I shares gaining 12.88%, more than double the 6.02% return of the MSCI AC World Communication Services Index, though trailing the broader MSCI AC World Index's 15.06% gain. The fund's performance reflected renewed investor interest in AI-related investments, easing tensions in the Middle East, and lower Brent crude prices, with Information Technology gaining 39.2% and Communication Services advancing 6.0% during the quarter. Over the past year, the fund gained 25.50%, compared with 13.06% for its communication-services benchmark and 24.16% for the MSCI AC World Index. Looking ahead, Gabelli remains constructive on the long-term opportunities created by AI adoption, expanding digital infrastructure, connectivity, and the continued growth of content and entertainment, while recognizing that higher interest rates, geopolitical tensions, and the sustainability of AI-related spending could create volatility. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Global Content & Connectivity Fund highlighted stocks like T-Mobile US Inc. (NASDAQ:TMUS). T-Mobile US Inc. (NASDAQ:TMUS) is a major U.S. wireless operator expanding across broadband, 5G, advertising, financial services, and emerging technology markets. The one-month return of T-Mobile US Inc. (NASDAQ:TMUS) was 1.86% while its shares traded between $165.66 and $247.25 over the last 52 weeks. On September 3, 2026, T-Mobile US Inc. (NASDAQ:TMUS) stock closed at approximately $188.02 per share, with a market capitalization of about $194.71 billion.
Global Content & Connectivity Fund stated the following regarding T-Mobile US Inc. (NASDAQ:TMUS) in its Q2 2026 investor letter:
T-Mobile US Inc. (NASDAQ:TMUS) (4.5%) (TMUS – $167.73 – NASDAQ) is the second-largest wireless operator in the U.S., serving over 142 million branded customers. In February 2026, the company hosted a Capital Markets Day, where it increased its 2027 targets for service revenue, EBITDA, and free cash flow. Management expects meaningful incremental growth over the next few years, driven by (a) continued share gains across various market segments, (b) growth of the broadband business, and (c) leveraging the firm's scale and its 5G Advanced network to expand into new growth areas (including advertising, financial services, and long-term opportunities in edge and physical AI).

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Gabelli Investment Management Firm recently released its "Global Content & Connectivity Fund" second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The Fund delivered a strong second quarter of 2026, with its Class I shares gaining 12.88%, more than double the 6.02% return of the MSCI AC World Communication Services Index, though trailing the broader MSCI AC World Index's 15.06% gain. The fund's performance reflected renewed investor interest in AI-related investments, easing tensions in the Middle East, and lower Brent crude prices, with Information Technology gaining 39.2% and Communication Services advancing 6.0% during the quarter. Over the past year, the fund gained 25.50%, compared with 13.06% for its communication-services benchmark and 24.16% for the MSCI AC World Index. Looking ahead, Gabelli remains constructive on the long-term opportunities created by AI adoption, expanding digital infrastructure, connectivity, and the continued growth of content and entertainment, while recognizing that higher interest rates, geopolitical tensions, and the sustainability of AI-related spending could create volatility. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Global Content & Connectivity Fund highlighted stocks like Rogers Communications Inc. (NYSE:RCI). Rogers Communications Inc. (NYSE:RCI) is a Canadian communications and media company with major wireless, cable, sports, and regional media businesses. The one-month return of Rogers Communications Inc. (NYSE:RCI) was 8.38% while its shares traded between $31.38 and $41.14 over the last 52 weeks. On September 3, 2026, Rogers Communications Inc. (NYSE:RCI) stock closed at approximately $38.00 per share, with a market capitalization of about $20.27 billion.
Global Content & Connectivity Fund stated the following regarding Rogers Communications Inc. (NYSE:RCI) in its Q2 2026 investor letter:
Rogers Communications Inc. (NYSE:RCI) (3.2%) (RCI – $32.50 – NYSE) owns the largest wireless operator and the largest cable MSO in Canada as well as a media business with a focus on sports and regional TV and radio, including ownership of Toronto Blue Jays baseball club and a controlling interest in Maple Leaf Sports & Entertainment (MLSE). In July 2026, Rogers agreed to purchase the remaining 25% stake in MLSE (the owner of the Toronto Maple Leafs, Toronto Raptors, Toronto FC) from Kilmer Sports for C$4.35 billion, which will increase RCI's interest in that entity to 100%. RCI continues focusing on unlocking value from its vast sports portfolio, with next steps likely including combining all sports and media **** ets into a single organization and selling a sizeable minority interest in that entity to institutional investors.

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Gabelli Investment Management Firm recently released its "Global Content & Connectivity Fund" second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The Fund delivered a strong second quarter of 2026, with its Class I shares gaining 12.88%, more than double the 6.02% return of the MSCI AC World Communication Services Index, though trailing the broader MSCI AC World Index's 15.06% gain. The fund's performance reflected renewed investor interest in AI-related investments, easing tensions in the Middle East, and lower Brent crude prices, with Information Technology gaining 39.2% and Communication Services advancing 6.0% during the quarter. Over the past year, the fund gained 25.50%, compared with 13.06% for its communication-services benchmark and 24.16% for the MSCI AC World Index. Looking ahead, Gabelli remains constructive on the long-term opportunities created by AI adoption, expanding digital infrastructure, connectivity, and the continued growth of content and entertainment, while recognizing that higher interest rates, geopolitical tensions, and the sustainability of AI-related spending could create volatility. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Global Content & Connectivity Fund highlighted stocks like Anterix Inc. (NASDAQ:ATEX). Anterix Inc. (NASDAQ:ATEX) is a wireless communications company focused on private broadband spectrum and utility communications applications. The one-month return of Anterix Inc. (NASDAQ:ATEX) was -7.03% while its shares traded between $17.58 and $113.00 over the last 52 weeks. On September 3, 2026, Anterix Inc. (NASDAQ:ATEX) stock closed at approximately $87.10 per share, with a market capitalization of about $1.69 billion.
Global Content & Connectivity Fund stated the following regarding Anterix Inc. (NASDAQ:ATEX) in its Q2 2026 investor letter:
Leading the list of positive contributors to Fund performance in the second quarter was Anterix Inc. (NASDAQ:ATEX) (8.8% of net ****** ets as of June 30, 2026; +169.6%) as it continued rallying following the Federal Communications Commission (FCC) approval of expanding broadband allocation in the 900 MHz band to 10 MHz (from 6 MHz) in February, allowing the firm to offer enhanced capacity and, possibly, address additional use cases. In addition, in May, the FCC approved an experimental license to explore the use of Lynk Global's satellite direct-to-device communications network in Anterix's licensed 900 MHz broadband spectrum.

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