Cambiar SMID Fund’s Q1 2026 Investor Letter

Cambiar SMID Fund, managed by Cambiar Investors, published its Q1 2026 investor letter. The investor class (CAMMX) returned 2.21%, and the institutional class (CAMUX) returned 2.27%, underperforming the Russell 2500 Value Index’s 4.77%. This shortfall was mainly due to declines in certain healthcare and industrial positions and lower exposure to the top-performing Energy sector. The broader US equity market saw mixed results, with the S&P Index down 4.3% and the Russell 2000 up 0.9%. Economic headwinds included Mag 7 stocks’ high capex budgets, AI disruption fears, and redemption gates in private credit, exacerbated by the conflict in Iran, leading to a widespread drop in stock prices. Notably, value stocks outperformed growth stocks in the quarter, offering some downside protection. In addition, please check the Fund’s top five holdings to know its best picks in 2026.

A copy of Cambiar SMID Fund’s Q1 2026 investor letter is available to download here.

1281292 - 11759070 - 1