Cambiar Opportunity Fund, managed by Cambiar Investors, published its Q2 2026 investor letter. The letter can be downloaded here. U.S. equity markets experienced a significant rebound in Q2, with the S&P 500 rising 15.2% and the Russell 2000 up 21.5%. Growth stocks outperformed value, although value retained a year-to-date lead. The market's rise was fueled by technology and AI stocks, which now dominate the S&P 500, accounting for nearly 50%. Notably, the demand for advanced AI chips has become a structural opportunity in the semiconductor sector, surpassing previous cycles. Despite strong profit margins, caution is warranted due to extreme valuation metrics. The Cambiar Opportunity Fund gained 11.
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