The institution stated in its Q2 2026 investor letter that its value equity fund delivered a total return of 4.32% for the quarter, underperforming the Russell 1000 Value Index's gain of 13.87% and the S&P 500's return of 15.20%. The fund attributed the performance gap primarily to its limited exposure to the AI infrastructure spending boom. The letter also mentioned that as of August 27, its long-held Danaher (DHR) shares closed at $215.36, up 10.62% over the past month, but the fund holds higher conviction in the short-term return prospects of some AI stocks.