Cooke & Bieler released its second-quarter 2026 investor letter for the Mid Cap Value Equity Strategy, which returned 8.05% versus 13.4% for the Russell Midcap Value Index. An underweight in Information Technology caused nearly all of the shortfall after the sector rose 60% on artificial-intelligence capital spending. The letter highlighted Ingredion Incorporated, which detracted from performance after soft earnings tied to a resolved repair at its Argo facility, investor concerns about healthy-eating trends and GLP-1 drug adoption, and mixed reactions to its bid for Tate & Lyle. Ingredion closed at $96.46 on Sept. 29, 2026, with a $6.08 billion market capitalization, while 34 hedge fund portfolios held the stock at the end of the second quarter, up from 32 previously. Cooke & Bieler said market momentum remained concentrated in AI-related stocks and passive investment flows, raising questions about the sustainability of gains without tangible financial results.