Cambiar Opportunity Fund, managed by Cambiar Investors, gained 11.58% in the second quarter of 2026, trailing the Russell 1000 Value Index's 13.87% return. U.S. equities rebounded sharply, with the S&P 500 rising 15.2% and the Russell 2000 gaining 21.5%, as technology and artificial-intelligence stocks led the advance. Cambiar said its lower technology weighting constrained relative performance, while cautioning that strong margins in AI-related industries do not remove valuation risks. The fund received Honeywell Aerospace Inc. and FedEx Freight as spinoff positions during the quarter and said it anticipates holding both businesses as well as their parent companies. Honeywell Aerospace, which was spun off from Honeywell International in June 2026, closed at $154.97 on September 30, giving it a market capitalization of $49.12 billion after a three-month return of negative 37.30%. Cambiar also cited Delta Air Lines, Centene, Elevance Health and Applied Materials among contributors or notable holdings, while identifying CME Group as a Financials laggard. The fund described markets as speculative and said geopolitical conflicts and AI disruption could pressure economic growth and company earnings.