Marlin Global's gross performance for the quarter was down 1.4%, with an adjusted net asset value return of -2%.
This underperformance was compared to a global benchmark that decreased 0.5%.
The company attributed the decelerating economic growth to the narrow rally in the global stock market.
The shift in economic growth expectations resulted in the second quarter rally being much narrower, with key economic growth drivers shifting from positivity to negativity.
Marlin noted the outperformance of cyclical sectors, such as transport and housing, which are sensitive to shifts in economic expectations.
The portfolio update highlighted the ongoing rally in a narrow subset of artificial intelligence (AI) related stocks, which drove the performance of companies such as Nvidia and Apple.
Marlin has exposure to the AI thematic through cloud providers and the biggest users of AI technology.
