The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 6, 2025
The third quarter of 2025 demonstrated market resilience despite ongoing economic uncertainty, with a globally diversified 60/40 portfolio gaining 4.8%. U.S. markets continued their steady climb with the S&P 500 returning 8%, driven by Fed rate cuts and AI-driven spending in mega-cap technology companies. The Federal Reserve cut rates by 25 basis points in September, signaling potential for two more cuts in 2025 while balancing economic growth against inflation concerns and a softening job market. Gold emerged as a standout performer, rising 16% in the quarter and 45% year-to-date, reaching record highs amid economic uncertainty. International markets also posted strong gains with China rallying 21% on policy support and improving sentiment. However, challenges remain including stalled labor market growth with unemployment rising to 4.3%, oil price volatility, and various geopolitical risks. The investment team recommends avoiding cash given falling returns, reducing mega-cap exposure through diversification, and maintaining disciplined portfolio alignment with long-term goals as multiple factors could influence fourth quarter performance.
Despite ongoing economic uncertainty, markets showed resilience in Q3 2025 with continued gains driven by Fed rate cuts, AI enthusiasm, and strong corporate earnings, though investors should maintain diversification and avoid complacency as multiple risks and catalysts could influence Q4 performance.
The end of 2025 will likely continue to bring unexpected changes with several key factors to watch including Federal Reserve policy, inflation trends, corporate earnings from mega-cap tech, labor market softening, geopolitical tensions, international market shifts, 2026 midterm elections, and potential government shutdown impacts.
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