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 Feb 28, 2026
In his first annual letter to shareholders, Greg Abel honors the enduring legacy of Warren Buffett and Charlie Munger, reiterating Berkshire's commitment to its core values of decentralization, integrity, financial strength, and capital discipline. Berkshire delivered solid operating earnings of $44.5 billion in 2025, supported by an exceptional 87.1% combined ratio in insurance and a 34.5% operating margin at BNSF. Amidst increasing capital in reinsurance and rate reductions from competitors in primary lines, Berkshire expects to write less insurance premium in 2026. BHE continues to manage Western U.S. wildfire liabilities while preparing for a significant investment cycle driven by electricity demand for AI hyperscalers. Highlighting its disciplined acquisition approach, Berkshire announced the purchases of industrial chemicals provider OxyChem and rodent-control company Bell Laboratories. Berkshire's massive cash and Treasury holdings now exceed $370 billion, providing substantial dry powder for future compounding opportunities when prices fall below intrinsic value.
Stewardship of capital through a decentralized operational model, maintaining exceptional balance sheet strength (exceeding $370 billion in cash and Treasuries) as dry powder, and executing patient capital allocation into highly understandable, durable businesses run by high-integrity managers.
Berkshire anticipates near-term headwinds in its primary insurance and reinsurance businesses in 2026, prompting a patient, disciplined approach to underwriting. BHE faces a heavy investment cycle driven by electricity demand for AI infrastructure and Western U.S. wildfire mitigation, while BNSF remains focused on improving operating margins to close the gap with the industry's best.
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