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 Jul 24, 2025
Byron Street Research's Q2 2025 quarterly performance review highlights a substantial +36.0% return for the quarter, outperforming the S&P 500 (+10.6%) and the Russell 2000 (+8.1%) by wide margins. Year-to-date, the portfolio has gained +15.3%, with inception-to-date average annual returns reaching +53.9%. The outstanding quarterly return was largely driven by May's performance, which featured two multibaggers and one company takeover. Despite this strong upward momentum, the manager emphasizes a disciplined approach to portfolio construction, executing immediate exits on several positions to manage risk and address documented investment mistakes. All exits are completed at the close of the day subscribers are notified. Notably, Intellicheck, Inc. (IDN) is exited for a +108% return after being initiated at $2.52 in December. The original investment thesis for IDN relied on rising identity fraud reports as a leading indicator of revenue growth and margin inflection, which was subsequently validated by robust Q4 and Q1 results. Looking forward, the fund maintains four high-conviction open positions and remains optimistic about upcoming Q2 earnings opportunities, including one position with contractually disclosed evidence of a revenue beat.
An actively managed microcap fund strategy targeting event-driven opportunities and under-followed companies at historic valuation lows.
The manager remains optimistic heading into the Q2 earnings season, noting that while some positions are being exited immediately to correct past mistakes, four high-conviction picks remain open with promising near-term catalysts.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Byron Street Research or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.