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 1, 2025
In the Q4 2025 Client Letter, Bruce Thompson discusses the strong year-to-date market performance fueled by easing interest rates and AI-driven productivity gains. However, he warns that the S&P 500 forward P/E ratio of 22.8x is historically high, which narrows the margin of safety and historically indicates low subsequent 5-year annualized returns. Lexington Wealth Management advises clients to leverage this period of market strength to systematically rebalance portfolios, maintain realistic long-term return expectations, and explore more attractively valued international markets like the Eurozone.
Long-term investment success is driven by managing controllable factors—primarily disciplined asset allocation, broad diversification, and time in the market—rather than attempting to time volatile, highly-valued markets.
While positive economic indicators like easing interest rates, contained inflation, and strong corporate profit margins support near-term market momentum, high valuations in US equities make long-term expected returns historically low over a 5-year horizon. International equities present more attractive entry points with wider margins of safety.
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