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 |
|---|---|---|---|---|---|---|
The 2025 Stone Ridge Investor Letter highlights the firm's robust operational successes driven by Bayesian statistics and high adaptability. In energy, Stone Ridge Energy (SRE) discovered massive untapped resources in the Fayetteville Shale, raising expected lifetime revenue from $10 billion to $15 billion. Longtail Re executed a record $1.4 billion reinsurance deal with Everest Group, continuing its strong track record of 20% annualized ROE since 2020. CEO Ross Stevens strongly defends Bitcoin as an essential monetary lifeline for human rights, citing its usage by Venezuelan opposition leader María Corina Machado. Structurally, Stone Ridge continues to operate with a distinct firm culture, preserving five-day in-office weeks, a device-free meeting environment, and no HR department.
Markets systematically overpay for stories of the future and underpay for hidden treasures of the past. By combining rigid industrial control with rapid, unbiased Bayesian updating, Stone Ridge extracts deep value across real assets, insurance liabilities, and decentralized monetary networks.
Stone Ridge anticipates SRE becoming a top three U.S. producer of hydrocarbons through disciplined development. Longtail Re aims to capture a share of an estimated $1 trillion global WPT market. On a macro scale, the firm envisions increasing global adoption of Bitcoin, including its inclusion in national reserves by free nations resisting financial repression.
As of Dec 11, 2025
Ross L. Stevens
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bi...
Growth Outlook
Market outlook remains high conviction: Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bi...
Risk Appetite
Risk appetite posture is above average conviction: Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bi...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bi...
Forward Guidance
Forward guidance signal: Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bi...
Language Signal
Tone analysis indicates high conviction language: Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bi...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bi...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bi...
Time Horizon
Investment time horizon reflects a high conviction orientation. Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bi...
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.
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