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 |
|---|---|---|---|---|---|---|
We don't track every hedge fund, only the ones who publish letters to their investors. Their writeups are the highest-signal reading in finance, and we've collected thousands in one searchable hedge fund letters database.
| # | Fund ↕ | Strategy | Style | Geo | AUM ↕ | QTD ↕ | YTD ↕ | SI ↕ | Latest Letter ↓ |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Third Point Partners Daniel S. Loeb Hedge Fund | Large Cap | Quality Compounder | Asia | Undisclosed | +7.7% | N/A | +13.2% | Q2 2026 Letter → |
| 2 | Greenlight Capital Greenlight Capital, Inc. Hedge Fund | Small Cap | Quality Compounder | US | $2.5B | -4.3% | +1.9% | +12.7% | Q2 2026 Letter → |
| 3 | Horizon Kinetics Murray Stahl Hedge Fund | Mid Cap | Quality Compounder | US | $10.4B | N/A | N/A | N/A | Q2 2026 Letter → |
| 4 | DKAM Donville Kent Asset Management Jason & Jesse Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | N/A | N/A | +45.3% | Q2 2026 Letter → |
| 5 | Goehring & Rozencwajg Associates, LLC Leigh R. Goehring Hedge Fund | Small Cap | Quality Compounder | Global | Undisclosed | N/A | N/A | N/A | Q2 2026 Letter → |
| 6 | Robotti Value Investors Bob Mutual Fund | Smid Cap | Quality Compounder | US | $707.6M | N/A | N/A | N/A | Q2 2026 Letter → |
| 7 | Lansing Street Advisors Matt Topley Family Office / Individual | Small Cap | Quality Compounder | US | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 8 | Wealthspire Wealthspire Investment Team Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 9 | Akre Focus Fund John Mutual Fund | Large Cap | Quality Compounder | US | Undisclosed | -0.8% | -19.6% | +12.3% | Q3 2026 Letter → |
| 10 | BNY Mellon Appreciation Fund Alan R.Christensen Hedge Fund | Large Cap | Growth | Global | $2.0B | +6.1% | +7.7% | +13.1% | Q3 2026 Letter → |
| 11 | Dodge & Cox Stock Fund David Hoeft Hedge Fund | Small Cap | Quality Compounder | US | $120.3B | +1.3% | +5.2% | +8.9% | Q3 2026 Letter → |
| 12 | Minot Light Capital Partners Tom Wetherald and Eddie Reilly Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | -4.7% | +12.6% | +16.4% | Q3 2026 Letter → |
| 13 | RS Large Cap Value Strategy RS Value Team Hedge Fund | Small Cap | Value | - | - | +4.1% | +10.3% | +12.3% | Q3 2026 Letter → |
| 14 | Riverwater Sustainable Value Strategy Adam J. Peck, CFA Family Office / Individual | Small Cap | Quality Compounder | Europe | $241.0M | N/A | N/A | N/A | Q3 2026 Letter → |
| 15 | Riverwater Partners Small Cap Strategy Nathan Fredrick, CFA Family Office / Individual | Small Cap | Quality Compounder | Europe | $245.3M | N/A | N/A | N/A | Q3 2026 Letter → |
| 16 | Riverwater Micro Opportunities Strategy Nathan Fredrick, CFA Mutual Fund | Small Cap | Quality Compounder | Europe | $600.2M | N/A | N/A | N/A | Q3 2026 Letter → |
| 17 | Chilton Capital Management Bradley J. Eixmann Mutual Fund | Small Cap | Quality Compounder | US | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 18 | Capicraft Investment Partners Drikus Combrinck Hedge Fund | Small Cap | Quality Compounder | Global | Undisclosed | +5.3% | +6.5% | +12.1% | Q3 2026 Letter → |
| 19 | Penn Davis McFarland Jeff Helfrich Mutual Fund | Smid Cap | Quality Compounder | US | $1.3B | N/A | N/A | N/A | Q3 2026 Letter → |
| 20 | Ariel Small Cap Value Tax-Exempt Composite Institutional Team Hedge Fund | Small Cap | Value | - | - | -3.5% | N/A | +10.0% | Q3 2026 Letter → |
| 21 | Ariel Fund John W. Rogers, Jr. Mutual Fund | Small Cap | Quality Compounder | US | $2.6B | -4.5% | N/A | +9.5% | Q3 2026 Letter → |
| 22 | Ariel Focus Fund Ariel Investments, LLC Advisory / Asset Manager | Small Cap | Quality Compounder | Global | $82.3M | -1.3% | N/A | +9.7% | Q3 2026 Letter → |
| 23 | Ariel Appreciation Fund John W. Rogers Hedge Fund | Small Cap | Quality Compounder | Asia | $890.9M | -3.9% | N/A | +8.2% | Q3 2026 Letter → |
| 24 | Ariel International Fund Ariel Investments, LLC Mutual Fund | Small Cap | Quality Compounder | Emerging Markets | $261.6M | -2.6% | N/A | +6.8% | Q3 2026 Letter → |
| 25 | Ariel Global Fund Ariel Investments, LLC Family Office / Individual | Small Cap | Quality Compounder | Global | $54.9M | -2.0% | N/A | +9.9% | Q3 2026 Letter → |
| 26 | Third Avenue Value Fund Matthew Fine Hedge Fund | Smid Cap | Quality Compounder | US | $1.4B | +8.7% | +18.2% | +11.2% | Q3 2026 Letter → |
| 27 | Aristotle Small/Mid Cap Equity Jack McPherson and Dave Adams Hedge Fund | Mid Cap | Quality Compounder | US | Undisclosed | -4.5% | +7.7% | +6.8% | Q3 2026 Letter → |
| 28 | ClearBridge Investments All Cap Growth Evan Bauman, Erica Furfaro, Aram Green, Amanda Leithe, Margaret Vitrano Hedge Fund | Small Cap | Quality Compounder | Global | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 29 | Distillate Capital Long/Short Equity Institutional Team Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | N/A | +20.9% | +13.9% | Q3 2026 Letter → |
| 30 | Distillate Capital U.S. Small/Mid Cap Quality & Value Distillate Capital Partners LLC Hedge Fund | Small Cap | Quality Compounder | US | $2.3B | N/A | +18.5% | +13.8% | Q3 2026 Letter → |
| 31 | Distillate Capital International Thomas Cole ETF | Small Cap | Quality Compounder | Global | Undisclosed | N/A | +8.6% | +10.0% | Q3 2026 Letter → |
| 32 | Distillate Capital Fundamental Stability & Value Distillate Capital Partners LLC Hedge Fund | Small Cap | Quality Compounder | Global | $2.3B | N/A | +9.4% | +13.9% | Q3 2026 Letter → |
| 33 | Nixon Capital Ryan, Alex, Ashley and Ray Family Office / Individual | Small Cap | Quality Compounder | US | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 34 | Westfield Capital Management Will Muggia Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 35 | Crawford Investment Counsel John H. Crawford, IV Advisory / Asset Manager | Small Cap | Quality Compounder | US | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 36 | Warden Capital Hawkins Entrekin Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | N/A | +13.3% | N/A | Q3 2026 Letter → |
| 37 | Focus Wealth Management Focus Asset Management Ltd. Advisory / Asset Manager | Small Cap | Quality Compounder | US | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 38 | Artisan International Fund Mark L. Yockey Hedge Fund | Small Cap | Quality Compounder | Europe | $6.0B | -4.1% | +9.4% | +9.0% | Q3 2026 Letter → |
| 39 | Artisan Mid Cap Fund Matt Kamm, Jason White, Jim Hamel, Angela Wu, Jay Warner Hedge Fund | Small Cap | Quality Compounder | Europe | $3.3B | -4.2% | +6.3% | +12.5% | Q3 2026 Letter → |
| 40 | AVI Japan Opportunity Trust Joe Bauernfreund Mutual Fund | Small Cap | Quality Compounder | Asia | $2.3B | N/A | +8.1% | N/A | Q3 2026 Letter → |
| 41 | AVI Worldwide Opportunities Fund Tom Treanor & Charlotte Cuthbertson Hedge Fund | Small Cap | Quality Compounder | Global | Undisclosed | N/A | +6.6% | N/A | Q3 2026 Letter → |
| 42 | Brown Advisory Large-Cap Growth Strategy Brown Advisory LLC Advisory / Asset Manager | Long Equity, Growth Equity | Quality Compounder | Asia | $4.4B | +3.2% | +12.4% | +9.7% | Q3 2026 Letter → |
| 43 | Smead International Value Fund Cole Smead Hedge Fund | Small Cap | Quality Compounder | Global | $201.0M | +6.3% | +29.0% | +12.8% | Q3 2026 Letter → |
| 44 | Parnassus Growth Equity Fund Andrew Choi & Shivani Vohra Mutual Fund | Small Cap | Quality Compounder | US | $86.0M | +4.4% | +10.9% | +26.6% | Q3 2026 Letter → |
| 45 | Parnassus Value Equity Fund Krishna Chintalapalli, Mark Zagata Mutual Fund | Mid Cap | Quality Compounder | US | $4.8B | -1.4% | +14.4% | +14.0% | Q3 2026 Letter → |
| 46 | Parnassus Core Equity Fund Benjamin Allen, Todd Ahlsten, Andrew Choi Mutual Fund | Large Cap | Quality Compounder | US | $25.9B | -0.5% | +9.1% | +13.4% | Q3 2026 Letter → |
| 47 | Harding Loevner Global Equity Harding Loevner LP Mutual Fund | Small Cap | Quality Compounder | Europe | $43.4B | +3.5% | +8.1% | +9.4% | Q3 2026 Letter → |
| 48 | Harding Loevner International Equity Maria Lernerman Mutual Fund | Small Cap | Quality Compounder | Europe | Undisclosed | +1.3% | +15.8% | +8.0% | Q3 2026 Letter → |
| 49 | Wedgewood Partners David A. Rolfe, Michael X. Quigley, Christopher T. Jersan Hedge Fund | Smid Cap | Quality Compounder | US | Undisclosed | +2.5% | +5.1% | +11.8% | Q3 2026 Letter → |
| 50 | FPA Queens Road Small Cap Value Fund Steve Scruggs Advisory / Asset Manager | Small Cap | Quality Compounder | Global | $1.1B | -7.6% | +17.4% | +10.0% | Q3 2026 Letter → |
Rankings reflect the most-tracked managers on Buyside Digest over the trailing 90 days, weighted by letter reads, profile follows, and pitch engagement. This isn't a ranking by AUM or performance; it is a measure of which managers sophisticated readers are paying attention to right now. Updated weekly.
A short reader's guide to the database. Tap any heading to expand.
There are roughly 9,000 hedge funds operating globally, managing somewhere north of $4 trillion in assets. Most of them communicate with their limited partners through quarterly conference calls, private capital calls, and one-line "we were up X percent" updates. They don't publish.
The 1,096+ managers we track here are the exception: they write detailed quarterly investor letters explaining their thinking, defending their losing positions, and walking readers through what they got wrong. That's not a random sample of the industry; it's a specific population, and understanding why they self-select matters more than most investors realize.
Quantitative funds, multi-strategy platforms, and high-turnover statistical arbitrage shops generally don't write letters. There's nothing to write about: their portfolios change daily, their alpha sources are proprietary models, and their LPs don't care about narrative.
The funds that do publish letters tend to run between 10 and 50 positions, hold them for years, and have clear theses they can explain to a sophisticated reader in two pages. This biases the database toward concentrated long-only managers, long/short equity funds, activist investors, event-driven shops, and special situations specialists. It's not a weakness; it's a curation. If you're looking for fundamental investing ideas with reasoning attached, this is the population to study.
If you searched for "biggest hedge funds" you probably expected to see Bridgewater, Citadel, Millennium, Renaissance Technologies, and D.E. Shaw at the top of this page. They aren't. Those firms collectively manage close to a trillion dollars and they almost never publish detailed letters. Bridgewater puts out the occasional "Daily Observations" piece. Citadel and Millennium send LPs short performance summaries. Renaissance has been a black box since 1988.
The reason is straightforward: their edge is process, model architecture, or trade execution speed, not narrative. There's nothing to gain by explaining their thinking, and quite a bit to lose. So while the world's largest hedge funds are absent from our database, the world's most readable hedge funds are concentrated here. For anyone trying to learn how professional capital allocators reason about markets, that's a much more useful population.
Most users come here looking for either a manager or a ticker. If you're researching a manager (say, you want to understand David Einhorn's thinking on a position), start with their fund profile, scan their last four quarterly letters, then look at their elevator pitches to see what specific theses they've published.
If you're researching a ticker, the more useful workflow is the reverse: search the ticker in our pitch database, see which managers wrote about it and on which side (bull or bear), then read their letters to understand the surrounding context. Either way, the goal isn't to copy positions. It's to understand how good managers reason: what data they look at, what they choose to ignore, and how they update when wrong.
Buyside Digest’s database represents a curated selection of publicly available investor letters. We do not claim to have a comprehensive collection of all letters from all managers. The presence or absence of a manager or letter in our database should not be interpreted as a recommendation, endorsement, or qualitative judgment. Our database reflects our editorial choices about coverage and may change over time.
The Buyside Digest database, including the selection, arrangement, organization, and presentation of investor letters and related content, is a protected compilation under United States and international copyright law. While the underlying investor letters remain the property of their originating authors, Buyside Digest’s compilation, organization, structure, editorial commentary, summaries, classifications, metadata, themes, and analytical features are protected by copyright, database rights, and other intellectual property laws. Reproducing the Buyside Digest version of any content (including the formatting, organization, contextual placement, accompanying editorial commentary, metadata, and curated summaries) infringes both the underlying manager’s copyright and Buyside Digest’s compilation copyright. See our Terms of Service for complete information on permitted and prohibited uses.
Rankings, comparisons, and “top” lists displayed on Buyside Digest reflect editorial choices about how to organize content for navigational convenience. Such rankings: Are not recommendations by Buyside Digest of any manager, security, or strategy; Use methodologies (such as frequency of discussion, recency of content, or other criteria) that may be subjective and that we may change over time; Do not reflect performance, quality, suitability, or any qualitative judgment about the managers or securities included; Should not be interpreted as endorsements; May not be exhaustive and may exclude managers, securities, or content for various reasons. Rankings are organizational tools. They are not investment advice and should not be relied upon for investment decisions.
