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 | -6.8% | -0.1% | +12.8% | Q3 2026 Letter → |
| 2 | Greenlight Capital Greenlight Capital, Inc. Hedge Fund | Small Cap | Quality Compounder | US | $2.5B | -3.3% | -1.5% | +12.7% | Q3 2026 Letter → |
| 3 | Horizon Kinetics Murray Stahl Hedge Fund | Mid Cap | Quality Compounder | US | $10.4B | N/A | N/A | N/A | Q3 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 | Easterly - Global Real Estate Fund Institutional Team Hedge Fund | Small Cap | Quality Compounder | Global | Undisclosed | -6.5% | +3.9% | +5.9% | Q3 2026 Letter → |
| 8 | First Eagle Investments James Fellows Hedge Fund | Small Cap | Quality Compounder | Global | Undisclosed | -3.5% | -0.9% | +2.7% | Q3 2026 Letter → |
| 9 | Hinde Group Marc Werres Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | -0.4% | +11.1% | +19.9% | Q3 2026 Letter → |
| 10 | Legal & General - Active Fixed Income Colin Reedie Advisory Fund | Small Cap | Global Macro | Europe | $2,257 | N/A | N/A | N/A | Q3 2026 Letter → |
| 11 | LLOYD Capital - Growth Equity Strategy Institutional Team Hedge Fund | Small Cap | Value | - | - | N/A | +24.1% | N/A | Q3 2026 Letter → |
| 12 | LLOYD Capital - Focused Equity Strategy Thomas Küpfer (CIO), Moritz Solèr (CEO) ETF | Smid Cap | Quality Compounder | Europe | $863.0M | +8.7% | +5.4% | +13.2% | Q3 2026 Letter → |
| 13 | Long Cast Advisers Avram Fisher Hedge Fund | Small Cap | Quality Compounder | US | $12.0M | -5.0% | +14.0% | +14.0% | Q3 2026 Letter → |
| 14 | RVK Dr Ian Mortimer, CFA Hedge Fund | Small Cap | Quality Compounder | Global | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 15 | Rathbones Liz Savage and Ed Smith Hedge Fund | Small Cap | Quality Compounder | Europe | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 16 | Saturna Sustainable Funds Elizabeth Alm Mutual Fund | Small Cap | Quality Compounder | Global | Undisclosed | -2.2% | -0.5% | +1.8% | Q3 2026 Letter → |
| 17 | RF Capital Management RF Capital Management LLC Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | +17.3% | N/A | N/A | Q3 2026 Letter → |
| 18 | The D. E. Shaw group D. E. Shaw & Co., L.P. Hedge Fund | Small Cap | Quality Compounder | Global | $85.0B | N/A | N/A | N/A | Q3 2026 Letter → |
| 19 | Moerus Capital Management LLC Amit Wadhwaney Hedge Fund | Smid Cap | Deep Value | Emerging Markets | $778.6M | +1.6% | +7.0% | +11.3% | Q3 2026 Letter → |
| 20 | Tweedy, Browne Value Fund Investment Committee Hedge Fund | Small Cap | Quality Compounder | US | $448.4M | +1.3% | +12.5% | +8.2% | Q3 2026 Letter → |
| 21 | Tweedy, Browne International Value II Investment Committee Hedge Fund | Small Cap | Quality Compounder | Global | Undisclosed | +2.8% | +11.8% | +6.4% | Q3 2026 Letter → |
| 22 | Tweedy, Browne International Value Fund Roger R. de Bree, Andrew Ewert, Frank H. Hawrylak, Jay Hill, Thomas H. Shrager, John D. Spears, Robert Q. Wyckoff, Jr. Hedge Fund | Small Cap | Value | - | $45 | +2.1% | +12.9% | +8.9% | Q3 2026 Letter → |
| 23 | Baron Small Cap Fund Cliff Greenberg Hedge Fund | Mid Cap | Quality Compounder | US | $3.5B | -7.8% | -4.5% | +9.5% | Q3 2026 Letter → |
| 24 | Baron Fifth Avenue Growth Fund Alex Umansky Hedge Fund | Small Cap | Quality Compounder | Global | $790.1M | +6.5% | +18.8% | +11.3% | Q3 2026 Letter → |
| 25 | Baron Global Opportunity Fund Alex Umansky Hedge Fund | Small Cap | Quality Compounder | Global | Undisclosed | +3.3% | +24.4% | +13.8% | Q3 2026 Letter → |
| 26 | Auxier Asset Management Jeff Auxier Mutual Fund | Small Cap | Quality Compounder | US | Undisclosed | -2.5% | N/A | +8.0% | Q3 2026 Letter → |
| 27 | Fortress - Caribbean Growth Fund Roger Cave Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | +1.2% | N/A | +7.7% | Q3 2026 Letter → |
| 28 | Baron First Principles ETF Ronald Baron, David Baron, Michael Baron Hedge Fund | Small Cap | Value | - | - | -4.0% | -6.0% | -9.2% | Q3 2026 Letter → |
| 29 | Kernow Asset Management Alyx Wood Hedge Fund | Small Cap | Quality Compounder | Asia | Undisclosed | +2.0% | +29.6% | +14.0% | Q3 2026 Letter → |
| 30 | Blackstone Private Equity Strategies Fund Christopher James, Viral Patel Family Office / Individual | Small Cap | Quality Compounder | US | $12.4B | +0.9% | +13.3% | +17.4% | Q3 2026 Letter → |
| 31 | Bronte Capital Amalthea Fund John Hempton Hedge Fund | Smid Cap | Quality Compounder | Asia | $1.1B | +4.3% | N/A | +9.3% | Q3 2026 Letter → |
| 32 | Oldfield Partners Richard Oldfield Hedge Fund | Small Cap | Quality Compounder | Asia | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 33 | Pzena International Value ADR strategy Pzena Investment Management, LLC Hedge Fund | Small Cap | Quality Compounder | Asia | $202.1M | +6.6% | +18.5% | +10.5% | Q3 2026 Letter → |
| 34 | Pzena Global Small Cap Focused Value strategy Institutional Team Hedge Fund | Small Cap | Quality Compounder | Asia | Undisclosed | +6.0% | +7.7% | +9.5% | Q3 2026 Letter → |
| 35 | The Sound Shore Fund Harry Burn, III; John P. DeGulis; T. Gibbs Kane, Jr. Advisory / Asset Manager | Mid Cap | Quality Compounder | US | $3.8B | -1.4% | N/A | +10.4% | Q3 2026 Letter → |
| 36 | Fidelity Dividend Growth Fund Zach Turner Mutual Fund | Large Cap | Quality Compounder | US | $10.3B | +1.1% | +18.2% | +14.1% | Q3 2026 Letter → |
| 37 | The Oak Bloke The Oak Bloke Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | N/A | N/A | N/A | Q3 2026 Letter → |
| 38 | Antero Peak Group Christopher Smith Mutual Fund | Large Cap | Quality Compounder | US | $2.2B | -4.6% | +11.1% | +17.6% | Q3 2026 Letter → |
| 39 | BlackRock Technology and Private Equity Term Trust Tony Kim, Reid Menge Mutual Fund | Small Cap | Quality Compounder | Global | Undisclosed | -1.8% | N/A | -2.2% | Q3 2026 Letter → |
| 40 | BlackRock Advantage Global Fund Raffaele Savi, Kevin Franklin, Richard Mathieson Hedge Fund | Smid Cap | Quality Compounder | Europe | $521.6M | +1.9% | +18.5% | +12.8% | Q3 2026 Letter → |
| 41 | BlackRock Managed Income Fund Justin Christofel, Alex Shingler Hedge Fund | Smid Cap | Quality Compounder | Global | $859.3M | -2.2% | -0.2% | +4.1% | Q3 2026 Letter → |
| 42 | BlackRock Mid-Cap Value Fund David Zhao Hedge Fund | Mid-Cap Equity, Value Stocks, Dividend-Paying Securities | Value | US | $1.0B | -2.7% | +10.3% | +7.6% | Q3 2026 Letter → |
| 43 | JB Global Capital Jack Beiro Hedge Fund | Large Cap | Global Macro | Global | Undisclosed | +1.4% | N/A | N/A | Q3 2026 Letter → |
| 44 | Invesco Emerging Markets Local Debt Fund Hemant Baijal, Jason Martin, Wim Vandenhoeck Hedge Fund | Small Cap | Quality Compounder | Emerging Markets | $96.3M | -1.3% | -0.3% | +2.0% | Q3 2026 Letter → |
| 45 | John Hancock Bond Fund Jeffrey N. Given, Howard C. Greene, Pranay Sonalkar, Connor Minnaar, Spencer Godfrey Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | -3.9% | -3.0% | +6.5% | Q3 2026 Letter → |
| 46 | John Hancock Balanced Fund Michael J. Scanlon, Jr., Jeffrey N. Given, Susan A. Curry Hedge Fund | Small Cap | Quality Compounder | US | Undisclosed | -1.3% | +9.6% | +8.3% | Q3 2026 Letter → |
| 47 | TCW Emerging Markets Income Fund David I. Robbins, Christopher Hays, Jae Lee Hedge Fund | Small Cap | Quality Compounder | Emerging Markets | $3.8B | -3.2% | +1.6% | +7.5% | Q3 2026 Letter → |
| 48 | TCW Core Fixed Income Fund Bryan T. Whalen Hedge Fund | Small Cap | Quality Compounder | US | $471.4M | -3.9% | -3.4% | +4.9% | Q3 2026 Letter → |
| 49 | Kennedy Capital Management Mid Cap Value Chris McDonald Hedge Fund | Mid Cap | Value | US | $404.3M | -5.1% | N/A | +10.6% | Q3 2026 Letter → |
| 50 | Kennedy Capital Management Small Cap Growth Jean Barnard Hedge Fund | Large Cap | Quality Compounder | Global | Undisclosed | -6.1% | N/A | +14.0% | 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 1,090+ 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.