Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Wasatch Hoisington US Treasury Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust macro disinflation and labor market weakness to drive yields lower in 2026."
The Wasatch-Hoisington U.S. Treasury Fund posted a 2.32% return for 2025, lagging behind the Bloomberg US Aggregate Index's 7.30% return, primarily due to a minor increase in long-term Treasury yields (the 30-year yield rose to 4.84%) while shorter-term rates fell. Despite persistent public concern over accelerating inflation, the sub-advisor (Hoisington Investment Management Company) argues that economic realities indicate a profound disinflationary environment. Key metrics support this, including a rise in the headline unemployment rate to 4.4%, massive downward revisions in BLS historical job growth data, flat commercial lending, and a reduction of the federal budget deficit by $0.3 trillion. Utilizing the Fisher equation and academic research on the demand-suppressing effects of tariffs and historical technology investment cycles, the managers conclude that inflation expectations will continue to drop, reinforcing their high-conviction allocation in long-duration U.S. Treasury securities.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust...
Growth Outlook
Market outlook remains low conviction: The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust...
Risk Appetite
Risk appetite posture is very low conviction: The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust...
Forward Guidance
Forward guidance signal: The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust...
Language Signal
Tone analysis indicates high conviction language: The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust...
Perceived Risk
Perceived risk level is evaluated as high conviction. The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust...
