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 |
|---|---|---|---|---|---|---|---|
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"Wolf of Harcourt Street outperformed the S&P 500 by 570 basis points in Q1, adding to ASML and Meta during market weakness. Sea Limited led performance while Nubank faced Brazilian headwinds."
Wolf of Harcourt Street delivered a +1.2% return in Q1 2025 versus the S&P 500's -4.6% decline, demonstrating portfolio resilience during volatile market conditions. The manager added to positions in ASML and Meta during the correction, viewing the weakness as compelling opportunities. ASML maintains its semiconductor equipment monopoly with ~90% market share despite Chinese competition concerns, benefiting from TSMC's $100 billion U.S. manufacturing expansion. Meta trades at attractive 22x forward earnings while showing tangible AI benefits. Sea Limited emerged as the top performer, up 23% year-to-date, with all business segments now profitable and immune to tariff concerns. Nubank faced headwinds from Brazilian currency weakness and credit concerns but trades at just 18x forward earnings with negativity potentially overdone. The portfolio strategy emphasizes consistency and long-term focus, with only one new position and one sale year-to-date. The manager continues taking advantage of volatility-created opportunities while maintaining conviction in high-quality businesses with strong competitive positions.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
The manager maintains strong conviction in core holdings like Bitcoin and Hyperliquid (HYPE), viewing current market pullbacks as buying opportunities.
Growth Outlook
The manager remains structurally bullish on crypto due to secular tailwinds, though acknowledges near-term macro and geopolitical headwinds.
Risk Appetite
The fund recently increased long exposure back up to 90% to take advantage of discounted prices in crypto assets.
Capital Deployment
Capital was actively deployed to increase long exposure from 80% to 90% and into advanced yield-generating strategies on Sonic and Berachain.
Forward Guidance
While expecting headline risks and volatility around upcoming tariff decisions, the long-term outlook for institutional crypto adoption and monetary easing remains favorable.
Language Signal
The tone candidly reflects macro unpredictability and recent drawdown struggles, balanced by confident positioning in high-conviction crypto verticals.
Perceived Risk
The macroeconomic and geopolitical environment is viewed as highly uncertain, volatile, and prone to unpredictable policy shocks.
Opportunity Density
The fund highlights rich opportunities across yield farming, private liquidity deals, basis trades, and specific altcoin ecosystems like Hyperliquid and Sonic.
Time Horizon
Positioning is anchored on multi-year secular trends such as Bitcoin crossing into mainstream institutional adoption.
