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, Immersion Investment Partners. This analysis is provided for institutional research purposes only and is not investment advice.
"Immersion Investment Partners returned 39.1% in Q2 2026 as the market reversed its irrational Q1 selloff of non-AI holdings. The concentrated micro- and small-cap fund added capital near Q1 lows in companies like Red Violet and Mama's Creations, where temporary factors created gaps between price and value."
Immersion Investment Partners returned 39.1% in Q2 2026, significantly outperforming the Russell 2000's 21.5% gain, as the market began pricing non-AI holdings more rationally after an irrational Q1 selloff. The fund operates a concentrated micro- and small-cap portfolio, adding the S&P SmallCap 600 as a benchmark because it better represents their investable universe of profitable, liquid companies. The managers view selloffs driven by macroeconomic noise as opportunities to add to positions at attractive prices, which they did near the Q1 lows. Key holdings include Red Violet, whose AI-driven identity platform is benefiting from AI trends rather than being threatened by them, and Mama's Creations, which was sold off on a timing mismatch between Q1 expenses and Q2 revenue from new Walmart product launches. The fund initiated a position in Strata Critical Medical, a leading organ transplant logistics provider positioned to consolidate a fragmented industry while benefiting from regulatory changes and new technologies expanding the donor pool. The managers emphasize that their process remains identical through market volatility, re-underwriting each holding to ensure fundamentals remain intact.
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.
