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, HORAN Capital Advisors. This analysis is provided for institutional research purposes only and is not investment advice.
"Market breadth improved as equal weight indices outperformed cap-weighted benchmarks by 43 basis points. Reports of Meta potentially selling surplus compute suggest AI infrastructure overbuilding, benefiting software stocks."
Markets traded sideways during the week ending July 2nd with the S&P 500 gaining 1.76% year-to-date reaching 9.98%. The key development was continued market broadening, with the equal weight S&P 500 index rising 2.19% versus 1.76% for the market cap weighted index. This broadening may be partly driven by reports that Meta could sell surplus compute capacity, suggesting potential overbuilding in AI-related infrastructure. Software companies outperformed the broader tech sector as a result. Employment data showed nonfarm payrolls slowing to 57k in June from 172k in May, with substantial downward revisions to prior months. However, the JOLTS report remained relatively stable, indicating employment remains solid overall. The main takeaway is that stable employment conditions may allow the Federal Reserve to maintain its focus on inflation management rather than the employment side of its dual mandate. The week ahead features FOMC Minutes release on July 8th.
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.
