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 |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| +1.6% | - | - | Sigil Stable delivered 1.63% net yield with 2.52 Sharpe in Q2 by pivoting 70%+ into private allocations while avoiding $577M in DeFi exploits. Profited from SpaceX pre-IPO perps that outpriced underwriters and exited MicroStrategy STRC before collapse. DeFi security crisis forces ecosystem evolution but perpetual DEXes remain secular growth driver. Scaling private deals and pre-IPO exposure into institutional adoption wave. Full Quick Take Sigil Stable delivered 1.63% net yield with 2.52 Sharpe in Q2 by pivoting 70%+ into private allocations while avoiding $577M in DeFi exploits. Profited from SpaceX pre-IPO perps that outpriced underwriters and exited MicroStrategy STRC before collapse. DeFi security crisis forces ecosystem evolution but perpetual DEXes remain secular growth driver. Scaling private deals and pre-IPO exposure into institutional adoption wave. | - | |||||
| +7.7% | -0.9% | Weitz Partners III returned 7.97% in Q2 2026, underperforming the 15.71% benchmark as valuation discipline limited participation in concentrated AI gains. The fund selectively invested in AI through Texas Instruments and Alphabet while exiting Accenture and Salesforce on disintermediation concerns. New positions in Netflix and Capital One represent contrarian value opportunities. Cash rose to 12% as managers adopted a modestly defensive stance amid elevated valuations. Full Quick Take Weitz Partners III returned 7.97% in Q2 2026, underperforming the 15.71% benchmark as valuation discipline limited participation in concentrated AI gains. The fund selectively invested in AI through Texas Instruments and Alphabet while exiting Accenture and Salesforce on disintermediation concerns. New positions in Netflix and Capital One represent contrarian value opportunities. Cash rose to 12% as managers adopted a modestly defensive stance amid elevated valuations. | |||||||
| +1.2% | +1.2% | - | Thornburg Strategic Income outperformed in Q2 2026 by maintaining shorter duration as new Fed Chair Warsh pivoted hawkish and oil spiked to $118 on Iran conflict before retreating. The portfolio's defensive positioning and BBB/BB overweights captured spread tightening while avoiding rate pain. Managers see yields staying elevated on sticky 3.4% inflation and tight credit spreads offering little cushion for disappointment. Full Quick Take Thornburg Strategic Income outperformed in Q2 2026 by maintaining shorter duration as new Fed Chair Warsh pivoted hawkish and oil spiked to $118 on Iran conflict before retreating. The portfolio's defensive positioning and BBB/BB overweights captured spread tightening while avoiding rate pain. Managers see yields staying elevated on sticky 3.4% inflation and tight credit spreads offering little cushion for disappointment. | - | |||||
| +5.8% | +9.2% | Thornburg Global Opportunities delivered strong 12-month returns of +29.49% through concentrated holdings in above-average growth businesses trading at significant discounts to the market. Technology and financial holdings drove performance while telecommunications and Chinese e-commerce detracted. The fund's 20-year track record of 3% annual outperformance versus the MSCI ACWI reflects disciplined focus on value-priced growth across global markets. Full Quick Take Thornburg Global Opportunities delivered strong 12-month returns of +29.49% through concentrated holdings in above-average growth businesses trading at significant discounts to the market. Technology and financial holdings drove performance while telecommunications and Chinese e-commerce detracted. The fund's 20-year track record of 3% annual outperformance versus the MSCI ACWI reflects disciplined focus on value-priced growth across global markets. | |||||||
| - | - | North Sky Capital is capitalizing on the convergence of energy transition, AI infrastructure buildout, and secondary market maturation. Multiple portfolio companies went public in Q2 2026 signaling improved liquidity. The firm is deploying capital into EV charging, energy storage, and battery technology positioned to benefit from a $2.3 trillion infrastructure supercycle. Battery advancements from Tesla and CATL could dramatically accelerate EV adoption and expand addressable markets. Full Quick Take North Sky Capital is capitalizing on the convergence of energy transition, AI infrastructure buildout, and secondary market maturation. Multiple portfolio companies went public in Q2 2026 signaling improved liquidity. The firm is deploying capital into EV charging, energy storage, and battery technology positioned to benefit from a $2.3 trillion infrastructure supercycle. Battery advancements from Tesla and CATL could dramatically accelerate EV adoption and expand addressable markets. | - | ||||||
| +7.8% | -1.1% | Weitz underperformed in Q2 2026 as their valuation discipline kept them from chasing expensive AI momentum. They selectively own Texas Instruments and Alphabet within AI while trimming winners and raising cash modestly. New positions in Netflix (ad-tier growth strategy) and Mettler-Toledo (price dislocation) demonstrate opportunistic deployment. The managers remain constructive on quality businesses trading at reasonable valuations despite near-term market preference for growth at any price. Full Quick Take Weitz underperformed in Q2 2026 as their valuation discipline kept them from chasing expensive AI momentum. They selectively own Texas Instruments and Alphabet within AI while trimming winners and raising cash modestly. New positions in Netflix (ad-tier growth strategy) and Mettler-Toledo (price dislocation) demonstrate opportunistic deployment. The managers remain constructive on quality businesses trading at reasonable valuations despite near-term market preference for growth at any price. | |||||||
| - | - | - | Emerging market debt positioned for continued outperformance in 2026 as soaring gold and copper prices create powerful tailwinds for commodity-exporting economies. Gold's 68% surge and copper's 40% rally strengthen exports, fiscal revenues, and currencies across key markets including Ghana, Chile, Zambia, and Uzbekistan, supported by structural demand from energy transition and AI infrastructure expansion. Full Quick Take Emerging market debt positioned for continued outperformance in 2026 as soaring gold and copper prices create powerful tailwinds for commodity-exporting economies. Gold's 68% surge and copper's 40% rally strengthen exports, fiscal revenues, and currencies across key markets including Ghana, Chile, Zambia, and Uzbekistan, supported by structural demand from energy transition and AI infrastructure expansion. | - | |||||
| +3.0% | +3.0% | Thornburg International outperformed in Q1 2026 despite geopolitical turmoil from the Iran conflict driving energy supply shocks and inflation fears. The fund's focus on resilient, attractively valued businesses with strong fundamentals enabled effective navigation of volatile conditions. Energy and materials holdings contributed while Chinese technology names detracted in a challenging global growth environment. Full Quick Take Thornburg International outperformed in Q1 2026 despite geopolitical turmoil from the Iran conflict driving energy supply shocks and inflation fears. The fund's focus on resilient, attractively valued businesses with strong fundamentals enabled effective navigation of volatile conditions. Energy and materials holdings contributed while Chinese technology names detracted in a challenging global growth environment. | - | ||||||
| - | - | North Sky Capital delivered strong Q1 results capitalizing on the $2.3 trillion infrastructure cycle and fragmented impact secondaries market. Clean Growth VII launched with first investment while sustainable infrastructure advanced battery storage and solar projects. Portfolio companies benefit from AI energy demand, commodity price increases, and regulatory shifts. Firm expects continued outperformance in compelling investment environment. Full Quick Take North Sky Capital delivered strong Q1 results capitalizing on the $2.3 trillion infrastructure cycle and fragmented impact secondaries market. Clean Growth VII launched with first investment while sustainable infrastructure advanced battery storage and solar projects. Portfolio companies benefit from AI energy demand, commodity price increases, and regulatory shifts. Firm expects continued outperformance in compelling investment environment. | - | ||||||
| +40.0% | +40.0% | - | Thornburg Strategic Income outperformed by 19 basis points in Q1 2026 as Middle East conflict drove oil above $100 and repriced Fed policy expectations. Credit markets showed strain with private credit concerns and AI-driven software repricing. Portfolio deployed liquidity into quality credit as spreads widened, maintaining defensive positioning with dry powder for future opportunities. Full Quick Take Thornburg Strategic Income outperformed by 19 basis points in Q1 2026 as Middle East conflict drove oil above $100 and repriced Fed policy expectations. Credit markets showed strain with private credit concerns and AI-driven software repricing. Portfolio deployed liquidity into quality credit as spreads widened, maintaining defensive positioning with dry powder for future opportunities. | - | |||||
| +1.0% | +1.0% | Sigil Core outperformed Bitcoin by 21.56% despite -3.88% Q1 return amid Middle East turmoil. Fund shifting from defensive 40% risk-off positioning to net buyer, deploying into select crypto assets as risks appear priced in. Manager embraces volatility as opportunity rather than risk, expecting bumpy summer with selective crypto outperformance while broader markets bleed. Full Quick Take Sigil Core outperformed Bitcoin by 21.56% despite -3.88% Q1 return amid Middle East turmoil. Fund shifting from defensive 40% risk-off positioning to net buyer, deploying into select crypto assets as risks appear priced in. Manager embraces volatility as opportunity rather than risk, expecting bumpy summer with selective crypto outperformance while broader markets bleed. | - | ||||||
| -1.1% | -1.1% | Secular Water Infrastructure and Capex Growth, Industrial Market Selectivity, Additional Keywords & Themes | The fund is constructive on the multi-year water investment cycle despite temporary near-term macroeconomic headwinds. It is emphasizing selective companies with structural tailwinds in microelectronics and healthcare, while benefiting from regulated utility capital expenditure cycles in Brazil and the United Kingdom that insulate the portfolio from cyclical volatility. Full Quick Take The fund is constructive on the multi-year water investment cycle despite temporary near-term macroeconomic headwinds. It is emphasizing selective companies with structural tailwinds in microelectronics and healthcare, while benefiting from regulated utility capital expenditure cycles in Brazil and the United Kingdom that insulate the portfolio from cyclical volatility. | ||||||
| -22.3% | -12.5% | Sigil defensively de-risked 40% of its portfolio to cash in Q4, exiting all BTC and ETH exposure to navigate macroeconomic uncertainties, token supply overhangs, and the collapse of Digital Asset Treasury premiums. Full Quick Take Sigil defensively de-risked 40% of its portfolio to cash in Q4, exiting all BTC and ETH exposure to navigate macroeconomic uncertainties, token supply overhangs, and the collapse of Digital Asset Treasury premiums. | - | ||||||
| +11.9% | +7.6% | The fund delivered solid Q4 performance amid Fed rate cuts, maintaining a defensive, high-quality posture and warning of late-cycle credit risks while selectively targeting robust data center project lending. Full Quick Take The fund delivered solid Q4 performance amid Fed rate cuts, maintaining a defensive, high-quality posture and warning of late-cycle credit risks while selectively targeting robust data center project lending. | - | ||||||
| -14.8% | +32.2% | The fund underperformed significantly in 2025 but sees a turning point ahead as CapEx cycles peak for core holdings. Active adjustments included exiting weak setups like CarMax and initiating exposure to CDW. Full Quick Take The fund underperformed significantly in 2025 but sees a turning point ahead as CapEx cycles peak for core holdings. Active adjustments included exiting weak setups like CarMax and initiating exposure to CDW. | |||||||
| +6.7% | +31.7% | The Fund underperformed in 2025 as deep-value holdings and life sciences investments dragged down solid gains from its AI and durable growth compounders. The managers responded with active portfolio cleanup, exiting CarMax and fully valued names while maintaining conviction in a 2026 cash-flow turnaround at Liberty Broadband. Full Quick Take The Fund underperformed in 2025 as deep-value holdings and life sciences investments dragged down solid gains from its AI and durable growth compounders. The managers responded with active portfolio cleanup, exiting CarMax and fully valued names while maintaining conviction in a 2026 cash-flow turnaround at Liberty Broadband. | |||||||
| - | +46.5% | Sharp Capital reflects on 15 years of Brazilian equity history, citing Mercado Livre, Equatorial, and WEG as prime examples of elite value creation through capital discipline and execution, while celebrating a strong 46% rebound for their flagship fund in 2025. Full Quick Take Sharp Capital reflects on 15 years of Brazilian equity history, citing Mercado Livre, Equatorial, and WEG as prime examples of elite value creation through capital discipline and execution, while celebrating a strong 46% rebound for their flagship fund in 2025. | |||||||
| - | - | Sustainable Infrastructure and Grid Power Demand, Impact Secondaries Market Opportunities, Additional Keywords & Themes | North Sky Capital is capitalizing on the secular tailwinds of the clean energy transition, driven by surging power demand from AI datacenters and electric vehicles. By combining active sustainable infrastructure development with secondary market solutions, the firm navigates regulatory and geopolitical volatility to secure high-quality, risk-managed entry points and achieve profitable exits. Full Quick Take North Sky Capital is capitalizing on the secular tailwinds of the clean energy transition, driven by surging power demand from AI datacenters and electric vehicles. By combining active sustainable infrastructure development with secondary market solutions, the firm navigates regulatory and geopolitical volatility to secure high-quality, risk-managed entry points and achieve profitable exits. | - | |||||
| - | +16.9% | FCL Capital argues that the belief in risk-free returns via local fixed income is a long-term trap, advocating instead for real assets, a basket of copper miners to play the AI/electrification boom, and cutting-edge fintech such as prediction markets. Full Quick Take FCL Capital argues that the belief in risk-free returns via local fixed income is a long-term trap, advocating instead for real assets, a basket of copper miners to play the AI/electrification boom, and cutting-edge fintech such as prediction markets. | - | ||||||
| +6.5% | +41.1% | Thornburg Global Opportunities Fund finished 2025 with strong 41.08% performance, actively rotating capital from consumer discretionary into tech and healthcare to capture value amidst trade policy uncertainty. Full Quick Take Thornburg Global Opportunities Fund finished 2025 with strong 41.08% performance, actively rotating capital from consumer discretionary into tech and healthcare to capture value amidst trade policy uncertainty. | - | ||||||
| +20.7% | +23.4% | Strong YTD performance (+23.4% vs S&P +13.7%) driven by platform businesses with structural advantages. Added to InPost, Mercado Libre, and Rubrik during market volatility. Portfolio focuses on profitable, fast-growing companies benefiting from operating leverage. Maintaining cautious optimism with plans to increase cash position and reduce holdings to 15 companies. Full Quick Take Strong YTD performance (+23.4% vs S&P +13.7%) driven by platform businesses with structural advantages. Added to InPost, Mercado Libre, and Rubrik during market volatility. Portfolio focuses on profitable, fast-growing companies benefiting from operating leverage. Maintaining cautious optimism with plans to increase cash position and reduce holdings to 15 companies. | - | ||||||
| +20.2% | +6.3% | - | The Thornburg Strategic Income Fund returned 2.02% in Q3 2025, slightly lagging its benchmark due to underweight duration positioning. The managers are maintaining a high-quality, long-duration bias to navigate macroeconomic uncertainty, rate cuts, and rising tariff pressures. Full Quick Take The Thornburg Strategic Income Fund returned 2.02% in Q3 2025, slightly lagging its benchmark due to underweight duration positioning. The managers are maintaining a high-quality, long-duration bias to navigate macroeconomic uncertainty, rate cuts, and rising tariff pressures. | - | |||||
| +2.9% | +47.7% | Weitz Multi Cap Equity Fund underperformed in 3Q 2025 due to a headwind from avoiding hyped AI chipmakers, but managers are aggressively utilizing market volatility to buy resilient services firms at value prices. Full Quick Take Weitz Multi Cap Equity Fund underperformed in 3Q 2025 due to a headwind from avoiding hyped AI chipmakers, but managers are aggressively utilizing market volatility to buy resilient services firms at value prices. | |||||||
| +1.5% | +24.9% | The fund posted a flat +0.15% return in 3Q 2025, underperforming the broader market due to its cautious sideline stance on highly-valued AI chipmakers, preferring instead to hold cash-rich hyperscalers and cash flow compounders. Full Quick Take The fund posted a flat +0.15% return in 3Q 2025, underperforming the broader market due to its cautious sideline stance on highly-valued AI chipmakers, preferring instead to hold cash-rich hyperscalers and cash flow compounders. | - | ||||||
| - | - | - | North Sky Capital delivered strong Q3 performance with Clean Growth funds posting valuation gains amid robust impact secondaries and infrastructure deal flow. The firm capitalizes on AI-driven power demand convergence with energy transition, achieving successful portfolio exits while deploying capital in data center cooling and renewable infrastructure. Limited competition in impact secondaries and policy support drive continued growth opportunities. Full Quick Take North Sky Capital delivered strong Q3 performance with Clean Growth funds posting valuation gains amid robust impact secondaries and infrastructure deal flow. The firm capitalizes on AI-driven power demand convergence with energy transition, achieving successful portfolio exits while deploying capital in data center cooling and renewable infrastructure. Limited competition in impact secondaries and policy support drive continued growth opportunities. | - | |||||
| - | +20.0% | FCL Capital positions for the AI revolution through ASML, the monopoly provider of advanced lithography machines essential for cutting-edge semiconductors. While AI hype inflates valuations across the ecosystem, ASML offers the widest technological moat with 20% expected annual growth through 2030. The fund delivered 19.5% YTD returns in USD, benefiting from Chinese corporate governance improvements and selective technology exposure. Full Quick Take FCL Capital positions for the AI revolution through ASML, the monopoly provider of advanced lithography machines essential for cutting-edge semiconductors. While AI hype inflates valuations across the ecosystem, ASML offers the widest technological moat with 20% expected annual growth through 2030. The fund delivered 19.5% YTD returns in USD, benefiting from Chinese corporate governance improvements and selective technology exposure. | - | ||||||
| +25.3% | +4.4% | The fund underperformed its benchmark in 3Q25, returning 2.53% vs 9.00% for the Russell 2500 Index. The managers maintain a constructive long-term outlook, utilizing a high-quality barbell approach focused on industrials and defensive consistency to manage near-term volatility. Full Quick Take The fund underperformed its benchmark in 3Q25, returning 2.53% vs 9.00% for the Russell 2500 Index. The managers maintain a constructive long-term outlook, utilizing a high-quality barbell approach focused on industrials and defensive consistency to manage near-term volatility. | - | ||||||
| +11.4% | +32.5% | Thornburg Global Opportunities Fund outperformed significantly in Q3 2025 and over longer periods through its focused portfolio of 39 global equities trading at attractive valuations. The strategy targets companies with above-average revenue growth, maintaining sector concentrations in communications services, financials, and technology while navigating geopolitical uncertainties and evolving trade policies. Full Quick Take Thornburg Global Opportunities Fund outperformed significantly in Q3 2025 and over longer periods through its focused portfolio of 39 global equities trading at attractive valuations. The strategy targets companies with above-average revenue growth, maintaining sector concentrations in communications services, financials, and technology while navigating geopolitical uncertainties and evolving trade policies. | - | ||||||
| +3.6% | +4.5% | Geopolitical Trade & Tariff Volatility, U.S. Used Car Market Constraints, Additional Keywords & Themes | The Weitz Multi Cap Equity Fund weathered a volatile quarter dominated by tariff anxieties and AI-driven rotations, keeping activity light while selectively building long-term compounder positions. Full Quick Take The Weitz Multi Cap Equity Fund weathered a volatile quarter dominated by tariff anxieties and AI-driven rotations, keeping activity light while selectively building long-term compounder positions. | ||||||
| +28.0% | +23.4% | The Fund returned 2.80% in 2Q 2025, lagging the broader market as it navigated tariff-induced volatility, raised its cash position to 9%, and trimmed several core holdings while adding to high-conviction life sciences. Full Quick Take The Fund returned 2.80% in 2Q 2025, lagging the broader market as it navigated tariff-induced volatility, raised its cash position to 9%, and trimmed several core holdings while adding to high-conviction life sciences. | |||||||
| - | - | - | Thornburg Strategic Income outperformed by 38bp in Q2 despite tariff-driven volatility that spiked Treasury yields and credit spreads. Fed held rates steady while managers maintained longer duration, higher quality positioning. Strong sector allocation and credit selection drove outperformance, particularly in BBB/BB corporates. Team remains positioned to capitalize on future volatility through active duration and credit management. Full Quick Take Thornburg Strategic Income outperformed by 38bp in Q2 despite tariff-driven volatility that spiked Treasury yields and credit spreads. Fed held rates steady while managers maintained longer duration, higher quality positioning. Strong sector allocation and credit selection drove outperformance, particularly in BBB/BB corporates. Team remains positioned to capitalize on future volatility through active duration and credit management. | - | |||||
| +55.0% | +18.0% | Sigil Core returned 55.3% USD in Q2 2025, significantly outperforming BTC thanks to wins in the Circle IPO and Hyperliquid. The fund remains highly risk-on and focused on structural crypto-native catalysts heading into Q3. Full Quick Take Sigil Core returned 55.3% USD in Q2 2025, significantly outperforming BTC thanks to wins in the Circle IPO and Hyperliquid. The fund remains highly risk-on and focused on structural crypto-native catalysts heading into Q3. | - | ||||||
| - | - | North Sky Capital sees tremendous opportunity amid 2025's policy and market turbulence. The OBBB provides needed certainty for their infrastructure strategy while maintaining renewable incentives. Their secondaries team benefits from distressed primary impact investors seeking liquidity. With SIF IV closed and ample dry powder, they're positioned to capitalize on energy transition, data center infrastructure, and secondary market dislocations. Full Quick Take North Sky Capital sees tremendous opportunity amid 2025's policy and market turbulence. The OBBB provides needed certainty for their infrastructure strategy while maintaining renewable incentives. Their secondaries team benefits from distressed primary impact investors seeking liquidity. With SIF IV closed and ample dry powder, they're positioned to capitalize on energy transition, data center infrastructure, and secondary market dislocations. | - | ||||||
| - | - | Thornburg's small/mid-cap fund outperformed in Q2 with a barbell strategy balancing cyclical exposure and defensive positions. Managers are cautiously optimistic on domestically-focused companies that should benefit from reduced trade exposure and historically wide valuation discounts versus large caps, despite ongoing tariff uncertainty and macro-driven volatility. Full Quick Take Thornburg's small/mid-cap fund outperformed in Q2 with a barbell strategy balancing cyclical exposure and defensive positions. Managers are cautiously optimistic on domestically-focused companies that should benefit from reduced trade exposure and historically wide valuation discounts versus large caps, despite ongoing tariff uncertainty and macro-driven volatility. | - | ||||||
| +81.0% | +81.0% | Weitz Multi Cap outperformed in a volatile quarter marked by AI trade setbacks and trade policy uncertainty. Strong performance from Berkshire Hathaway and HEICO offset weakness in Alphabet amid search competition concerns. Active portfolio management included new positions in Comcast, Accenture, and IDEXX while adding to life sciences holdings despite near-term funding headwinds. Full Quick Take Weitz Multi Cap outperformed in a volatile quarter marked by AI trade setbacks and trade policy uncertainty. Strong performance from Berkshire Hathaway and HEICO offset weakness in Alphabet amid search competition concerns. Active portfolio management included new positions in Comcast, Accenture, and IDEXX while adding to life sciences holdings despite near-term funding headwinds. | - | ||||||
| -45.0% | -45.0% | Weitz delivered a defensive -0.45% return versus Russell 3000's -4.72% decline amid AI Trade disruption and trade policy uncertainty. Berkshire's fortress balance sheet provided stability while life sciences faced funding pressure. Active portfolio reshaping included reallocating from Amazon/Meta to Microsoft and building life sciences positions. Closed index short to harvest losses while maintaining hedging optionality. Full Quick Take Weitz delivered a defensive -0.45% return versus Russell 3000's -4.72% decline amid AI Trade disruption and trade policy uncertainty. Berkshire's fortress balance sheet provided stability while life sciences faced funding pressure. Active portfolio reshaping included reallocating from Amazon/Meta to Microsoft and building life sciences positions. Closed index short to harvest losses while maintaining hedging optionality. | - | ||||||
| +2.4% | +2.4% | - | Thornburg Strategic Income Fund slightly underperformed in Q1 2025 due to shorter duration positioning during falling yields, though active management in yield curve positioning and security selection added value. The portfolio maintained broad diversification across fixed income sectors with emphasis on fundamentally sound issuers. Managers expect continued volatility to create opportunities for active management. Full Quick Take Thornburg Strategic Income Fund slightly underperformed in Q1 2025 due to shorter duration positioning during falling yields, though active management in yield curve positioning and security selection added value. The portfolio maintained broad diversification across fixed income sectors with emphasis on fundamentally sound issuers. Managers expect continued volatility to create opportunities for active management. | - | |||||
| -11.4% | -11.4% | Thornburg Small/Mid Cap Core Fund fell 11.38% in Q1 2025, underperforming by 388 basis points as AI trade unwound and policy uncertainty drove risk-off sentiment. Managers reduced exposure to volatile growth positions, focusing on profitable companies with strong balance sheets. Recession probability increased to 35% amid tariff concerns and weakening economic indicators. Full Quick Take Thornburg Small/Mid Cap Core Fund fell 11.38% in Q1 2025, underperforming by 388 basis points as AI trade unwound and policy uncertainty drove risk-off sentiment. Managers reduced exposure to volatile growth positions, focusing on profitable companies with strong balance sheets. Recession probability increased to 35% amid tariff concerns and weakening economic indicators. | - | ||||||
| - | +23.0% | 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. The portfolio demonstrates resilience through quality stock selection and disciplined strategy execution, with the manager continuing to capitalize on volatility-created opportunities. Full Quick Take 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. The portfolio demonstrates resilience through quality stock selection and disciplined strategy execution, with the manager continuing to capitalize on volatility-created opportunities. | - | ||||||
| - | - | North Sky Capital sees strong opportunities in sustainable infrastructure despite Trump administration policy changes. Energy storage and solar manufacturing are driving growth, with SIF IV's first investment already at 1.41x MOIC. Impact secondaries offer attractive 58% NAV pricing. Portfolio positioning in renewable energy, storage, and specialty solar projects remains resilient to policy headwinds while benefiting from AI-driven energy demand. Full Quick Take North Sky Capital sees strong opportunities in sustainable infrastructure despite Trump administration policy changes. Energy storage and solar manufacturing are driving growth, with SIF IV's first investment already at 1.41x MOIC. Impact secondaries offer attractive 58% NAV pricing. Portfolio positioning in renewable energy, storage, and specialty solar projects remains resilient to policy headwinds while benefiting from AI-driven energy demand. | - | ||||||
| - | - | Fortress delivered positive Q3 returns across all funds while maintaining their disciplined value approach. The manager sees elevated risk in expensive U.S. tech stocks driven by AI enthusiasm but continues finding attractive opportunities in international and emerging markets. Their globally diversified portfolio positioning reflects confidence in long-term value creation outside overvalued market segments. Full Quick Take Fortress delivered positive Q3 returns across all funds while maintaining their disciplined value approach. The manager sees elevated risk in expensive U.S. tech stocks driven by AI enthusiasm but continues finding attractive opportunities in international and emerging markets. Their globally diversified portfolio positioning reflects confidence in long-term value creation outside overvalued market segments. | - | ||||||
| - | - | Oak Ridge navigates expensive markets with concentrated mega-cap leadership by maintaining conviction in technology and healthcare quality names. Despite Q4 underperformance from GLP-1 corrections and Tesla avoidance, the firm sees AI as transformative innovation justifying valuations. Trump policy uncertainty around tariffs creates risks, but regulatory reduction should drive M&A activity while Fed cuts support 2025 growth. Full Quick Take Oak Ridge navigates expensive markets with concentrated mega-cap leadership by maintaining conviction in technology and healthcare quality names. Despite Q4 underperformance from GLP-1 corrections and Tesla avoidance, the firm sees AI as transformative innovation justifying valuations. Trump policy uncertainty around tariffs creates risks, but regulatory reduction should drive M&A activity while Fed cuts support 2025 growth. | - | ||||||
| - | - | Caledonia's permanent capital structure enabled opportunistic deployment during market volatility, delivering 4.4% NAV return. Strong AI-driven performance from Oracle, Microsoft, and Alibaba offset by Charter and Watsco weakness. Stonehage Fleming sale at 3.2x cost exemplifies patient capital approach. Diversified three-pool strategy with £430m liquidity provides defensive positioning amid macroeconomic uncertainty while capturing long-term value creation opportunities. Full Quick Take Caledonia's permanent capital structure enabled opportunistic deployment during market volatility, delivering 4.4% NAV return. Strong AI-driven performance from Oracle, Microsoft, and Alibaba offset by Charter and Watsco weakness. Stonehage Fleming sale at 3.2x cost exemplifies patient capital approach. Diversified three-pool strategy with £430m liquidity provides defensive positioning amid macroeconomic uncertainty while capturing long-term value creation opportunities. | - | ||||||
| -57.0% | +15.8% | Weitz Multi Cap returned -0.57% in Q4 versus +2.63% for Russell 3000, with full-year performance of +15.80% versus +23.81%. Mixed quarter driven by election optimism offset by inflation concerns limiting Fed rate cut flexibility. Added life sciences and commercial real estate software exposure while maintaining multi-cap approach despite large-cap market dominance. Full Quick Take Weitz Multi Cap returned -0.57% in Q4 versus +2.63% for Russell 3000, with full-year performance of +15.80% versus +23.81%. Mixed quarter driven by election optimism offset by inflation concerns limiting Fed rate cut flexibility. Added life sciences and commercial real estate software exposure while maintaining multi-cap approach despite large-cap market dominance. | - | ||||||
| +1.2% | +16.3% | Weitz Partners III delivered solid 16.25% annual returns while maintaining value discipline, avoiding AI speculation but benefiting from quality tech holdings. Life sciences positions detracted amid sector downturn, prompting increased exposure to Danaher and new Bio-Techne investment. Fund tactically rotated within megacap tech and expects long-term value realization despite near-term cyclical headwinds. Full Quick Take Weitz Partners III delivered solid 16.25% annual returns while maintaining value discipline, avoiding AI speculation but benefiting from quality tech holdings. Life sciences positions detracted amid sector downturn, prompting increased exposure to Danaher and new Bio-Techne investment. Fund tactically rotated within megacap tech and expects long-term value realization despite near-term cyclical headwinds. | - | ||||||
| - | - | - | North Sky Capital capitalized on record clean energy investment and AI-driven power demand in Q4 2024. Infrastructure team increased battery storage exposure with successful New York project exit. Secondaries delivered strong returns including Ecore sale. Fed rate cuts and pro-business administration create favorable 2025 outlook for energy storage and data center infrastructure investments. Full Quick Take North Sky Capital capitalized on record clean energy investment and AI-driven power demand in Q4 2024. Infrastructure team increased battery storage exposure with successful New York project exit. Secondaries delivered strong returns including Ecore sale. Fed rate cuts and pro-business administration create favorable 2025 outlook for energy storage and data center infrastructure investments. | - | |||||
| +10.4% | - | - | Weitz Multi Cap delivered 10.45% in Q3 versus 6.23% for Russell 3000, benefiting from Fed rate cuts driving rotation toward smaller companies. Quality at a Discount framework across market caps created tailwinds. Strong performance from Perimeter Solutions on wildfire demand and Liberty Broadband on Charter proposals offset Alphabet weakness from tech rotation and antitrust concerns. Full Quick Take Weitz Multi Cap delivered 10.45% in Q3 versus 6.23% for Russell 3000, benefiting from Fed rate cuts driving rotation toward smaller companies. Quality at a Discount framework across market caps created tailwinds. Strong performance from Perimeter Solutions on wildfire demand and Liberty Broadband on Charter proposals offset Alphabet weakness from tech rotation and antitrust concerns. | - | |||||
| - | - | - | Weitz Partners III delivered strong Q3 performance benefiting from market rotation toward smaller companies as Fed cut rates. Value-focused strategy of owning quality businesses at discounts drove outperformance, led by Liberty Broadband merger catalyst and Perimeter Solutions wildfire demand. Despite Alphabet antitrust headwinds, managers remain convicted in quality holdings while taking profits selectively. Full Quick Take Weitz Partners III delivered strong Q3 performance benefiting from market rotation toward smaller companies as Fed cut rates. Value-focused strategy of owning quality businesses at discounts drove outperformance, led by Liberty Broadband merger catalyst and Perimeter Solutions wildfire demand. Despite Alphabet antitrust headwinds, managers remain convicted in quality holdings while taking profits selectively. | - | |||||
| - | - | - | North Sky Capital advances impact investing through energy transition infrastructure and secondaries. SIF IV launched with NYC energy storage investment while Clean Growth VI delivers strong early returns. Solar dominates new US electricity capacity additions supported by Inflation Reduction Act. Secondary market opportunities expand as traditional exits remain limited, with improved conditions expected in 2025. Full Quick Take North Sky Capital advances impact investing through energy transition infrastructure and secondaries. SIF IV launched with NYC energy storage investment while Clean Growth VI delivers strong early returns. Solar dominates new US electricity capacity additions supported by Inflation Reduction Act. Secondary market opportunities expand as traditional exits remain limited, with improved conditions expected in 2025. | - | |||||
| -3.0% | +5.0% | Partners III Opportunity Fund returned -2.96% in 2Q 2024, lagging the Russell 3000 due to extreme mega-cap concentration. The fund capitalized on market volatility by opening three new positions in durable compounders experiencing temporary downturns while trimming mega-cap strength, ending the quarter with an 89% net long posture. Full Quick Take Partners III Opportunity Fund returned -2.96% in 2Q 2024, lagging the Russell 3000 due to extreme mega-cap concentration. The fund capitalized on market volatility by opening three new positions in durable compounders experiencing temporary downturns while trimming mega-cap strength, ending the quarter with an 89% net long posture. |
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