Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Brummer Multi-Strategy generated an 8.9% net return in 2025, heavily driven by strong stock-picking alpha in L/S Equity. Entering 2026, the fund is expanding its fixed income and credit verticals while maintaining a cautious, market-neutral posture due to dot-com-era valuation levels in US equities.
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Brummer Multi-Strategy generated an 8.9% net return in 2025, heavily driven by strong stock-picking alpha in L/S Equity. Entering 2026, the fund is expanding its fixed income and credit verticals while maintaining a cautious, market-neutral posture due to dot-com-era valuation levels in US equities.
Fenimore stayed disciplined through a highly speculative Q3 2025, trailing momentum-driven benchmarks but successfully capitalizing on market volatility to acquire high-quality, undervalued compounders.
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Fenimore stayed disciplined through a highly speculative Q3 2025, trailing momentum-driven benchmarks but successfully capitalizing on market volatility to acquire high-quality, undervalued compounders.
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.
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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.
