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.
SRK Fund I gained 26.80% net of fees in the first half of 2026 by avoiding crowded AI momentum trades and focusing on mispriced micro-cap turnarounds with substantial operating leverage, disciplined capital allocation, and visible cash flows.
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SRK Fund I gained 26.80% net of fees in the first half of 2026 by avoiding crowded AI momentum trades and focusing on mispriced micro-cap turnarounds with substantial operating leverage, disciplined capital allocation, and visible cash flows.
ClearBridge's Large Cap Value Strategy outperformed in Q3 2025, aided by strong semiconductor selection. Portfolio managers have actively neutralized their AI underweight and introduced stricter KPI underwriting to mitigate volatility and capture broadening value opportunities.
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ClearBridge's Large Cap Value Strategy outperformed in Q3 2025, aided by strong semiconductor selection. Portfolio managers have actively neutralized their AI underweight and introduced stricter KPI underwriting to mitigate volatility and capture broadening value opportunities.
NCG underperformed in a highly speculative 3Q25 that favored unprofitable small caps, but maintains a constructive, long-term bullish stance on quality small-cap growth driven by attractive valuations and a supportive Fed rate-cutting cycle.
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NCG underperformed in a highly speculative 3Q25 that favored unprofitable small caps, but maintains a constructive, long-term bullish stance on quality small-cap growth driven by attractive valuations and a supportive Fed rate-cutting cycle.
NCG underperformed in 3Q25 due to a highly speculative market rally favoring low-quality small-cap stocks, but the manager remains highly constructive on small-caps, pointing to supportive Fed rate cuts and historically low relative valuations.
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NCG underperformed in 3Q25 due to a highly speculative market rally favoring low-quality small-cap stocks, but the manager remains highly constructive on small-caps, pointing to supportive Fed rate cuts and historically low relative valuations.
The fund underperformed a speculative, beta-driven benchmark rally in Q2 2025, returning 4.46% versus 8.50%. The managers have selectively pivoted toward AI-enabling energy infrastructure assets while maintaining core valuation discipline.
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The fund underperformed a speculative, beta-driven benchmark rally in Q2 2025, returning 4.46% versus 8.50%. The managers have selectively pivoted toward AI-enabling energy infrastructure assets while maintaining core valuation discipline.
