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.
The broader market’s extreme concentration in speculative, debt-funded AI infrastructure mirrors the 1999 dot-com bubble and presents severe downside risks for passive index investors. By avoiding this capital-intensive cycle, the fund focuses on high-quality global champions with durable, recurring revenue. Currently trading at a rare discount to the S&P 500, these resilient toll-road businesses offer an exceptionally compelling long-term compounding opportunity.
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The broader market’s extreme concentration in speculative, debt-funded AI infrastructure mirrors the 1999 dot-com bubble and presents severe downside risks for passive index investors. By avoiding this capital-intensive cycle, the fund focuses on high-quality global champions with durable, recurring revenue. Currently trading at a rare discount to the S&P 500, these resilient toll-road businesses offer an exceptionally compelling long-term compounding opportunity.
Avenue expresses strong caution over extreme US equity valuations and growing state interventionism while actively pivoting to defensive short-term high-grade credit and Canadian infrastructure-exposed compounders.
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Avenue expresses strong caution over extreme US equity valuations and growing state interventionism while actively pivoting to defensive short-term high-grade credit and Canadian infrastructure-exposed compounders.
The Oakmark International Strategy outperformed its benchmark in Q2 2025 with a 12.82% net return, aggressively deploying capital into dominant franchises like ASML on short-term weakness while declaring the death of the U.S. growth outperformance era.
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The Oakmark International Strategy outperformed its benchmark in Q2 2025 with a 12.82% net return, aggressively deploying capital into dominant franchises like ASML on short-term weakness while declaring the death of the U.S. growth outperformance era.
