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 BNY Mellon Appreciation Fund returned -6.42% in Q1 2026, lagging the S&P 500's -4.33% decline as a geopolitical energy shock and tariff uncertainty prompted a pivot toward quality, cash-generative businesses.
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The BNY Mellon Appreciation Fund returned -6.42% in Q1 2026, lagging the S&P 500's -4.33% decline as a geopolitical energy shock and tariff uncertainty prompted a pivot toward quality, cash-generative businesses.
ClearBridge underperformed its benchmark in Q4 2025 but enters 2026 with sharpened positioning, aiming to exploit extreme historic value spreads and non-tech AI adoption.
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ClearBridge underperformed its benchmark in Q4 2025 but enters 2026 with sharpened positioning, aiming to exploit extreme historic value spreads and non-tech AI adoption.
The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy high-quality automation and platform leaders.
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The fund underperformed in Q4 2025 as the market punished growth reinvestments, but the managers executed extensive portfolio upgrades, liquidating low-execution holdings to buy high-quality automation and platform leaders.
The Fund returned over 6% in Q3 2025, boosted by AI hardware holdings, but defensively liquidated its long-term stakes in Alphabet and Meta due to growing structural disruption risks from generative AI.
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The Fund returned over 6% in Q3 2025, boosted by AI hardware holdings, but defensively liquidated its long-term stakes in Alphabet and Meta due to growing structural disruption risks from generative AI.
