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 ↕ | SI ↕ | Tickers | Keywords / Themes | Quick Take | Pitches (LONG / SHORT) | Current Positioning | Letter |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q3 2026 | Oct 12, 2026 | - | - | +3.7% | FMI International Equity maintained a disciplined posture in Q3 2026 without reporting quarterly net return figures, actively exploiting extreme market sentiment to build positions in durable compounders unjustly penalized by broad AI disruption fears. Full Quick Take FMI International Equity maintained a disciplined posture in Q3 2026 without reporting quarterly net return figures, actively exploiting extreme market sentiment to build positions in durable compounders unjustly penalized by broad AI disruption fears. | ||||||
Q2 2026 | Jul 10, 2026 | - | - | - | - | Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. Full Quick Take Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. | - | ||||
Q2 2026 | Jul 8, 2026 | - | - | - | - | Marcuard Heritage views Q2 2026 as an inflationary boom with resilient nominal growth but persistent inflation risks. The preliminary US-Iran accord reduced Middle East tail risks while AI-driven capex supports technology and semiconductors. Full Quick Take Marcuard Heritage views Q2 2026 as an inflationary boom with resilient nominal growth but persistent inflation risks. The preliminary US-Iran accord reduced Middle East tail risks while AI-driven capex supports technology and semiconductors. | - | ||||
Q2 2026 | Jun 30, 2026 | +6.2% | - | +10.6% | Vinva Global Alpha Fund employs a repeatable quantitative strategy to manage a diversified, style-neutral portfolio of over 300 global equities. The fund seeks long-term outperformance over its benchmark while minimizing exposure to individual macro or company-specific risks. Full Quick Take Vinva Global Alpha Fund employs a repeatable quantitative strategy to manage a diversified, style-neutral portfolio of over 300 global equities. The fund seeks long-term outperformance over its benchmark while minimizing exposure to individual macro or company-specific risks. | - | |||||
Q2 2026 | Jun 30, 2026 | +21.6% | +8.9% | +9.7% | The strategy delivered strong outperformance in Q2 2026, driven by a recovery in technology and active portfolio upgrades during earlier periods of market volatility. The manager focuses on high-quality compounders with clear growth runways. Full Quick Take The strategy delivered strong outperformance in Q2 2026, driven by a recovery in technology and active portfolio upgrades during earlier periods of market volatility. The manager focuses on high-quality compounders with clear growth runways. | ||||||
Q2 2026 | Jun 30, 2026 | +19.4% | +4.8% | +13.5% | ARK Invest remains intensely bullish on disruptive innovation platforms, projecting that accelerating productivity from converging frontier technologies will suppress inflation and drive outsized growth. Full Quick Take ARK Invest remains intensely bullish on disruptive innovation platforms, projecting that accelerating productivity from converging frontier technologies will suppress inflation and drive outsized growth. | ||||||
Q1 2026 | Apr 13, 2026 | -9.6% | -9.6% | +26.6% | The fund slightly outperformed its benchmark in a volatile, down quarter, capitalizing on AI-infrastructure and energy-transition trends while actively repositioning its software exposure amid AI disruption fears. Full Quick Take The fund slightly outperformed its benchmark in a volatile, down quarter, capitalizing on AI-infrastructure and energy-transition trends while actively repositioning its software exposure amid AI disruption fears. | - | |||||
Q1 2026 | Mar 31, 2026 | +5.2% | +5.2% | - | The Ceredex Small Cap Value Equity Strategy outperformed its benchmark in Q1 2026. Full Quick Take The Ceredex Small Cap Value Equity Strategy outperformed its benchmark in Q1 2026. | - | |||||
Q4 2025 | Feb 26, 2026 | - | +0.6% | +10.9% | Driven by structural re-ratings in deeply undervalued core compounders like Alibaba and Alphabet. The fund is introducing its rules-based 'Titan' cash sleeve to eliminate cash drag and maintain offensive flexibility. Full Quick Take Driven by structural re-ratings in deeply undervalued core compounders like Alibaba and Alphabet. The fund is introducing its rules-based 'Titan' cash sleeve to eliminate cash drag and maintain offensive flexibility. | - | |||||
Q4 2025 | Feb 10, 2026 | - | +24.3% | - | - | Entering 2026, the firm is heavily positioned in physical silver, Emerging Markets, and Treasury curve steepeners to capture a structural macro regime change. Full Quick Take Entering 2026, the firm is heavily positioned in physical silver, Emerging Markets, and Treasury curve steepeners to capture a structural macro regime change. | - | ||||
Q4 2025 | Jan 29, 2026 | - | - | - | - | Leonard Rickey Investment Advisors advocates for a balanced and diversified investment posture heading into 2026. Full Quick Take Leonard Rickey Investment Advisors advocates for a balanced and diversified investment posture heading into 2026. | - | ||||
Q4 2025 | Jan 8, 2026 | - | - | - | - | Armbruster Capital Management advocates for strict long-term portfolio diversification over chasing high-flying US mega-cap technology stocks. Full Quick Take Armbruster Capital Management advocates for strict long-term portfolio diversification over chasing high-flying US mega-cap technology stocks. | - | ||||
Q4 2025 | Jan 5, 2026 | - | - | - | - | Glenmede's Q4 2025 recap outlines a resilient U.S. economic backdrop bolstered by late-cycle fiscal stimulus and Federal Reserve rate cuts. Full Quick Take Glenmede's Q4 2025 recap outlines a resilient U.S. economic backdrop bolstered by late-cycle fiscal stimulus and Federal Reserve rate cuts. | - | ||||
Q4 2025 | Dec 31, 2025 | +14.2% | +34.8% | +19.5% | Outperforming its benchmarks. The manager warns of upcoming economic turbulence and eventual stagflation under 'run it hot' fiscal policies, while maintaining high-conviction exposure to high-margin growth small caps like Sanuwave. Full Quick Take Outperforming its benchmarks. The manager warns of upcoming economic turbulence and eventual stagflation under 'run it hot' fiscal policies, while maintaining high-conviction exposure to high-margin growth small caps like Sanuwave. | ||||||
Q4 2025 | Dec 31, 2025 | - | - | - | Stewart Investors has transitioned portfolio management to affiliate FSSA, tilting holdings toward robust cash-generating firms in China while trimming expensive Indian cyclical assets. Full Quick Take Stewart Investors has transitioned portfolio management to affiliate FSSA, tilting holdings toward robust cash-generating firms in China while trimming expensive Indian cyclical assets. | - | |||||
Q4 2025 | Dec 31, 2025 | -15.0% | +7.9% | +9.3% | Vulcan Value Partners is navigating an overvalued, top-heavy market by strictly avoiding speculative AI valuations and rotating capital into highly discounted, high-quality healthcare, insurance, and Small/SMID cap businesses trading at wide margins of safety. Full Quick Take Vulcan Value Partners is navigating an overvalued, top-heavy market by strictly avoiding speculative AI valuations and rotating capital into highly discounted, high-quality healthcare, insurance, and Small/SMID cap businesses trading at wide margins of safety. | - | |||||
Q4 2025 | Dec 31, 2025 | +49.4% | +16.5% | +12.3% | The Invesco Discovery Fund delivered outperformance in Q4 2025 through robust IT and industrial stock selection, positioning its portfolio to capture opportunities in premier growth compounders amid expected rate cuts and economic growth heading into 2026. Full Quick Take The Invesco Discovery Fund delivered outperformance in Q4 2025 through robust IT and industrial stock selection, positioning its portfolio to capture opportunities in premier growth compounders amid expected rate cuts and economic growth heading into 2026. | ||||||
Q4 2025 | Dec 31, 2025 | -13.2% | +5.2% | +13.0% | With lead PM Jeff Kolitch asserting that real estate is at a major positive turning point ready to deliver double-digit returns on the back of falling supply growth and structural AI tailwinds. Full Quick Take With lead PM Jeff Kolitch asserting that real estate is at a major positive turning point ready to deliver double-digit returns on the back of falling supply growth and structural AI tailwinds. | ||||||
Q4 2025 | Dec 31, 2025 | +14.1% | +5.7% | +8.7% | Diamond Hill Large Cap Fund underperformed the Russell 1000 Value Index in Q4 2025 due to its disciplined lack of exposure to AI growth exuberance, choosing instead to focus on out-of-favor, high-quality cash compounders. Full Quick Take Diamond Hill Large Cap Fund underperformed the Russell 1000 Value Index in Q4 2025 due to its disciplined lack of exposure to AI growth exuberance, choosing instead to focus on out-of-favor, high-quality cash compounders. | ||||||
Q4 2025 | Dec 31, 2025 | +11.9% | +8.5% | +8.2% | Diamond Hill Small-Mid Cap Strategy underperformed in Q4 2025 due to a low-quality market rally, prompting the managers to defensively realign the portfolio into high-quality, low-debt, and non-cyclical business models. Full Quick Take Diamond Hill Small-Mid Cap Strategy underperformed in Q4 2025 due to a low-quality market rally, prompting the managers to defensively realign the portfolio into high-quality, low-debt, and non-cyclical business models. | ||||||
Q4 2025 | Dec 31, 2025 | +5.8% | +16.2% | +12.1% | Beating its benchmark, and highlights a high-conviction environment for active value-oriented stock picking amidst extreme AI-driven market concentration. Full Quick Take Beating its benchmark, and highlights a high-conviction environment for active value-oriented stock picking amidst extreme AI-driven market concentration. | ||||||
Q4 2025 | Oct 31, 2025 | -1.6% | - | +9.5% | Underperforming its small-cap benchmark by 3.0% as speculative interest in loss-making companies and AI momentum overshadowed fundamentally strong value businesses. Full Quick Take Underperforming its small-cap benchmark by 3.0% as speculative interest in loss-making companies and AI momentum overshadowed fundamentally strong value businesses. | ||||||
Q3 2025 | Oct 10, 2025 | +9.0% | +8.5% | +5.4% | Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compounders Wise and Croda. Full Quick Take Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compounders Wise and Croda. | - | |||||
Q3 2025 | Oct 1, 2025 | +37.7% | - | +8.5% | T. Bailey navigated a complex macroeconomic landscape in Q3 2025 by taking defensive action against stretched AI valuations, using gold as a key diversifier, and deploying market-neutral strategies to generate steady, uncorrelated returns. Full Quick Take T. Bailey navigated a complex macroeconomic landscape in Q3 2025 by taking defensive action against stretched AI valuations, using gold as a key diversifier, and deploying market-neutral strategies to generate steady, uncorrelated returns. | - | |||||
Q3 2025 | Sep 30, 2025 | +47.4% | +68.0% | +10.9% | Driven by massive surges in core holdings like Alibaba and Alphabet, reaffirming the firm's concentrated, long-term compounding strategy. Full Quick Take Driven by massive surges in core holdings like Alibaba and Alphabet, reaffirming the firm's concentrated, long-term compounding strategy. | ||||||
Q3 2025 | Sep 30, 2025 | +30.0% | - | +8.0% | Devon Funds remains highly constructive on Australasian equities, leveraging secular growth in AI data centers, record-high gold prices, and global rate cuts. The manager utilized September volatility to add to high-conviction compounders on dips. Full Quick Take Devon Funds remains highly constructive on Australasian equities, leveraging secular growth in AI data centers, record-high gold prices, and global rate cuts. The manager utilized September volatility to add to high-conviction compounders on dips. | - | |||||
Q3 2025 | Sep 30, 2025 | +25.2% | +10.6% | +9.4% | Harding Loevner lagged the benchmark in Q3 due to extreme market concentration in AI momentum stocks, but they remain steadfastly committed to valuation discipline and are heavily overweighting discounted quality healthcare names. Full Quick Take Harding Loevner lagged the benchmark in Q3 due to extreme market concentration in AI momentum stocks, but they remain steadfastly committed to valuation discipline and are heavily overweighting discounted quality healthcare names. | - | |||||
Q3 2025 | Sep 30, 2025 | +30.0% | +11.5% | +13.5% | AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-quality compounders like Adidas. Full Quick Take AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-quality compounders like Adidas. | - | |||||
Q3 2025 | Sep 30, 2025 | +20.8% | - | +9.7% | |||||||
Q3 2025 | Sep 30, 2025 | +35.5% | +12.6% | +12.6% | Miller/Howard's Infrastructure portfolio outpaced its benchmark in 3Q 2025 by leaning into high-yielding defensive utilities and midstream energy, uniquely positioning itself to benefit from the massive power requirements of next-generation AI training. Full Quick Take Miller/Howard's Infrastructure portfolio outpaced its benchmark in 3Q 2025 by leaning into high-yielding defensive utilities and midstream energy, uniquely positioning itself to benefit from the massive power requirements of next-generation AI training. | ||||||
Q3 2025 | Sep 30, 2025 | -6.0% | +46.0% | +13.9% | |||||||
Q3 2025 | Sep 30, 2025 | +11.6% | - | +7.0% | - | Calamos CCD capitalizes on the Fed's monetary easing cycle and robust convertible bond issuance, delivering double-digit NAV returns in Q3 and maintaining a competitive 11.12% annualized distribution rate supported by leverage and active tech-sector positioning. Full Quick Take Calamos CCD capitalizes on the Fed's monetary easing cycle and robust convertible bond issuance, delivering double-digit NAV returns in Q3 and maintaining a competitive 11.12% annualized distribution rate supported by leverage and active tech-sector positioning. | - | ||||
Q3 2025 | Sep 30, 2025 | +31.6% | -14.8% | +7.3% | Underperforming the Russell 2000's 12.39% surge as low-quality and non-earning speculative stocks dominated the rally. Despite short-term headwinds, the manager remains highly confident in small-cap valuations and structural tailwinds. Full Quick Take Underperforming the Russell 2000's 12.39% surge as low-quality and non-earning speculative stocks dominated the rally. Despite short-term headwinds, the manager remains highly confident in small-cap valuations and structural tailwinds. | - | |||||
Q3 2025 | Sep 30, 2025 | +8.4% | +16.6% | +6.2% | The Fidelity Dividend Growth Fund outpaced the S&P 500 in Q3 2025 with an 8.41% return, leveraging high-conviction positions in Industrials and Energy while avoiding non-dividend-paying tech giants. Full Quick Take The Fidelity Dividend Growth Fund outpaced the S&P 500 in Q3 2025 with an 8.41% return, leveraging high-conviction positions in Industrials and Energy while avoiding non-dividend-paying tech giants. | - | |||||
Q3 2025 | Sep 30, 2025 | +6.8% | +12.3% | +10.3% | - | The Northern Funds Large Cap Value Fund outperformed its Russell 1000 Value benchmark in Q3 2025. 5.33%, thanks to positive tilts toward high-quality and value-oriented equities. Full Quick Take The Northern Funds Large Cap Value Fund outperformed its Russell 1000 Value benchmark in Q3 2025. 5.33%, thanks to positive tilts toward high-quality and value-oriented equities. | - | ||||
Q2 2025 | Aug 11, 2025 | +10.9% | - | +8.3% | Slightly lagging its benchmark as it actively reduced defensive and US holdings to double down on high-conviction structural technology and regional reform plays. Full Quick Take Slightly lagging its benchmark as it actively reduced defensive and US holdings to double down on high-conviction structural technology and regional reform plays. | - | |||||
Q2 2025 | Jun 30, 2025 | -10.1% | +13.6% | +10.9% | |||||||
Q2 2025 | Jun 30, 2025 | - | - | - | The structural bull market remains intact due to strong liquidity, AI productivity gains, and a weak dollar tailwind, but investors must navigate high volatility and rising speculation. Full Quick Take The structural bull market remains intact due to strong liquidity, AI productivity gains, and a weak dollar tailwind, but investors must navigate high volatility and rising speculation. | - | |||||
Q2 2025 | Jun 30, 2025 | +6.0% | - | +8.9% | Speculative AI enthusiasm drove low-quality stocks to outperform in Q2, causing Fenimore's quality-focused funds to lag benchmarks despite solid absolute gains. The manager is actively selling companies vulnerable to tariffs while adding to high-quality compounders. Full Quick Take Speculative AI enthusiasm drove low-quality stocks to outperform in Q2, causing Fenimore's quality-focused funds to lag benchmarks despite solid absolute gains. The manager is actively selling companies vulnerable to tariffs while adding to high-quality compounders. | ||||||
Q2 2025 | Jun 30, 2025 | +3.0% | - | +11.6% | Platinum Asset Management is positioned cautiously on US mega-cap tech due to tariff and valuation risks, choosing instead to overweight contrarian structural opportunities in South Korea, European financials, and AI-driven energy enablers. Full Quick Take Platinum Asset Management is positioned cautiously on US mega-cap tech due to tariff and valuation risks, choosing instead to overweight contrarian structural opportunities in South Korea, European financials, and AI-driven energy enablers. | - | |||||
Q2 2025 | Jun 30, 2025 | +3.0% | - | +10.9% | Platinum is actively hedging against a potential US market correction using shorts and cash, while selectively deploying capital into undervalued Korean stocks and bottoming analog semiconductors. Full Quick Take Platinum is actively hedging against a potential US market correction using shorts and cash, while selectively deploying capital into undervalued Korean stocks and bottoming analog semiconductors. | - | |||||
Q2 2025 | Jun 30, 2025 | +22.7% | +12.9% | +11.3% | Fidelity Growth Strategies Fund outperformed its mid-cap growth benchmark in Q2 2025 with a 22.74% return, driven by superior stock selection in industrials and timely overweights in Axon Enterprise and Howmet Aerospace. Full Quick Take Fidelity Growth Strategies Fund outperformed its mid-cap growth benchmark in Q2 2025 with a 22.74% return, driven by superior stock selection in industrials and timely overweights in Axon Enterprise and Howmet Aerospace. | ||||||
Q2 2025 | Jun 30, 2025 | - | - | - | On its 30th anniversary, P&A counsels investors to look past tariff-induced volatility and structural debt risks, emphasizing that a disciplined, diversified strategy in high-quality equities is the only reliable path to long-term success. Full Quick Take On its 30th anniversary, P&A counsels investors to look past tariff-induced volatility and structural debt risks, emphasizing that a disciplined, diversified strategy in high-quality equities is the only reliable path to long-term success. | - | |||||
Q3 2025 | Jun 30, 2025 | +7.9% | +19.1% | +7.9% | Polen Global Growth underperformed a narrow, cyclical, and AI-led market in 2Q 2025 due to its strict avoidance of highly cyclical sectors. The fund re-established Starbucks and bought IDEXX at attractive entry points while exiting Globant. Full Quick Take Polen Global Growth underperformed a narrow, cyclical, and AI-led market in 2Q 2025 due to its strict avoidance of highly cyclical sectors. The fund re-established Starbucks and bought IDEXX at attractive entry points while exiting Globant. | - | |||||
Q2 2023 | Jul 11, 2023 | +2.5% | +6.6% | +3.0% | Conventum - Alluvium Global Fund is a high-conviction, value-driven global equity fund prioritizing capital preservation. Full Quick Take Conventum - Alluvium Global Fund is a high-conviction, value-driven global equity fund prioritizing capital preservation. |
Q2 2026