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.
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. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals.
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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. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals.
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.
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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.
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.
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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.
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.
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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.
