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.
Fundsmith is adapting to a momentum-dominated market by increasing portfolio activity while maintaining its quality focus. The fund executed significant portfolio changes in H1 2026, exiting underperformers and initiating positions in companies with strong fundamental momentum across data center infrastructure, payments, streaming, and AI-driven advertising. Despite near-term underperformance, the portfolio's superior fundamentals and reasonable valuation position it for long-term outperformance when momentum inevitably reverses.
Full Quick Take
Fundsmith is adapting to a momentum-dominated market by increasing portfolio activity while maintaining its quality focus. The fund executed significant portfolio changes in H1 2026, exiting underperformers and initiating positions in companies with strong fundamental momentum across data center infrastructure, payments, streaming, and AI-driven advertising. Despite near-term underperformance, the portfolio's superior fundamentals and reasonable valuation position it for long-term outperformance when momentum inevitably reverses.
Optimist Fund outperformed its benchmark in Q3 2025 with a 9.1% gain, driven by core holdings like Wayfair and ThredUp, while proactively pruning positions with reduced thesis-conviction.
Full Quick Take
Optimist Fund outperformed its benchmark in Q3 2025 with a 9.1% gain, driven by core holdings like Wayfair and ThredUp, while proactively pruning positions with reduced thesis-conviction.
