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.
YCG pivoted from beauty and exchanges into aggregates leaders CRH, Vulcan Materials, and Martin Marietta. These companies benefit from network effects, NIMBY barriers, and local monopoly dynamics while facing massive pent-up demand across housing, industrial real estate, and infrastructure. Current cyclical fears created attractive valuations for businesses with proven long-term pricing power exceeding inflation.
Full Quick Take
YCG pivoted from beauty and exchanges into aggregates leaders CRH, Vulcan Materials, and Martin Marietta. These companies benefit from network effects, NIMBY barriers, and local monopoly dynamics while facing massive pent-up demand across housing, industrial real estate, and infrastructure. Current cyclical fears created attractive valuations for businesses with proven long-term pricing power exceeding inflation.
Small caps are experiencing historic bear market with Russell 2000 down 33% from peak, creating exceptional opportunity as asset class has been higher 99% of time over 6-year periods. Portfolio positioned in credit-sensitive stocks at 6x earnings with free cash flow yield three times risk-free rate. New large CRH position benefits from infrastructure spending and NYSE relisting catalyst.
Full Quick Take
Small caps are experiencing historic bear market with Russell 2000 down 33% from peak, creating exceptional opportunity as asset class has been higher 99% of time over 6-year periods. Portfolio positioned in credit-sensitive stocks at 6x earnings with free cash flow yield three times risk-free rate. New large CRH position benefits from infrastructure spending and NYSE relisting catalyst.
