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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q2 2026 | Aug 25, 2026 | - | - | +19.0% | Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. Full Quick Take Brookfield raised $98 billion and deployed $100 billion in H1 2026, capitalizing on secular megatrends through large-scale investments in nuclear power, data center infrastructure, and renewable energy. | - | |||||
Q2 2026 | Aug 4, 2026 | - | - | +16.2% | Total AUM hit $1.05 trillion on $298 billion of trailing twelve-month inflows. Full Quick Take Total AUM hit $1.05 trillion on $298 billion of trailing twelve-month inflows. | ||||||
Q2 2026 | Jul 23, 2026 | +13.3% | +5.6% | +7.3% | The strategy added Badger Meter and TPG at significant discounts driven by market overreactions. MillerKnoll, Fortune Brands, and Littelfuse contributed materially. Full Quick Take The strategy added Badger Meter and TPG at significant discounts driven by market overreactions. MillerKnoll, Fortune Brands, and Littelfuse contributed materially. | ||||||
Q2 2026 | Jul 17, 2026 | +5.6% | +3.8% | +8.9% | Dodge & Cox Stock Fund underperformed in Q2 2026 as narrow market leadership favored growth over value. The Fund used AI disruption fears to initiate positions in Visa, Thermo Fisher, and KKR at attractive valuations. Full Quick Take Dodge & Cox Stock Fund underperformed in Q2 2026 as narrow market leadership favored growth over value. The Fund used AI disruption fears to initiate positions in Visa, Thermo Fisher, and KKR at attractive valuations. | - | |||||
Q2 2026 | Jul 17, 2026 | +2.1% | - | +9.7% | Underperforming broad indices despite strong contributions from Affiliated Managers Group, Madison Square Garden Entertainment and PHINIA. The concentrated value portfolio emphasizes high-quality businesses at attractive valuations through rigorous fundamental research. Full Quick Take Underperforming broad indices despite strong contributions from Affiliated Managers Group, Madison Square Garden Entertainment and PHINIA. The concentrated value portfolio emphasizes high-quality businesses at attractive valuations through rigorous fundamental research. | ||||||
Q2 2026 | Jul 17, 2026 | +13.6% | - | +9.5% | Underperforming benchmarks despite strong market gains. | ||||||
Q2 2026 | Jul 13, 2026 | - | - | - | ClearBridge Value Strategy underperformed in Q2 despite solid absolute returns as AI-led growth rebounded, but value retained a substantial YTD lead. Strong selection in Alphabet, CVS, Micron and Taiwan Semi was offset by energy weakness. Full Quick Take ClearBridge Value Strategy underperformed in Q2 despite solid absolute returns as AI-led growth rebounded, but value retained a substantial YTD lead. Strong selection in Alphabet, CVS, Micron and Taiwan Semi was offset by energy weakness. | - | |||||
Q2 2026 | Jul 11, 2026 | - | -10.3% | - | Driven by KKR's 28% decline on overblown private credit fears. Manager views quality stock underperformance as creating opportunity, maintains conviction in KKR's double-digit operating earnings growth and $20/share unrealized value. Full Quick Take Driven by KKR's 28% decline on overblown private credit fears. Manager views quality stock underperformance as creating opportunity, maintains conviction in KKR's double-digit operating earnings growth and $20/share unrealized value. | ||||||
Q1 2026 | May 6, 2026 | - | - | +16.2% | Apollo delivered record Q1 2026 results with fee-related earnings of $728 million and AUM surpassing $1 trillion. Strong performance across asset management and retirement services, with $115 billion quarterly inflows and continued execution on strategic growth pillars. Full Quick Take Apollo delivered record Q1 2026 results with fee-related earnings of $728 million and AUM surpassing $1 trillion. Strong performance across asset management and retirement services, with $115 billion quarterly inflows and continued execution on strategic growth pillars. | - | |||||
Q1 2026 | Mar 31, 2026 | -19.1% | -19.1% | +12.6% | AI disruption hysteria created indiscriminate selling, allowing Vulcan to buy quality businesses at $0.50 on the dollar. The firm believes enterprise software companies like SAP will benefit from AI rather than be disrupted. Full Quick Take AI disruption hysteria created indiscriminate selling, allowing Vulcan to buy quality businesses at $0.50 on the dollar. The firm believes enterprise software companies like SAP will benefit from AI rather than be disrupted. | - | |||||
Q1 2026 | Mar 31, 2026 | -2.0% | - | +19.9% | Silver Beech outperformed in Q1 by avoiding AI-disrupted software and benefiting from energy supply shocks. The fund's large new Apollo position exemplifies its strategy of buying misunderstood, structurally advantaged companies. Full Quick Take Silver Beech outperformed in Q1 by avoiding AI-disrupted software and benefiting from energy supply shocks. The fund's large new Apollo position exemplifies its strategy of buying misunderstood, structurally advantaged companies. | - | |||||
Q1 2026 | Mar 31, 2026 | 0.0% | - | - | The ClearBridge Dividend Strategy capitalized on geopolitical oil price spikes and avoided the software sector's AI-driven sell-off to beat the S&P 500 in Q1 2026, rotating capital from extended software and defense names into resilient industrials and asset managers. Full Quick Take The ClearBridge Dividend Strategy capitalized on geopolitical oil price spikes and avoided the software sector's AI-driven sell-off to beat the S&P 500 in Q1 2026, rotating capital from extended software and defense names into resilient industrials and asset managers. | - | |||||
Q4 2025 | Jan 15, 2026 | - | - | - | Focus Wealth Management remains highly cautious of overextended market valuations and extreme AI-driven concentration, opting instead to anchor portfolios in high-quality, cash-generative, and overlooked value opportunities. Full Quick Take Focus Wealth Management remains highly cautious of overextended market valuations and extreme AI-driven concentration, opting instead to anchor portfolios in high-quality, cash-generative, and overlooked value opportunities. | ||||||
Q4 2025 | Dec 31, 2025 | - | +0.9% | +73.6% | AGT Partners achieved massive outperformance in 2025, driven by key holdings in DBS, TSMC, and a spectacular turnaround in Marco Polo Marine. Full Quick Take AGT Partners achieved massive outperformance in 2025, driven by key holdings in DBS, TSMC, and a spectacular turnaround in Marco Polo Marine. | ||||||
Q3 2025 | Oct 14, 2025 | - | - | - | MacNicol & Associates raises the alarm on extreme market valuations and unprecedented concentration in tech, urging investors to prioritize downside protection via active management and hedging through real assets like gold. Full Quick Take MacNicol & Associates raises the alarm on extreme market valuations and unprecedented concentration in tech, urging investors to prioritize downside protection via active management and hedging through real assets like gold. | - | |||||
Q1 2025 | Apr 16, 2025 | +2.3% | +2.3% | +14.8% | - | Financial Synergies quarterly newsletter covers their internship program, estate planning guidance, and market commentary. Full Quick Take Financial Synergies quarterly newsletter covers their internship program, estate planning guidance, and market commentary. | - | ||||
Q1 2025 | Apr 1, 2025 | -12.0% | - | - | KKR, and Cellebrite. Manager used weakness to add to onshoring beneficiary Lifecore and unrelated names. Full Quick Take KKR, and Cellebrite. Manager used weakness to add to onshoring beneficiary Lifecore and unrelated names. | - | |||||
Q1 2025 | Mar 31, 2025 | -4.1% | -4.1% | +9.8% | The firm capitalized on volatility to improve price-to-value ratios, adding positions in Medpace, Stanley Black & Decker, and TPG while trimming fairly valued holdings. Cloud stocks sold off broadly. Full Quick Take The firm capitalized on volatility to improve price-to-value ratios, adding positions in Medpace, Stanley Black & Decker, and TPG while trimming fairly valued holdings. Cloud stocks sold off broadly. | - | |||||
Q4 2024 | Jan 30, 2025 | - | - | +10.6% | - | Driven by alternative asset manager rebounds and U.S. dollar strength. The manager maintains strong U.S. exposure for superior opportunity breadth despite currency risks. Full Quick Take Driven by alternative asset manager rebounds and U.S. dollar strength. The manager maintains strong U.S. exposure for superior opportunity breadth despite currency risks. | - | ||||
Q4 2024 | Jan 8, 2025 | - | - | - | Owner-operated businesses generating 28% weighted average return on capital. | - | |||||
Q4 2024 | Jan 7, 2025 | - | - | +20.0% | Montaka's concentrated portfolio of advantaged businesses within structural transformations delivered strong Q4 results. Positioned for four 2025 cyclical upswings: alternative asset monetizations, enterprise AI deployments, policy tailwinds, and housing recovery. Full Quick Take Montaka's concentrated portfolio of advantaged businesses within structural transformations delivered strong Q4 results. Positioned for four 2025 cyclical upswings: alternative asset monetizations, enterprise AI deployments, policy tailwinds, and housing recovery. | - | |||||
Q4 2024 | Dec 31, 2024 | -10.0% | +17.5% | +9.3% | Vulcan delivered strong 2024 returns while maintaining disciplined value approach and flat price-to-value ratios. Doubled international exposure to 20% as U.S. markets outperformed. Full Quick Take Vulcan delivered strong 2024 returns while maintaining disciplined value approach and flat price-to-value ratios. Doubled international exposure to 20% as U.S. markets outperformed. | - | |||||
Q4 2024 | Dec 31, 2024 | +6.3% | +26.1% | +12.6% | Added Everest Group reinsurance while selling KKR and Live Nation at fair value. Strong performance from Amazon, Salesforce, and Alphabet driven by cloud growth and AI progress. Full Quick Take Added Everest Group reinsurance while selling KKR and Live Nation at fair value. Strong performance from Amazon, Salesforce, and Alphabet driven by cloud growth and AI progress. | - | |||||
Q4 2024 | Dec 31, 2024 | -2.5% | +13.6% | +9.8% | Vulcan delivered positive returns across all strategies while maintaining disciplined value approach. Reallocated capital from fairly valued positions to discounted opportunities, keeping price-to-value ratios flat despite strong performance. Full Quick Take Vulcan delivered positive returns across all strategies while maintaining disciplined value approach. Reallocated capital from fairly valued positions to discounted opportunities, keeping price-to-value ratios flat despite strong performance. | - | |||||
Q4 2024 | Dec 31, 2024 | +7.4% | +27.5% | +12.1% | Reallocating from appreciated to discounted companies while maintaining attractive price-to-value ratios. Full Quick Take Reallocating from appreciated to discounted companies while maintaining attractive price-to-value ratios. | - | |||||
Q2 2024 | Jun 30, 2024 | - | - | +20.0% | Montaka views recent market concentration in top technology and private market leaders as a structural norm rather than a market bubble. Full Quick Take Montaka views recent market concentration in top technology and private market leaders as a structural norm rather than a market bubble. | ||||||
Q1 2024 | Apr 1, 2024 | 0.0% | - | - | Maintaining concentrated positions in businesses with inevitable growth prospects including PAR Technology's SaaS transition, KKR's asset management expansion, and Cellebrite's law enforcement tools. Full Quick Take Maintaining concentrated positions in businesses with inevitable growth prospects including PAR Technology's SaaS transition, KKR's asset management expansion, and Cellebrite's law enforcement tools. | - | |||||
Q4 2023 | Jan 28, 2024 | - | - | +20.0% | Montaka delivered strong 2023 performance owning megacap winners while maintaining concentrated exposure to structural transformation themes. Added LVMH after 30% decline, sold Carlyle Group. Full Quick Take Montaka delivered strong 2023 performance owning megacap winners while maintaining concentrated exposure to structural transformation themes. Added LVMH after 30% decline, sold Carlyle Group. | - | |||||
Q4 2023 | Jan 1, 2024 | +15.0% | +51.0% | - | The concentrated portfolio includes PAR Technology winning major restaurant chains, KKR expanding into private wealth, and new position IWG transitioning to asset-light workspace partnerships. Full Quick Take The concentrated portfolio includes PAR Technology winning major restaurant chains, KKR expanding into private wealth, and new position IWG transitioning to asset-light workspace partnerships. | - | |||||
Q4 2023 | Dec 31, 2023 | +18.4% | +42.2% | +7.3% | Vulcan Value Partners delivered robust double-digit returns across all strategies in 2023 by disciplined capital reallocation into mispriced compounders. Full Quick Take Vulcan Value Partners delivered robust double-digit returns across all strategies in 2023 by disciplined capital reallocation into mispriced compounders. | ||||||
Q4 2023 | Dec 31, 2023 | +10.7% | +10.6% | +8.2% | Led by alternative asset managers KKR and Carlyle but weighed down by oil services and auto parts holdings. Full Quick Take Led by alternative asset managers KKR and Carlyle but weighed down by oil services and auto parts holdings. | - | |||||
Q2 2023 | Aug 8, 2023 | - | - | +20.0% | Montaka's concentrated portfolio of AI and cloud leaders delivered strong first-half returns but managers are holding tight despite gains. Amazon, Microsoft, and Meta are capturing multi-trillion-dollar AI opportunities while trading below 2022 levels. Full Quick Take Montaka's concentrated portfolio of AI and cloud leaders delivered strong first-half returns but managers are holding tight despite gains. Amazon, Microsoft, and Meta are capturing multi-trillion-dollar AI opportunities while trading below 2022 levels. | - | |||||
Q2 2023 | Jun 30, 2023 | - | - | +20.3% | Concentrated value fund focused on Brookfield Corporation, a leading alternative asset manager trading at a significant discount following its asset management spin-off. Full Quick Take Concentrated value fund focused on Brookfield Corporation, a leading alternative asset manager trading at a significant discount following its asset management spin-off. | - | |||||
Q2 2023 | Jun 30, 2023 | - | - | +20.8% | Top holdings include European gym operator Basic-Fit, Canadian dental consolidator dentalcorp, and alternative asset manager KKR. Portfolio positioned defensively for potential economic slowdown while maintaining conviction in quality businesses that can capitalize on downturns. Full Quick Take Top holdings include European gym operator Basic-Fit, Canadian dental consolidator dentalcorp, and alternative asset manager KKR. Portfolio positioned defensively for potential economic slowdown while maintaining conviction in quality businesses that can capitalize on downturns. | - | |||||
Q1 2023 | Mar 31, 2023 | - | +0.3% | +11.1% | AVI Global Trust invests in companies trading at steep discounts to net asset value. March volatility widened portfolio discounts to 37.2%, creating buying opportunities. Full Quick Take AVI Global Trust invests in companies trading at steep discounts to net asset value. March volatility widened portfolio discounts to 37.2%, creating buying opportunities. | - |
Q2 2026
Q4 2025