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.
Ennismore's small-cap long/short fund is down 0.7% year-to-date after missing the AI boom, but the manager sees opportunity in the market's extreme attention concentration. The portfolio holds quality, cash-generative businesses buying back stock at depressed valuations, including Wise. The biggest new position is BBB Foods, a Mexican hard discounter with decades of runway attacking an incumbent with structurally higher costs. Neglect is deferring value, not destroying it.
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Ennismore's small-cap long/short fund is down 0.7% year-to-date after missing the AI boom, but the manager sees opportunity in the market's extreme attention concentration. The portfolio holds quality, cash-generative businesses buying back stock at depressed valuations, including Wise. The biggest new position is BBB Foods, a Mexican hard discounter with decades of runway attacking an incumbent with structurally higher costs. Neglect is deferring value, not destroying it.
Silver Ring Value Partners maintains a highly disciplined, patient value investing approach, opting to hold 29% cash rather than compromise on strict quality standards. The manager is focused on raising the bar for business quality and management alignment, refusing to chase cheap but poorly managed companies, while utilizing option-based hedges to manage downside risks.
Full Quick Take
Silver Ring Value Partners maintains a highly disciplined, patient value investing approach, opting to hold 29% cash rather than compromise on strict quality standards. The manager is focused on raising the bar for business quality and management alignment, refusing to chase cheap but poorly managed companies, while utilizing option-based hedges to manage downside risks.
