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.
Optimist Fund rebounded 36.3% in Q2 2026 on concentrated positions in market-leading e-commerce and consumer finance businesses. ThredUp surged 109% on strong execution and new direct listing optionality. The manager added significantly to Affirm, viewing BNPL as a second-inning growth opportunity, and continues adding to Carvana at 13x 2027 EBITDA despite 40% organic growth. The portfolio targets better than mid-teens annualized returns over five years.
Full Quick Take
Optimist Fund rebounded 36.3% in Q2 2026 on concentrated positions in market-leading e-commerce and consumer finance businesses. ThredUp surged 109% on strong execution and new direct listing optionality. The manager added significantly to Affirm, viewing BNPL as a second-inning growth opportunity, and continues adding to Carvana at 13x 2027 EBITDA despite 40% organic growth. The portfolio targets better than mid-teens annualized returns over five years.
Buckley Capital targets high-quality businesses at deep discounts, focusing on special situations where markets undervalue normalized earnings power. Key positions include Acadia Healthcare's CEO-driven turnaround, mispriced BNPL leader Sezzle, and undervalued timeshare operator Hilton Grand Vacations. Despite Q1 volatility, strong April performance validates their thesis as fundamentals assert themselves across concentrated portfolio.
Full Quick Take
Buckley Capital targets high-quality businesses at deep discounts, focusing on special situations where markets undervalue normalized earnings power. Key positions include Acadia Healthcare's CEO-driven turnaround, mispriced BNPL leader Sezzle, and undervalued timeshare operator Hilton Grand Vacations. Despite Q1 volatility, strong April performance validates their thesis as fundamentals assert themselves across concentrated portfolio.
