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.
BDL Capital Management has shifted to a cautious, defensive stance in Q1 2026, dropping its cyclical exposure to zero and heavily trimming net exposure to protect capital against Middle East recessionary risks. While tactically hedged, the fund maintains highly concentrated long positions in resilient, undervalued European companies.
Full Quick Take
BDL Capital Management has shifted to a cautious, defensive stance in Q1 2026, dropping its cyclical exposure to zero and heavily trimming net exposure to protect capital against Middle East recessionary risks. While tactically hedged, the fund maintains highly concentrated long positions in resilient, undervalued European companies.
The Airlie Australian Share Fund delivered positive absolute returns but lagged the benchmark in FY25 due to an intentional underweight in highly valued banks. The fund disciplined its portfolio by exiting underperforming positions and adding Goodman Group, Aspen Group, and CSL at attractive entry points.
Full Quick Take
The Airlie Australian Share Fund delivered positive absolute returns but lagged the benchmark in FY25 due to an intentional underweight in highly valued banks. The fund disciplined its portfolio by exiting underperforming positions and adding Goodman Group, Aspen Group, and CSL at attractive entry points.
Third Avenue Value Fund delivered a strong 20.16% return in 2023 by investing in mispriced global businesses with durable fundamentals. Despite persistent market noise surrounding interest rates and growth stock dominance, the fund maintains a low 8.2x weighted average P/E while actively adding to contrarian positions like S4 Capital and new holdings like Bolsa Mexicana.
Full Quick Take
Third Avenue Value Fund delivered a strong 20.16% return in 2023 by investing in mispriced global businesses with durable fundamentals. Despite persistent market noise surrounding interest rates and growth stock dominance, the fund maintains a low 8.2x weighted average P/E while actively adding to contrarian positions like S4 Capital and new holdings like Bolsa Mexicana.
