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.
Pernas Portfolio returned 54.3% in 2025, outperforming the S&P 500 by 36.4%. The manager is exploiting an AI barbell strategy and small-cap flexibility, asserting that traditional mean-reversion investing is dead in the current economic era.
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Pernas Portfolio returned 54.3% in 2025, outperforming the S&P 500 by 36.4%. The manager is exploiting an AI barbell strategy and small-cap flexibility, asserting that traditional mean-reversion investing is dead in the current economic era.
The Fund underperformed its benchmark in Q4 2025 due to its barbell-driven underweight in intermediate maturities, but it remains constructively positioned with a defensive and selective posture for a complex 2026 municipal market.
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The Fund underperformed its benchmark in Q4 2025 due to its barbell-driven underweight in intermediate maturities, but it remains constructively positioned with a defensive and selective posture for a complex 2026 municipal market.
The Fund outperformed its benchmark in Q2 2025 through active security selection and strategic reallocation, and remains cautiously optimistic about municipal valuations with a focus on long-dated maturities.
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The Fund outperformed its benchmark in Q2 2025 through active security selection and strategic reallocation, and remains cautiously optimistic about municipal valuations with a focus on long-dated maturities.
