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.
2Point2 Capital delivered 12.7% in Q1 FY27, maintaining its concentrated 15-18 stock portfolio with 93.4% equity exposure. The letter argues that investing's weak feedback loops make learning from past outcomes unreliable and potentially harmful. Two detailed case studies—Tata Elxsi and MCX—demonstrate how cognitive biases distort retrospective analysis, emphasizing disciplined process over outcome-based learning in long-term value investing.
Full Quick Take
2Point2 Capital delivered 12.7% in Q1 FY27, maintaining its concentrated 15-18 stock portfolio with 93.4% equity exposure. The letter argues that investing's weak feedback loops make learning from past outcomes unreliable and potentially harmful. Two detailed case studies—Tata Elxsi and MCX—demonstrate how cognitive biases distort retrospective analysis, emphasizing disciplined process over outcome-based learning in long-term value investing.
EdgePoint argues most active managers are closet indexers driven by career risk, while markets cycle through predictable fear-greed patterns. The firm maintains high-conviction concentrated positioning exemplified by Dollar Tree's successful pricing evolution. Despite Q1's -0.32% decline, EdgePoint's behavioral-aware investment process and long-term focus have generated strong returns across 50+ years of market cycles.
Full Quick Take
EdgePoint argues most active managers are closet indexers driven by career risk, while markets cycle through predictable fear-greed patterns. The firm maintains high-conviction concentrated positioning exemplified by Dollar Tree's successful pricing evolution. Despite Q1's -0.32% decline, EdgePoint's behavioral-aware investment process and long-term focus have generated strong returns across 50+ years of market cycles.
2Point2 Capital delivered 12.7% in Q1 FY27, maintaining its concentrated 15-18 stock portfolio with 93.4% equity exposure. The letter argues that investing's weak feedback loops make learning from past outcomes unreliable and potentially harmful. Two detailed case studies—Tata Elxsi and MCX—demonstrate how cognitive biases distort retrospective analysis, emphasizing disciplined process over outcome-based learning in long-term value investing.
Full Quick Take
2Point2 Capital delivered 12.7% in Q1 FY27, maintaining its concentrated 15-18 stock portfolio with 93.4% equity exposure. The letter argues that investing's weak feedback loops make learning from past outcomes unreliable and potentially harmful. Two detailed case studies—Tata Elxsi and MCX—demonstrate how cognitive biases distort retrospective analysis, emphasizing disciplined process over outcome-based learning in long-term value investing.
Arquitos delivered a strong 13.1% net return in Q2 2025, capitalizing on narrative-driven market volatility in key holdings Liquidia and ENDI Corp to highlight significant valuation disconnects.
Full Quick Take
Arquitos delivered a strong 13.1% net return in Q2 2025, capitalizing on narrative-driven market volatility in key holdings Liquidia and ENDI Corp to highlight significant valuation disconnects.
Frontaura's frontier markets portfolio trades at exceptional 5.6x PE versus 22.8x for S&P 500, with Quality Value Score at 97/100 projecting 25% one-year returns. Despite Q3 loss of 0.96%, fund leads benchmarks with 14.34% YTD gain. Managers introduce behavioral timing tools while maintaining conviction in attractive valuations despite developed world recession risks.
Full Quick Take
Frontaura's frontier markets portfolio trades at exceptional 5.6x PE versus 22.8x for S&P 500, with Quality Value Score at 97/100 projecting 25% one-year returns. Despite Q3 loss of 0.96%, fund leads benchmarks with 14.34% YTD gain. Managers introduce behavioral timing tools while maintaining conviction in attractive valuations despite developed world recession risks.
