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.
Greenlight lost 4.3% in Q2 primarily from macro bets on gold and rates despite conservative positioning. The manager views SpaceX's $1.75 trillion IPO as marking a speculative top and is positioned for Fed disinflation without rate hikes. Five new deeply undervalued positions were initiated including Fortune Brands at 8x earnings with turnaround potential and PayPal subsequently receiving a takeover bid, while three exits generated 30-157% IRRs.
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Greenlight lost 4.3% in Q2 primarily from macro bets on gold and rates despite conservative positioning. The manager views SpaceX's $1.75 trillion IPO as marking a speculative top and is positioned for Fed disinflation without rate hikes. Five new deeply undervalued positions were initiated including Fortune Brands at 8x earnings with turnaround potential and PayPal subsequently receiving a takeover bid, while three exits generated 30-157% IRRs.
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.
Greenlight delivered 6.5% returns in Q1 2026 through defensive positioning amid Iran war uncertainty. The fund profited from gold, healthcare turnarounds, and energy shipping while maintaining low exposures given expensive valuations. With little downside priced into markets despite geopolitical risks, Greenlight prioritizes capital preservation over recovery participation, positioning for potential downside scenarios.
Full Quick Take
Greenlight delivered 6.5% returns in Q1 2026 through defensive positioning amid Iran war uncertainty. The fund profited from gold, healthcare turnarounds, and energy shipping while maintaining low exposures given expensive valuations. With little downside priced into markets despite geopolitical risks, Greenlight prioritizes capital preservation over recovery participation, positioning for potential downside scenarios.
