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.
Colebrooke deliberately upgraded portfolio quality in H1 2026, selling Eurocell and Macfarlane to fund Howden Joinery at £7.30 during rate-driven volatility. Howdens possesses an exceptional moat through uncopiable depot density and national infrastructure, earns 23% ROIC, and gains share through downturns. The concentrated eight-position portfolio now offers the highest quality and defensibility in the fund's history, with valuations requiring minimal future assumptions.
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Colebrooke deliberately upgraded portfolio quality in H1 2026, selling Eurocell and Macfarlane to fund Howden Joinery at £7.30 during rate-driven volatility. Howdens possesses an exceptional moat through uncopiable depot density and national infrastructure, earns 23% ROIC, and gains share through downturns. The concentrated eight-position portfolio now offers the highest quality and defensibility in the fund's history, with valuations requiring minimal future assumptions.
Mar Vista's U.S. Quality Premier returned 10.15% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager sees AI entering a more productive phase, favoring companies converting infrastructure investments into durable earnings growth. Portfolio activity included initiating ASML, exiting Intuit on AI disruption concerns, and adding to semiconductor and aerospace positions. The manager expects earnings growth and execution to drive future returns.
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Mar Vista's U.S. Quality Premier returned 10.15% net in Q2 2026, underperforming benchmarks as market leadership broadened beyond technology. The manager sees AI entering a more productive phase, favoring companies converting infrastructure investments into durable earnings growth. Portfolio activity included initiating ASML, exiting Intuit on AI disruption concerns, and adding to semiconductor and aerospace positions. The manager expects earnings growth and execution to drive future returns.
Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation.
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Third Avenue Small-Cap Value Fund delivered 21.72% year-to-date through a concentrated portfolio of undervalued, well-financed businesses. U.S. small-caps reached historically extreme valuation lows versus large-caps, creating compelling multi-year outperformance potential. Six holdings were acquired at healthy premiums in six quarters amid surging M&A activity. The Fund initiated eight new positions in deeply pessimistic areas while maintaining disciplined avoidance of semiconductor momentum and unprofitable speculation.
