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.
AVI Japan Opportunity Trust invests in concentrated, over-capitalized Japanese small-caps, using active engagement to unlock value. June saw strong performance from Sharingtechnology (+41%) on strategic option expectations and Sanyo Shokai (+10%) on improved capital allocation. The manager controls 5%+ stakes in 14 holdings representing 66% of NAV, driving governance improvements and shareholder returns in an under-researched market with growing activism momentum.
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AVI Japan Opportunity Trust invests in concentrated, over-capitalized Japanese small-caps, using active engagement to unlock value. June saw strong performance from Sharingtechnology (+41%) on strategic option expectations and Sanyo Shokai (+10%) on improved capital allocation. The manager controls 5%+ stakes in 14 holdings representing 66% of NAV, driving governance improvements and shareholder returns in an under-researched market with growing activism momentum.
Tapasya Investment Fund I outperformed the S&P 500 in 2025 with a 23.5% net LP return. The fund maintains a disciplined value-based approach, avoiding hot tech sectors while adopting investor-friendly fee and liquidity terms.
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Tapasya Investment Fund I outperformed the S&P 500 in 2025 with a 23.5% net LP return. The fund maintains a disciplined value-based approach, avoiding hot tech sectors while adopting investor-friendly fee and liquidity terms.
Asheville Capital outperformed the MSCI ACWI in H1 2025 with a 13.4% return, driven by its top holdings, and established a new high-conviction position in Japanese HR-tech platform Timee.
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Asheville Capital outperformed the MSCI ACWI in H1 2025 with a 13.4% return, driven by its top holdings, and established a new high-conviction position in Japanese HR-tech platform Timee.
GROW Funds LLC delivered outstanding net returns of +17% to +23% in Q2 2025, significantly outperforming benchmarks by focusing on active selection in highly valued small and mid-cap stocks like ACOG and ORN.
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GROW Funds LLC delivered outstanding net returns of +17% to +23% in Q2 2025, significantly outperforming benchmarks by focusing on active selection in highly valued small and mid-cap stocks like ACOG and ORN.
Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), while shifting away from volatile US markets.
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Smoak Capital returned 10.6% in 1H 2025, beating the S&P 500, as the manager aggressively targets deeply undervalued international small-caps, notably in Japan and Italy (FILA), while shifting away from volatile US markets.
