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.
VELA International underperformed by 700 basis points in Q2 2026 as AI mania drove semiconductors higher while the fund's value-oriented technology holdings suffered. The manager sold half of Infineon after it doubled to 64x P/E and refuses to chase AI stocks at current valuations. Three new positions were initiated in undervalued Philippine banking, European ticketing, and airline catering. Healthcare delivered strong results across all holdings as post-pandemic headwinds fade.
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VELA International underperformed by 700 basis points in Q2 2026 as AI mania drove semiconductors higher while the fund's value-oriented technology holdings suffered. The manager sold half of Infineon after it doubled to 64x P/E and refuses to chase AI stocks at current valuations. Three new positions were initiated in undervalued Philippine banking, European ticketing, and airline catering. Healthcare delivered strong results across all holdings as post-pandemic headwinds fade.
