Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | SI ↕ | Tickers | Keywords / Themes | Quick Take | Pitches (LONG / SHORT) | Current Positioning | Letter |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q3 2026 | Oct 19, 2026 | - | - | - | - | Constructive on structural AI technology demand and energy producers, while remaining cautious on rate-sensitive sectors and sovereign fixed income amid persistent global inflation and hawkish monetary policy. Full Quick Take Constructive on structural AI technology demand and energy producers, while remaining cautious on rate-sensitive sectors and sovereign fixed income amid persistent global inflation and hawkish monetary policy. | - | ||||
Q3 2026 | Oct 15, 2026 | - | - | - | - | Wealthspire recommends maintaining a balanced allocation in Q3 2026, driven by resilient 29% corporate earnings growth and attractive 5.5% investment-grade yields, while cautioning against portfolio adjustments based on oil shocks or midterm election outcomes. Full Quick Take Wealthspire recommends maintaining a balanced allocation in Q3 2026, driven by resilient 29% corporate earnings growth and attractive 5.5% investment-grade yields, while cautioning against portfolio adjustments based on oil shocks or midterm election outcomes. | - | ||||
Q3 2026 | Oct 14, 2026 | +1.2% | +6.1% | - | Driven by strong gains across precious metals, US technology, and energy producers, while leaning into pullback opportunities in defence and infrastructure. Full Quick Take Driven by strong gains across precious metals, US technology, and energy producers, while leaning into pullback opportunities in defence and infrastructure. | ||||||
Q3 2026 | Oct 14, 2026 | -2.9% | -1.7% | +4.1% | - | Detracted by sovereign duration and spread widening in corporate credit, while actively rotating into floating-rate CLOs and higher-yielding securitised debt. Full Quick Take Detracted by sovereign duration and spread widening in corporate credit, while actively rotating into floating-rate CLOs and higher-yielding securitised debt. | - | ||||
Q3 2026 | Oct 13, 2026 | +4.1% | - | +7.9% | Outperforming its SMID benchmark by 7.3%, driven by strong gains in artificial intelligence testing enablers while initiating a position in Lincoln Electric and completely exiting Tractor Supply. Full Quick Take Outperforming its SMID benchmark by 7.3%, driven by strong gains in artificial intelligence testing enablers while initiating a position in Lincoln Electric and completely exiting Tractor Supply. | ||||||
Q3 2026 | Oct 13, 2026 | -1.4% | +14.7% | +18.5% | Driven by detractions in long-duration assets and healthcare delays, while rotating aggressively out of semiconductor memory into consumer AI agent platforms like Meta. Full Quick Take Driven by detractions in long-duration assets and healthcare delays, while rotating aggressively out of semiconductor memory into consumer AI agent platforms like Meta. | ||||||
Q3 2026 | Oct 12, 2026 | - | - | - | - | Davidson Investment Advisors notes that equity performance was anchored by artificial intelligence investments and consumer resilience, though rising global bond yields and sticky inflation heighten macroeconomic fragility across asset classes. Full Quick Take Davidson Investment Advisors notes that equity performance was anchored by artificial intelligence investments and consumer resilience, though rising global bond yields and sticky inflation heighten macroeconomic fragility across asset classes. | - | ||||
Q3 2026 | Oct 12, 2026 | - | - | - | INN8 Invest reported resilient global equities led by mega-cap technology alongside a severe sovereign bond sell-off in Q3 2026, as 10-year Treasury yields surged above 5.29% and central banks pivoted toward renewed monetary tightening. Full Quick Take INN8 Invest reported resilient global equities led by mega-cap technology alongside a severe sovereign bond sell-off in Q3 2026, as 10-year Treasury yields surged above 5.29% and central banks pivoted toward renewed monetary tightening. | ||||||
Q3 2026 | Oct 12, 2026 | - | - | - | Third-quarter 2026 market performance was marked by a sharp divergence between resilient equities and declining fixed income as major central banks tightened policy by 25 basis points. Full Quick Take Third-quarter 2026 market performance was marked by a sharp divergence between resilient equities and declining fixed income as major central banks tightened policy by 25 basis points. | - | |||||
Q3 2026 | Oct 8, 2026 | Haicheng Li | +3.7% | -0.4% | +9.0% | Outperforming its MSCI ACWI ex-U.S. Index benchmark by 326 basis points. | |||||
Q3 2026 | Oct 8, 2026 | - | - | - | - | QCAM sees the US Dollar rally stalling as central bank rate expectations peak, creating opportunities to position long in the Japanese Yen and Swiss Franc. Full Quick Take QCAM sees the US Dollar rally stalling as central bank rate expectations peak, creating opportunities to position long in the Japanese Yen and Swiss Franc. | - | ||||
Q3 2026 | Oct 6, 2026 | - | - | - | - | Global equities advanced during the third quarter of 2026, driven by corporate earnings resilience and energy sector gains amid rising oil prices. Full Quick Take Global equities advanced during the third quarter of 2026, driven by corporate earnings resilience and energy sector gains amid rising oil prices. | - | ||||
Q3 2026 | Sep 1, 2026 | - | - | - | Manole Capital emphasizes durable picks-and-shovels financial infrastructure and market exchanges over macroeconomic forecasting. Full Quick Take Manole Capital emphasizes durable picks-and-shovels financial infrastructure and market exchanges over macroeconomic forecasting. | ||||||
Q2 2026 | Jul 11, 2026 | - | - | - | - | AI investment broadened beyond technology, driving strong performance in semiconductor-heavy markets like Taiwan and South Korea. Emerging markets led with 24.1% gains while growth stocks outperformed on strong tech earnings. Full Quick Take AI investment broadened beyond technology, driving strong performance in semiconductor-heavy markets like Taiwan and South Korea. Emerging markets led with 24.1% gains while growth stocks outperformed on strong tech earnings. | - | ||||
Q2 2026 | Jul 6, 2026 | - | +5.0% | +14.8% | Morris sees 2026 markets in a bubble comparable to 1999, with semiconductor concentration and margin debt at dangerous extremes. His portfolios lag year-to-date by avoiding the chip rally, but he's doubling down on value and quality stocks ignored by the market. Full Quick Take Morris sees 2026 markets in a bubble comparable to 1999, with semiconductor concentration and margin debt at dangerous extremes. His portfolios lag year-to-date by avoiding the chip rally, but he's doubling down on value and quality stocks ignored by the market. | - | |||||
Q2 2026 | Jul 6, 2026 | - | - | - | - | Sage Advisory maintains a constructive intermediate-term posture by balancing equity overweights with defensive sector tilts and intermediate-duration fixed income carry. Full Quick Take Sage Advisory maintains a constructive intermediate-term posture by balancing equity overweights with defensive sector tilts and intermediate-duration fixed income carry. | - | ||||
Q2 2026 | Jun 30, 2026 | +6.2% | - | +10.6% | Vinva Global Alpha Fund employs a repeatable quantitative strategy to manage a diversified, style-neutral portfolio of over 300 global equities. The fund seeks long-term outperformance over its benchmark while minimizing exposure to individual macro or company-specific risks. Full Quick Take Vinva Global Alpha Fund employs a repeatable quantitative strategy to manage a diversified, style-neutral portfolio of over 300 global equities. The fund seeks long-term outperformance over its benchmark while minimizing exposure to individual macro or company-specific risks. | - | |||||
Q2 2026 | Jun 30, 2026 | +43.5% | +40.4% | +38.5% | Underperforming its benchmark as speculative semiconductor names led a highly concentrated rally. Full Quick Take Underperforming its benchmark as speculative semiconductor names led a highly concentrated rally. | - | |||||
Q2 2026 | Jun 30, 2026 | +17.4% | +14.4% | +13.0% | Bringing cumulative first-half net gains to 14.4%. | ||||||
Q2 2026 | Jun 30, 2026 | - | - | - | Second-quarter global markets rallied behind massive momentum in artificial intelligence infrastructure and semiconductor hardware, lifting U.S. and Asian equities to notable highs. Full Quick Take Second-quarter global markets rallied behind massive momentum in artificial intelligence infrastructure and semiconductor hardware, lifting U.S. and Asian equities to notable highs. | - | |||||
Q4 2025 | Jan 8, 2026 | - | - | - | - | QCAM expects a bearish trend for the US Dollar in 2026, driven by moderating US growth and Fed rate cuts. Full Quick Take QCAM expects a bearish trend for the US Dollar in 2026, driven by moderating US growth and Fed rate cuts. | - | ||||
Q4 2025 | Jan 1, 2026 | +1.1% | +19.2% | +14.2% | The funds navigated a volatile Q4 defined by major factor rotations and central bank divergence. Full Quick Take The funds navigated a volatile Q4 defined by major factor rotations and central bank divergence. | ||||||
Q4 2025 | Jan 1, 2026 | +42.3% | +22.4% | +9.7% | Baird Chautauqua Funds stayed true to their high-quality growth focus during a volatile Q4, selectively rotating capital out of strong performers to add to high-conviction compounders amid macroeconomic divergence. Full Quick Take Baird Chautauqua Funds stayed true to their high-quality growth focus during a volatile Q4, selectively rotating capital out of strong performers to add to high-conviction compounders amid macroeconomic divergence. | ||||||
Q4 2025 | Jan 1, 2026 | +35.0% | +13.9% | - | T. Bailey closed 2025 with robust performance, utilizing active asset class and geographic diversification to hedge against US valuation risks and shift into emerging markets and Japan. Full Quick Take T. Bailey closed 2025 with robust performance, utilizing active asset class and geographic diversification to hedge against US valuation risks and shift into emerging markets and Japan. | ||||||
Q4 2025 | Jan 1, 2026 | +35.0% | +13.9% | +8.5% | T. Bailey portfolios finished a strong 2025 on a high, driven by commodities and selective equities. Full Quick Take T. Bailey portfolios finished a strong 2025 on a high, driven by commodities and selective equities. | ||||||
Q4 2025 | Jan 1, 2026 | +35.0% | +13.9% | - | T. Bailey closed out 2025 with strong performance, navigating emerging AI infrastructure skepticism and global central bank divergence by active reallocation into Japanese equities, EM, and selective UK value holdings. Full Quick Take T. Bailey closed out 2025 with strong performance, navigating emerging AI infrastructure skepticism and global central bank divergence by active reallocation into Japanese equities, EM, and selective UK value holdings. | - | |||||
Q4 2025 | Dec 31, 2025 | - | +0.6% | +82.4% | - | Outperforming its benchmark by +3.30% and lifting its cumulative performance since its April 2025 inception to +61.49%. Full Quick Take Outperforming its benchmark by +3.30% and lifting its cumulative performance since its April 2025 inception to +61.49%. | - | ||||
Q4 2025 | Dec 31, 2025 | - | - | - | T. Bailey reports solid Q4 2025 performance driven by commodities and active diversification, advocating for valuation discipline and a shift toward active ex-US equity allocations (UK, Japan, emerging markets) in 2026. Full Quick Take T. Bailey reports solid Q4 2025 performance driven by commodities and active diversification, advocating for valuation discipline and a shift toward active ex-US equity allocations (UK, Japan, emerging markets) in 2026. | - | |||||
Q4 2025 | Dec 31, 2025 | - | - | - | - | Global equities closed 2025 on a strong note, propelled by artificial intelligence infrastructure investments, robust corporate earnings, and central bank liquidity support. Full Quick Take Global equities closed 2025 on a strong note, propelled by artificial intelligence infrastructure investments, robust corporate earnings, and central bank liquidity support. | - | ||||
Q4 2025 | Dec 31, 2025 | +12.1% | +13.9% | +9.4% | - | - | |||||
Q4 2025 | Dec 31, 2025 | +5.5% | +22.5% | +4.2% | The Aristotle International Equity Fund outperformed benchmarks in Q4 2025 with a 5.50% return. It actively recycled capital by exiting Nidec and Kubota to establish a position in Aristocrat Leisure, maintaining a high-quality bias. Full Quick Take The Aristotle International Equity Fund outperformed benchmarks in Q4 2025 with a 5.50% return. It actively recycled capital by exiting Nidec and Kubota to establish a position in Aristocrat Leisure, maintaining a high-quality bias. | - | |||||
Q4 2025 | Nov 30, 2025 | -32.0% | -5.9% | +7.9% | The Bell Global Emerging Companies Fund underperformed in December due to persisting style headwinds favoring lower-quality, momentum-driven stocks over high-quality compounders, but the team is highly constructive on compelling portfolio valuations entering 2026. Full Quick Take The Bell Global Emerging Companies Fund underperformed in December due to persisting style headwinds favoring lower-quality, momentum-driven stocks over high-quality compounders, but the team is highly constructive on compelling portfolio valuations entering 2026. | ||||||
Q3 2025 | Nov 11, 2025 | - | - | - | - | Myrmikan Capital delivers a stark warning that modern central banking mirrors the monetary failures of the Roman Empire, predicting that continuous dollar debasement will lead to hyperinflation or massive default, while framing gold at $4,000/oz as a significant bargain. Full Quick Take Myrmikan Capital delivers a stark warning that modern central banking mirrors the monetary failures of the Roman Empire, predicting that continuous dollar debasement will lead to hyperinflation or massive default, while framing gold at $4,000/oz as a significant bargain. | - | ||||
Q3 2025 | Sep 30, 2025 | +34.0% | +9.9% | +8.3% | Mawer's value-oriented, risk-conscious portfolios underperformed benchmarks during a highly concentrated, AI-focused rally. The firm is adopting a more neutral balanced posture while remaining committed to stable, cash-generating 'boring' compounders. Full Quick Take Mawer's value-oriented, risk-conscious portfolios underperformed benchmarks during a highly concentrated, AI-focused rally. The firm is adopting a more neutral balanced posture while remaining committed to stable, cash-generating 'boring' compounders. | - | |||||
Q3 2025 | Sep 30, 2025 | - | +0.6% | - | - | The traditional 60/40 model is dead as stock-bond correlations turn positive under a politicized Fed, establishing gold and precious metals as the ultimate structural safe havens. Full Quick Take The traditional 60/40 model is dead as stock-bond correlations turn positive under a politicized Fed, establishing gold and precious metals as the ultimate structural safe havens. | - | ||||
Q3 2025 | Sep 30, 2025 | +5.5% | +28.5% | +8.7% | The Thornburg International Equity Fund underperformed in Q3 2025 with a 5.47% return but maintains solid 12-month outperformance of 18.32%. The managers continue to favor highly select, world-class global compounders trading at discounts to their intrinsic value. Full Quick Take The Thornburg International Equity Fund underperformed in Q3 2025 with a 5.47% return but maintains solid 12-month outperformance of 18.32%. The managers continue to favor highly select, world-class global compounders trading at discounts to their intrinsic value. | - | |||||
Q3 2025 | Sep 30, 2025 | +9.7% | - | +8.9% | |||||||
Q3 2025 | Sep 30, 2025 | +11.5% | +16.1% | +4.2% | Trailing its benchmark. The fund took advantage of market conditions to initiate a position in Wal-Mart de México while maintaining high conviction in existing holdings like Samsung and Credicorp. Full Quick Take Trailing its benchmark. The fund took advantage of market conditions to initiate a position in Wal-Mart de México while maintaining high conviction in existing holdings like Samsung and Credicorp. | ||||||
Q3 2025 | Sep 30, 2025 | +29.3% | - | +5.7% | - | Underperforming its benchmark as both sub-advisor sleeves lagged amid escalating global trade tensions and mixed economic indicators. Full Quick Take Underperforming its benchmark as both sub-advisor sleeves lagged amid escalating global trade tensions and mixed economic indicators. | - | ||||
Q3 2025 | Sep 30, 2025 | +13.7% | +11.5% | +5.8% | - | The Invesco International Bond Fund is strategically positioned to benefit from a weakening US dollar and diverging global central bank policies by increasing emerging market currency exposure and adopting a cautious stance on credit and duration. Full Quick Take The Invesco International Bond Fund is strategically positioned to benefit from a weakening US dollar and diverging global central bank policies by increasing emerging market currency exposure and adopting a cautious stance on credit and duration. | - | ||||
Q3 2025 | Sep 30, 2025 | +47.0% | +10.9% | +13.2% | The fund actively reduced high-flying tech positions to capture high-margin, contrarian value in China and UK market infrastructure. Full Quick Take The fund actively reduced high-flying tech positions to capture high-margin, contrarian value in China and UK market infrastructure. | - | |||||
Q2 2025 | Aug 11, 2025 | +2.6% | +2.0% | +4.1% | - | Underperforming its benchmark by 0.96% due to a defensive, low-risk bias while maintaining high liquidity to capture future market retracements. Full Quick Take Underperforming its benchmark by 0.96% due to a defensive, low-risk bias while maintaining high liquidity to capture future market retracements. | - | ||||
Q2 2025 | Jun 30, 2025 | +28.7% | +37.5% | +3.5% | - | Outperforming its peer group through strong credit selection. The managers are prioritizing credit carry over duration risk, but stand ready to increase duration if labor markets show material deterioration. Full Quick Take Outperforming its peer group through strong credit selection. The managers are prioritizing credit carry over duration risk, but stand ready to increase duration if labor markets show material deterioration. | - | ||||
Q2 2025 | Jun 30, 2025 | +13.9% | - | +5.7% | - | The Optimum International Fund outperformed its benchmark in Q2 2025 with a 13.95% return, driven by strong technology sector performance, central bank rate cuts, and positive selection in financials and consumer discretionary. Full Quick Take The Optimum International Fund outperformed its benchmark in Q2 2025 with a 13.95% return, driven by strong technology sector performance, central bank rate cuts, and positive selection in financials and consumer discretionary. | - | ||||
Q2 2025 | Jun 30, 2025 | - | - | +4.7% | - | The PGIM Global Total Return Fund outperformed its benchmark in Q2 2025, driven by strong security selection in high yield and emerging markets. Full Quick Take The PGIM Global Total Return Fund outperformed its benchmark in Q2 2025, driven by strong security selection in high yield and emerging markets. | - | ||||
Q2 2025 | Jun 30, 2025 | +11.8% | -11.1% | +9.4% | Diamond Hill Small Cap Strategy outperformed in Q2 2025 by opportunistically buying six high-quality companies at intrinsic discounts during market dips while liquidating structurally challenged holdings. Full Quick Take Diamond Hill Small Cap Strategy outperformed in Q2 2025 by opportunistically buying six high-quality companies at intrinsic discounts during market dips while liquidating structurally challenged holdings. | ||||||
Q2 2025 | Jun 30, 2025 | +6.5% | +10.0% | +5.8% | Slightly lagging its benchmark as the managers actively managed duration and trimmed emerging market risk amidst a weakening US dollar. Full Quick Take Slightly lagging its benchmark as the managers actively managed duration and trimmed emerging market risk amidst a weakening US dollar. | - | |||||
Q2 2025 | Jun 30, 2025 | +15.6% | +42.6% | +3.6% | - | In Q2 2025, DoubleLine funds successfully navigated trade-related volatility and geopolitical shifts, delivering strong relative performance across fixed income sectors via proactive duration and asset class management. Full Quick Take In Q2 2025, DoubleLine funds successfully navigated trade-related volatility and geopolitical shifts, delivering strong relative performance across fixed income sectors via proactive duration and asset class management. | - | ||||
Q4 2024 | Jan 9, 2025 | - | - | - | TEAM enters 2025 positively positioned from a risk perspective, holding overweight allocations in equities and gold, while remaining underweight and skeptical of long-term government bonds due to structural inflation risks. Full Quick Take TEAM enters 2025 positively positioned from a risk perspective, holding overweight allocations in equities and gold, while remaining underweight and skeptical of long-term government bonds due to structural inflation risks. | - | |||||
Q4 2024 | Dec 31, 2024 | +4.7% | +17.4% | +8.9% | ROCKLINC delivered strong 2024 performance while maintaining a disciplined, risk-conscious stance. Full Quick Take ROCKLINC delivered strong 2024 performance while maintaining a disciplined, risk-conscious stance. |
Q3 2026