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.
Contrarian fund delivered 41.4% Q1 returns through concentrated Chinese equity exposure, particularly Alibaba's 60% gain from narrative shift. Added Hershey and Nike during temporary headwinds from cocoa prices, GLP-1 drugs, and tariff uncertainty. Manager views Trump trade policies as creating unnecessary volatility while positioning in quality businesses with strong moats trading at attractive valuations during market dislocations.
Full Quick Take
Contrarian fund delivered 41.4% Q1 returns through concentrated Chinese equity exposure, particularly Alibaba's 60% gain from narrative shift. Added Hershey and Nike during temporary headwinds from cocoa prices, GLP-1 drugs, and tariff uncertainty. Manager views Trump trade policies as creating unnecessary volatility while positioning in quality businesses with strong moats trading at attractive valuations during market dislocations.
Upslope posted -7.3% in Q4 amid challenging conditions for value strategies, driven by European holdings de-rating and cocoa price volatility. Manager acknowledges process errors but maintains conviction in European overweight and defense spending theme. Added healthcare and turnaround positions while reducing chocolate exposure. Views current market as unusually exciting with abundant long and short opportunities in out-of-favor sectors.
Full Quick Take
Upslope posted -7.3% in Q4 amid challenging conditions for value strategies, driven by European holdings de-rating and cocoa price volatility. Manager acknowledges process errors but maintains conviction in European overweight and defense spending theme. Added healthcare and turnaround positions while reducing chocolate exposure. Views current market as unusually exciting with abundant long and short opportunities in out-of-favor sectors.
