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.
Bonsai underperformed in 2H 2025 but maintains conviction in hidden moats built from capability stacks. Wise, a top holding, exemplifies this thesis with vertically integrated infrastructure, customer-aligned pricing, and automation creating a difficult-to-replicate advantage. Stablecoins pose a potential risk to one layer but aren't clearly superior to Wise's existing rails. The fund sees mispricing opportunity in diffuse, hard-to-explain competitive advantages.
Full Quick Take
Bonsai underperformed in 2H 2025 but maintains conviction in hidden moats built from capability stacks. Wise, a top holding, exemplifies this thesis with vertically integrated infrastructure, customer-aligned pricing, and automation creating a difficult-to-replicate advantage. Stablecoins pose a potential risk to one layer but aren't clearly superior to Wise's existing rails. The fund sees mispricing opportunity in diffuse, hard-to-explain competitive advantages.
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.
Full Quick Take
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.
