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.
Voss outperformed in Q1 despite negative returns, capitalizing on extreme small cap dislocation. New positions in Flywire and expanded SharkNinja holdings reflect opportunistic accumulation of quality compounders at discounted valuations. Record small cap outflows and mega cap euphoria have created unprecedented dispersion, positioning the fund for potential outperformance when narratives inevitably shift toward fundamentally sound, undervalued businesses.
Full Quick Take
Voss outperformed in Q1 despite negative returns, capitalizing on extreme small cap dislocation. New positions in Flywire and expanded SharkNinja holdings reflect opportunistic accumulation of quality compounders at discounted valuations. Record small cap outflows and mega cap euphoria have created unprecedented dispersion, positioning the fund for potential outperformance when narratives inevitably shift toward fundamentally sound, undervalued businesses.
Voss Value exploits extreme market dispersion where small caps trade at recessionary valuations while mega caps reach unsustainable multiples. New positions in Flywire and SharkNinja represent quality compounders at narrative-driven discounts. The fund maintains concentrated long/short positioning to capitalize on what management views as a uniquely fertile opportunity set for alpha generation.
Full Quick Take
Voss Value exploits extreme market dispersion where small caps trade at recessionary valuations while mega caps reach unsustainable multiples. New positions in Flywire and SharkNinja represent quality compounders at narrative-driven discounts. The fund maintains concentrated long/short positioning to capitalize on what management views as a uniquely fertile opportunity set for alpha generation.
Langdon Global Smaller Companies delivered flat Q1 performance amid tariff-driven volatility that particularly hurt consumer discretionary holdings. The manager welcomes this uncertainty as their preferred environment for alpha generation, reducing consumer exposure while maintaining 70% non-US allocation. Recent software investment signals improving US valuations, with the vast small cap opportunity set supporting continued selective deployment.
Full Quick Take
Langdon Global Smaller Companies delivered flat Q1 performance amid tariff-driven volatility that particularly hurt consumer discretionary holdings. The manager welcomes this uncertainty as their preferred environment for alpha generation, reducing consumer exposure while maintaining 70% non-US allocation. Recent software investment signals improving US valuations, with the vast small cap opportunity set supporting continued selective deployment.
ASEAN small-cap value fund down 6.1% in 2024 after strong Q4 selloff despite excellent fundamentals. Portfolio trades at 5x PE with 20% growth rates. Manager sees Trump presidency as net positive for region, expects continued FDI flows. Current weakness creates buying opportunities in quality logistics, consumer, and healthcare names with strong earnings momentum.
Full Quick Take
ASEAN small-cap value fund down 6.1% in 2024 after strong Q4 selloff despite excellent fundamentals. Portfolio trades at 5x PE with 20% growth rates. Manager sees Trump presidency as net positive for region, expects continued FDI flows. Current weakness creates buying opportunities in quality logistics, consumer, and healthcare names with strong earnings momentum.
