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.
The Fund underperformed in 2025 as deep-value holdings and life sciences investments dragged down solid gains from its AI and durable growth compounders. The managers responded with active portfolio cleanup, exiting CarMax and fully valued names while maintaining conviction in a 2026 cash-flow turnaround at Liberty Broadband.
Full Quick Take
The Fund underperformed in 2025 as deep-value holdings and life sciences investments dragged down solid gains from its AI and durable growth compounders. The managers responded with active portfolio cleanup, exiting CarMax and fully valued names while maintaining conviction in a 2026 cash-flow turnaround at Liberty Broadband.
