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.
June delivered an orderly unwind of the year's most crowded trades. AI and Asia exposure hit record highs mid-month before the fastest cut on record, yet fundamental long/short managers still closed H1 solidly higher with Asia leading near 7%. Momentum took its worst five-day run since December 2023. Semiconductors remain conviction despite selling. Broadening is talked about but unproven, with appetite outside AI thin.
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June delivered an orderly unwind of the year's most crowded trades. AI and Asia exposure hit record highs mid-month before the fastest cut on record, yet fundamental long/short managers still closed H1 solidly higher with Asia leading near 7%. Momentum took its worst five-day run since December 2023. Semiconductors remain conviction despite selling. Broadening is talked about but unproven, with appetite outside AI thin.
Rowan Street posts a solid +20.4% YTD return, driven by concentrated high-quality compounders, and details its high-conviction reallocation from Spotify into a new 12% stake in Tesla.
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Rowan Street posts a solid +20.4% YTD return, driven by concentrated high-quality compounders, and details its high-conviction reallocation from Spotify into a new 12% stake in Tesla.
Recurve Capital delivered strong first-half net returns of +17% driven by a massive rally in Carvana, despite drag from Cogent and housing cyclicals. The fund has embraced significant concentration, placing 80%+ of exposure in its top five ideas. Chan remains disciplined, avoiding AI FOMO while accumulating mispriced, idiosyncratic compounders positioned to reaccelerate growth.
Full Quick Take
Recurve Capital delivered strong first-half net returns of +17% driven by a massive rally in Carvana, despite drag from Cogent and housing cyclicals. The fund has embraced significant concentration, placing 80%+ of exposure in its top five ideas. Chan remains disciplined, avoiding AI FOMO while accumulating mispriced, idiosyncratic compounders positioned to reaccelerate growth.
