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 Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share buybacks.
Full Quick Take
The Partners Fund gained +11.90% in 2025, lagging the DAX index but laying structural groundwork for long-term gains via deep-value net-nets, corporate spin-offs, and massive share buybacks.
Vulcan Value Partners achieved positive absolute returns in Q3 2025, taking advantage of market-wide valuation concerns to trim appreciated names like Medpace and deploy capital into highly discounted businesses like Fiserv and CarMax.
Full Quick Take
Vulcan Value Partners achieved positive absolute returns in Q3 2025, taking advantage of market-wide valuation concerns to trim appreciated names like Medpace and deploy capital into highly discounted businesses like Fiserv and CarMax.
