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.
Lux Capital's Q2 2026 letter centers on error correction as the West's competitive advantage across AI, defense, and markets. The firm has invested the full AI stack from Hugging Face to EvolutionaryScale to infrastructure plays, plus defense companies positioned for European rearmament. Manager warns AI valuations show bubble characteristics with capex growing three times faster than revenue, but maintains long-term conviction in error-correcting systems over closed architectures.
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Lux Capital's Q2 2026 letter centers on error correction as the West's competitive advantage across AI, defense, and markets. The firm has invested the full AI stack from Hugging Face to EvolutionaryScale to infrastructure plays, plus defense companies positioned for European rearmament. Manager warns AI valuations show bubble characteristics with capex growing three times faster than revenue, but maintains long-term conviction in error-correcting systems over closed architectures.
Kopernik Global All-Cap Fund dropped 6.60% in Q2 2026 due to S&P 500 hedges and a sharp pullback in precious metals and energy. The manager aggressively deployed cash into hard assets, initiating eight deeply discounted equities and adding to core commodity holdings while fading momentum.
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Kopernik Global All-Cap Fund dropped 6.60% in Q2 2026 due to S&P 500 hedges and a sharp pullback in precious metals and energy. The manager aggressively deployed cash into hard assets, initiating eight deeply discounted equities and adding to core commodity holdings while fading momentum.
Auxier Focus Fund delivered a solid 15.22% return in 2025, advocating for disciplined capital allocation in cheap quality compounders while warning of massive resource and valuation risks in the parabolic AI buildout.
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Auxier Focus Fund delivered a solid 15.22% return in 2025, advocating for disciplined capital allocation in cheap quality compounders while warning of massive resource and valuation risks in the parabolic AI buildout.
Crypto Native Capital is raising cash to 25% and liquidating all altcoins to prepare for an expected 50-65% crypto market crash triggered by the unwinding of highly levered Digital Asset Treasury (DAT) companies.
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Crypto Native Capital is raising cash to 25% and liquidating all altcoins to prepare for an expected 50-65% crypto market crash triggered by the unwinding of highly levered Digital Asset Treasury (DAT) companies.
