Institutional Research Archive

Hedge Fund Letters Archive

Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

Home Letters Funds Account

Institutional Letters Archive

Primary Sources, straight from the 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.

15+

Letters archived

Daily

Update cadence

Filters

Search

Ticker

Keyword/Theme

Cap Focus

Geo Focus

Stance / Idea

Quarter

Showing 15 letters|Looking for historical letters? Explore Investment Classics →

Reset filters

Quarter	Letter Date	Fund Name	QTD	YTD	SI	Tickers	Keywords / Themes	Quick Take	Pitches (LONG / SHORT)	Current Positioning	Letter
Q3 2026	Oct 19, 2026	Purpose Credit Opportunities Fund Sandy Liang	-0.6%	+2.7%	+7.0%	CRWV	Credit Markets, Treasury Yields, Additional Keywords & Themes AI Infrastructure Energy Markets Credit	Constructive on high-yield corporate credit as single-B yields exceed 8%, selectively maintaining direct AI cloud debt exposure in CoreWeave while deploying capital into electricity infrastructure beneficiaries amid severe power grid constraints. Full Quick Take Constructive on high-yield corporate credit as single-B yields exceed 8%, selectively maintaining direct AI cloud debt exposure in CoreWeave while deploying capital into electricity infrastructure beneficiaries amid severe power grid constraints. View PDF	-	US	View PDF Analysis
Q3 2026	Oct 13, 2026	Robinson Opportunistic Income Fund James Robinson	-2.5%	-3.3%	+5.7%	-	Closed-End Fund, Stagflationary Pressures, Additional Keywords & Themes Hedging Income Cefs Closed-End Funds	Outperforming its benchmark by 89 basis points driven by strong security selection and tactical overweights in less-liquid and floating rate closed-end funds, while maintaining short duration hedges. Full Quick Take Outperforming its benchmark by 89 basis points driven by strong security selection and tactical overweights in less-liquid and floating rate closed-end funds, while maintaining short duration hedges. View PDF	-	US	View PDF Analysis
Q3 2026	Oct 9, 2026	FPA Crescent Fund Mark Landecker	+1.5%	+7.0%	+10.2%	GOOGL,ADI,028260.KS,PRX.AS,CHTR, Additional Tickers (2) JEF LBRDA	Anticipating Corporate, AI Ecosystem, Additional Keywords & Themes Portfolio Trimming Selective Reinvestment Treasuries Real	Driven by contributions from core holdings like Alphabet and Analog Devices, while initiating new positions in healthcare, SMIDs, and TIPS yielding north of 3% real. Full Quick Take Driven by contributions from core holdings like Alphabet and Analog Devices, while initiating new positions in healthcare, SMIDs, and TIPS yielding north of 3% real. View PDF	GOOGLADILBRDA Additional Investment Pitches (4) $028260.KS (BULL)$PRX.AS (BULL)$CHTR (BULL)$JEF (BULL)	All Cap US Global	View PDF Analysis
Q3 2026	Oct 5, 2026	Thornburg Investment Income Builder Fund Matt Burdett, Christian Hoffmann, Brian McMahon	-0.1%	+16.0%	+10.7%	TSM,ORAN,BNPQY,SSNLF,NN.AS, Additional Tickers (10) C T TTE ZEG.L AVGO KMB VOD ENEL.MI MRK TSCO.L	Resilient, Fixed Income, Additional Keywords & Themes Macro Volatility Dividends Payout Growth	The portfolio holds 86% in dividend equities and 14% in fixed income and cash. Full Quick Take The portfolio holds 86% in dividend equities and 14% in fixed income and cash. View PDF	-	Large Cap Global US Europe LatAM	View PDF Analysis
Q2 2026	Sep 4, 2026	Silver Beech Capital James Hollier	-	+10.2%	+19.9%	AJG,SPGI,MHC.TO,FFH.TO,AMP, Additional Tickers (6) GFR.TO MEQ.TO MBGL PGR SWX SCR.TO	AI Capex, Macroeconomic Headwinds, Additional Keywords & Themes Commercial Insurance Hyperscalers Semiconductors	Staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. Full Quick Take Staying disciplined against speculative AI hardware momentum. The manager capitalized on AI disruption fears and cyclical softening to build a high-conviction stake in Arthur J. View PDF	AJG	All Cap US	View PDF Analysis
Q2 2026	Jun 30, 2026	John Hancock Bond Fund Jeffrey N . Given	+1.1%	+0.9%	+3.6%	FNMA,FMCC,BAC,JPM,AAL, Additional Tickers (3) F WFC NRG	Federal Reserve, Relative Value, Additional Keywords & Themes Kevin Warsh Rates Hikes Inflation	Management is reallocating capital into securitized credit and investment-grade corporate debt while managing duration neutrally amid expectations of hawkish Federal Reserve policy shifts. Full Quick Take Management is reallocating capital into securitized credit and investment-grade corporate debt while managing duration neutrally amid expectations of hawkish Federal Reserve policy shifts. View PDF	-	US	View PDF Analysis
Q4 2025	Dec 31, 2025	Oaktree Capital Management Howard Marks	-	-	-	-	Dispersion Financial, K-Shaped US Economy, Additional Keywords & Themes Private Credit Credit Market Dispersion	With extreme dispersion fragmenting consumer markets, equities, and credit, index averages are increasingly deceptive, creating a prime environment for active, selective credit picking and opportunistic distressed investing. Full Quick Take With extreme dispersion fragmenting consumer markets, equities, and credit, index averages are increasingly deceptive, creating a prime environment for active, selective credit picking and opportunistic distressed investing. View PDF	-	All Cap Global	View PDF Analysis
Q3 2025	Nov 26, 2025	Saltlight Capital David Eborall	+17.9%	-	+21.3%	NVDA,TSM,TCEHY,APP,GOOG	AI Infrastructure, ZAR Strength, Additional Keywords & Themes Credit Markets AI Infrastructure	SaltLight Capital posts a strong +17.86% return for 3Q 2025, driving performance by backing scaled AI application beneficiaries like Google, Tencent, and AppLovin while steering clear of fragile infrastructure plays. Full Quick Take SaltLight Capital posts a strong +17.86% return for 3Q 2025, driving performance by backing scaled AI application beneficiaries like Google, Tencent, and AppLovin while steering clear of fragile infrastructure plays. View PDF	NVDA	All Cap Europe	View PDF Analysis
Q3 2025	Oct 16, 2025	BNY Mellon Core Plus Fund Brendan Murphy	+22.5%	+6.2%	+2.0%	-	Monetary Policy, Macroeconomic Moderation, Additional Keywords & Themes Credit Market FOMC Rate Cut	The BNY Mellon Core Plus Fund outperformed its benchmark in Q3 2025 with a 2.25% return, leveraging an overweight credit stance that is well-positioned to benefit from ongoing Fed rate cuts and a slowing but positive economic growth backdrop. Full Quick Take The BNY Mellon Core Plus Fund outperformed its benchmark in Q3 2025 with a 2.25% return, leveraging an overweight credit stance that is well-positioned to benefit from ongoing Fed rate cuts and a slowing but positive economic growth backdrop. View PDF	-	All Cap US	View PDF Analysis
Q3 2025	Sep 30, 2025	Janus Henderson Fixed Interest Income Fund Jenna Barnard	+21.9%	+6.0%	+3.5%	-	AI Growth, Macroeconomic Environment, Additional Keywords & Themes Public Credit Goldilocks Labour Market	The Fund outperformed peers with a 2.19% return in Q3 2025 by favoring corporate credit and bank loans. Managers trimmed duration and added to credit exposure via derivative indices, remaining constructive on yielding assets with resilient models. Full Quick Take The Fund outperformed peers with a 2.19% return in Q3 2025 by favoring corporate credit and bank loans. Managers trimmed duration and added to credit exposure via derivative indices, remaining constructive on yielding assets with resilient models. View PDF	-	All Cap US	View PDF Analysis
Q3 2025	Sep 30, 2025	CrossingBridge Advisors David K. Sherman	-	-	-	CODI	Opaque Financial, Chasing Yield, Additional Keywords & Themes Irrational Complacency Credit Risk Yield Chasing	CrossingBridge outlines how it avoided the First Brands collapse and capitalized on CODI's senior notes, warning that broader credit markets are exhibiting dangerous, bubble-like complacency. Full Quick Take CrossingBridge outlines how it avoided the First Brands collapse and capitalized on CODI's senior notes, warning that broader credit markets are exhibiting dangerous, bubble-like complacency. View PDF	-	All Cap Global	View PDF Analysis
Q3 2025	Sep 30, 2025	Brandes Core Plus Fixed Income Fund Timothy M. Doyle	+16.9%	+5.7%	+2.9%	SABR,GTN,CHTR,TOL,BAK, Additional Tickers (2) KSS RIG	U.S Fiscal, Misaligned Fed, Additional Keywords & Themes Emerging Credit Interest Expense Federal Debt	The fund delivered positive returns but underperformed its benchmark in Q3. The manager maintains a highly cautious, defensive posture, shortening duration and prioritizing short-maturity corporate credit due to mounting fiscal debt and default risks. Full Quick Take The fund delivered positive returns but underperformed its benchmark in Q3. The manager maintains a highly cautious, defensive posture, shortening duration and prioritizing short-maturity corporate credit due to mounting fiscal debt and default risks. View PDF	SABR	All Cap US	View PDF Analysis
Q2 2025	Jun 30, 2025	Janus Henderson Fixed Interest Income Fund Jenna Barnard	+28.7%	+37.5%	+3.5%	-	Central Bank, Macroeconomic Shifts, Additional Keywords & Themes Credit Markets High Yield Spreads	Outperforming its peer group through strong credit selection. The managers are prioritizing credit carry over duration risk, but stand ready to increase duration if labor markets show material deterioration. Full Quick Take Outperforming its peer group through strong credit selection. The managers are prioritizing credit carry over duration risk, but stand ready to increase duration if labor markets show material deterioration. View PDF	-	All Cap US	View PDF Analysis
Q2 2025	Jun 30, 2025	PGIM Global Total Return Fund Robert Tipp	-	-	+4.7%	-	Credit Market, Emerging Markets, Additional Keywords & Themes Central Bank Securitized Structured ECB	The PGIM Global Total Return Fund outperformed its benchmark in Q2 2025, driven by strong security selection in high yield and emerging markets. Full Quick Take The PGIM Global Total Return Fund outperformed its benchmark in Q2 2025, driven by strong security selection in high yield and emerging markets. View PDF	-	Asia Emerging markets Europe Global US	View PDF Analysis
Q2 2025	Jun 30, 2025	Kennedy Capital Management Mid Cap Value Brent Jackson	+19.8%	+3.1%	+10.5%	-	Monetary Policy, Tariffs Trade, Additional Keywords & Themes Credit Markets Industrial Sector Tariffs	Underperforming its benchmark during a highly volatile quarter driven by tariff policy announcements. KCM remains constructive on the macroeconomic backdrop and retains strong conviction in its Industrials overweight. Full Quick Take Underperforming its benchmark during a highly volatile quarter driven by tariff policy announcements. KCM remains constructive on the macroeconomic backdrop and retains strong conviction in its Industrials overweight. View PDF	-	Mid Cap US	View PDF Analysis

Purpose Credit Opportunities Fund

Q3 2026

View PDF Analysis

QTD:-0.6%

YTD:+2.7%

SI:+7.0%

Robinson Opportunistic Income Fund

Q3 2026

View PDF Analysis

QTD:-2.5%

YTD:-3.3%

SI:+5.7%

FPA Crescent Fund

Q3 2026

View PDF Analysis

QTD:+1.5%

YTD:+7.0%

SI:+10.2%

Thornburg Investment Income Builder Fund

Q3 2026

View PDF Analysis

QTD:-0.1%

YTD:+16.0%

SI:+10.7%

Silver Beech Capital

Q2 2026

View PDF Analysis

QTD:-

YTD:+10.2%

SI:+19.9%

John Hancock Bond Fund

Q2 2026

View PDF Analysis

QTD:+1.1%

YTD:+0.9%

SI:+3.6%

Oaktree Capital Management

Q4 2025

View PDF Analysis

QTD:-

YTD:-

Saltlight Capital

Q3 2025

View PDF Analysis

QTD:+17.9%

YTD:-

SI:+21.3%

BNY Mellon Core Plus Fund

Q3 2025

View PDF Analysis

QTD:+22.5%

YTD:+6.2%

SI:+2.0%

Janus Henderson Fixed Interest Income Fund

Q3 2025

View PDF Analysis

QTD:+21.9%

YTD:+6.0%

SI:+3.5%

CrossingBridge Advisors

Q3 2025

View PDF Analysis

QTD:-

YTD:-

Brandes Core Plus Fixed Income Fund

Q3 2025

View PDF Analysis

QTD:+16.9%

YTD:+5.7%

SI:+2.9%

Janus Henderson Fixed Interest Income Fund

Q2 2025

View PDF Analysis

QTD:+28.7%

YTD:+37.5%

SI:+3.5%

PGIM Global Total Return Fund

Q2 2025

View PDF Analysis

QTD:-

YTD:-

SI:+4.7%

Kennedy Capital Management Mid Cap Value

Q2 2025

View PDF Analysis

QTD:+19.8%

YTD:+3.1%

SI:+10.5%

Showing 1 – 15 of 15 letters

Per page: