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 |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | SI ↕ | Tickers | Keywords / Themes | Quick Take | Pitches (LONG / SHORT) | Current Positioning | Letter |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q3 2026 | Oct 20, 2026 | -1.2% | +1.1% | +7.4% | - | Constructive on higher-quality corporate credit and defensive securitized debt amid wider spreads and elevated yields, selectively trimming riskier structured exposure while targeting durable cash-flow generators. Full Quick Take Constructive on higher-quality corporate credit and defensive securitized debt amid wider spreads and elevated yields, selectively trimming riskier structured exposure while targeting durable cash-flow generators. | - | ||||
Q3 2026 | Oct 20, 2026 | -3.0% | -2.0% | +2.9% | Defensively positioned with duration 6% shorter than benchmark and high Treasury reserves, selectively adding project finance credit while waiting for tight corporate spreads to widen. Full Quick Take Defensively positioned with duration 6% shorter than benchmark and high Treasury reserves, selectively adding project finance credit while waiting for tight corporate spreads to widen. | - | |||||
Q3 2026 | Oct 19, 2026 | - | - | - | CrossingBridge maintains a defensive credit posture with substantial dry powder and ultra-short duration, rotating up capital structures into senior secured paper while preparing for an anticipated shift toward an inflationary bust. Full Quick Take CrossingBridge maintains a defensive credit posture with substantial dry powder and ultra-short duration, rotating up capital structures into senior secured paper while preparing for an anticipated shift toward an inflationary bust. | - | |||||
Q3 2026 | Oct 14, 2026 | -2.6% | -1.0% | +6.4% | - | Driven by rising global sovereign yields and corporate spread widening, while managers reduced portfolio duration and focused on selective high-quality floating-rate securitised assets. Full Quick Take Driven by rising global sovereign yields and corporate spread widening, while managers reduced portfolio duration and focused on selective high-quality floating-rate securitised assets. | - | ||||
Q3 2026 | Oct 5, 2026 | - | - | - | Orbis Global Equity warns that stretched market valuations and tight credit spreads offer muted compensation for taking risk. The strategy is leaning defensively into high-visibility, mission-critical compounders like Motorola Solutions that trade at wide intrinsic discounts. Full Quick Take Orbis Global Equity warns that stretched market valuations and tight credit spreads offer muted compensation for taking risk. The strategy is leaning defensively into high-visibility, mission-critical compounders like Motorola Solutions that trade at wide intrinsic discounts. | ||||||
Q3 2026 | Oct 5, 2026 | - | +45.0% | +23.8% | Macro Ops remains selectively long high-momentum secular themes like tech, crypto, and Japanese equities despite deteriorating market breadth and late-cycle fragility. Full Quick Take Macro Ops remains selectively long high-momentum secular themes like tech, crypto, and Japanese equities despite deteriorating market breadth and late-cycle fragility. | - | |||||
Q3 2026 | Oct 4, 2026 | - | - | - | Strong corporate earnings and resilient private demand continue to anchor equities at record highs despite renewed rate hikes, surging Treasury yields, and volatile oil prices. Full Quick Take Strong corporate earnings and resilient private demand continue to anchor equities at record highs despite renewed rate hikes, surging Treasury yields, and volatile oil prices. | - | |||||
Q2 2026 | Jul 23, 2026 | - | +6.0% | +13.5% | EdgePoint maintains strict credit underwriting despite decade-low spreads compressing margins of safety across fixed income markets. Full Quick Take EdgePoint maintains strict credit underwriting despite decade-low spreads compressing margins of safety across fixed income markets. | - | |||||
Q4 2025 | Feb 10, 2026 | +42.6% | +18.4% | +12.2% | Citing unsustainably tight high-yield spreads and overvalued US mega-caps. | ||||||
Q4 2025 | Feb 1, 2026 | +11.5% | +7.4% | +7.1% | - | Contrarian stance by avoiding expensive corporate credit in favor of liquid, high-quality Treasuries and Agency bonds. Full Quick Take Contrarian stance by avoiding expensive corporate credit in favor of liquid, high-quality Treasuries and Agency bonds. | - | ||||
Q4 2025 | Jan 15, 2026 | - | - | - | - | While headline U.S. equity indices posted strong gains in 2025, underlying market dispersion and historically tight credit spreads signal caution. Major upcoming fiscal tax cuts are double-edged, risking persistent inflation amid high monetary policy uncertainty. Full Quick Take While headline U.S. equity indices posted strong gains in 2025, underlying market dispersion and historically tight credit spreads signal caution. Major upcoming fiscal tax cuts are double-edged, risking persistent inflation amid high monetary policy uncertainty. | - | ||||
Q4 2025 | Jan 8, 2026 | - | - | - | - | Armbruster Capital Management advocates for strict long-term portfolio diversification over chasing high-flying US mega-cap technology stocks. Full Quick Take Armbruster Capital Management advocates for strict long-term portfolio diversification over chasing high-flying US mega-cap technology stocks. | - | ||||
Q4 2025 | Dec 31, 2025 | +2.7% | +18.0% | - | - | The U.S. economy is navigating a slowing, late-cycle environment with elevated valuations and historically tight credit spreads, demanding a shift toward disciplined diversification and high selectivity in areas like AI. Full Quick Take The U.S. economy is navigating a slowing, late-cycle environment with elevated valuations and historically tight credit spreads, demanding a shift toward disciplined diversification and high selectivity in areas like AI. | - | ||||
Q4 2025 | Dec 31, 2025 | - | - | - | - | Harris | Oakmark is maintaining a conservative stance in fixed income, warning that historically tight credit spreads conceal hidden macro and private credit risks. Full Quick Take Harris | Oakmark is maintaining a conservative stance in fixed income, warning that historically tight credit spreads conceal hidden macro and private credit risks. | - | ||||
Q4 2025 | Dec 31, 2025 | +10.9% | +7.8% | +7.4% | - | Trailing its benchmark. The fund is emphasizing high-quality corporate bonds and trimming securitized credit due to historically tight credit spreads. Full Quick Take Trailing its benchmark. The fund is emphasizing high-quality corporate bonds and trimming securitized credit due to historically tight credit spreads. | - | ||||
Q4 2025 | Dec 31, 2025 | +5.8% | +6.8% | +5.6% | - | The Fund underperformed its benchmark in Q4 2025 due to CLO equity volatility but remains positioned risk-neutrally. The manager expects a stable macro environment in 2026 defined by high dispersion and steady 'coupon clip' yields, favoring active, bottom-up managers. Full Quick Take The Fund underperformed its benchmark in Q4 2025 due to CLO equity volatility but remains positioned risk-neutrally. The manager expects a stable macro environment in 2026 defined by high dispersion and steady 'coupon clip' yields, favoring active, bottom-up managers. | - | ||||
Q3 2025 | Oct 1, 2025 | +15.6% | - | +3.3% | The Columbia Strategic Income Fund underperformed its benchmark with a 1.56% return in Q3 2025. Full Quick Take The Columbia Strategic Income Fund underperformed its benchmark with a 1.56% return in Q3 2025. | - | |||||
Q3 2025 | Oct 1, 2025 | +17.6% | +6.2% | +7.1% | Completely avoiding expensive lower-rated credit and shifting capital into cash and longer-duration, high-quality Treasuries. Full Quick Take Completely avoiding expensive lower-rated credit and shifting capital into cash and longer-duration, high-quality Treasuries. | - | |||||
Q3 2025 | Sep 30, 2025 | +19.0% | +6.2% | +1.1% | - | The Fund underperformed its benchmark in Q3 2025 due to off-benchmark equity and CLO exposures, but maintains a neutral risk posture with a rotation into BBs and a duration overweight designed to benefit from falling interest rates. Full Quick Take The Fund underperformed its benchmark in Q3 2025 due to off-benchmark equity and CLO exposures, but maintains a neutral risk posture with a rotation into BBs and a duration overweight designed to benefit from falling interest rates. | - | ||||
Q3 2025 | Sep 30, 2025 | +19.0% | +6.2% | +5.6% | - | The Fund underperformed its high-yield benchmark in Q3 due to CLO equity and equity drags, but remains neutrally positioned with a rotation into BB-rated credits and stands to benefit from its duration overweight as rate cuts progress. Full Quick Take The Fund underperformed its high-yield benchmark in Q3 due to CLO equity and equity drags, but remains neutrally positioned with a rotation into BB-rated credits and stands to benefit from its duration overweight as rate cuts progress. | - | ||||
Q3 2025 | Sep 30, 2025 | +15.9% | - | +5.1% | - | Outperforming its benchmark. To capitalize on spread compression, the fund rotated capital from corporate credit into higher-rated securitized assets like AAA CMBS and CLOs. Full Quick Take Outperforming its benchmark. To capitalize on spread compression, the fund rotated capital from corporate credit into higher-rated securitized assets like AAA CMBS and CLOs. | - | ||||
Q3 2025 | Sep 30, 2025 | +27.2% | +7.3% | +7.3% | - | Franklin High Income Fund outperformed in Q3 2025, driven by trade optimism and rate cuts. Managers remain constructive on high-yield carry but warn that tight spreads limit further upside. Full Quick Take Franklin High Income Fund outperformed in Q3 2025, driven by trade optimism and rate cuts. Managers remain constructive on high-yield carry but warn that tight spreads limit further upside. | - | ||||
Q2 2025 | Jun 30, 2025 | - | - | - | Despite early-quarter volatility and macro hedge drag, the portfolio benefited from selective convertible opportunities and record-high primary market issuance. Constructive on secondary opportunities and corporate refinancing trends entering the second half of the year. Full Quick Take Despite early-quarter volatility and macro hedge drag, the portfolio benefited from selective convertible opportunities and record-high primary market issuance. Constructive on secondary opportunities and corporate refinancing trends entering the second half of the year. | - | |||||
Q2 2025 | Jun 30, 2025 | +1.6% | - | +5.1% | - | The Fund outperformed its benchmark in 2Q25 with a 1.62% return, driven by successful high-yield corporate bond allocations and selective investment-grade security choices. Full Quick Take The Fund outperformed its benchmark in 2Q25 with a 1.62% return, driven by successful high-yield corporate bond allocations and selective investment-grade security choices. | - | ||||
Q2 2025 | Jun 30, 2025 | +3.5% | +4.5% | +7.4% | - | Slightly underperforming its corporate benchmark. The managers are adopting a cautious posture due to tight credit valuations and potential tariff headwinds, leading them to trim securitized credit in favor of high-quality corporate issuers. Full Quick Take Slightly underperforming its corporate benchmark. The managers are adopting a cautious posture due to tight credit valuations and potential tariff headwinds, leading them to trim securitized credit in favor of high-quality corporate issuers. | - | ||||
Q4 2024 | Dec 31, 2024 | - | - | - | CrossingBridge Advisors prioritizes short-duration, high-quality credit to protect capital amid historically tight spreads and rich asset valuations. Full Quick Take CrossingBridge Advisors prioritizes short-duration, high-quality credit to protect capital amid historically tight spreads and rich asset valuations. |