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.
Gallagher repositioned his concentrated small-cap portfolio in H1 2026, trimming Planet Labs on valuation concerns and redeploying into Pagaya at 8-12x earnings, a fintech data network positioned for AI-driven lending transformation. He added to Remitly's high-margin remittance platform and initiated MNTN, a CTV ad platform at 5x EBITDA. The portfolio targets mispriced growth companies with strong unit economics and operating leverage.
Full Quick Take
Gallagher repositioned his concentrated small-cap portfolio in H1 2026, trimming Planet Labs on valuation concerns and redeploying into Pagaya at 8-12x earnings, a fintech data network positioned for AI-driven lending transformation. He added to Remitly's high-margin remittance platform and initiated MNTN, a CTV ad platform at 5x EBITDA. The portfolio targets mispriced growth companies with strong unit economics and operating leverage.
Recurve Capital returned -13% net in Q1 2025 amid tariff-driven volatility, with concentrated exposure led by 43.5% Carvana position. Fund opportunistically added to RH during selloff, seeing $50+ EPS potential despite tariff headwinds. Direct tariff exposure under 20% through consumer goods companies. Manager maintains long-term focus on disruptive growth companies while playing offense during market fear.
Full Quick Take
Recurve Capital returned -13% net in Q1 2025 amid tariff-driven volatility, with concentrated exposure led by 43.5% Carvana position. Fund opportunistically added to RH during selloff, seeing $50+ EPS potential despite tariff headwinds. Direct tariff exposure under 20% through consumer goods companies. Manager maintains long-term focus on disruptive growth companies while playing offense during market fear.
Cove Street's small cap value fund suffered -10.77% quarterly returns but manager sees tremendous opportunities amid historic small cap underperformance. Portfolio concentrated in undervalued names with significant intrinsic value discounts. Added data services positions in Clarivate and Red Violet, plus turnaround play Advanced Auto Parts. Manager adding personal capital demonstrates conviction in tightly coiled value opportunities.
Full Quick Take
Cove Street's small cap value fund suffered -10.77% quarterly returns but manager sees tremendous opportunities amid historic small cap underperformance. Portfolio concentrated in undervalued names with significant intrinsic value discounts. Added data services positions in Clarivate and Red Violet, plus turnaround play Advanced Auto Parts. Manager adding personal capital demonstrates conviction in tightly coiled value opportunities.
