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.
Smoak Capital delivered a 10.9% return in 2025, trailing the S&P 500 due to defensive positioning and zero AI exposure, while continuing to double down on highly asymmetric, misunderstood micro-cap growth opportunities abroad.
Full Quick Take
Smoak Capital delivered a 10.9% return in 2025, trailing the S&P 500 due to defensive positioning and zero AI exposure, while continuing to double down on highly asymmetric, misunderstood micro-cap growth opportunities abroad.
