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.
Crescat targets $20,000 gold within four years driven by M2 money supply growth, central bank accumulation at double historical pace, and fiscal dominance forcing monetary policy into debt management mode. Activist metals exploration strategy across five funds leverages this thesis through PIPE-funded discoveries in gold, silver, and copper. Recent precious metals pullback creates entry opportunity despite trailing twelve-month return of 52.0% in flagship Precious Metals Fund.
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Crescat targets $20,000 gold within four years driven by M2 money supply growth, central bank accumulation at double historical pace, and fiscal dominance forcing monetary policy into debt management mode. Activist metals exploration strategy across five funds leverages this thesis through PIPE-funded discoveries in gold, silver, and copper. Recent precious metals pullback creates entry opportunity despite trailing twelve-month return of 52.0% in flagship Precious Metals Fund.
49 Financial warns that extreme U.S. benchmark concentration and elevated valuations require a shift toward global diversification and active risk management heading into 2026.
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49 Financial warns that extreme U.S. benchmark concentration and elevated valuations require a shift toward global diversification and active risk management heading into 2026.
Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption.
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Tactile Fund delivered a strong 20.5% return in 2025 by focusing on high-quality physical assets that hedge against inflation, dollar devaluation, and AI disruption.
Praetorian Capital Fund returned 5.70% net in Q3 2025 (12.16% YTD). PM Harris Kupperman remains highly defensive and bearish on global markets, building high liquidity and safe-haven hedges to prepare for an inevitable asset and credit market collapse.
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Praetorian Capital Fund returned 5.70% net in Q3 2025 (12.16% YTD). PM Harris Kupperman remains highly defensive and bearish on global markets, building high liquidity and safe-haven hedges to prepare for an inevitable asset and credit market collapse.
Vltava Fund leverages a long-term, value-oriented 'pricing' framework to acquire high-quality businesses during periods of market volatility, viewing systematic fiat currency devaluation as the ultimate risk and stock market declines as prime opportunities.
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Vltava Fund leverages a long-term, value-oriented 'pricing' framework to acquire high-quality businesses during periods of market volatility, viewing systematic fiat currency devaluation as the ultimate risk and stock market declines as prime opportunities.
Crypto Native Capital argues that altcoins are a value-destroying distraction due to their brittle moats, and advises holding a highly concentrated position in Bitcoin, especially heading into the upcoming cycle reset.
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Crypto Native Capital argues that altcoins are a value-destroying distraction due to their brittle moats, and advises holding a highly concentrated position in Bitcoin, especially heading into the upcoming cycle reset.
