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.
Diranko Capital posted a strong Q2 2025 net return of 8.9%, outperforming benchmarks. The manager remains cautious about the broader market and is actively avoiding large-cap US indices in favor of mispriced, asset-backed developed market small-caps.
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Diranko Capital posted a strong Q2 2025 net return of 8.9%, outperforming benchmarks. The manager remains cautious about the broader market and is actively avoiding large-cap US indices in favor of mispriced, asset-backed developed market small-caps.
City Different's Multi-Cap Core strategy lagged the S&P 500 in Q3 due to momentum-driven rallies in speculative growth stocks they avoid. Mid-caps were the primary detractor. Despite quarterly underperformance, the strategy leads year-to-date. The manager maintains conviction in their life-cycle-based approach and views current performance as an opportunity for new money deployment.
Full Quick Take
City Different's Multi-Cap Core strategy lagged the S&P 500 in Q3 due to momentum-driven rallies in speculative growth stocks they avoid. Mid-caps were the primary detractor. Despite quarterly underperformance, the strategy leads year-to-date. The manager maintains conviction in their life-cycle-based approach and views current performance as an opportunity for new money deployment.
