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.
Moon Capital underperformed in H1 2026 with a 4% return versus the S&P 500's 9.6%, driven by significant underweight to AI stocks. The manager actively avoids major tech companies deploying $1.8 trillion in AI capex with uncertain returns. Portfolio activity included exiting DaVita after 174% gain and adding Zoetis at depressed 11x earnings, capitalizing on temporary weakness in high-quality animal health leader.
Full Quick Take
Moon Capital underperformed in H1 2026 with a 4% return versus the S&P 500's 9.6%, driven by significant underweight to AI stocks. The manager actively avoids major tech companies deploying $1.8 trillion in AI capex with uncertain returns. Portfolio activity included exiting DaVita after 174% gain and adding Zoetis at depressed 11x earnings, capitalizing on temporary weakness in high-quality animal health leader.
Minot Light returned 20.3% net in Q2 2026, demonstrating strong risk-adjusted performance through contrarian positioning in small and micro-cap companies with sustainable business models. The fund is capitalizing on busted IPOs, senior care demographics, and illiquid micro-caps transitioning to institutional status while avoiding speculative AI and semiconductor momentum. Managers expect their anti-momentum positioning to benefit as current trends moderate, with optimism about future performance.
Full Quick Take
Minot Light returned 20.3% net in Q2 2026, demonstrating strong risk-adjusted performance through contrarian positioning in small and micro-cap companies with sustainable business models. The fund is capitalizing on busted IPOs, senior care demographics, and illiquid micro-caps transitioning to institutional status while avoiding speculative AI and semiconductor momentum. Managers expect their anti-momentum positioning to benefit as current trends moderate, with optimism about future performance.
