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.
Penn Davis McFarland maintained a defensive cash posture in Q3 2026 amid multi-decade high Treasury yields and energy-driven inflation, trimming fully invested accounts while opportunistically initiating a position in Celsius Holdings and expanding Sprouts Farmers Market.
Full Quick Take
Penn Davis McFarland maintained a defensive cash posture in Q3 2026 amid multi-decade high Treasury yields and energy-driven inflation, trimming fully invested accounts while opportunistically initiating a position in Celsius Holdings and expanding Sprouts Farmers Market.
Driven by soaring refining margins and downstream exposure in Valero, Repsol, and super-majors, while maintaining a 6.0% cash allocation and rebalancing positions amid severe Middle East transit disruptions.
Full Quick Take
Driven by soaring refining margins and downstream exposure in Valero, Repsol, and super-majors, while maintaining a 6.0% cash allocation and rebalancing positions amid severe Middle East transit disruptions.