Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| +2.9% | +4.0% | Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus. Full Quick Take Tactile Fund added Grupo México at a 60%+ discount to net asset value, gaining exposure to the world's largest, lowest-cost copper reserves and Mexico's dominant rail networks. Copper trades at record highs amid constrained supply, while rail expansion opportunities exist in Brazil and Argentina. Strong acquisition activity across six holdings in 18 months confirms the scarcity value of the fund's physical asset focus. | - | ||||||
| - | +51.4% | Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. Full Quick Take Macro Ops is up 51% year-to-date, positioned for a commodity supercycle led by agricultural breakouts from 30-year compression patterns. An extreme El Niño threatens global food supply. The portfolio is very long precious metals, corn, wheat, natural gas, and non-dollar currencies while short the Dow. Technical signals confirm bearish dollar outlook. Broader equity trend remains up but with rising volatility through October. | - | ||||||
| - | - | - | Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. Full Quick Take Anchor Capital sees global markets supported by strong earnings and AI infrastructure spending but requiring greater selectivity as valuations leave less room for error. U.S. equities lead on earnings strength while international markets offer targeted opportunities in Japan and emerging market AI supply chains. Persistent inflation, hawkish Fed communication, and elevated long-term rates demand focus on cash flow quality, balance sheet strength, and valuation discipline over broad beta exposure. | - | |||||
| - | - | - | Oldfield Partners delivered strong returns from semiconductor holdings purchased at depressed valuations that have since doubled or tripled. The manager warns extensively about bubble dynamics and market excess, particularly around AI enthusiasm and the SpaceX listing, using balloon metaphors to signal caution. Despite these concerns, the firm sees abundant value opportunities with portfolios trading at eleven times earnings and significant upside potential. Value investing is back. Full Quick Take Oldfield Partners delivered strong returns from semiconductor holdings purchased at depressed valuations that have since doubled or tripled. The manager warns extensively about bubble dynamics and market excess, particularly around AI enthusiasm and the SpaceX listing, using balloon metaphors to signal caution. Despite these concerns, the firm sees abundant value opportunities with portfolios trading at eleven times earnings and significant upside potential. Value investing is back. | - | |||||
| - | - | Ameliora reduced technology exposure in late June despite market highs, concerned that $3 trillion in AI debt creates unsustainable servicing burdens for an unproven commercial model. Record margin debt signals fragility while semiconductor valuations appear bubble-like. The firm favors gold miners and defense stocks offering strong cash flows but unloved by momentum investors, maintaining a constructive equity stance supported by AI capex flowing through the broader economy. Full Quick Take Ameliora reduced technology exposure in late June despite market highs, concerned that $3 trillion in AI debt creates unsustainable servicing burdens for an unproven commercial model. Record margin debt signals fragility while semiconductor valuations appear bubble-like. The firm favors gold miners and defense stocks offering strong cash flows but unloved by momentum investors, maintaining a constructive equity stance supported by AI capex flowing through the broader economy. | - | ||||||
| -6.7% | - | Classic value investor running concentrated compounder portfolio down 3.86% in 2025 but up over 10% excluding currency headwinds from NIS strength. Actively avoiding Magnificent Ten AI bubble while portfolio companies compound FCF at 20% annually versus 3.5% for S&P 500, trading at half the market multiple. Increased positions in insurance, asset managers, and Constellation Software at 50% discount. Maintains full equity exposure with multi-year horizon. Full Quick Take Classic value investor running concentrated compounder portfolio down 3.86% in 2025 but up over 10% excluding currency headwinds from NIS strength. Actively avoiding Magnificent Ten AI bubble while portfolio companies compound FCF at 20% annually versus 3.5% for S&P 500, trading at half the market multiple. Increased positions in insurance, asset managers, and Constellation Software at 50% discount. Maintains full equity exposure with multi-year horizon. | |||||||
| - | - | - | The bond market stands at an inflection point as the Fed's neutral rate estimate of 2.75% diverges sharply from the market's 3.70% estimate. This gap creates opposing views on policy restrictiveness and the urgency of rate cuts. The manager holds a neutral portfolio with only a 5% USD conviction position, waiting for clarity on the Fed's path before summer ends to determine the next directional move. Full Quick Take The bond market stands at an inflection point as the Fed's neutral rate estimate of 2.75% diverges sharply from the market's 3.70% estimate. This gap creates opposing views on policy restrictiveness and the urgency of rate cuts. The manager holds a neutral portfolio with only a 5% USD conviction position, waiting for clarity on the Fed's path before summer ends to determine the next directional move. | - | |||||
| +3.7% | -1.9% | - | Invesco's international bond strategy capitalizes on dollar weakness and divergent global central bank policies. The fund holds 39.5% emerging market debt, targeting elevated real rates in Brazil, Mexico, and India. Managers expect yield curve steepening as markets have overpriced rate hikes in the EU and UK. Recent positioning decreased currency and duration exposure while adding credit, reflecting conviction that international bonds offer compelling diversification and return potential. Full Quick Take Invesco's international bond strategy capitalizes on dollar weakness and divergent global central bank policies. The fund holds 39.5% emerging market debt, targeting elevated real rates in Brazil, Mexico, and India. Managers expect yield curve steepening as markets have overpriced rate hikes in the EU and UK. Recent positioning decreased currency and duration exposure while adding credit, reflecting conviction that international bonds offer compelling diversification and return potential. | - | |||||
| +2.2% | +10.1% | - | The iMGP DBi Managed Futures Strategy ETF delivered 2.23% in Q2 and 10.11% year-to-date, outperforming benchmarks in an increasingly volatile and unpredictable market environment. Emerging markets exposure and currency positioning drove gains while crude oil detracted. The manager positions the fund as a critical diversifier and liquidity provider as traditional bonds have failed allocators, with the meme stock environment expected to persist. Full Quick Take The iMGP DBi Managed Futures Strategy ETF delivered 2.23% in Q2 and 10.11% year-to-date, outperforming benchmarks in an increasingly volatile and unpredictable market environment. Emerging markets exposure and currency positioning drove gains while crude oil detracted. The manager positions the fund as a critical diversifier and liquidity provider as traditional bonds have failed allocators, with the meme stock environment expected to persist. | - | |||||
| - | -7.9% | - | 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. Full Quick Take 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. | - | |||||
| +6.0% | +5.0% | - | TCW's EM Income Fund outperformed by 137bps in Q2 2026, driven by high yield selection and overweights in Ukraine, Egypt, and Argentina. The managers are constructive on EM debt given superior fundamentals versus Developed Markets, elevated real yields, and expected dollar weakness. They increased high yield exposure to +14.58% and added to Egypt, Indonesia, Mexico, and India while trimming Turkey and Colombia. Full Quick Take TCW's EM Income Fund outperformed by 137bps in Q2 2026, driven by high yield selection and overweights in Ukraine, Egypt, and Argentina. The managers are constructive on EM debt given superior fundamentals versus Developed Markets, elevated real yields, and expected dollar weakness. They increased high yield exposure to +14.58% and added to Egypt, Indonesia, Mexico, and India while trimming Turkey and Colombia. | - | |||||
| +4.9% | +0.9% | - | The fund outperformed in Q2 2026 as Hungary and Mexico rate positioning drove gains while Turkey, Brazil, and India detracted. Emerging markets navigated a complex quarter marked by the Iran conflict and less accommodative Fed policy, with central banks delivering increasingly divergent responses. The managers favor fundamentally stronger markets with credible central banks and attractive real yields, viewing recent dislocations as creating improved entry points for selective opportunities. Full Quick Take The fund outperformed in Q2 2026 as Hungary and Mexico rate positioning drove gains while Turkey, Brazil, and India detracted. Emerging markets navigated a complex quarter marked by the Iran conflict and less accommodative Fed policy, with central banks delivering increasingly divergent responses. The managers favor fundamentally stronger markets with credible central banks and attractive real yields, viewing recent dislocations as creating improved entry points for selective opportunities. | - | |||||
| - | - | Renaissance's international small cap strategy outperformed in Q2 2026, led by semiconductor holdings benefiting from NAND supply chain dynamics and traditional auto components gaining from slower EV adoption. The manager added energy services exposure while trimming commodity-dependent producers. International equities trade at a 32% discount to U.S. peers despite superior expected earnings growth through 2027, creating compelling value for diversification-seeking investors. Full Quick Take Renaissance's international small cap strategy outperformed in Q2 2026, led by semiconductor holdings benefiting from NAND supply chain dynamics and traditional auto components gaining from slower EV adoption. The manager added energy services exposure while trimming commodity-dependent producers. International equities trade at a 32% discount to U.S. peers despite superior expected earnings growth through 2027, creating compelling value for diversification-seeking investors. | - | ||||||
| -9.0% | +1.2% | Capicraft lost 9% in Q2 as AI absorbed all capital while energy, uranium, and gold exposures suffered. Manager increased energy to 17% post-Iranian war, citing 1.5 billion barrel supply loss and tight physical markets. Avoids AI due to circular demand and uncertain economics. Maintains 50%+ in commodities and real assets despite underperformance, viewing structural supply deficits and geopolitical risks as mispriced. Full Quick Take Capicraft lost 9% in Q2 as AI absorbed all capital while energy, uranium, and gold exposures suffered. Manager increased energy to 17% post-Iranian war, citing 1.5 billion barrel supply loss and tight physical markets. Avoids AI due to circular demand and uncertain economics. Maintains 50%+ in commodities and real assets despite underperformance, viewing structural supply deficits and geopolitical risks as mispriced. | - | ||||||
| - | - | - | Brighton Jones maintains diversified exposure across equities and fixed income, refusing to position portfolios around unpredictable macro forecasts. Despite significant volatility from tariffs and Middle East conflict that sent oil to $120 and inflation to 4.2%, all major asset classes delivered positive trailing twelve-month returns. The Fed shifted from cutting to holding, with markets pricing rate hikes ahead. Diversification across geographies, maturities, and market caps remains the core strategy. Full Quick Take Brighton Jones maintains diversified exposure across equities and fixed income, refusing to position portfolios around unpredictable macro forecasts. Despite significant volatility from tariffs and Middle East conflict that sent oil to $120 and inflation to 4.2%, all major asset classes delivered positive trailing twelve-month returns. The Fed shifted from cutting to holding, with markets pricing rate hikes ahead. Diversification across geographies, maturities, and market caps remains the core strategy. | - | |||||
| +8.0% | +8.0% | - | Brummer Multi-Strategy posted 1.9% in June (8.0% YTD) through diversified positioning across market neutral equity, trend following, and macro strategies. Market neutral long/short captured AI-driven semiconductor gains while hedging the late-month tech sell-off. European financials contributed positively. Trend following benefited from Dollar strength as the index gained 2.7%. Portfolio resilience demonstrated through divergent market conditions and geopolitical uncertainty. Full Quick Take Brummer Multi-Strategy posted 1.9% in June (8.0% YTD) through diversified positioning across market neutral equity, trend following, and macro strategies. Market neutral long/short captured AI-driven semiconductor gains while hedging the late-month tech sell-off. European financials contributed positively. Trend following benefited from Dollar strength as the index gained 2.7%. Portfolio resilience demonstrated through divergent market conditions and geopolitical uncertainty. | - | |||||
| - | +6.9% | Staude Capital's discount capture strategy delivered 7.7% gross returns in FY2026 despite 4.7% currency drag. Two successful exits completed in June including 150.7% six-year return on Amedeo Air Four Plus. Portfolio concentrated in closed-end funds with active value realisation mechanisms: TRIG with double-digit dividends and buybacks, HarbourVest implementing major tender offers, and RM Infrastructure in managed wind down returning cash. Full Quick Take Staude Capital's discount capture strategy delivered 7.7% gross returns in FY2026 despite 4.7% currency drag. Two successful exits completed in June including 150.7% six-year return on Amedeo Air Four Plus. Portfolio concentrated in closed-end funds with active value realisation mechanisms: TRIG with double-digit dividends and buybacks, HarbourVest implementing major tender offers, and RM Infrastructure in managed wind down returning cash. | - | ||||||
| -96.0% | -96.0% | - | TCW's EM debt fund outperformed despite Q1 volatility from Middle East conflict, benefiting from Venezuela overweight and energy exporter positioning. Managers view current stress as temporary shock rather than fundamental breakdown, using weakness to add selective exposure. Medium-term outlook remains constructive given stronger EM balance sheets and attractive valuations. Full Quick Take TCW's EM debt fund outperformed despite Q1 volatility from Middle East conflict, benefiting from Venezuela overweight and energy exporter positioning. Managers view current stress as temporary shock rather than fundamental breakdown, using weakness to add selective exposure. Medium-term outlook remains constructive given stronger EM balance sheets and attractive valuations. | - | |||||
| - | - | - | QuantStreet maintains systematic US/international diversification with bullish US view driven by AI infrastructure buildout, fiscal stimulus, and M&A cycle. Weaker dollar thesis supports international allocation despite recent strength. Iran War energy spike viewed as temporary. Private credit stress creates future opportunities. Neural network models guide risk management with targeted exposures maintained. Full Quick Take QuantStreet maintains systematic US/international diversification with bullish US view driven by AI infrastructure buildout, fiscal stimulus, and M&A cycle. Weaker dollar thesis supports international allocation despite recent strength. Iran War energy spike viewed as temporary. Private credit stress creates future opportunities. Neural network models guide risk management with targeted exposures maintained. | - | |||||
| - | - | - | Gulf war creates persistent energy supply disruptions driving stagflationary pressures and central bank policy dilemmas. USD gained 2.6% since conflict start but remains overvalued. QCAM maintains neutral macro positioning amid geopolitical uncertainty while shifting business sentiment 30% long USD. FX volatility expected to continue as markets bounce between escalation fears and de-escalation hopes. Full Quick Take Gulf war creates persistent energy supply disruptions driving stagflationary pressures and central bank policy dilemmas. USD gained 2.6% since conflict start but remains overvalued. QCAM maintains neutral macro positioning amid geopolitical uncertainty while shifting business sentiment 30% long USD. FX volatility expected to continue as markets bounce between escalation fears and de-escalation hopes. | - | |||||
| +1.0% | +1.0% | Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings detracted. Strong stock selection overcame factor headwinds from energy underweighting. Post-selloff valuations create compelling opportunities for patient capital focused on structural themes including Asian technology supply chains and infrastructure buildout. Full Quick Take Shelton Emerging Markets outperformed despite Iran shock disruption, with AI infrastructure beneficiaries Samsung and Chroma ATE driving returns while oil-sensitive India holdings detracted. Strong stock selection overcame factor headwinds from energy underweighting. Post-selloff valuations create compelling opportunities for patient capital focused on structural themes including Asian technology supply chains and infrastructure buildout. | |||||||
| - | - | - | GMO sees stark valuation divergence in emerging debt with hard currency credit rich and local currency debt very attractive. Excess credit spreads at 121 bps suggest negative returns ahead while EM rates and FX offer compelling value in top quartiles. Blended portfolios tilted maximum 70% local currency given extreme relative valuations. Full Quick Take GMO sees stark valuation divergence in emerging debt with hard currency credit rich and local currency debt very attractive. Excess credit spreads at 121 bps suggest negative returns ahead while EM rates and FX offer compelling value in top quartiles. Blended portfolios tilted maximum 70% local currency given extreme relative valuations. | - | |||||
| -5.4% | -5.4% | - | Emerging market local debt faced Q1 volatility from Middle East tensions but maintains attractive fundamentals. Central bank easing, continued disinflation, and dollar weakness create compelling opportunities. Despite underperformance, managers see medium-term upside from high real yields, improving policy frameworks, and narrowing growth differentials versus developed markets. Full Quick Take Emerging market local debt faced Q1 volatility from Middle East tensions but maintains attractive fundamentals. Central bank easing, continued disinflation, and dollar weakness create compelling opportunities. Despite underperformance, managers see medium-term upside from high real yields, improving policy frameworks, and narrowing growth differentials versus developed markets. | - | |||||
| - | - | 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. Full Quick Take 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. | |||||||
| - | - | - | QCAM expects a bearish trend for the US Dollar in 2026, driven by moderating US growth and Fed rate cuts. However, extremely low FX volatility poses a key risk; a breakdown of this disconnect could trigger sharp currency movements, favoring the USD in geopolitical shocks but harming it under US policy credibility failures. Full Quick Take QCAM expects a bearish trend for the US Dollar in 2026, driven by moderating US growth and Fed rate cuts. However, extremely low FX volatility poses a key risk; a breakdown of this disconnect could trigger sharp currency movements, favoring the USD in geopolitical shocks but harming it under US policy credibility failures. | - | |||||
| - | +20.3% | - | Standard Wealth generated a stellar 20.3% return in 2025 but has adopted a defensive, cautious posture for 2026 due to extreme equity valuations, structural inflation risks, and overextended expectations for AI monetization. Full Quick Take Standard Wealth generated a stellar 20.3% return in 2025 but has adopted a defensive, cautious posture for 2026 due to extreme equity valuations, structural inflation risks, and overextended expectations for AI monetization. | - | |||||
| - | - | - | QuantStreet is constructive on global risk assets and U.S. equities, which remain supported by a strong domestic economy. However, citing concerns over Fed independence, foreign policy, and rich valuations, the firm has turned moderately bearish on the U.S. dollar, leading them to increase international exposures and bring their portfolio closer to neutral benchmark weights. Full Quick Take QuantStreet is constructive on global risk assets and U.S. equities, which remain supported by a strong domestic economy. However, citing concerns over Fed independence, foreign policy, and rich valuations, the firm has turned moderately bearish on the U.S. dollar, leading them to increase international exposures and bring their portfolio closer to neutral benchmark weights. | - | |||||
| - | +9.5% | Troy Multi-Asset Strategy delivered a 9-10% return in 2025, maintaining a defensive and cautious stance by reducing dollar exposure, keeping bond duration low, and holding gold and cash amid AI-driven market concentration and persistent inflation. Full Quick Take Troy Multi-Asset Strategy delivered a 9-10% return in 2025, maintaining a defensive and cautious stance by reducing dollar exposure, keeping bond duration low, and holding gold and cash amid AI-driven market concentration and persistent inflation. | - | ||||||
| +36.2% | +19.6% | - | The fund delivered strong outperformance in Q4 2025 driven by rate positioning and currency exposure. The outlook remains constructive for 2026 as global policy easing and a weakening US dollar support emerging market local debt. Full Quick Take The fund delivered strong outperformance in Q4 2025 driven by rate positioning and currency exposure. The outlook remains constructive for 2026 as global policy easing and a weakening US dollar support emerging market local debt. | - | |||||
| +20.0% | +15.2% | Auxier Focus Fund delivered a solid 15.22% return in 2025, advocating for disciplined capital allocation in cheap quality compounders while warning of massive resource and valuation risks in the parabolic AI buildout. Full Quick Take Auxier Focus Fund delivered a solid 15.22% return in 2025, advocating for disciplined capital allocation in cheap quality compounders while warning of massive resource and valuation risks in the parabolic AI buildout. | - | ||||||
| +45.0% | +20.5% | 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. Full Quick Take 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. | |||||||
| +28.5% | +14.6% | - | The TCW Emerging Markets Income Fund achieved 14.59% net return in 2025, outperforming its benchmark. The managers remain constructive for 2026, leveraging EM's superior growth and an expected US dollar decline to capture select country-level opportunities. Full Quick Take The TCW Emerging Markets Income Fund achieved 14.59% net return in 2025, outperforming its benchmark. The managers remain constructive for 2026, leveraging EM's superior growth and an expected US dollar decline to capture select country-level opportunities. | - | |||||
| - | - | - | US and international equities capped off a strong 2025, but the underlying economy exhibits a fragile, K-shaped divergence. Davidson is actively lengthening duration in municipal bonds to lock in yields above 6% and highlights international equities as attractive relative value opportunities. Full Quick Take US and international equities capped off a strong 2025, but the underlying economy exhibits a fragile, K-shaped divergence. Davidson is actively lengthening duration in municipal bonds to lock in yields above 6% and highlights international equities as attractive relative value opportunities. | - | |||||
| - | - | - | Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currency selections like South Africa. Full Quick Take Gramercy Emerging Markets Debt Fund capitalizes on strong EM resilience and a weaker U.S. dollar, driving performance through high-yield sovereign credit and targeted local-currency selections like South Africa. | - | |||||
| +48.1% | +16.9% | - | The Invesco International Bond Fund outperformed in Q4 2025 due to strong interest rate positioning. The managers expect a weakening US dollar and diverging global monetary policies to create an ideal environment for active international bond selection. Full Quick Take The Invesco International Bond Fund outperformed in Q4 2025 due to strong interest rate positioning. The managers expect a weakening US dollar and diverging global monetary policies to create an ideal environment for active international bond selection. | - | |||||
| - | - | The strategy underperformed due to a speculative, currency-driven rally in low-quality segments of the benchmark that the fund avoids. The manager remains constructive on the portfolio's high-quality compounders and views a weakening dollar as a major long-term structural tailwind. Full Quick Take The strategy underperformed due to a speculative, currency-driven rally in low-quality segments of the benchmark that the fund avoids. The manager remains constructive on the portfolio's high-quality compounders and views a weakening dollar as a major long-term structural tailwind. | |||||||
| +6.0% | +35.3% | Blue Tower generated a 6.02% net return in Q3 2025, powered by its largest holding Georgia Capital. The manager remains highly cautious on US index returns due to extreme valuations, unsustainable fiscal deficits, and structural de-dollarization trends. Full Quick Take Blue Tower generated a 6.02% net return in Q3 2025, powered by its largest holding Georgia Capital. The manager remains highly cautious on US index returns due to extreme valuations, unsustainable fiscal deficits, and structural de-dollarization trends. | - | ||||||
| +5.7% | +12.2% | 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. Full Quick Take 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. | |||||||
| - | +0.9% | Crescat Capital warns of a major impending market downturn driven by extreme valuations in US mega-caps and structural stagflation. The firm is actively hedging with put options and heavily positioned in gold miners. Full Quick Take Crescat Capital warns of a major impending market downturn driven by extreme valuations in US mega-caps and structural stagflation. The firm is actively hedging with put options and heavily positioned in gold miners. | - | ||||||
| - | - | - | TIFF champions U.S. exceptionalism while acknowledging fiscal deficit risks requiring $2T annual debt sales. Despite dollar depreciation concerns, equities remain the most universal hedge against inflation and currency decay. The firm maintains target equity exposure with put protection, seeing supportive conditions ahead from AI innovation, economic stability, and Fed easing during historically strong year-end months. Full Quick Take TIFF champions U.S. exceptionalism while acknowledging fiscal deficit risks requiring $2T annual debt sales. Despite dollar depreciation concerns, equities remain the most universal hedge against inflation and currency decay. The firm maintains target equity exposure with put protection, seeing supportive conditions ahead from AI innovation, economic stability, and Fed easing during historically strong year-end months. | - | |||||
| - | - | - | TIFF remains constructive on U.S. equities as the best defense against fiscal deficits and inflation, while maintaining a cautious underweight on bonds and holding short-term put options for seasonal protection. Full Quick Take TIFF remains constructive on U.S. equities as the best defense against fiscal deficits and inflation, while maintaining a cautious underweight on bonds and holding short-term put options for seasonal protection. | - | |||||
| +21.7% | +15.4% | - | The fund underperformed its benchmark in Q3 2025 due to currency detraction, but the managers remain constructive on EM local debt, actively increasing foreign currency and duration exposures. Full Quick Take The fund underperformed its benchmark in Q3 2025 due to currency detraction, but the managers remain constructive on EM local debt, actively increasing foreign currency and duration exposures. | - | |||||
| - | +0.6% | - | The traditional 60/40 model is dead as stock-bond correlations turn positive under a politicized Fed, establishing gold and precious metals as the ultimate structural safe havens. Full Quick Take The traditional 60/40 model is dead as stock-bond correlations turn positive under a politicized Fed, establishing gold and precious metals as the ultimate structural safe havens. | - | |||||
| - | - | The Strategy actively repositioned into high-conviction AI infrastructure, resilient Canadian retailers, and structurally superior banks to navigate a heavy value-driven rotation and capitalize on a weakening U.S. dollar. Full Quick Take The Strategy actively repositioned into high-conviction AI infrastructure, resilient Canadian retailers, and structurally superior banks to navigate a heavy value-driven rotation and capitalize on a weakening U.S. dollar. | - | ||||||
| +13.7% | +11.5% | - | The Invesco International Bond Fund is strategically positioned to benefit from a weakening US dollar and diverging global central bank policies by increasing emerging market currency exposure and adopting a cautious stance on credit and duration. Full Quick Take The Invesco International Bond Fund is strategically positioned to benefit from a weakening US dollar and diverging global central bank policies by increasing emerging market currency exposure and adopting a cautious stance on credit and duration. | - | |||||
| +9.1% | +13.0% | The Invesco Emerging Markets Local Debt Fund outperformed its benchmark in Q2 2025, posting a 9.14% return driven by strong interest rate positioning. Managers are highly constructive on emerging market debt for the remainder of 2025, supported by a weakening US dollar and favorable growth differentials. Full Quick Take The Invesco Emerging Markets Local Debt Fund outperformed its benchmark in Q2 2025, posting a 9.14% return driven by strong interest rate positioning. Managers are highly constructive on emerging market debt for the remainder of 2025, supported by a weakening US dollar and favorable growth differentials. | - | ||||||
| - | - | Schafer Cullen's dividend-focused strategy outperformed value benchmarks in Q2 through strong international stock selection, particularly in Financials and Industrials. The managers maintain conviction in their value approach, citing attractive international valuations, expected USD weakness, and strong portfolio dividend growth of 8.6%. Strategy positioned to benefit from mean reversion away from US market concentration. Full Quick Take Schafer Cullen's dividend-focused strategy outperformed value benchmarks in Q2 through strong international stock selection, particularly in Financials and Industrials. The managers maintain conviction in their value approach, citing attractive international valuations, expected USD weakness, and strong portfolio dividend growth of 8.6%. Strategy positioned to benefit from mean reversion away from US market concentration. | - | ||||||
| +5.0% | +6.5% | - | Carmignac Patrimoine outperformed its benchmark in Q2 2025 by returning +4.98%, driven by strong tech stock selection, Euro currency bias, and effective tactical hedging. Full Quick Take Carmignac Patrimoine outperformed its benchmark in Q2 2025 by returning +4.98%, driven by strong tech stock selection, Euro currency bias, and effective tactical hedging. | - | |||||
| - | +7.0% | - | While markets enjoy a deceptive calm, beneath the surface lie heavy risks like extreme valuations and narrow breadth, leading Focus to remain highly selective with a preference for international equities, small-caps, and alternative assets. Full Quick Take While markets enjoy a deceptive calm, beneath the surface lie heavy risks like extreme valuations and narrow breadth, leading Focus to remain highly selective with a preference for international equities, small-caps, and alternative assets. | - | |||||
| - | +12.0% | Market volatility from Trump's tariff announcement demonstrated diversification value as international assets outperformed amid dollar weakness. While U.S. stocks recovered strongly, elevated valuations and cooling economic data warrant caution. Neutral outlook supported by likely tax cuts and potential Fed easing, but monitoring deficit risks and Fed credibility concerns. Full Quick Take Market volatility from Trump's tariff announcement demonstrated diversification value as international assets outperformed amid dollar weakness. While U.S. stocks recovered strongly, elevated valuations and cooling economic data warrant caution. Neutral outlook supported by likely tax cuts and potential Fed easing, but monitoring deficit risks and Fed credibility concerns. | - |
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