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.
The Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply discounted chemical distributors like Azelis.
Full Quick Take
The Rubicon Stockpicker Fund returned 11.3% in 2025, lagging the booming DAX as the fund contrarianly redeployed profits from a successful United Internet investment into deeply discounted chemical distributors like Azelis.
The Global Discovery Fund declined 8.0% net through Q3 2023, impacted by a persistent valuation discount in small-caps under $1 billion. The manager views the current mega-cap technology rally as a fragile speculative bubble. Consequently, the fund is maintaining its focus on highly discounted small-cap compounders and secular beneficiaries of global electrical grid upgrades.
Full Quick Take
The Global Discovery Fund declined 8.0% net through Q3 2023, impacted by a persistent valuation discount in small-caps under $1 billion. The manager views the current mega-cap technology rally as a fragile speculative bubble. Consequently, the fund is maintaining its focus on highly discounted small-cap compounders and secular beneficiaries of global electrical grid upgrades.
