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.
RAM Smid composite generated strong returns in Q4 2025 and outperformed its benchmark. The firm anticipates a major rotation from overvalued large-cap tech into underappreciated SMID value names, where they continue to actively deploy capital.
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RAM Smid composite generated strong returns in Q4 2025 and outperformed its benchmark. The firm anticipates a major rotation from overvalued large-cap tech into underappreciated SMID value names, where they continue to actively deploy capital.
AFC Asia Frontier Fund delivered an estimated +17.5% return in 2025, its third consecutive double-digit year. The fund enters 2026 in a market 'sweet spot' defined by highly depressed valuations (6.7x P/E) and robust macro tailwinds.
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AFC Asia Frontier Fund delivered an estimated +17.5% return in 2025, its third consecutive double-digit year. The fund enters 2026 in a market 'sweet spot' defined by highly depressed valuations (6.7x P/E) and robust macro tailwinds.
The California High-Yield Municipal Fund outperformed its benchmark in Q4 2025 through superior sector allocation and barbell maturity positioning, maintaining a constructive outlook on select municipal credit sectors despite a highly bifurcated economic recovery.
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The California High-Yield Municipal Fund outperformed its benchmark in Q4 2025 through superior sector allocation and barbell maturity positioning, maintaining a constructive outlook on select municipal credit sectors despite a highly bifurcated economic recovery.
Torre Financial consolidated portfolios grew 6.9% in Q2 2025, lagging the S&P 500's 10.8% return. The manager completely exited UnitedHealth Group and is focusing on resilient, cash-generative compounders to navigate potential market rotations and geopolitical headwinds.
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Torre Financial consolidated portfolios grew 6.9% in Q2 2025, lagging the S&P 500's 10.8% return. The manager completely exited UnitedHealth Group and is focusing on resilient, cash-generative compounders to navigate potential market rotations and geopolitical headwinds.
Asian frontier markets showed robust resilience and convincing performance in June 2025, driven by a powerful structural 'economic liberation' in Vietnam, cheap valuations in South Asia, and upcoming privatizations in Uzbekistan.
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Asian frontier markets showed robust resilience and convincing performance in June 2025, driven by a powerful structural 'economic liberation' in Vietnam, cheap valuations in South Asia, and upcoming privatizations in Uzbekistan.
