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 ↕ | SI ↕ | Tickers | Keywords / Themes | Quick Take | Pitches (LONG / SHORT) | Current Positioning | Letter |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q3 2026 | Oct 20, 2026 | +3.1% | +9.6% | +8.6% | Constructive on durable European and emerging-market compounders undergoing cyclical inflections, rotating out of fully-valued semiconductor holdings like Samsung into discounted leaders including JBS and Nintendo. Full Quick Take Constructive on durable European and emerging-market compounders undergoing cyclical inflections, rotating out of fully-valued semiconductor holdings like Samsung into discounted leaders including JBS and Nintendo. | - | |||||
Q3 2026 | Oct 19, 2026 | -7.1% | - | +7.0% | Constructive on emerging market equities anchored by structural demographic expansion and Asian semiconductor demand, initiating positions in MediaTek and ASPEED while exiting capital equipment and lithium producers facing capacity headwinds. Full Quick Take Constructive on emerging market equities anchored by structural demographic expansion and Asian semiconductor demand, initiating positions in MediaTek and ASPEED while exiting capital equipment and lithium producers facing capacity headwinds. | - | |||||
Q3 2026 | Oct 19, 2026 | - | - | - | - | Seafarer Overseas Value Fund articulates a disciplined emerging market equity strategy centered on seven balance sheet and cash flow sources of value to capture long-term asset productivity and structural growth shifts. Full Quick Take Seafarer Overseas Value Fund articulates a disciplined emerging market equity strategy centered on seven balance sheet and cash flow sources of value to capture long-term asset productivity and structural growth shifts. | - | ||||
Q3 2026 | Oct 12, 2026 | - | - | - | - | Emerging markets paused in Q3 2026 with the MSCI EM Index down -0.4% but retained an 11-point lead year-to-date with a +23% gain, supported by strong AI hardware fundamentals and 19 of 24 countries trading below 10-year average P/E multiples despite Fed hawkishness. Full Quick Take Emerging markets paused in Q3 2026 with the MSCI EM Index down -0.4% but retained an 11-point lead year-to-date with a +23% gain, supported by strong AI hardware fundamentals and 19 of 24 countries trading below 10-year average P/E multiples despite Fed hawkishness. | - | ||||
Q3 2026 | Oct 12, 2026 | - | - | - | Third-quarter 2026 market performance was marked by a sharp divergence between resilient equities and declining fixed income as major central banks tightened policy by 25 basis points. Full Quick Take Third-quarter 2026 market performance was marked by a sharp divergence between resilient equities and declining fixed income as major central banks tightened policy by 25 basis points. | - | |||||
Q2 2026 | Aug 29, 2026 | - | - | - | M&G navigates unprecedented market concentration by maintaining disciplined diversification across uncorrelated securities with clear value gaps. Full Quick Take M&G navigates unprecedented market concentration by maintaining disciplined diversification across uncorrelated securities with clear value gaps. | - | |||||
Q2 2026 | Aug 26, 2026 | - | - | - | - | L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. Full Quick Take L&G Active Fixed Income has turned defensive as the Iran conflict drives sustained oil price spikes above $100, forcing rate repricing and creating multiple overlapping risks with AI disruption and private credit stress. | - | ||||
Q2 2026 | Aug 14, 2026 | +8.8% | - | +8.3% | The fund's value-oriented positioning clashed with record momentum factor outperformance fueled by leveraged ETFs and options flows. Full Quick Take The fund's value-oriented positioning clashed with record momentum factor outperformance fueled by leveraged ETFs and options flows. | - | |||||
Q2 2026 | Aug 11, 2026 | - | +9.0% | +10.4% | SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. Full Quick Take SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. | - | |||||
Q2 2026 | Aug 11, 2026 | - | - | +4.7% | - | PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. Full Quick Take PGIM Global Total Return outperformed in Q2 2026 despite Middle East conflict volatility. | - | ||||
Q2 2026 | Aug 11, 2026 | - | - | - | Market leadership broadened in Q2 2026 as the Magnificent Seven lagged while AI-driven semiconductor stocks and small caps surged, with some names returning over 100%. Full Quick Take Market leadership broadened in Q2 2026 as the Magnificent Seven lagged while AI-driven semiconductor stocks and small caps surged, with some names returning over 100%. | - | |||||
Q2 2026 | Aug 6, 2026 | - | - | - | - | The Fed turned hawkish under new Chair Warsh, signaling potential 2026 rate hikes, while easing US-Iran tensions helped oil retreat 21.2%. Emerging markets led at 24.2%, driven by exceptional Asian technology performance. Full Quick Take The Fed turned hawkish under new Chair Warsh, signaling potential 2026 rate hikes, while easing US-Iran tensions helped oil retreat 21.2%. Emerging markets led at 24.2%, driven by exceptional Asian technology performance. | - | ||||
Q2 2026 | Jul 31, 2026 | - | - | - | - | AI infrastructure spending drove Q2 2026's 13.8% global equity surge, with semiconductor-exposed markets Taiwan and Korea delivering exceptional gains on sustained hyperscaler demand. US-Iran ceasefire collapsed oil prices, hammering energy stocks. Full Quick Take AI infrastructure spending drove Q2 2026's 13.8% global equity surge, with semiconductor-exposed markets Taiwan and Korea delivering exceptional gains on sustained hyperscaler demand. US-Iran ceasefire collapsed oil prices, hammering energy stocks. | - | ||||
Q2 2026 | Jul 31, 2026 | +3.7% | -1.9% | +5.8% | - | 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. 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. | - | ||||
Q2 2026 | Jul 31, 2026 | +22.2% | +4.0% | +14.3% | Sands Capital Global Growth posted 22.2 percent net returns in Q2 2026, driven by AI infrastructure businesses including SK hynix, Bloom Energy, and Taiwan Semiconductor. Memory shortages are structural and multiyear, with supply constraints extending through at least late 2027. Full Quick Take Sands Capital Global Growth posted 22.2 percent net returns in Q2 2026, driven by AI infrastructure businesses including SK hynix, Bloom Energy, and Taiwan Semiconductor. Memory shortages are structural and multiyear, with supply constraints extending through at least late 2027. | ||||||
Q2 2026 | Jul 31, 2026 | +2.2% | +10.1% | +12.3% | - | 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 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. | - | ||||
Q2 2026 | Jul 30, 2026 | +0.8% | +0.5% | +1.1% | - | The fund reduced corporate beta at historically tight credit spreads, favoring high-quality securitized assets for spread exposure while adding European and emerging market rates given attractive valuations and carry opportunities. Full Quick Take The fund reduced corporate beta at historically tight credit spreads, favoring high-quality securitized assets for spread exposure while adding European and emerging market rates given attractive valuations and carry opportunities. | - | ||||
Q2 2026 | Jul 29, 2026 | +14.5% | +14.0% | +9.6% | Outperforming its benchmark through active positioning favoring non-U.S. equities and strong security selection in semiconductors and AI-related technology. Full Quick Take Outperforming its benchmark through active positioning favoring non-U.S. equities and strong security selection in semiconductors and AI-related technology. | - | |||||
Q2 2026 | Jul 29, 2026 | - | +7.8% | +10.2% | Global Alpha's portfolio trades at an unprecedented discount to the market despite delivering strong fundamental growth and higher expected earnings. Full Quick Take Global Alpha's portfolio trades at an unprecedented discount to the market despite delivering strong fundamental growth and higher expected earnings. | ||||||
Q2 2026 | Jul 29, 2026 | -1.8% | -0.3% | +17.3% | Strong results from Grindrod, Sun International, and AECI drove gains, while gold and PGM positions detracted on commodity price weakness. The manager tactically reduced exposure during peak uncertainty then redeployed into special situations as geopolitical risks receded. Full Quick Take Strong results from Grindrod, Sun International, and AECI drove gains, while gold and PGM positions detracted on commodity price weakness. The manager tactically reduced exposure during peak uncertainty then redeployed into special situations as geopolitical risks receded. | - | |||||
Q2 2026 | Jul 28, 2026 | +14.9% | +14.4% | +16.4% | Beating its benchmark by 74 bps on semiconductor strength and growth stock leadership. The fund increased emerging-markets equity exposure on accelerating earnings while trimming commodities as inflation normalized. Full Quick Take Beating its benchmark by 74 bps on semiconductor strength and growth stock leadership. The fund increased emerging-markets equity exposure on accelerating earnings while trimming commodities as inflation normalized. | - | |||||
Q2 2026 | Jul 25, 2026 | +6.0% | +5.0% | +9.3% | - | TCW's EM Income Fund outperformed by 137bps in Q2 2026, driven by high yield selection and overweights in Ukraine, Egypt, and Argentina. 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. | - | ||||
Q2 2026 | Jul 25, 2026 | +3.6% | +6.3% | +8.6% | Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. Full Quick Take Brandes International Equity underperformed in Q2 2026 as AI-driven technology concentration dominated markets. The manager trimmed semiconductor winners and maintains conviction in mission-critical enterprise software despite near-term pressure. | ||||||
Q2 2026 | Jul 22, 2026 | - | - | - | Markets rewarded diversification in H1 2026, with emerging markets, small caps, and value significantly outperforming AI-driven growth despite strong fundamentals. Full Quick Take Markets rewarded diversification in H1 2026, with emerging markets, small caps, and value significantly outperforming AI-driven growth despite strong fundamentals. | - | |||||
Q2 2026 | Jul 21, 2026 | -4.4% | +11.3% | +41.8% | Core thesis: Economic Feudalism continues with weak-Dollar catalyzing Emerging Markets, refiners benefiting from supply tightness, and technical colleges capturing AI reskilling. AI capex is a historic bubble supporting 10%+ of GDP that will unwind badly. Full Quick Take Core thesis: Economic Feudalism continues with weak-Dollar catalyzing Emerging Markets, refiners benefiting from supply tightness, and technical colleges capturing AI reskilling. AI capex is a historic bubble supporting 10%+ of GDP that will unwind badly. | ||||||
Q2 2026 | Jul 17, 2026 | - | - | - | Chilton Capital sees the AI-driven market rally as fundamentally sound, backed by spectacular earnings growth rather than bubble-like multiple expansion. Full Quick Take Chilton Capital sees the AI-driven market rally as fundamentally sound, backed by spectacular earnings growth rather than bubble-like multiple expansion. | ||||||
Q2 2026 | Jul 17, 2026 | +13.7% | - | +8.5% | T. The Fund is shifting AI exposure toward technology beneficiaries while emphasizing themes with proven cash flows in healthcare, insurance, and commodities. Full Quick Take T. The Fund is shifting AI exposure toward technology beneficiaries while emphasizing themes with proven cash flows in healthcare, insurance, and commodities. | - | |||||
Q2 2026 | Jul 17, 2026 | - | - | - | - | Inflation reaccelerated to 4.2% on energy shocks from Middle East conflict, prompting the Fed to hold rates restrictive. Corporate credit remained resilient despite rising Treasury yields. Full Quick Take Inflation reaccelerated to 4.2% on energy shocks from Middle East conflict, prompting the Fed to hold rates restrictive. Corporate credit remained resilient despite rising Treasury yields. | - | ||||
Q2 2026 | Jul 17, 2026 | - | - | - | Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA. Full Quick Take Manager maintains high conviction in structural themes including AI infrastructure, energy transition, and emerging market technology leadership through holdings like Polar Capital Artificial Intelligence and KLA. | ||||||
Q2 2026 | Jul 17, 2026 | +6.4% | - | - | - | T. Strong equity performance from insurance, healthcare, and AI holdings offset a 10.6% gold decline following Fed policy shifts. Full Quick Take T. Strong equity performance from insurance, healthcare, and AI holdings offset a 10.6% gold decline following Fed policy shifts. | - | ||||
Q2 2026 | Jul 15, 2026 | - | - | - | The Fed held hawkish at 3.50-3.75% despite three-year high inflation. Markets are betting the energy shock has peaked and earnings growth continues, though geopolitical and rate uncertainties remain unresolved. Full Quick Take The Fed held hawkish at 3.50-3.75% despite three-year high inflation. Markets are betting the energy shock has peaked and earnings growth continues, though geopolitical and rate uncertainties remain unresolved. | - | |||||
Q2 2026 | Jul 15, 2026 | - | - | - | - | New Fed Chair Warsh surprised with hawkish pivot eliminating forward guidance and signaling possible rate hikes. Technology surged 31% on AI earnings strength. Full Quick Take New Fed Chair Warsh surprised with hawkish pivot eliminating forward guidance and signaling possible rate hikes. Technology surged 31% on AI earnings strength. | - | ||||
Q2 2026 | Jul 11, 2026 | - | - | - | - | Q2 2026 saw the S&P 500 surge 14.9%, its best quarter in six years, driven by AI and semiconductor strength, with Technology up 31.6% and semiconductors gaining 49.5%. Energy reversed sharply. Full Quick Take Q2 2026 saw the S&P 500 surge 14.9%, its best quarter in six years, driven by AI and semiconductor strength, with Technology up 31.6% and semiconductors gaining 49.5%. Energy reversed sharply. | - | ||||
Q2 2026 | Jul 11, 2026 | - | - | - | - | AI investment broadened beyond technology, driving strong performance in semiconductor-heavy markets like Taiwan and South Korea. Emerging markets led with 24.1% gains while growth stocks outperformed on strong tech earnings. Full Quick Take AI investment broadened beyond technology, driving strong performance in semiconductor-heavy markets like Taiwan and South Korea. Emerging markets led with 24.1% gains while growth stocks outperformed on strong tech earnings. | - | ||||
Q2 2026 | Jul 8, 2026 | - | - | - | - | Despite Iran conflict volatility in March, markets recovered fully by June, driven by exceptional corporate earnings with 85% of companies beating estimates. Wall Street raised 2026 EPS growth forecasts from 13% to 22%. Full Quick Take Despite Iran conflict volatility in March, markets recovered fully by June, driven by exceptional corporate earnings with 85% of companies beating estimates. Wall Street raised 2026 EPS growth forecasts from 13% to 22%. | - | ||||
Q2 2026 | Jul 6, 2026 | - | - | - | - | Glenmede expects 2.7% U.S. GDP growth in 2026 as fiscal stimulus and AI productivity gains offset tariff and energy headwinds. Geopolitical tensions drove inflation to 4.2% before easing late quarter. Full Quick Take Glenmede expects 2.7% U.S. GDP growth in 2026 as fiscal stimulus and AI productivity gains offset tariff and energy headwinds. Geopolitical tensions drove inflation to 4.2% before easing late quarter. | - | ||||
Q1 2026 | Apr 30, 2026 | - | - | +9.5% | - | Emerging market debt positioned for continued outperformance in 2026 as soaring gold and copper prices create powerful tailwinds for commodity-exporting economies. Full Quick Take Emerging market debt positioned for continued outperformance in 2026 as soaring gold and copper prices create powerful tailwinds for commodity-exporting economies. | - | ||||
Q1 2026 | Apr 22, 2026 | +16.4% | +16.4% | +41.8% | Positioned for an inflationary multipolar world with elevated volatility. Core holdings in emerging markets, refiners, precious metals, and commodities trading benefit from Dollar weakness and structural disruptions. Full Quick Take Positioned for an inflationary multipolar world with elevated volatility. Core holdings in emerging markets, refiners, precious metals, and commodities trading benefit from Dollar weakness and structural disruptions. | ||||||
Q1 2026 | Apr 18, 2026 | +1.5% | +1.5% | +17.3% | Strong performance from AECI and Glencore offset weakness in Naspers/Prosus positions. Manager reduced exposure amid Strait of Hormuz closure uncertainty while maintaining conviction that South African and emerging market equities remain undervalued for long-term outperformance. Full Quick Take Strong performance from AECI and Glencore offset weakness in Naspers/Prosus positions. Manager reduced exposure amid Strait of Hormuz closure uncertainty while maintaining conviction that South African and emerging market equities remain undervalued for long-term outperformance. | - | |||||
Q1 2026 | Apr 17, 2026 | +48.0% | +48.0% | +8.2% | The BNY Mellon Global Emerging Markets Fund outperformed its benchmark in Q1 2026, driven by strong selection in consumer staples and information technology, despite geopolitical headwinds and regional weaknesses in India and China. Full Quick Take The BNY Mellon Global Emerging Markets Fund outperformed its benchmark in Q1 2026, driven by strong selection in consumer staples and information technology, despite geopolitical headwinds and regional weaknesses in India and China. | - | |||||
Q1 2026 | Mar 31, 2026 | -5.1% | -5.1% | - | - | Multi-asset fund navigated volatile Q1 2026 marked by Iran conflict and energy crisis. Strong early performance from Asia/emerging markets tilt reversed by Strait of Hormuz closure driving oil above $110. Full Quick Take Multi-asset fund navigated volatile Q1 2026 marked by Iran conflict and energy crisis. Strong early performance from Asia/emerging markets tilt reversed by Strait of Hormuz closure driving oil above $110. | - | ||||
Q1 2026 | Mar 31, 2026 | -15.2% | -15.2% | +8.5% | - | Brent crude hit record monthly gains above $110. Portfolio rotation favored active management over passive exposure. Full Quick Take Brent crude hit record monthly gains above $110. Portfolio rotation favored active management over passive exposure. | - | ||||
Q1 2026 | Mar 31, 2026 | - | - | - | - | The global economy has entered a new investing regime defined by structurally higher inflation and interest rates. Full Quick Take The global economy has entered a new investing regime defined by structurally higher inflation and interest rates. | - | ||||
Q1 2026 | Mar 31, 2026 | - | - | +7.6% | - | 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. 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. | - | ||||
Q4 2025 | Feb 3, 2026 | +2.1% | +12.4% | +41.8% | Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotated the fund into 'croupier' businesses, cheap emerging markets, refiners, and precious metals. Full Quick Take Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotated the fund into 'croupier' businesses, cheap emerging markets, refiners, and precious metals. | ||||||
Q4 2025 | Jan 28, 2026 | +23.9% | +20.0% | +16.1% | - | Grandeur Peak highlights a speculative 2025 market that rewarded low quality over durability, while positioning its concentrated, high-quality growth portfolios for an anticipated factor mean-reversion backed by robust underlying earnings growth. Full Quick Take Grandeur Peak highlights a speculative 2025 market that rewarded low quality over durability, while positioning its concentrated, high-quality growth portfolios for an anticipated factor mean-reversion backed by robust underlying earnings growth. | - | ||||
Q4 2025 | Jan 15, 2026 | +5.6% | +4.5% | +7.0% | - | Heading into 2026, the manager maintains a cautious duration posture (3.1) and high EM exposures coupled with credit hedges. Full Quick Take Heading into 2026, the manager maintains a cautious duration posture (3.1) and high EM exposures coupled with credit hedges. | - | ||||
Q4 2025 | Jan 15, 2026 | +5.5% | +18.3% | +12.3% | The manager is highly constructive on undervalued South African equities while maintaining a defensive short book to hedge against high-flying global markets. Full Quick Take The manager is highly constructive on undervalued South African equities while maintaining a defensive short book to hedge against high-flying global markets. | - | |||||
Q4 2025 | Dec 31, 2025 | - | - | - | - | 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. | - | ||||
Q4 2025 | Dec 31, 2025 | +42.2% | +27.6% | +8.0% | The fund highlights that while US equity returns are unsustainably concentrated in a few AI platform mega-caps, international equities offer a safer, cheaper, and more diversified way to capture the physical AI infrastructure buildout. Full Quick Take The fund highlights that while US equity returns are unsustainably concentrated in a few AI platform mega-caps, international equities offer a safer, cheaper, and more diversified way to capture the physical AI infrastructure buildout. | - |
Q2 2026
Q2 2026