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.
Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals.
Full Quick Take
Horizon sees a fundamentally-driven bull market powered by AI productivity gains generating record earnings growth. The 2026 market is up less than earnings, indicating multiple compression not expansion. AI is creating jobs rather than destroying them while driving margin expansion across sectors. With inflation easing and consumers supported by wealth effects, the firm views current valuations as cheap and expects further appreciation driven by earnings fundamentals.
Voss Capital underperformed in Q2 2025 as index-level froth continued, but the manager remains highly constructive on idiosyncratic small-cap value opportunities, establishing a new core long position in Five9 (FIVN).
Full Quick Take
Voss Capital underperformed in Q2 2025 as index-level froth continued, but the manager remains highly constructive on idiosyncratic small-cap value opportunities, establishing a new core long position in Five9 (FIVN).
