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.
Baron Durable Advantage Fund posted a solid 16.56% return in 2025, fueled entirely by robust fundamental business growth. Key moves included initiating a new position in Quanta Services to play secular energy demand from AI data centers.
Full Quick Take
Baron Durable Advantage Fund posted a solid 16.56% return in 2025, fueled entirely by robust fundamental business growth. Key moves included initiating a new position in Quanta Services to play secular energy demand from AI data centers.
Miller/Howard contends that heavy non-cash executive compensation distorts reported free cash flow metrics for non-dividend growth stocks. Once adjusted, dividend payers display superior cash flow margins, yields, and predictability. Supported by AI power demand and infrastructure expansion, the manager remains bullish on high-yielding, capital-disciplined equities in energy, utilities, and high-quality dividend payers.
Full Quick Take
Miller/Howard contends that heavy non-cash executive compensation distorts reported free cash flow metrics for non-dividend growth stocks. Once adjusted, dividend payers display superior cash flow margins, yields, and predictability. Supported by AI power demand and infrastructure expansion, the manager remains bullish on high-yielding, capital-disciplined equities in energy, utilities, and high-quality dividend payers.
