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.
Praetorian Capital returned 11.92% net in Q3 2023 through concentrated bets on uranium, energy services, and Florida real estate. Manager Kupperman targets asymmetric opportunities in undervalued securities undergoing dynamic change. Despite frustration with recent performance, the portfolio is positioned for increased geopolitical volatility and inflation, with the manager excited about potentially more volatile markets ahead.
Full Quick Take
Praetorian Capital returned 11.92% net in Q3 2023 through concentrated bets on uranium, energy services, and Florida real estate. Manager Kupperman targets asymmetric opportunities in undervalued securities undergoing dynamic change. Despite frustration with recent performance, the portfolio is positioned for increased geopolitical volatility and inflation, with the manager excited about potentially more volatile markets ahead.
Kupperman's concentrated fund returned 8% in Q2, positioning for structural inflation through uranium and oil exposure. Reduced gross exposure below normal range due to systemic risk concerns including potential bond market disruption. Maintains conviction in nuclear power adoption and oil supply constraints while building cash for distressed opportunities during anticipated market volatility.
Full Quick Take
Kupperman's concentrated fund returned 8% in Q2, positioning for structural inflation through uranium and oil exposure. Reduced gross exposure below normal range due to systemic risk concerns including potential bond market disruption. Maintains conviction in nuclear power adoption and oil supply constraints while building cash for distressed opportunities during anticipated market volatility.
Kupperman's fund fell 2.09% in Q1 but he's positioned for an imminent energy crisis driven by oil supply deficits requiring 5-7% demand destruction. Core holdings include uranium, oil futures, energy services, and Florida land development. He anticipates simultaneous banking, real estate, and fiscal crises creating epic opportunities for patient capital with reduced exposure.
Full Quick Take
Kupperman's fund fell 2.09% in Q1 but he's positioned for an imminent energy crisis driven by oil supply deficits requiring 5-7% demand destruction. Core holdings include uranium, oil futures, energy services, and Florida land development. He anticipates simultaneous banking, real estate, and fiscal crises creating epic opportunities for patient capital with reduced exposure.
