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.
The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly.
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The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly.
Muhlenkamp is defensively positioned after 18 months of reducing AI exposure, viewing semiconductor valuations as dangerously elevated and comparable to 2000-2002 bubble risk. Manager sold international chip exposure and Chinese holdings, building cash while maintaining gold positions despite near-term weakness. Fund up high-single-digits year-to-date but prioritizing capital preservation over deployment, waiting patiently for attractive entry points in what he views as an overvalued market.
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Muhlenkamp is defensively positioned after 18 months of reducing AI exposure, viewing semiconductor valuations as dangerously elevated and comparable to 2000-2002 bubble risk. Manager sold international chip exposure and Chinese holdings, building cash while maintaining gold positions despite near-term weakness. Fund up high-single-digits year-to-date but prioritizing capital preservation over deployment, waiting patiently for attractive entry points in what he views as an overvalued market.
The manager advocates staying short-duration, high-quality, and income-focused, arguing that sticky inflation, geopolitical energy shocks from the Iranian conflict, and mounting federal debt interest burdens make long-duration bonds highly risky. By focusing on shorter maturities and solid corporate credits, investors can secure resilient yields without relying on uncertain rate cuts.
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The manager advocates staying short-duration, high-quality, and income-focused, arguing that sticky inflation, geopolitical energy shocks from the Iranian conflict, and mounting federal debt interest burdens make long-duration bonds highly risky. By focusing on shorter maturities and solid corporate credits, investors can secure resilient yields without relying on uncertain rate cuts.
To navigate the rising geopolitical uncertainties and potential energy shocks that threaten global growth, Crawford Investment Counsel advocates for investing in high-quality equities with consistent dividends and strong balance sheets. By capitalizing on recent market corrections, the manager is upgrading portfolio quality to ensure resilience as the market transitions from speculative enthusiasm to a more moderate, value-focused return environment.
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To navigate the rising geopolitical uncertainties and potential energy shocks that threaten global growth, Crawford Investment Counsel advocates for investing in high-quality equities with consistent dividends and strong balance sheets. By capitalizing on recent market corrections, the manager is upgrading portfolio quality to ensure resilience as the market transitions from speculative enthusiasm to a more moderate, value-focused return environment.
An intense energy shock triggered by geopolitical conflict in the Middle East has disrupted global supply chains and exposed the vulnerabilities of the long-dominant asset-light investment model. Rising energy constraints are challenging the scalability of artificial intelligence, forcing massive infrastructure spending. While fixed-rate credit suffered, leveraged loans recovered quickly due to rising interest rate expectations and solid interest coverage metrics.
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An intense energy shock triggered by geopolitical conflict in the Middle East has disrupted global supply chains and exposed the vulnerabilities of the long-dominant asset-light investment model. Rising energy constraints are challenging the scalability of artificial intelligence, forcing massive infrastructure spending. While fixed-rate credit suffered, leveraged loans recovered quickly due to rising interest rate expectations and solid interest coverage metrics.
