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 15, 2026 | -0.8% | -19.6% | +12.3% | Driven by an acute September drawdown across vertical software and financial compounders amid AI disruption narratives, while initiating positions in TransDigm and Rollins and maintaining cash at 2.8%. Full Quick Take Driven by an acute September drawdown across vertical software and financial compounders amid AI disruption narratives, while initiating positions in TransDigm and Rollins and maintaining cash at 2.8%. | ||||||
Q3 2026 | Oct 14, 2026 | - | +7.6% | - | Positioned defensively in capital preservation mode with just 22% equity exposure, the fund holds substantial short-duration bonds and gold while tactically buying oversold 10-year US Treasuries. Full Quick Take Positioned defensively in capital preservation mode with just 22% equity exposure, the fund holds substantial short-duration bonds and gold while tactically buying oversold 10-year US Treasuries. | - | |||||
Q3 2026 | Oct 13, 2026 | -1.4% | -0.7% | - | Pressured by widespread market breadth deterioration outside of megacap tech, while elevating cash reserves to 32.8% to protect capital amid elevated interest rates and geopolitical risks. Full Quick Take Pressured by widespread market breadth deterioration outside of megacap tech, while elevating cash reserves to 32.8% to protect capital amid elevated interest rates and geopolitical risks. | ||||||
Q3 2026 | Oct 12, 2026 | +6.5% | +11.0% | +31.4% | Well ahead of the MSCI ACWI's +1.6%. The manager maintains that while US-dominated global indices appear dangerously priced, neglected international assets in the UK and emerging markets trade at significant discounts, marking the early stages of a secular rotation into value. Full Quick Take Well ahead of the MSCI ACWI's +1.6%. The manager maintains that while US-dominated global indices appear dangerously priced, neglected international assets in the UK and emerging markets trade at significant discounts, marking the early stages of a secular rotation into value. | - | |||||
Q3 2026 | Oct 12, 2026 | +5.6% | +25.8% | +10.1% | - | Despite macroeconomic headwinds from rising oil prices and a spike in US Treasury yields to 5.28%, the portfolio maintains exceptional fundamentals, trading at 7.7x trailing earnings with a 6.4% dividend yield. Full Quick Take Despite macroeconomic headwinds from rising oil prices and a spike in US Treasury yields to 5.28%, the portfolio maintains exceptional fundamentals, trading at 7.7x trailing earnings with a 6.4% dividend yield. | - | ||||
Q3 2026 | Oct 8, 2026 | - | - | +13.0% | - | QV Investors warns that normalized bond yields shrink valuation buffers, making equity markets increasingly vulnerable if earnings growth falters. Full Quick Take QV Investors warns that normalized bond yields shrink valuation buffers, making equity markets increasingly vulnerable if earnings growth falters. | - | ||||
Q3 2026 | Oct 5, 2026 | - | - | - | - | With equity earnings yields barely outpacing Treasury yields, rich valuations leave growth stocks vulnerable, prompting an emphasis on high-yielding fixed income and selective value opportunities. Full Quick Take With equity earnings yields barely outpacing Treasury yields, rich valuations leave growth stocks vulnerable, prompting an emphasis on high-yielding fixed income and selective value opportunities. | - | ||||
Q2 2026 | Aug 11, 2026 | - | +30.0% | +9.2% | Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Full Quick Take Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. | - | |||||
Q1 2026 | Mar 31, 2026 | - | - | - | Gresham House views the dramatic valuation gap between UK smaller companies and global peers as a rare, once-in-a-generation opportunity. Full Quick Take Gresham House views the dramatic valuation gap between UK smaller companies and global peers as a rare, once-in-a-generation opportunity. | ||||||
Q4 2025 | Jan 15, 2026 | +5.5% | +18.3% | +17.3% | The fund remains highly constructive on undervalued South African equities and event-driven opportunities while maintaining its short book for downside hedging. Full Quick Take The fund remains highly constructive on undervalued South African equities and event-driven opportunities while maintaining its short book for downside hedging. | - | |||||
Q4 2025 | Jan 7, 2026 | - | +39.0% | +14.8% | ByteTree warns of an historic valuation bubble in US equities and positions its multi-asset portfolios heavily toward non-US value, commodities, and high-quality defensive compounders. Full Quick Take ByteTree warns of an historic valuation bubble in US equities and positions its multi-asset portfolios heavily toward non-US value, commodities, and high-quality defensive compounders. | - | |||||
Q4 2025 | Dec 31, 2025 | +8.5% | +20.2% | +6.2% | - | ||||||
Q3 2025 | Oct 12, 2025 | - | - | - | Mountain Vista cautions that U.S. large-cap tech is dangerously expensive due to AI speculation, recommending instead that investors diversify into cheaper international/small-cap equities, Gold, and Bitcoin to hedge fiscal repression. Full Quick Take Mountain Vista cautions that U.S. large-cap tech is dangerously expensive due to AI speculation, recommending instead that investors diversify into cheaper international/small-cap equities, Gold, and Bitcoin to hedge fiscal repression. | - | |||||
Q3 2025 | Oct 8, 2025 | - | - | - | - | Oujo Wealth Strategies reports strong YTD gains and maintains a cautiously optimistic posture, making slight strategic moves into attractive fixed-income yields while advising clients to remain disciplined with a long-term equity focus. Full Quick Take Oujo Wealth Strategies reports strong YTD gains and maintains a cautiously optimistic posture, making slight strategic moves into attractive fixed-income yields while advising clients to remain disciplined with a long-term equity focus. | - | ||||
Q3 2025 | Oct 2, 2025 | +6.8% | - | +29.6% | Beating its benchmark by 1.9%. Cautious on general market valuations but is highly constructive on its targeted mid-cap holdings, supported by a significant cash reserve to exploit volatility. Full Quick Take Beating its benchmark by 1.9%. Cautious on general market valuations but is highly constructive on its targeted mid-cap holdings, supported by a significant cash reserve to exploit volatility. | - | |||||
Q3 2025 | Sep 30, 2025 | +11.0% | +35.3% | +18.5% | Driven by an 87% gain on Japanese shoe wholesaler Toho Lamac. The manager remains highly constructive on cheap, reforming Japanese small-caps while warning of valuation risks in US equities. Full Quick Take Driven by an 87% gain on Japanese shoe wholesaler Toho Lamac. The manager remains highly constructive on cheap, reforming Japanese small-caps while warning of valuation risks in US equities. | - | |||||
Q3 2025 | Sep 30, 2025 | - | - | - | - | Centerstone suggests it may be time to join the 'bondwagon' as high equity multiples make stock markets vulnerable, while long-term Treasuries lock in a highly competitive 4% return. Full Quick Take Centerstone suggests it may be time to join the 'bondwagon' as high equity multiples make stock markets vulnerable, while long-term Treasuries lock in a highly competitive 4% return. | - | ||||
Q3 2025 | Sep 30, 2025 | - | - | - | Matrix Asset Advisors is taking a cautious, active stance by trimming high-flying tech gainers to moderate stock overweight levels, while rotating funds into defensive value laggards and short-term bonds. Full Quick Take Matrix Asset Advisors is taking a cautious, active stance by trimming high-flying tech gainers to moderate stock overweight levels, while rotating funds into defensive value laggards and short-term bonds. | - | |||||
Q2 2025 | Jul 1, 2025 | - | - | - | MacNicol & Associates raises a red flag over current 30x P/E multiples on the S&P 500, advising investors to look past AI exuberance and build robust downside protection through dividend payers and uncorrelated alternative funds. Full Quick Take MacNicol & Associates raises a red flag over current 30x P/E multiples on the S&P 500, advising investors to look past AI exuberance and build robust downside protection through dividend payers and uncorrelated alternative funds. | - | |||||
Q2 2025 | Jul 1, 2025 | +8.4% | +16.4% | +8.6% | Tweedy, Browne captured solid absolute returns in Q2 2025 led by defense aerospace holdings, and is aggressively deploying capital into attractively discounted European and Japanese SMID-cap value stocks while remaining cautious on expensive US indices. Full Quick Take Tweedy, Browne captured solid absolute returns in Q2 2025 led by defense aerospace holdings, and is aggressively deploying capital into attractively discounted European and Japanese SMID-cap value stocks while remaining cautious on expensive US indices. | - | |||||
Q2 2025 | Jul 1, 2025 | - | - | +12.7% | Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. Constructive on structurally advantaged international equities trading at a clear discount to the US. Full Quick Take Baillie Gifford's International All Cap Strategy delivered robust absolute returns despite underperforming its benchmark in Q2 2025. Constructive on structurally advantaged international equities trading at a clear discount to the US. | - | |||||
Q2 2025 | Jun 30, 2025 | +46.1% | +7.1% | +10.7% | Putnam Large Cap Value Fund delivered solid outperformance in Q2 2025, driven by strong selection in financials, utilities, and tech. The managers remain cautious due to high market valuations and looming tariff risks, but look to exploit volatility for value opportunities. Full Quick Take Putnam Large Cap Value Fund delivered solid outperformance in Q2 2025, driven by strong selection in financials, utilities, and tech. The managers remain cautious due to high market valuations and looming tariff risks, but look to exploit volatility for value opportunities. | - | |||||
Q2 2025 | Jun 30, 2025 | +19.5% | - | -13.1% | BTX generated strong gains in Q2 2025. |
Q3 2026