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 Focus Fund delivered a strong 9.9% YTD return, but warns that extreme market concentration, 23x forward S&P multiples, and speculative retail and corporate behavior point to late-cycle excess, prompting a pivot toward under-followed SMID caps, international stocks, and alternative assets.
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The Focus Fund delivered a strong 9.9% YTD return, but warns that extreme market concentration, 23x forward S&P multiples, and speculative retail and corporate behavior point to late-cycle excess, prompting a pivot toward under-followed SMID caps, international stocks, and alternative assets.
Distillate Capital warns of extreme S&P 500 concentration and rich valuations comparable to the TMT bubble, advocating for a disciplined, free-cash-flow-driven value strategy to navigate passive benchmark risks.
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Distillate Capital warns of extreme S&P 500 concentration and rich valuations comparable to the TMT bubble, advocating for a disciplined, free-cash-flow-driven value strategy to navigate passive benchmark risks.
MacNicol & Associates raises the alarm on extreme market valuations and unprecedented concentration in tech, urging investors to prioritize downside protection via active management and hedging through real assets like gold.
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MacNicol & Associates raises the alarm on extreme market valuations and unprecedented concentration in tech, urging investors to prioritize downside protection via active management and hedging through real assets like gold.
