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.
Ennismore returned 0.4% in May, down 4.5% year-to-date. The fund initiated a position in MLP SE, a German financial advisory firm trading at twelve times earnings following a profit warning. MLP's 55-year-old network of advisers serving academic professionals creates a defensible franchise benefiting from demographic tailwinds as clients enter peak wealth years. Management targets 50% profit growth by 2028, implying 70%+ upside.
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Ennismore returned 0.4% in May, down 4.5% year-to-date. The fund initiated a position in MLP SE, a German financial advisory firm trading at twelve times earnings following a profit warning. MLP's 55-year-old network of advisers serving academic professionals creates a defensible franchise benefiting from demographic tailwinds as clients enter peak wealth years. Management targets 50% profit growth by 2028, implying 70%+ upside.
Militia Capital posted 19% Q1 returns through superior multi-manager execution, with individual PMs delivering 23-37% performance. This final hedge fund letter announces a strategic pivot toward building a comprehensive financial services platform featuring AI-powered investing, ETFs, and brokerage services, while promoting top performers to partnership roles.
Full Quick Take
Militia Capital posted 19% Q1 returns through superior multi-manager execution, with individual PMs delivering 23-37% performance. This final hedge fund letter announces a strategic pivot toward building a comprehensive financial services platform featuring AI-powered investing, ETFs, and brokerage services, while promoting top performers to partnership roles.
The Baron Global Advantage Fund rebounded strongly in Q2 2025 with a 22.68% return, fueled by a V-shaped recovery in high-conviction growth names like NVIDIA and Cloudflare, while establishing new positions in Nu Holdings and Loar Holdings.
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The Baron Global Advantage Fund rebounded strongly in Q2 2025 with a 22.68% return, fueled by a V-shaped recovery in high-conviction growth names like NVIDIA and Cloudflare, while establishing new positions in Nu Holdings and Loar Holdings.
Montaka delivered strong 2023 performance owning megacap winners while maintaining concentrated exposure to structural transformation themes. Added LVMH after 30% decline, sold Carlyle Group. Portfolio focused on AI beneficiaries, alternative asset managers, luxury brands, and mission-critical financial platforms. Low turnover strategy emphasizes time horizon arbitrage with multi-year earnings power growth expectations exceeding market pricing.
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Montaka delivered strong 2023 performance owning megacap winners while maintaining concentrated exposure to structural transformation themes. Added LVMH after 30% decline, sold Carlyle Group. Portfolio focused on AI beneficiaries, alternative asset managers, luxury brands, and mission-critical financial platforms. Low turnover strategy emphasizes time horizon arbitrage with multi-year earnings power growth expectations exceeding market pricing.
