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 runs a concentrated portfolio positioned for fiscal crisis in over-indebted Western democracies. Despite Q3 underperformance from three large positions, manager Harris Kupperman maintains conviction in uranium, oilfield services, precious metals, and Florida real estate. The fund has reduced exposure dramatically, holding significant liquidity to deploy during anticipated market volatility following elections and economic deterioration.
Full Quick Take
Praetorian Capital runs a concentrated portfolio positioned for fiscal crisis in over-indebted Western democracies. Despite Q3 underperformance from three large positions, manager Harris Kupperman maintains conviction in uranium, oilfield services, precious metals, and Florida real estate. The fund has reduced exposure dramatically, holding significant liquidity to deploy during anticipated market volatility following elections and economic deterioration.
Concentrated value fund down 1.69% in Q2 as core energy, uranium, and real estate positions await earnings inflections while Event-Driven book carried performance. Manager reduced exposure citing economic slowing and unfavorable low-volatility environment. Positioned defensively for election volatility while maintaining conviction in inflection investing approach requiring actual fundamental improvements, not just cheap valuations.
Full Quick Take
Concentrated value fund down 1.69% in Q2 as core energy, uranium, and real estate positions await earnings inflections while Event-Driven book carried performance. Manager reduced exposure citing economic slowing and unfavorable low-volatility environment. Positioned defensively for election volatility while maintaining conviction in inflection investing approach requiring actual fundamental improvements, not just cheap valuations.
