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.
Southeastern's Global Fund significantly underperformed in Q2 2026 due to avoiding overvalued AI and technology stocks the manager views as bubble territory. The concentrated 20-stock portfolio trades at mid-50s% P/V with the lowest multiples of real free cash flow. Active engagement is accelerating value realization across holdings. The manager maintains strong conviction that returns have been deferred, not foregone, positioning for mean reversion with considerably less risk.
Full Quick Take
Southeastern's Global Fund significantly underperformed in Q2 2026 due to avoiding overvalued AI and technology stocks the manager views as bubble territory. The concentrated 20-stock portfolio trades at mid-50s% P/V with the lowest multiples of real free cash flow. Active engagement is accelerating value realization across holdings. The manager maintains strong conviction that returns have been deferred, not foregone, positioning for mean reversion with considerably less risk.
