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.
Elm Ridge views the current semiconductor and AI momentum surge as an unsustainable bubble mirroring the tech mania of 2000. While the fund's North American energy, petrochemical, and aluminum holdings experienced sharp pullbacks amid volatile geopolitical news flow, Elm Ridge remains committed to asset-heavy businesses with solid balance sheets and robust long-term cash generation.
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Elm Ridge views the current semiconductor and AI momentum surge as an unsustainable bubble mirroring the tech mania of 2000. While the fund's North American energy, petrochemical, and aluminum holdings experienced sharp pullbacks amid volatile geopolitical news flow, Elm Ridge remains committed to asset-heavy businesses with solid balance sheets and robust long-term cash generation.
ACR warns that S&P 500 valuations are in a bubble-like state at 46.0x CAPE, whereas their EQR strategy remains highly attractive and defensive at 10.8x P/E.
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ACR warns that S&P 500 valuations are in a bubble-like state at 46.0x CAPE, whereas their EQR strategy remains highly attractive and defensive at 10.8x P/E.
The GW&K Small Cap Core Fund lagged a highly speculative Russell 2000 Index in Q3 2025 due to its strict avoidance of non-earning meme and thematic stocks. The managers remain cautious in the short term but highly confident in their long-term focus on consistent earnings and cash flow.
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The GW&K Small Cap Core Fund lagged a highly speculative Russell 2000 Index in Q3 2025 due to its strict avoidance of non-earning meme and thematic stocks. The managers remain cautious in the short term but highly confident in their long-term focus on consistent earnings and cash flow.
