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.
Greenhaven Road is repositioning toward lower concentration and near-term catalysts while maintaining differentiated research focus. Top holdings face 12-month validation events: Burford protein settlements approaching trial, Hagerty State Farm acceleration beating consensus, Cellebrite Genesis shifting AI narrative, and special situations at Compass, Lifecore, and AnaptysBio nearing resolution. The portfolio backs advantaged businesses where non-consensus views will be tested quickly, not requiring multi-year patience.
Full Quick Take
Greenhaven Road is repositioning toward lower concentration and near-term catalysts while maintaining differentiated research focus. Top holdings face 12-month validation events: Burford protein settlements approaching trial, Hagerty State Farm acceleration beating consensus, Cellebrite Genesis shifting AI narrative, and special situations at Compass, Lifecore, and AnaptysBio nearing resolution. The portfolio backs advantaged businesses where non-consensus views will be tested quickly, not requiring multi-year patience.
AWO generated 8.1% in Q2 by exploiting wide discounts in London-listed closed-end funds through corporate catalysts. Gresham House Energy Storage led gains with a potential sale process ahead. Seraphim Space delivered alpha through active trading around a major revaluation. Bluefield Solar was taken private at a 17% premium. Private equity holdings benefited from capital return programs. The closed-end fund opportunity set remains compelling.
Full Quick Take
AWO generated 8.1% in Q2 by exploiting wide discounts in London-listed closed-end funds through corporate catalysts. Gresham House Energy Storage led gains with a potential sale process ahead. Seraphim Space delivered alpha through active trading around a major revaluation. Bluefield Solar was taken private at a 17% premium. Private equity holdings benefited from capital return programs. The closed-end fund opportunity set remains compelling.
Caledonia delivered 5.4% NAVTR with all three pools contributing positively, extending its 10-year track record of 9.2% p.a. returns. The agreed sale of Stonehage Fleming at 3.2x cost highlights the patient capital approach. Despite strong NAV growth and 59 years of dividend increases, the share price discount widened to 43.4% amid geopolitical volatility. With robust liquidity and a quality-focused portfolio, Caledonia is positioned to capitalize on opportunities while navigating uncertainty.
Full Quick Take
Caledonia delivered 5.4% NAVTR with all three pools contributing positively, extending its 10-year track record of 9.2% p.a. returns. The agreed sale of Stonehage Fleming at 3.2x cost highlights the patient capital approach. Despite strong NAV growth and 59 years of dividend increases, the share price discount widened to 43.4% amid geopolitical volatility. With robust liquidity and a quality-focused portfolio, Caledonia is positioned to capitalize on opportunities while navigating uncertainty.
