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.
Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak.
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Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak.
Confluence expects near-trend US GDP growth and no recession over the next three years, leading them to favor domestic large caps and intermediate-maturity fixed income while holding gold to hedge geopolitical risks.
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Confluence expects near-trend US GDP growth and no recession over the next three years, leading them to favor domestic large caps and intermediate-maturity fixed income while holding gold to hedge geopolitical risks.
Despite strong Q2 equity performance led by Germany, Hong Kong, and tech, the global economy faces significant headwinds from high sovereign debt, rising interest servicing costs, and potential tariff-driven inflation.
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Despite strong Q2 equity performance led by Germany, Hong Kong, and tech, the global economy faces significant headwinds from high sovereign debt, rising interest servicing costs, and potential tariff-driven inflation.
