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.
Micro Opportunities Strategy delivered negative absolute net returns while outperforming its benchmark in Q3 2026, driven by strong selection in technology and materials, while rotating out of thesis-compromised holdings into cash-generative compounders.
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Micro Opportunities Strategy delivered negative absolute net returns while outperforming its benchmark in Q3 2026, driven by strong selection in technology and materials, while rotating out of thesis-compromised holdings into cash-generative compounders.
Pressured by widespread market breadth deterioration outside of megacap tech, while elevating cash reserves to 32.8% to protect capital amid elevated interest rates and geopolitical risks.
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Pressured by widespread market breadth deterioration outside of megacap tech, while elevating cash reserves to 32.8% to protect capital amid elevated interest rates and geopolitical risks.
Muhlenkamp is defensively positioned after 18 months of reducing AI exposure, viewing semiconductor valuations as dangerously elevated and comparable to 2000-2002 bubble risk.
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Muhlenkamp is defensively positioned after 18 months of reducing AI exposure, viewing semiconductor valuations as dangerously elevated and comparable to 2000-2002 bubble risk.
The manager advocates staying short-duration, high-quality, and income-focused, arguing that sticky inflation, geopolitical energy shocks from the Iranian conflict, and mounting federal debt interest burdens make long-duration bonds highly risky.
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The manager advocates staying short-duration, high-quality, and income-focused, arguing that sticky inflation, geopolitical energy shocks from the Iranian conflict, and mounting federal debt interest burdens make long-duration bonds highly risky.