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.
smallvalue delivered 0.30% in volatile Q1 2026, maintaining discipline by avoiding oil despite strong performance and focusing on traditional industries. Junior Gold Miners ETF leads at 28.56% allocation. Orsero and Vidrala detracted while Mama's Creations and Olvi contributed positively. Manager acknowledged Sprouts mistake, holding too long through $24-$170 surge. Since 2020 inception, portfolio generated 17.50% annualized returns despite ongoing geopolitical and valuation challenges.
Full Quick Take
smallvalue delivered 0.30% in volatile Q1 2026, maintaining discipline by avoiding oil despite strong performance and focusing on traditional industries. Junior Gold Miners ETF leads at 28.56% allocation. Orsero and Vidrala detracted while Mama's Creations and Olvi contributed positively. Manager acknowledged Sprouts mistake, holding too long through $24-$170 surge. Since 2020 inception, portfolio generated 17.50% annualized returns despite ongoing geopolitical and valuation challenges.
Silver Ring maintains disciplined value approach with 28% cash, waiting for quality companies with sufficient margin of safety. Portfolio trades at 74% of intrinsic value. O-I Glass exceeding expectations while Garrett Motion loses preferred downside protection. Manager emphasizes patience over forced deployment, demonstrating mathematically how waiting for better opportunities typically outperforms rushing into mediocre investments.
Full Quick Take
Silver Ring maintains disciplined value approach with 28% cash, waiting for quality companies with sufficient margin of safety. Portfolio trades at 74% of intrinsic value. O-I Glass exceeding expectations while Garrett Motion loses preferred downside protection. Manager emphasizes patience over forced deployment, demonstrating mathematically how waiting for better opportunities typically outperforms rushing into mediocre investments.
