Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | SI ↕ | Tickers | Keywords / Themes | Quick Take | Pitches (LONG / SHORT) | Current Positioning | Letter |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q2 2026 | Aug 18, 2026 | - | +7.2% | - | Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. Full Quick Take Concentrated small-cap value fund maintaining conviction in asymmetric opportunities despite recent volatility. SK Hynix remains largest position at 16.6% despite drawdown. | ||||||
Q2 2026 | Aug 10, 2026 | - | - | - | Elliott argues Northern Star Resources owns world-class gold assets in Australia and Alaska that are deeply undervalued due to operational failures and leadership issues. Full Quick Take Elliott argues Northern Star Resources owns world-class gold assets in Australia and Alaska that are deeply undervalued due to operational failures and leadership issues. | ||||||
Q2 2026 | Aug 3, 2026 | - | +7.6% | +11.5% | - | Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices. Full Quick Take Hirschmann Partnership maintains maximum conviction in gold mining equities at 101% exposure, positioned for an anticipated U.S. sovereign debt crisis. The portfolio trades at 19% of intrinsic value with a modeled 42% IRR at current gold prices. | - | ||||
Q2 2026 | Jul 31, 2026 | - | - | - | - | Carrington delivered strong Q2 performance by avoiding the semiconductor speculation bubble that dominated markets, maintaining structural underweights to US equities and overweights to China, UK, Europe and Asia. Full Quick Take Carrington delivered strong Q2 performance by avoiding the semiconductor speculation bubble that dominated markets, maintaining structural underweights to US equities and overweights to China, UK, Europe and Asia. | - | ||||
Q2 2026 | Jul 29, 2026 | - | -7.9% | +11.0% | - | Crescat targets $20,000 gold within four years driven by M2 money supply growth, central bank accumulation at double historical pace, and fiscal dominance forcing monetary policy into debt management mode. Full Quick Take Crescat targets $20,000 gold within four years driven by M2 money supply growth, central bank accumulation at double historical pace, and fiscal dominance forcing monetary policy into debt management mode. | - | ||||
Q2 2026 | Jul 21, 2026 | -20.0% | -22.0% | - | EMA GARP Fund's 20% Q2 decline reflects temporary AI euphoria overshadowing their core monetary debasement thesis. With US debt at 123% of GDP and inevitable massive inflation ahead, gold and silver miners offer extreme asymmetry at current prices. Full Quick Take EMA GARP Fund's 20% Q2 decline reflects temporary AI euphoria overshadowing their core monetary debasement thesis. With US debt at 123% of GDP and inevitable massive inflation ahead, gold and silver miners offer extreme asymmetry at current prices. | ||||||
Q2 2026 | Jul 17, 2026 | +2.1% | - | +9.7% | Underperforming broad indices despite strong contributions from Affiliated Managers Group, Madison Square Garden Entertainment and PHINIA. The concentrated value portfolio emphasizes high-quality businesses at attractive valuations through rigorous fundamental research. Full Quick Take Underperforming broad indices despite strong contributions from Affiliated Managers Group, Madison Square Garden Entertainment and PHINIA. The concentrated value portfolio emphasizes high-quality businesses at attractive valuations through rigorous fundamental research. | ||||||
Q4 2025 | Jan 23, 2026 | +9.9% | +66.0% | +38.4% | Powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx cannibalization in the broader economy. Full Quick Take Powered by highly discounted gold miners and niche micro-caps, while identifying a structural trend of AI CapEx cannibalization in the broader economy. | ||||||
Q3 2025 | Oct 25, 2025 | +16.8% | +51.0% | +38.4% | Fairlight Alpha Fund outperformed the market in Q3 2025 with a 16.8% return, driven by cheap junior gold miners and a major marine engineering turnaround, while implementing cautious hedges against a potential AI infrastructure overbuild. Full Quick Take Fairlight Alpha Fund outperformed the market in Q3 2025 with a 16.8% return, driven by cheap junior gold miners and a major marine engineering turnaround, while implementing cautious hedges against a potential AI infrastructure overbuild. | - | |||||
Q3 2025 | Oct 20, 2025 | +7.8% | +11.2% | +8.8% | Beating its benchmark by 2.5%, driven by gold miners and technology. The fund proactively rotated capital, initiating positions in ELV and ODFL while completely exiting Kinsale Capital. Full Quick Take Beating its benchmark by 2.5%, driven by gold miners and technology. The fund proactively rotated capital, initiating positions in ELV and ODFL while completely exiting Kinsale Capital. | ||||||
Q1 2025 | Oct 16, 2025 | +3.7% | +10.5% | +7.0% | Carmignac Patrimoine outperformed in Q3 2025 driven by AI technology exposure and gold miners. The fund expects continued global growth but warns of inflation resurgence from wages and tariffs. Full Quick Take Carmignac Patrimoine outperformed in Q3 2025 driven by AI technology exposure and gold miners. The fund expects continued global growth but warns of inflation resurgence from wages and tariffs. | - | |||||
Q3 2025 | Oct 3, 2025 | +12.3% | - | +18.4% | Maintaining 18.40% annualized returns since 2020 inception. Manager added Ringmetall position while acknowledging performance partly due to favorable conditions. Full Quick Take Maintaining 18.40% annualized returns since 2020 inception. Manager added Ringmetall position while acknowledging performance partly due to favorable conditions. | - | |||||
Q2 2025 | Aug 10, 2025 | +9.3% | +29.8% | +38.4% | Successfully capturing a major win in TSS, Inc. and continuing to position heavily in deep-value junior gold miners and maritime sectors. Full Quick Take Successfully capturing a major win in TSS, Inc. and continuing to position heavily in deep-value junior gold miners and maritime sectors. | - | |||||
Q1 2025 | May 2, 2025 | +13.9% | +13.9% | +23.8% | Idaho Strategic (undervalued gold miner), and Valeura Energy (oil producer). Minimal trading activity and patient capital deployment in quality businesses with secular tailwinds drove outperformance versus S&P 500's -4.59% decline. Full Quick Take Idaho Strategic (undervalued gold miner), and Valeura Energy (oil producer). Minimal trading activity and patient capital deployment in quality businesses with secular tailwinds drove outperformance versus S&P 500's -4.59% decline. | ||||||
Q1 2025 | Apr 26, 2025 | - | - | +11.0% | Crescat Capital's top-10 hedge fund performance in Q1 2025 reflects their macro regime change thesis under Trump policies. Full Quick Take Crescat Capital's top-10 hedge fund performance in Q1 2025 reflects their macro regime change thesis under Trump policies. | - | |||||
Q1 2025 | Mar 31, 2025 | +20.7% | - | - | Trump's tariff shock popped the Everything Bubble, triggering sovereign debt crisis dynamics with simultaneous stock, bond, and dollar declines. With fiscal deficits spiraling and the Fed trapped, monetary accommodation will drive further gains in gold and miners. Full Quick Take Trump's tariff shock popped the Everything Bubble, triggering sovereign debt crisis dynamics with simultaneous stock, bond, and dollar declines. With fiscal deficits spiraling and the Fed trapped, monetary accommodation will drive further gains in gold and miners. | - | |||||
Q1 2025 | Mar 31, 2025 | -7.6% | - | +11.8% | Meridian Contrarian Fund's Q1 2025 return of -7.59% reflects broader small-cap weakness amid tariff policy uncertainty. The fund's contrarian strategy targets out-of-favor companies with turnaround catalysts, maintaining 50-75 concentrated positions. Full Quick Take Meridian Contrarian Fund's Q1 2025 return of -7.59% reflects broader small-cap weakness amid tariff policy uncertainty. The fund's contrarian strategy targets out-of-favor companies with turnaround catalysts, maintaining 50-75 concentrated positions. | ||||||
Q4 2024 | Jan 14, 2025 | - | - | - | Market bubble in tech and crypto will collapse as Fed liquidity reverses and Treasury financing needs spike rates. Gold miners offer operational leverage to rising gold prices as international investors abandon dollar assets. Full Quick Take Market bubble in tech and crypto will collapse as Fed liquidity reverses and Treasury financing needs spike rates. Gold miners offer operational leverage to rising gold prices as international investors abandon dollar assets. | - | |||||
Q4 2024 | Dec 31, 2024 | -7.7% | +19.2% | - | Fund positioned for sovereign debt crisis through 55% gold miners, 23% silver miners, 15% Bitcoin exposure. Despite Q4 disappointment from Trump rally pressuring precious metals, maintains thesis that $3.7 trillion deficit run-rate will force Fed money printing. Full Quick Take Fund positioned for sovereign debt crisis through 55% gold miners, 23% silver miners, 15% Bitcoin exposure. Despite Q4 disappointment from Trump rally pressuring precious metals, maintains thesis that $3.7 trillion deficit run-rate will force Fed money printing. | - | |||||
Q2 2024 | Jul 30, 2024 | - | 0.0% | +11.3% | Aegis Value Fund outperformed in H1 2024 despite small-cap value weakness, driven by energy positions benefiting from supply constraints and precious metals miners positioned for fiscal crisis. Full Quick Take Aegis Value Fund outperformed in H1 2024 despite small-cap value weakness, driven by energy positions benefiting from supply constraints and precious metals miners positioned for fiscal crisis. | - | |||||
Q2 2024 | Jul 8, 2024 | -2.3% | +5.8% | +3.0% | Creating bubble-like conditions the managers compare to dot-com era. Strong performers included Alphabet and H&R Block, while Capri and Ryanair disappointed. Full Quick Take Creating bubble-like conditions the managers compare to dot-com era. Strong performers included Alphabet and H&R Block, while Capri and Ryanair disappointed. | - | |||||
Q4 2023 | Jan 30, 2024 | - | - | +11.5% | - | The manager expects an imminent US recession to trigger a government debt crisis with debt-to-GDP reaching 146%, forcing inflationary money printing. Full Quick Take The manager expects an imminent US recession to trigger a government debt crisis with debt-to-GDP reaching 146%, forcing inflationary money printing. | - | ||||
Q4 2023 | Jan 11, 2024 | +6.4% | +15.0% | +3.0% | Gold miners rebounded strongly on falling rates, Dick's Sporting became the top position after strong results, and the fund initiated auto dealer exposure. Full Quick Take Gold miners rebounded strongly on falling rates, Dick's Sporting became the top position after strong results, and the fund initiated auto dealer exposure. | - | |||||
Q4 2023 | Dec 31, 2023 | +7.8% | -3.9% | - | - | EMA GARP Fund down -3.87% in 2023 despite gold's strong performance as mining stocks lagged. Fund maintains sovereign debt crisis thesis will force Fed pivot to accommodation. Full Quick Take EMA GARP Fund down -3.87% in 2023 despite gold's strong performance as mining stocks lagged. Fund maintains sovereign debt crisis thesis will force Fed pivot to accommodation. | - | ||||
Q3 2023 | Sep 30, 2023 | +1.4% | +8.0% | +3.0% | Alluvium's concentrated value strategy outperformed in Q3 2023 despite market headwinds, driven by Capri's takeover premium and strong results from H&R Block and Universal Music. Full Quick Take Alluvium's concentrated value strategy outperformed in Q3 2023 despite market headwinds, driven by Capri's takeover premium and strong results from H&R Block and Universal Music. | - | |||||
Q3 2023 | Sep 30, 2023 | +51.0% | -10.9% | - | EMA argues the US fiscal doom loop with $970B annual interest expense will force Fed abandonment of inflation fighting for monetary accommodation. Portfolio concentrated in gold miners including Lavras Gold discovery success. Full Quick Take EMA argues the US fiscal doom loop with $970B annual interest expense will force Fed abandonment of inflation fighting for monetary accommodation. Portfolio concentrated in gold miners including Lavras Gold discovery success. | - | |||||
Q2 2023 | Jul 11, 2023 | +2.5% | +6.6% | +3.0% | Conventum - Alluvium Global Fund is a high-conviction, value-driven global equity fund prioritizing capital preservation. Full Quick Take Conventum - Alluvium Global Fund is a high-conviction, value-driven global equity fund prioritizing capital preservation. | ||||||
Q2 2023 | Jun 30, 2023 | - | - | - | The 60-year credit bubble is breaking with stocks facing 50-75% declines as earnings yields normalize and margins compress. Structural inflation prevents Fed rescue while Treasury funding needs explode. Full Quick Take The 60-year credit bubble is breaking with stocks facing 50-75% declines as earnings yields normalize and margins compress. Structural inflation prevents Fed rescue while Treasury funding needs explode. | - | |||||
Q2 2023 | Jun 30, 2023 | -17.4% | -11.3% | - | - | Gold approaching all-time highs, silver facing massive supply deficit, Bitcoin gaining institutional adoption. Portfolio overweight junior miners at extreme valuations, positioned for explosive outperformance when metals break higher. Full Quick Take Gold approaching all-time highs, silver facing massive supply deficit, Bitcoin gaining institutional adoption. Portfolio overweight junior miners at extreme valuations, positioned for explosive outperformance when metals break higher. | - | ||||
Q1 2023 | Mar 31, 2023 | - | - | +14.6% | Massif Capital's real assets strategy focuses on company fundamentals over commodity timing, holding concentrated positions in lithium and gold miners. Full Quick Take Massif Capital's real assets strategy focuses on company fundamentals over commodity timing, holding concentrated positions in lithium and gold miners. | - | |||||
Q1 2023 | Mar 31, 2023 | +7.4% | - | - | Fed has lost control as banking crisis exposes $600 billion in unrealized losses and unsustainable debt dynamics. Silicon Valley Bank failure signals systemic stress that will force monetary policy reversal within 6-18 months. Full Quick Take Fed has lost control as banking crisis exposes $600 billion in unrealized losses and unsustainable debt dynamics. Silicon Valley Bank failure signals systemic stress that will force monetary policy reversal within 6-18 months. | - |
Q3 2025