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.
The Meridian Contrarian Fund returned 6.72% net in Q3 2025, lagging its benchmarks for the quarter but maintaining strong trailing 1-year outperformance of 16.77%. The managers actively managed risk by trimming secular winners in defense and AI while patiently holding high-conviction turnaround plays.
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The Meridian Contrarian Fund returned 6.72% net in Q3 2025, lagging its benchmarks for the quarter but maintaining strong trailing 1-year outperformance of 16.77%. The managers actively managed risk by trimming secular winners in defense and AI while patiently holding high-conviction turnaround plays.
Cove Street Capital maintains a cautious stance on broad market valuations, private credit leverage, and unproven AI capex cycles. The firm focuses on exploiting policy-driven sell-offs in government-linked service providers and driving hands-on governance changes in neglected small-cap companies to unlock intrinsic value.
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Cove Street Capital maintains a cautious stance on broad market valuations, private credit leverage, and unproven AI capex cycles. The firm focuses on exploiting policy-driven sell-offs in government-linked service providers and driving hands-on governance changes in neglected small-cap companies to unlock intrinsic value.
Troy's Multi-Asset Strategy maintains defensive 25% equity allocation, viewing markets as priced for perfection with significant downside risks from either higher rates or earnings disappointment. Strategy returned 3% in 2023 while holding substantial bonds and gold. Managers expect persistent inflation from unprecedented government spending and remain ready to deploy capital when valuations become attractive.
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Troy's Multi-Asset Strategy maintains defensive 25% equity allocation, viewing markets as priced for perfection with significant downside risks from either higher rates or earnings disappointment. Strategy returned 3% in 2023 while holding substantial bonds and gold. Managers expect persistent inflation from unprecedented government spending and remain ready to deploy capital when valuations become attractive.
