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.
Source Capital posted a strong 18.38% NAV return for 2025 but has raised cash to nearly 20% and reduced credit exposure, citing unsustainably tight high-yield spreads and overvalued US mega-caps.
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Source Capital posted a strong 18.38% NAV return for 2025 but has raised cash to nearly 20% and reduced credit exposure, citing unsustainably tight high-yield spreads and overvalued US mega-caps.
ClearBridge's Mid Cap Growth Strategy outperformed its benchmark in Q3 2025 by leveraging strong stock selection in IT and staples, actively initiating Roblox and APi Group, and exiting underperforming holdings.
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ClearBridge's Mid Cap Growth Strategy outperformed its benchmark in Q3 2025 by leveraging strong stock selection in IT and staples, actively initiating Roblox and APi Group, and exiting underperforming holdings.
The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return to value fundamentals as economic and labor market risks rise.
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The Heartland Mid Cap Value Fund underperformed in 3Q25 due to a headwind from not owning speculative AI cyclicals, but the PMs maintain strong discipline and anticipate a return to value fundamentals as economic and labor market risks rise.
