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.
Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors.
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Vulcan's Focus portfolio returned 10.4% in Q2 but remains down 10.7% YTD as deeply discounted quality businesses compound values while out of favor. The manager sold UnitedHealth after strong recovery to redeploy into more discounted names. Amazon and Alphabet delivered accelerating cloud growth while Ryan and TransDigm offered buying opportunities on volatility. The manager personally added capital and views current discounts as compelling for long-term investors.
Pelican Bay Capital Management delivered 7.8% in Q3 2025, 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.
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Pelican Bay Capital Management delivered 7.8% in Q3 2025, 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.
Bretton Fund delivered a solid 20.27% net return in 2024, driven by stellar gains in Alphabet, Progressive, and American Express. Despite short-term housing market volatility weighing on holdings like Dream Finders Homes, the fund remains fully invested in 20 high-quality companies positioned to compound value over multi-year horizons.
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Bretton Fund delivered a solid 20.27% net return in 2024, driven by stellar gains in Alphabet, Progressive, and American Express. Despite short-term housing market volatility weighing on holdings like Dream Finders Homes, the fund remains fully invested in 20 high-quality companies positioned to compound value over multi-year horizons.
