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.
Full Quick Take
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.
