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 Small Cap returned 13.3% net in Q2 2026 despite price to value ratios remaining flat. The strategy added Badger Meter and TPG at significant discounts driven by market overreactions. MillerKnoll, Fortune Brands, and Littelfuse contributed materially. The portfolio owns exceptional small cap businesses at roughly 50 cents on the dollar with values compounding steadily, creating compelling long-term opportunities for patient capital.
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Vulcan Small Cap returned 13.3% net in Q2 2026 despite price to value ratios remaining flat. The strategy added Badger Meter and TPG at significant discounts driven by market overreactions. MillerKnoll, Fortune Brands, and Littelfuse contributed materially. The portfolio owns exceptional small cap businesses at roughly 50 cents on the dollar with values compounding steadily, creating compelling long-term opportunities for patient capital.
