Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| +8.8% | +2.3% | Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. Full Quick Take Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. The firm executed an orderly leadership transition to Patrick Wells and Matt McLean while maintaining its disciplined, decade-oriented value investment framework. | |||||||
| +10.7% | - | PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. Full Quick Take PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. | |||||||
| +3.0% | - | - | California high-yield municipal bonds rebounded in Q2 2026 with solid gains driven by attractive yields and healthy supply/demand. Security selection in workforce housing, charter schools, and hospitals drove outperformance. Despite mounting state budget pressures from spending growth outpacing revenues, strong reserves provide cushion. The manager maintains selective positioning in higher-quality issuers within energy prepay, development districts, and multifamily housing sectors offering attractive value. Full Quick Take California high-yield municipal bonds rebounded in Q2 2026 with solid gains driven by attractive yields and healthy supply/demand. Security selection in workforce housing, charter schools, and hospitals drove outperformance. Despite mounting state budget pressures from spending growth outpacing revenues, strong reserves provide cushion. The manager maintains selective positioning in higher-quality issuers within energy prepay, development districts, and multifamily housing sectors offering attractive value. | - | |||||
| - | -1.4% | GoodHaven runs a concentrated 18-position value portfolio trading at 17.6x earnings versus 23.7x for the S&P 500, with 69% in top 10 holdings including Berkshire (16.8%) and Alphabet (10.2%). The manager targets quality businesses at discounts across financials, housing, energy, and digital advertising, emphasizing that value and growth are connected. Following a 2020 upgrade, the fund has delivered 10.92% annualized over five years despite lagging YTD. Full Quick Take GoodHaven runs a concentrated 18-position value portfolio trading at 17.6x earnings versus 23.7x for the S&P 500, with 69% in top 10 holdings including Berkshire (16.8%) and Alphabet (10.2%). The manager targets quality businesses at discounts across financials, housing, energy, and digital advertising, emphasizing that value and growth are connected. Following a 2020 upgrade, the fund has delivered 10.92% annualized over five years despite lagging YTD. | - | ||||||
| +13.2% | +13.2% | Black Bear delivered 13.2% returns in Q1 versus -4.4% for the S&P 500, validating their concentrated long/short value approach. The fund owns undervalued businesses in housing, energy, and regional banks while shorting overvalued private credit, AI wannabes, and legacy data centers. Portfolio positioned like a coiled spring for lumpy outperformance as value recognition accelerates. Full Quick Take Black Bear delivered 13.2% returns in Q1 versus -4.4% for the S&P 500, validating their concentrated long/short value approach. The fund owns undervalued businesses in housing, energy, and regional banks while shorting overvalued private credit, AI wannabes, and legacy data centers. Portfolio positioned like a coiled spring for lumpy outperformance as value recognition accelerates. | - | ||||||
| +1.5% | - | Annaly Capital Management utilizes a diversified housing finance strategy to generate consistent economic returns by dynamically shifting capital between Agency MBS, Residential Credit, and Mortgage Servicing Rights. The company leverages robust market technicals and organic asset creation to drive outperformance and support its dividend, even amidst geopolitical and monetary policy headwinds. Full Quick Take Annaly Capital Management utilizes a diversified housing finance strategy to generate consistent economic returns by dynamically shifting capital between Agency MBS, Residential Credit, and Mortgage Servicing Rights. The company leverages robust market technicals and organic asset creation to drive outperformance and support its dividend, even amidst geopolitical and monetary policy headwinds. | - | ||||||
| - | - | Argosy is navigating a chaotic, AI-disrupted market by adding to IT service provider Endava (DAVA) and buying Floor & Decor (FND) on weakness, while selling Novo Nordisk (NVO) due to competitive disadvantages. Full Quick Take Argosy is navigating a chaotic, AI-disrupted market by adding to IT service provider Endava (DAVA) and buying Floor & Decor (FND) on weakness, while selling Novo Nordisk (NVO) due to competitive disadvantages. | - | ||||||
| +14.4% | +11.6% | The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin compression, while holding strong conviction in housing and core financial leaders. Full Quick Take The Bretton Fund returned 11.58% in 2025, underperforming the S&P 500 as it maintained a disciplined avoidance of speculative AI tech names and suffered from UnitedHealth's margin compression, while holding strong conviction in housing and core financial leaders. | |||||||
| +1.0% | -12.6% | Black Bear Value Fund suffered a 12.6% loss in 2025 due to a growth-led market rally, but the manager remains highly confident, declaring the portfolio of deeply undervalued cash gushers and targeted shorts to be a 'coiled spring' poised for rapid recovery. Full Quick Take Black Bear Value Fund suffered a 12.6% loss in 2025 due to a growth-led market rally, but the manager remains highly confident, declaring the portfolio of deeply undervalued cash gushers and targeted shorts to be a 'coiled spring' poised for rapid recovery. | |||||||
| +8.5% | +20.6% | The PBCM Concentrated Value portfolio delivered 8.5% in Q4 2025, generating significant alpha through tactical rotation—exiting fully-valued Alphabet and ON Semi to buy high-quality compounders AECOM, FactSet, and Zoetis at attractive valuations. Full Quick Take The PBCM Concentrated Value portfolio delivered 8.5% in Q4 2025, generating significant alpha through tactical rotation—exiting fully-valued Alphabet and ON Semi to buy high-quality compounders AECOM, FactSet, and Zoetis at attractive valuations. | |||||||
| +5.6% | +28.4% | White Falcon posted a stellar 28.4% return in 2025, leveraging high-conviction value picks. The fund continues to play structured growth (AMD, NU) alongside deeply mispriced cyclical recovery assets like Huntsman Corp. Full Quick Take White Falcon posted a stellar 28.4% return in 2025, leveraging high-conviction value picks. The fund continues to play structured growth (AMD, NU) alongside deeply mispriced cyclical recovery assets like Huntsman Corp. | - | ||||||
| +13.5% | +8.2% | The Purpose Credit Opportunities Fund outpaced passive fixed income in 2025 with an 8.16% return, driven by high-conviction themes like defense while prudently trimming AI-power infrastructure holdings on valuation grounds. Full Quick Take The Purpose Credit Opportunities Fund outpaced passive fixed income in 2025 with an 8.16% return, driven by high-conviction themes like defense while prudently trimming AI-power infrastructure holdings on valuation grounds. | - | ||||||
| - | +23.5% | Housing Market Affordability, Capital Efficiency & Liquidity Management, Additional Keywords & Themes | Tapasya Investment Fund I outperformed the S&P 500 in 2025 with a 23.5% net LP return. The fund maintains a disciplined value-based approach, avoiding hot tech sectors while adopting investor-friendly fee and liquidity terms. Full Quick Take Tapasya Investment Fund I outperformed the S&P 500 in 2025 with a 23.5% net LP return. The fund maintains a disciplined value-based approach, avoiding hot tech sectors while adopting investor-friendly fee and liquidity terms. | ||||||
| - | +7.0% | GoodHaven employs a highly concentrated value style under Larry Pitkowsky, prioritizing high-conviction holdings with a lower average P/E of 19.7x relative to the broader market. Full Quick Take GoodHaven employs a highly concentrated value style under Larry Pitkowsky, prioritizing high-conviction holdings with a lower average P/E of 19.7x relative to the broader market. | |||||||
| - | +11.2% | Arnott Capital delivered an 11.22% net return in 2025, driven by gains in Softbank and aerospace. Entering 2026, they are highly constructive on South Korean corporate reforms and are initiating shorts against viral consumer fads. Full Quick Take Arnott Capital delivered an 11.22% net return in 2025, driven by gains in Softbank and aerospace. Entering 2026, they are highly constructive on South Korean corporate reforms and are initiating shorts against viral consumer fads. | - | ||||||
| -6.2% | -47.7% | Despite a soft quarter, Bristlemoon is capitalizing on market fear to add high-conviction positions in Floor & Decor, Adobe, and Timee, expressing strong confidence in its portfolio's latent value. Full Quick Take Despite a soft quarter, Bristlemoon is capitalizing on market fear to add high-conviction positions in Floor & Decor, Adobe, and Timee, expressing strong confidence in its portfolio's latent value. | |||||||
| +32.2% | +14.2% | Live Entertainment & Immersive Media, Macro Headwinds in Housing and Auto, Additional Keywords & Themes | Ariel Fund returned +3.22% in Q4 2025, matching benchmarks, as the team initiated a new position in Dentsply Sirona and maintained a cautious, selective outlook on broader equities for 2026. Full Quick Take Ariel Fund returned +3.22% in Q4 2025, matching benchmarks, as the team initiated a new position in Dentsply Sirona and maintained a cautious, selective outlook on broader equities for 2026. | ||||||
| -13.2% | +5.2% | Baron Real Estate Fund gained 5.19% in 2025, with lead PM Jeff Kolitch asserting that real estate is at a major positive turning point ready to deliver double-digit returns on the back of falling supply growth and structural AI tailwinds. Full Quick Take Baron Real Estate Fund gained 5.19% in 2025, with lead PM Jeff Kolitch asserting that real estate is at a major positive turning point ready to deliver double-digit returns on the back of falling supply growth and structural AI tailwinds. | |||||||
| +13.1% | +10.3% | Baron Health Care Fund outperformed its benchmark in Q4 2025 with a 13.10% return, driven by biotechnology gains and selective positioning. The manager remains highly optimistic about 2026 due to a massive resurgence in biotech funding, active M&A, and easing regulatory hurdles. Full Quick Take Baron Health Care Fund outperformed its benchmark in Q4 2025 with a 13.10% return, driven by biotechnology gains and selective positioning. The manager remains highly optimistic about 2026 due to a massive resurgence in biotech funding, active M&A, and easing regulatory hurdles. | |||||||
| +46.0% | +6.7% | Purpose Credit Opportunities Fund outperformed benchmarks in September 2025 with a 2.0% gain, driven by active credit positioning in high-conviction themes such as AI utility demands, seniors housing, and tactical real estate transitions. Full Quick Take Purpose Credit Opportunities Fund outperformed benchmarks in September 2025 with a 2.0% gain, driven by active credit positioning in high-conviction themes such as AI utility demands, seniors housing, and tactical real estate transitions. | - | ||||||
| +8.0% | - | Amid soaring market indices and clear signs of speculative excess, Boyar urges investors to avoid index complacency and remain strictly focused on disciplined, selective value-oriented opportunities. Full Quick Take Amid soaring market indices and clear signs of speculative excess, Boyar urges investors to avoid index complacency and remain strictly focused on disciplined, selective value-oriented opportunities. | |||||||
| +6.7% | +13.5% | The Fund outperformed its benchmark with a +13.54% YTD return, taking advantage of deep valuation discounts in the U.K. and franchise hotel spaces while carefully hedging core exposures. Full Quick Take The Fund outperformed its benchmark with a +13.54% YTD return, taking advantage of deep valuation discounts in the U.K. and franchise hotel spaces while carefully hedging core exposures. | |||||||
| +5.0% | +6.0% | Merion Road Capital posted 5.0% in its Small Cap Fund for Q3 2025, driven by a strong run in KTOS, while initiating new high-conviction positions in AMWD and a BELFA/BELFB share class arbitrage. Full Quick Take Merion Road Capital posted 5.0% in its Small Cap Fund for Q3 2025, driven by a strong run in KTOS, while initiating new high-conviction positions in AMWD and a BELFA/BELFB share class arbitrage. | |||||||
| - | +6.8% | GoodHaven's '2.0' transition under Larry Pitkowsky has delivered top-tier 3 and 5-year risk-adjusted returns by refocusing on a highly concentrated portfolio of high-quality companies with deep value characteristics. Full Quick Take GoodHaven's '2.0' transition under Larry Pitkowsky has delivered top-tier 3 and 5-year risk-adjusted returns by refocusing on a highly concentrated portfolio of high-quality companies with deep value characteristics. | - | ||||||
| +10.3% | +6.6% | The Baron Real Estate Fund outperformed its benchmark with a strong 10.25% gain in Q3 2025, leveraging market corrections to build positions in premier real estate compounders while preparing for a cyclical recovery in 2026. Full Quick Take The Baron Real Estate Fund outperformed its benchmark with a strong 10.25% gain in Q3 2025, leveraging market corrections to build positions in premier real estate compounders while preparing for a cyclical recovery in 2026. | |||||||
| +8.0% | +10.1% | Mairs & Power Growth Fund delivered a solid 7.99% gain in Q3 2025, matching the S&P 500, while taking a highly disciplined stance by trimming expensive AI winners and buying into cybersecurity and factory automation. Full Quick Take Mairs & Power Growth Fund delivered a solid 7.99% gain in Q3 2025, matching the S&P 500, while taking a highly disciplined stance by trimming expensive AI winners and buying into cybersecurity and factory automation. | - | ||||||
| +6.9% | +6.4% | Third Avenue's Real Estate Value Fund continues to leverage macroeconomic supply chain reshoring and housing deficits, building high-conviction positions in Prologis, Wesco, and Champion Homes at historically cheap valuations. Full Quick Take Third Avenue's Real Estate Value Fund continues to leverage macroeconomic supply chain reshoring and housing deficits, building high-conviction positions in Prologis, Wesco, and Champion Homes at historically cheap valuations. | |||||||
| +15.7% | +20.2% | The Purpose Credit Opportunities Fund returned 1.5% in June 2025, capturing strong gains from secular exposures in power generation and U.S. housing while maintaining an underweight stance on traditional long-term bonds. Full Quick Take The Purpose Credit Opportunities Fund returned 1.5% in June 2025, capturing strong gains from secular exposures in power generation and U.S. housing while maintaining an underweight stance on traditional long-term bonds. | |||||||
| - | -1.3% | Warden Capital remains defensively positioned with deeply discounted real estate assets and has implemented a significant downside hedge using long-dated Palantir puts to protect against a broader economic or tech-sector pullback. Full Quick Take Warden Capital remains defensively positioned with deeply discounted real estate assets and has implemented a significant downside hedge using long-dated Palantir puts to protect against a broader economic or tech-sector pullback. | |||||||
| - | +11.7% | Tapasya Investment Fund I outperformed the S&P 500 in H1 2025 with an 11.7% net return, driven by top performers Prosus and Uber, while optimizing cash management and capitalizing on market volatility. Full Quick Take Tapasya Investment Fund I outperformed the S&P 500 in H1 2025 with an 11.7% net return, driven by top performers Prosus and Uber, while optimizing cash management and capitalizing on market volatility. | - | ||||||
| - | - | Despite initial panic over Trump tariffs in April 2025, markets staged a rapid comeback in Q2 2025, underscoring the futility of short-term trading. Claret Asset Management advocates for a disciplined long-term buy-and-hold strategy focused on fundamental valuations. Full Quick Take Despite initial panic over Trump tariffs in April 2025, markets staged a rapid comeback in Q2 2025, underscoring the futility of short-term trading. Claret Asset Management advocates for a disciplined long-term buy-and-hold strategy focused on fundamental valuations. | - | ||||||
| - | - | White Brook Capital has restructured its operations, abandoning its underperforming mid-cap strategy to launch S&P 500 Ethical, Small Cap, and All-Cap strategies. The manager is constructive on housing and AI infrastructure but warns of market manias in SPACs and bitcoin-adjacent equities. Full Quick Take White Brook Capital has restructured its operations, abandoning its underperforming mid-cap strategy to launch S&P 500 Ethical, Small Cap, and All-Cap strategies. The manager is constructive on housing and AI infrastructure but warns of market manias in SPACs and bitcoin-adjacent equities. | - | ||||||
| - | +39.7% | Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitalize on the peaking Labubu doll hype cycle. Full Quick Take Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitalize on the peaking Labubu doll hype cycle. | - | ||||||
| - | - | Montaka's June 2025 letter reinforces its focus on high-quality companies with self-reinforcing 'flywheel' competitive advantages, highlighting their purchase of KKR during market volatility and providing an in-depth bullish thesis on Floor & Decor. Full Quick Take Montaka's June 2025 letter reinforces its focus on high-quality companies with self-reinforcing 'flywheel' competitive advantages, highlighting their purchase of KKR during market volatility and providing an in-depth bullish thesis on Floor & Decor. | |||||||
| +3.3% | - | Focus Wealth Management's multi-asset approach delivered 3.3% returns in Q1 2025 while markets collapsed under Trump's aggressive trade policies. The firm sees current disruption creating compelling opportunities in tariff-immune Canadian businesses, reasonably valued US large caps, and structurally cheap European equities, while maintaining defensive positioning with capital ready for deployment. Full Quick Take Focus Wealth Management's multi-asset approach delivered 3.3% returns in Q1 2025 while markets collapsed under Trump's aggressive trade policies. The firm sees current disruption creating compelling opportunities in tariff-immune Canadian businesses, reasonably valued US large caps, and structurally cheap European equities, while maintaining defensive positioning with capital ready for deployment. | - | ||||||
| +6.0% | - | Third Avenue International Real Estate Value Fund delivered +5.99% in Q1 2025, driven by Hong Kong data centers, Australian manufactured housing, and European industrial assets. The fund targets deeply discounted international real estate with resilient cash flows, positioned to benefit from deglobalization trends and U.S. Dollar weakness while providing defensive portfolio diversification. Full Quick Take Third Avenue International Real Estate Value Fund delivered +5.99% in Q1 2025, driven by Hong Kong data centers, Australian manufactured housing, and European industrial assets. The fund targets deeply discounted international real estate with resilient cash flows, positioned to benefit from deglobalization trends and U.S. Dollar weakness while providing defensive portfolio diversification. | - | ||||||
| -0.5% | - | Third Avenue Real Estate Value Fund maintains conviction in demographic-driven real estate opportunities, initiating positions in PulteGroup and Unite Group despite Q1 underperformance. The portfolio emphasizes well-capitalized homebuilders and commercial real estate platforms trading at significant NAV discounts. Demographic tailwinds from millennials and aging populations support long-term thesis, while potential policy reforms could unlock housing market liquidity. Full Quick Take Third Avenue Real Estate Value Fund maintains conviction in demographic-driven real estate opportunities, initiating positions in PulteGroup and Unite Group despite Q1 underperformance. The portfolio emphasizes well-capitalized homebuilders and commercial real estate platforms trading at significant NAV discounts. Demographic tailwinds from millennials and aging populations support long-term thesis, while potential policy reforms could unlock housing market liquidity. | - | ||||||
| -6.7% | -14.0% | Despite finishing a rocky 2024 down 1.4%, Black Bear Value Fund is aggressively buying the dip in its concentrated long positions while maintaining heavy short hedges to play defense. Full Quick Take Despite finishing a rocky 2024 down 1.4%, Black Bear Value Fund is aggressively buying the dip in its concentrated long positions while maintaining heavy short hedges to play defense. | - | ||||||
| +7.2% | +6.8% | Hertford Capital beat its benchmark in 2024 with a +6.79% net return, successfully rebranded, and consolidated its leadership. The manager sees over 50% upside in the portfolio over the next 12-18 months, driven by an expected small-cap valuation recovery. Full Quick Take Hertford Capital beat its benchmark in 2024 with a +6.79% net return, successfully rebranded, and consolidated its leadership. The manager sees over 50% upside in the portfolio over the next 12-18 months, driven by an expected small-cap valuation recovery. | - | ||||||
| - | +17.8% | Tapasya Investment Fund I finished 2024 with a 17.8% net return, underperforming the S&P 500 but sustaining its market outperformance since inception. The manager plans to pivot new capital into special situations and spinoffs due to high US market valuations. Full Quick Take Tapasya Investment Fund I finished 2024 with a 17.8% net return, underperforming the S&P 500 but sustaining its market outperformance since inception. The manager plans to pivot new capital into special situations and spinoffs due to high US market valuations. | - | ||||||
| +7.2% | +6.8% | Hertford Capital delivered benchmark-beating results in Q4 and rebranded under sole manager Marc Bräutigam. Backed by cheap small-cap valuations and M&A tailwinds, the firm targets a massive >50% portfolio upside over the next 12-18 months. Full Quick Take Hertford Capital delivered benchmark-beating results in Q4 and rebranded under sole manager Marc Bräutigam. Backed by cheap small-cap valuations and M&A tailwinds, the firm targets a massive >50% portfolio upside over the next 12-18 months. | |||||||
| - | - | White Brook Capital owns good companies in out-of-favor industries expecting 2025 inflections. Brazilian investments should benefit from currency stabilization, housing plays are positioned for market recovery, and food concepts show operational improvements. Technology holdings offer AI upside while policy changes should benefit ethanol investments. Manager expects much better performance after forgettable 2024. Full Quick Take White Brook Capital owns good companies in out-of-favor industries expecting 2025 inflections. Brazilian investments should benefit from currency stabilization, housing plays are positioned for market recovery, and food concepts show operational improvements. Technology holdings offer AI upside while policy changes should benefit ethanol investments. Manager expects much better performance after forgettable 2024. | - | ||||||
| - | +0.2% | Mairs & Power Growth Fund returned 19.62% in 2024, lagging the S&P 500 due to housing weakness and sector allocation. The fund leverages AI exposure through NVIDIA and Microsoft while capitalizing on small-cap valuations at 25-year lows. Management adds to high-conviction positions including new fiber optics play Clearfield, maintaining their 94-year disciplined value approach. Full Quick Take Mairs & Power Growth Fund returned 19.62% in 2024, lagging the S&P 500 due to housing weakness and sector allocation. The fund leverages AI exposure through NVIDIA and Microsoft while capitalizing on small-cap valuations at 25-year lows. Management adds to high-conviction positions including new fiber optics play Clearfield, maintaining their 94-year disciplined value approach. | - | ||||||
| -98.0% | +20.3% | 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. Full Quick Take 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. | |||||||
| 0.0% | - | Parnassus Mid Cap Growth matched its benchmark with a -3.20% Q2 return, driven by strong semiconductor and software performance offset by real estate weakness. The fund maintains thematic overweights in semiconductors, software, life sciences tools, and housing, viewing three as coiled springs. Despite economic uncertainty, managers retain balanced positioning expecting Fed cuts and post-election reacceleration to drive upside. Full Quick Take Parnassus Mid Cap Growth matched its benchmark with a -3.20% Q2 return, driven by strong semiconductor and software performance offset by real estate weakness. The fund maintains thematic overweights in semiconductors, software, life sciences tools, and housing, viewing three as coiled springs. Despite economic uncertainty, managers retain balanced positioning expecting Fed cuts and post-election reacceleration to drive upside. | - | ||||||
| +19.4% | +19.2% | Small Cap vs Large Cap Valuation Discrepancy, US Housing Structural Shortage, Additional Keywords & Themes | Voss Capital remains highly constructive on small-cap value equities, pointing to record valuation spreads and superior projected earnings growth relative to large caps. They leverage a concentrated portfolio with high gross exposure to capture significant mispricings in resilient areas like housing and outsourced healthcare services. Full Quick Take Voss Capital remains highly constructive on small-cap value equities, pointing to record valuation spreads and superior projected earnings growth relative to large caps. They leverage a concentrated portfolio with high gross exposure to capture significant mispricings in resilient areas like housing and outsourced healthcare services. | ||||||
| +8.3% | - | Artemis US Select outperformed through stock selection, led by Amazon's AWS recovery and housing theme strength via Builders FirstSource and Eagle Materials. Energy and healthcare lagged. Manager took profits in Nvidia and Meta while adding to financials ahead of expected Fed rate cuts. Outlook centers on housing recovery, healthcare normalization, and memory-chip pricing stabilization. Full Quick Take Artemis US Select outperformed through stock selection, led by Amazon's AWS recovery and housing theme strength via Builders FirstSource and Eagle Materials. Energy and healthcare lagged. Manager took profits in Nvidia and Meta while adding to financials ahead of expected Fed rate cuts. Outlook centers on housing recovery, healthcare normalization, and memory-chip pricing stabilization. | - | ||||||
| +4.8% | - | MCJ Capital Partners returned 4.83% in Q1 2023, focusing on superior business models like distributors and serial acquirers across international markets. Johnson analyzes housing affordability concerns and banking sector instability while maintaining conviction in companies like Constellation Software and Lifco that demonstrate transferable competitive advantages across fragmented industries. Full Quick Take MCJ Capital Partners returned 4.83% in Q1 2023, focusing on superior business models like distributors and serial acquirers across international markets. Johnson analyzes housing affordability concerns and banking sector instability while maintaining conviction in companies like Constellation Software and Lifco that demonstrate transferable competitive advantages across fragmented industries. | - |
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