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.
Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak.
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Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak.
Elm Ridge views the current semiconductor and AI momentum surge as an unsustainable bubble mirroring the tech mania of 2000. While the fund's North American energy, petrochemical, and aluminum holdings experienced sharp pullbacks amid volatile geopolitical news flow, Elm Ridge remains committed to asset-heavy businesses with solid balance sheets and robust long-term cash generation.
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Elm Ridge views the current semiconductor and AI momentum surge as an unsustainable bubble mirroring the tech mania of 2000. While the fund's North American energy, petrochemical, and aluminum holdings experienced sharp pullbacks amid volatile geopolitical news flow, Elm Ridge remains committed to asset-heavy businesses with solid balance sheets and robust long-term cash generation.
Flattery Wealth faced a lackluster 2025 due to Bitcoin consolidation and a pullback in MSTR, but remains highly constructive on its core holdings (including ASTS and HEI) as long-term compounders over a 3-5 year horizon.
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Flattery Wealth faced a lackluster 2025 due to Bitcoin consolidation and a pullback in MSTR, but remains highly constructive on its core holdings (including ASTS and HEI) as long-term compounders over a 3-5 year horizon.
In his final letter, founder Jonathan Ruffer warns that a generational wealth and housing crisis is driving younger investors into dangerous crypto and AI speculation, while reaffirming Ruffer's core defensive strategy of pairing offsetting assets to guard against an inevitable systemic crash.
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In his final letter, founder Jonathan Ruffer warns that a generational wealth and housing crisis is driving younger investors into dangerous crypto and AI speculation, while reaffirming Ruffer's core defensive strategy of pairing offsetting assets to guard against an inevitable systemic crash.
Financial Synergies quarterly newsletter covers their internship program, estate planning guidance, and market commentary. Key insight: investing at market all-time highs has historically produced solid returns, with the S&P 500 delivering 9.4% average 1-year forward returns versus 9.1% for all periods. The firm emphasizes holistic wealth management addressing both technical and emotional client needs.
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Financial Synergies quarterly newsletter covers their internship program, estate planning guidance, and market commentary. Key insight: investing at market all-time highs has historically produced solid returns, with the S&P 500 delivering 9.4% average 1-year forward returns versus 9.1% for all periods. The firm emphasizes holistic wealth management addressing both technical and emotional client needs.
