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.
SouthernSun underperformed in Q2 2026 by avoiding speculative AI concentration that drove index returns. The manager took profits in AI names and maintains disciplined underweight positioning, questioning market stability. Strong results from Extreme Networks and Generac were offset by Darling's oil-price-driven decline and Broadridge's AI-fear selloff. Extensive field research continues across niche industrials and out-of-favor opportunities, with conviction grounded in fundamentals not sentiment.
Full Quick Take
SouthernSun underperformed in Q2 2026 by avoiding speculative AI concentration that drove index returns. The manager took profits in AI names and maintains disciplined underweight positioning, questioning market stability. Strong results from Extreme Networks and Generac were offset by Darling's oil-price-driven decline and Broadridge's AI-fear selloff. Extensive field research continues across niche industrials and out-of-favor opportunities, with conviction grounded in fundamentals not sentiment.
Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes.
Full Quick Take
Rewey Asset Management's SMID Value strategy returned 20.06% in Q2 2026, capturing the ongoing rotation from large-cap tech to undervalued small and mid-caps. The manager added Vontier at compelling 8.7x PE valuation while trimming Ultra Clean after 127% surge on semiconductor cycle inflection. Portfolio holds 31 concentrated positions in financially strong companies with clear catalysts, positioned for continued small-cap outperformance as inflation ebbs and economic growth stabilizes.
Castlebay returned 9% in Q2 2026, outperforming the UK market by 5% as capital rotated back to quality. The fund targets high-quality compounders with 37% ROE and 5.5% free cash flow yields trading at attractive valuations. A new position in Spirax Group exemplifies the strategy: a cash-generative industrial business with a structural growth engine in biopharma that the market undervalues. The UK quality re-rating has only just begun.
Full Quick Take
Castlebay returned 9% in Q2 2026, outperforming the UK market by 5% as capital rotated back to quality. The fund targets high-quality compounders with 37% ROE and 5.5% free cash flow yields trading at attractive valuations. A new position in Spirax Group exemplifies the strategy: a cash-generative industrial business with a structural growth engine in biopharma that the market undervalues. The UK quality re-rating has only just begun.
Oakmark International Small Cap outperformed in Q4 2023 with an 11.47% return, driven by strong execution at industrial equipment companies like Konecranes. The fund initiated positions in Valmet and Lanxess, seeing value in quality businesses facing temporary headwinds. Geographic focus remains heavily European at 57.3% of holdings, targeting undervalued small-cap opportunities.
Full Quick Take
Oakmark International Small Cap outperformed in Q4 2023 with an 11.47% return, driven by strong execution at industrial equipment companies like Konecranes. The fund initiated positions in Valmet and Lanxess, seeing value in quality businesses facing temporary headwinds. Geographic focus remains heavily European at 57.3% of holdings, targeting undervalued small-cap opportunities.
