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 ↕ | SI ↕ | Tickers | Keywords / Themes | Quick Take | Pitches (LONG / SHORT) | Current Positioning | Letter |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q3 2026 | Oct 15, 2026 | RS Value Team | +4.1% | +10.3% | +12.3% | Driven by stock selection in Industrials and Financials, while maintaining a disciplined margin of safety amidst rising bond yields and geopolitical tension. Full Quick Take Driven by stock selection in Industrials and Financials, while maintaining a disciplined margin of safety amidst rising bond yields and geopolitical tension. | |||||
Q3 2026 | Oct 15, 2026 | - | +13.3% | - | Driven by strong gains in GitLab, Atlassian, and a Bumble buyout, while aggressively accumulating Intuit as its top position and hedging against AI infrastructure froth. Full Quick Take Driven by strong gains in GitLab, Atlassian, and a Bumble buyout, while aggressively accumulating Intuit as its top position and hedging against AI infrastructure froth. | ||||||
Q3 2026 | Oct 14, 2026 | +3.5% | +8.1% | +9.4% | Driven by a sharp rebound in enterprise software holdings and timely additions to IT hardware names like Lenovo and SK hynix, while reallocating capital out of fully valued cyclicals and impaired pharmaceutical pipelines. Full Quick Take Driven by a sharp rebound in enterprise software holdings and timely additions to IT hardware names like Lenovo and SK hynix, while reallocating capital out of fully valued cyclicals and impaired pharmaceutical pipelines. | ||||||
Q3 2026 | Oct 12, 2026 | -6.1% | +8.2% | +10.5% | Hardman Johnston International Equity navigated a difficult 3Q 2026. Constructive on structural growth across energy infrastructure, nuclear power, and defense, keeping capital focused in 23 high-conviction global leaders. Full Quick Take Hardman Johnston International Equity navigated a difficult 3Q 2026. Constructive on structural growth across energy infrastructure, nuclear power, and defense, keeping capital focused in 23 high-conviction global leaders. | ||||||
Q3 2026 | Oct 11, 2026 | - | +7.0% | +22.5% | The fund aggressively deployed cash reserves from 19% down to 8.1%, initiating positions in custom silicon enablers like Broadcom and insider-bought names while retaining an overweight in healthcare. Full Quick Take The fund aggressively deployed cash reserves from 19% down to 8.1%, initiating positions in custom silicon enablers like Broadcom and insider-bought names while retaining an overweight in healthcare. | ||||||
Q2 2026 | Jun 30, 2026 | - | - | - | Antipodes Global Fund utilizes an all-weather value approach to navigate historic market concentration. Believing the current AI memory hardware boom is cyclical and priced to perfection, the fund is underweight mega-cap tech. Full Quick Take Antipodes Global Fund utilizes an all-weather value approach to navigate historic market concentration. Believing the current AI memory hardware boom is cyclical and priced to perfection, the fund is underweight mega-cap tech. | ||||||
Q2 2026 | Jun 30, 2026 | -1.0% | +11.6% | +24.5% | The U.S. fiscal deficit lowers the probability of a traditional recession, paving the way for the nominal market to crash upwards. While extreme AI concentration has led to a narrow market, the bull market is set to broaden. Full Quick Take The U.S. fiscal deficit lowers the probability of a traditional recession, paving the way for the nominal market to crash upwards. While extreme AI concentration has led to a narrow market, the bull market is set to broaden. | - | |||||
Q4 2025 | Jan 1, 2026 | - | +8.0% | +14.1% | Lagging the index due to mega-cap tech concentration, passive momentum flows, and a weak dollar. Manager Terry Smith refuses to chase momentum, maintaining strict active quality discipline and shifting capital toward resilient healthcare and enterprise software. Full Quick Take Lagging the index due to mega-cap tech concentration, passive momentum flows, and a weak dollar. Manager Terry Smith refuses to chase momentum, maintaining strict active quality discipline and shifting capital toward resilient healthcare and enterprise software. | ||||||
Q3 2025 | Nov 25, 2025 | +5.0% | -17.0% | +16.7% | Despite persistent headwinds for value and quality factors, Voss Capital maintains high conviction in its heavily discounted, cash-flowing small-cap portfolio, viewing the current historic valuation gap as an exceptionally asymmetric buying opportunity. Full Quick Take Despite persistent headwinds for value and quality factors, Voss Capital maintains high conviction in its heavily discounted, cash-flowing small-cap portfolio, viewing the current historic valuation gap as an exceptionally asymmetric buying opportunity. | ||||||
Q3 2025 | Oct 31, 2025 | - | - | - | Kinsman Oak warns that the AI market rally is a highly concentrated speculative bubble driven by unviable capex spend and dangerous financial engineering, suggesting investors favor gold and prepare for a significant post-2026 valuation correction. Full Quick Take Kinsman Oak warns that the AI market rally is a highly concentrated speculative bubble driven by unviable capex spend and dangerous financial engineering, suggesting investors favor gold and prepare for a significant post-2026 valuation correction. | - | |||||
Q3 2025 | Oct 30, 2025 | - | - | - | - | Global equities surged in Q3 2025 behind Fed rate cuts and robust AI spending, but historically high valuations and rising tariff risks lead LRIA to adopt a balanced, neutral-to-positive equity stance paired with short-duration fixed income. Full Quick Take Global equities surged in Q3 2025 behind Fed rate cuts and robust AI spending, but historically high valuations and rising tariff risks lead LRIA to adopt a balanced, neutral-to-positive equity stance paired with short-duration fixed income. | - | ||||
Q3 2025 | Oct 28, 2025 | +31.7% | +47.2% | +28.3% | Driven by surging AI names, and details why the current AI capital cycle is fundamentally healthier and more durable than the dot-com era fiber boom. Full Quick Take Driven by surging AI names, and details why the current AI capital cycle is fundamentally healthier and more durable than the dot-com era fiber boom. | ||||||
Q3 2025 | Oct 28, 2025 | - | +19.0% | - | Alpine Capital delivered constructive performance in Q3 2025, defending mega-cap AI spending as fundamentally sound while emphasizing a disciplined, low-turnover strategy of 'active inaction' to compound long-term returns. Full Quick Take Alpine Capital delivered constructive performance in Q3 2025, defending mega-cap AI spending as fundamentally sound while emphasizing a disciplined, low-turnover strategy of 'active inaction' to compound long-term returns. | - | |||||
Q3 2025 | Oct 10, 2025 | -29.0% | -5.4% | - | Headwaters Capital underperformed in Q3 2025 due to an extreme market rotation into AI, but views this concentration as an unsustainable CAPEX bubble and is actively buying high-quality non-AI names at trough valuations. Full Quick Take Headwaters Capital underperformed in Q3 2025 due to an extreme market rotation into AI, but views this concentration as an unsustainable CAPEX bubble and is actively buying high-quality non-AI names at trough valuations. | - | |||||
Q3 2025 | Oct 10, 2025 | - | - | - | Q3 2025 demonstrated strong macroeconomic resilience and a broadening equity rally, but extreme valuations and policy uncertainties make disciplined diversification and portfolio resilience critical. Full Quick Take Q3 2025 demonstrated strong macroeconomic resilience and a broadening equity rally, but extreme valuations and policy uncertainties make disciplined diversification and portfolio resilience critical. | - | |||||
Q3 2025 | Oct 9, 2025 | +5.8% | +17.8% | +18.2% | - | ||||||
Q3 2025 | Oct 1, 2025 | - | - | - | Bahl & Gaynor remains committed to its core dividend-growth and downside-protection philosophy, finding compelling, risk-managed opportunities in quality Small/Mid-Cap (SMID) names to navigate an increasingly expensive and concentrated market. Full Quick Take Bahl & Gaynor remains committed to its core dividend-growth and downside-protection philosophy, finding compelling, risk-managed opportunities in quality Small/Mid-Cap (SMID) names to navigate an increasingly expensive and concentrated market. | - | |||||
Q3 2025 | Sep 30, 2025 | +37.8% | - | +23.4% | The fund navigated a high-beta, risk-on environment by pruning weaker positions and rotating selectively into high-conviction growth and cyclical opportunities. Full Quick Take The fund navigated a high-beta, risk-on environment by pruning weaker positions and rotating selectively into high-conviction growth and cyclical opportunities. | - | |||||
Q3 2025 | Sep 30, 2025 | +27.0% | +8.2% | +10.7% | Kovitz lagged the momentum-driven Q3 market, choosing instead to trim risk by exiting Oracle and redeploying capital into high-quality, undervalued health care and specialty finance stocks. Full Quick Take Kovitz lagged the momentum-driven Q3 market, choosing instead to trim risk by exiting Oracle and redeploying capital into high-quality, undervalued health care and specialty finance stocks. | ||||||
Q3 2025 | Sep 30, 2025 | +5.0% | +23.1% | +11.2% | The portfolio underperformed its benchmark in Q3 2025 due to stock selection headwinds in SaaS and analog semiconductors, though it capitalized on European financial and industrial initiations. Full Quick Take The portfolio underperformed its benchmark in Q3 2025 due to stock selection headwinds in SaaS and analog semiconductors, though it capitalized on European financial and industrial initiations. | - | |||||
Q3 2025 | Sep 30, 2025 | +5.9% | +38.9% | +10.7% | NCG underperformed in a highly speculative 3Q25 that favored unprofitable small caps, but maintains a constructive, long-term bullish stance on quality small-cap growth driven by attractive valuations and a supportive Fed rate-cutting cycle. Full Quick Take NCG underperformed in a highly speculative 3Q25 that favored unprofitable small caps, but maintains a constructive, long-term bullish stance on quality small-cap growth driven by attractive valuations and a supportive Fed rate-cutting cycle. | ||||||
Q3 2025 | Sep 30, 2025 | +7.0% | +4.3% | +7.5% | NCG underperformed in 3Q25 due to a highly speculative market rally favoring low-quality small-cap stocks, but the manager remains highly constructive on small-caps, pointing to supportive Fed rate cuts and historically low relative valuations. Full Quick Take NCG underperformed in 3Q25 due to a highly speculative market rally favoring low-quality small-cap stocks, but the manager remains highly constructive on small-caps, pointing to supportive Fed rate cuts and historically low relative valuations. | - | |||||
Q3 2025 | Sep 30, 2025 | +5.9% | - | +11.2% | Gabelli Funds reports robust Q3 returns driven by AI hype, Fed rate cuts, and a strong rebound in global M&A. While constructive on select quality compounders, the managers remain cautious on broader equity indices due to historically high valuations. Full Quick Take Gabelli Funds reports robust Q3 returns driven by AI hype, Fed rate cuts, and a strong rebound in global M&A. While constructive on select quality compounders, the managers remain cautious on broader equity indices due to historically high valuations. | - | |||||
Q3 2025 | Sep 30, 2025 | +47.0% | +10.9% | +13.2% | The fund actively reduced high-flying tech positions to capture high-margin, contrarian value in China and UK market infrastructure. Full Quick Take The fund actively reduced high-flying tech positions to capture high-margin, contrarian value in China and UK market infrastructure. | - | |||||
Q2 2025 | Aug 22, 2025 | +10.0% | -6.3% | +16.7% | Voss Capital remains cautious on overall stock indices and macro job metrics, but is aggressively capitalizing on historically cheap small-cap valuations, initiating a major new long position in Five9. Full Quick Take Voss Capital remains cautious on overall stock indices and macro job metrics, but is aggressively capitalizing on historically cheap small-cap valuations, initiating a major new long position in Five9. | ||||||
Q2 2025 | Jul 21, 2025 | +11.8% | - | - | Using the pullback to consolidate its portfolio into 29 high-quality, domestic EM growth names aligned with AI capex and Indian infrastructure. Full Quick Take Using the pullback to consolidate its portfolio into 29 high-quality, domestic EM growth names aligned with AI capex and Indian infrastructure. | - | |||||
Q2 2025 | Jul 1, 2025 | - | - | +15.0% | The fund remains highly constructive on global equities, focusing on dominant compounders at the center of the accelerating transition from simple LLMs to reasoning and agentic AI systems. Full Quick Take The fund remains highly constructive on global equities, focusing on dominant compounders at the center of the accelerating transition from simple LLMs to reasoning and agentic AI systems. | - | |||||
Q2 2025 | Jun 30, 2025 | +7.0% | +8.5% | - | Heavily outperforming its value benchmark while remaining highly disciplined with no portfolio trades. The manager views the historic 130% valuation gap between Growth and Value stocks as an unsustainable extreme that will catalyze a major rotation. Full Quick Take Heavily outperforming its value benchmark while remaining highly disciplined with no portfolio trades. The manager views the historic 130% valuation gap between Growth and Value stocks as an unsustainable extreme that will catalyze a major rotation. | ||||||
Q1 2025 | Apr 8, 2025 | -10.6% | -10.6% | +10.5% | The fund targets long-term capital appreciation by investing in the global structural shift toward artificial intelligence. While Q1 was heavily disrupted by US tariff policy and macro uncertainty, the managers maintain a constructive medium-term view on accelerated compute. Full Quick Take The fund targets long-term capital appreciation by investing in the global structural shift toward artificial intelligence. While Q1 was heavily disrupted by US tariff policy and macro uncertainty, the managers maintain a constructive medium-term view on accelerated compute. |
Q3 2025
Q3 2025