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 21, 2026 | -0.9% | +3.4% | +8.4% | Constructive on durable international growth leaders across AI infrastructure, digital platforms, and specialist healthcare, maintaining high active share while exercising patience through cyclical transport and semiconductor volatility. Full Quick Take Constructive on durable international growth leaders across AI infrastructure, digital platforms, and specialist healthcare, maintaining high active share while exercising patience through cyclical transport and semiconductor volatility. | - | |||||
Q3 2026 | Oct 21, 2026 | -4.5% | +23.6% | +10.9% | Constructive on emerging market leaders, maintaining a barbelled portfolio anchored in generational artificial intelligence hardware demand and geopolitical energy hedges, while establishing new positions in financial and optical hardware compounders. Full Quick Take Constructive on emerging market leaders, maintaining a barbelled portfolio anchored in generational artificial intelligence hardware demand and geopolitical energy hedges, while establishing new positions in financial and optical hardware compounders. | - | |||||
Q3 2026 | Oct 21, 2026 | +1.0% | +9.0% | +7.5% | Constructive on resilient compounders and overlooked enterprise software beneficiaries, taking disciplined profits in outperforming semiconductor leaders while recycling capital into high-conviction financials and energy infrastructure. Full Quick Take Constructive on resilient compounders and overlooked enterprise software beneficiaries, taking disciplined profits in outperforming semiconductor leaders while recycling capital into high-conviction financials and energy infrastructure. | - | |||||
Q3 2026 | Oct 21, 2026 | +7.4% | +1.0% | +9.3% | Constructive on entrenched enterprise software compounders while trimming fully valued holdings, Vulcan exited IQVIA and CarMax to reallocate capital into deeply discounted leaders like Microsoft, SAP, and ServiceNow. Full Quick Take Constructive on entrenched enterprise software compounders while trimming fully valued holdings, Vulcan exited IQVIA and CarMax to reallocate capital into deeply discounted leaders like Microsoft, SAP, and ServiceNow. | - | |||||
Q3 2026 | Oct 21, 2026 | -0.6% | - | +26.7% | Constructive on secular AI infrastructure and broadening software monetization, trimming select semiconductor exposure while maintaining large off-benchmark positions in power infrastructure and resilient digital platforms. Full Quick Take Constructive on secular AI infrastructure and broadening software monetization, trimming select semiconductor exposure while maintaining large off-benchmark positions in power infrastructure and resilient digital platforms. | - | |||||
Q3 2026 | Oct 21, 2026 | -8.6% | +14.5% | - | Exploiting rate-driven multiple compression and summer dispersion, the fund redeployed capital by establishing a new position in Align Technology and exiting Novo Nordisk and Xylem while selectively topping up beaten-down growth compounders. Full Quick Take Exploiting rate-driven multiple compression and summer dispersion, the fund redeployed capital by establishing a new position in Align Technology and exiting Novo Nordisk and Xylem while selectively topping up beaten-down growth compounders. | - | |||||
Q3 2026 | Oct 20, 2026 | -2.5% | +7.6% | +11.1% | Disciplined focus on low-beta quality compounders amid higher rates and widening credit spreads, initiating a position in Churchill Downs while completing allocations in high-conviction holdings. Full Quick Take Disciplined focus on low-beta quality compounders amid higher rates and widening credit spreads, initiating a position in Churchill Downs while completing allocations in high-conviction holdings. | - | |||||
Q3 2026 | Oct 20, 2026 | -16.8% | +2.6% | +14.2% | Constructive on small/mid-cap growth equities as record earnings and depressed valuations offset yield volatility, reallocating capital toward cybersecurity, software, and healthcare while paring industrials. Full Quick Take Constructive on small/mid-cap growth equities as record earnings and depressed valuations offset yield volatility, reallocating capital toward cybersecurity, software, and healthcare while paring industrials. | - | |||||
Q3 2026 | Oct 20, 2026 | -9.8% | +10.7% | +9.2% | Constructive on franchise small-cap compounders with resilient profit cycles, rotating capital out of capital-intensive AI infrastructure enablers toward resilient vertical software platforms, energy services, and differentiated healthcare innovators. Full Quick Take Constructive on franchise small-cap compounders with resilient profit cycles, rotating capital out of capital-intensive AI infrastructure enablers toward resilient vertical software platforms, energy services, and differentiated healthcare innovators. | - | |||||
Q3 2026 | Oct 20, 2026 | - | +10.0% | +11.3% | Constructive on durable compounders amid market bifurcation, trimming Amphenol into strength to manage artificial intelligence exposure while deploying capital into punished high-quality franchises. Full Quick Take Constructive on durable compounders amid market bifurcation, trimming Amphenol into strength to manage artificial intelligence exposure while deploying capital into punished high-quality franchises. | - | |||||
Q3 2026 | Oct 20, 2026 | +3.8% | +9.3% | +6.8% | Constructive on high-quality international small caps as valuation spreads compress, deploying capital into durable compounders in Japan including Sanrio, Milbon, and Japan Elevator Service while divesting challenged consumer franchises. Full Quick Take Constructive on high-quality international small caps as valuation spreads compress, deploying capital into durable compounders in Japan including Sanrio, Milbon, and Japan Elevator Service while divesting challenged consumer franchises. | - | |||||
Q3 2026 | Oct 20, 2026 | -2.6% | -1.4% | +7.1% | International Growth maintains concentrated exposure in non-U.S. secular compounders across semiconductor infrastructure, digital commerce, and healthcare, using short-term narrative volatility to add to durable business franchises with demonstrated pricing power. Full Quick Take International Growth maintains concentrated exposure in non-U.S. secular compounders across semiconductor infrastructure, digital commerce, and healthcare, using short-term narrative volatility to add to durable business franchises with demonstrated pricing power. | - | |||||
Q3 2026 | Oct 20, 2026 | - | - | - | Constructive on profitable mid-cap software compounders and agentic AI adoption, maintaining disciplined stock selection to navigate restrictive Federal Reserve interest rate policy and sector dispersion. Full Quick Take Constructive on profitable mid-cap software compounders and agentic AI adoption, maintaining disciplined stock selection to navigate restrictive Federal Reserve interest rate policy and sector dispersion. | - | |||||
Q3 2026 | Oct 20, 2026 | -7.7% | +13.7% | +9.3% | Constructive on durable small-cap compounders, rotating capital into consumer staples and post-spinoff data businesses like Mobility Global while exploiting overstated AI disruption fears and exiting mature cyclicals. Full Quick Take Constructive on durable small-cap compounders, rotating capital into consumer staples and post-spinoff data businesses like Mobility Global while exploiting overstated AI disruption fears and exiting mature cyclicals. | - | |||||
Q3 2026 | Oct 20, 2026 | +3.1% | +9.6% | +8.6% | Constructive on durable European and emerging-market compounders undergoing cyclical inflections, rotating out of fully-valued semiconductor holdings like Samsung into discounted leaders including JBS and Nintendo. Full Quick Take Constructive on durable European and emerging-market compounders undergoing cyclical inflections, rotating out of fully-valued semiconductor holdings like Samsung into discounted leaders including JBS and Nintendo. | - | |||||
Q3 2026 | Oct 20, 2026 | +5.5% | - | +11.1% | Cautious on speculative AI infrastructure valuations and tightening macro liquidity, selectively compounding in top enterprise software hyperscalers, global luxury franchises, and resilient consumer leaders. Full Quick Take Cautious on speculative AI infrastructure valuations and tightening macro liquidity, selectively compounding in top enterprise software hyperscalers, global luxury franchises, and resilient consumer leaders. | - | |||||
Q3 2026 | Oct 19, 2026 | -6.9% | +15.9% | +10.1% | - | Constructive on small- and micro-cap value equities trading at wide historical valuation discounts, maintaining elevated micro-cap exposure while navigating post-rate-hike sentiment shifts and AI infrastructure demand. Full Quick Take Constructive on small- and micro-cap value equities trading at wide historical valuation discounts, maintaining elevated micro-cap exposure while navigating post-rate-hike sentiment shifts and AI infrastructure demand. | - | ||||
Q3 2026 | Oct 19, 2026 | - | - | - | CrossingBridge maintains a defensive credit posture with substantial dry powder and ultra-short duration, rotating up capital structures into senior secured paper while preparing for an anticipated shift toward an inflationary bust. Full Quick Take CrossingBridge maintains a defensive credit posture with substantial dry powder and ultra-short duration, rotating up capital structures into senior secured paper while preparing for an anticipated shift toward an inflationary bust. | - | |||||
Q3 2026 | Oct 19, 2026 | - | - | - | Adopting a neutral equity posture given severe market concentration, while capitalizing on historically normal 5% Treasury yields through intermediate fixed income and allocating to real assets and infrastructure for inflation protection. Full Quick Take Adopting a neutral equity posture given severe market concentration, while capitalizing on historically normal 5% Treasury yields through intermediate fixed income and allocating to real assets and infrastructure for inflation protection. | - | |||||
Q3 2026 | Oct 19, 2026 | +3.4% | +12.9% | +11.5% | Disciplined compounder strategy deploying capital into competitively advantaged adopters and infrastructure providers while shedding cyclical exposure and exiting positions facing structural competitive headwinds. Full Quick Take Disciplined compounder strategy deploying capital into competitively advantaged adopters and infrastructure providers while shedding cyclical exposure and exiting positions facing structural competitive headwinds. | - | |||||
Q3 2026 | Oct 19, 2026 | - | - | - | Selective and cautious on broad equities amid Fed rate hikes and geopolitical friction, favoring high-conviction media consolidators like $FUBO and $NFLX alongside deeply discounted, catalyst-rich small-cap compounders. Full Quick Take Selective and cautious on broad equities amid Fed rate hikes and geopolitical friction, favoring high-conviction media consolidators like $FUBO and $NFLX alongside deeply discounted, catalyst-rich small-cap compounders. | - | |||||
Q3 2026 | Oct 19, 2026 | - | - | - | Exploiting extreme market narrowness and surging bond yields to initiate long positions in undervalued, cash-generative leaders like Nintendo and BNP Paribas while maintaining defensive discipline against escalating geopolitical and energy headwinds. Full Quick Take Exploiting extreme market narrowness and surging bond yields to initiate long positions in undervalued, cash-generative leaders like Nintendo and BNP Paribas while maintaining defensive discipline against escalating geopolitical and energy headwinds. | - | |||||
Q3 2026 | Oct 19, 2026 | +1.5% | -3.0% | +10.5% | Concentrated global quality strategy navigating historic market narrowness by initiating resilient compounders HCA Healthcare and MTU Aero Engines while divesting PT Bank Central Asia and Workday on structural governance and disruption risks. Full Quick Take Concentrated global quality strategy navigating historic market narrowness by initiating resilient compounders HCA Healthcare and MTU Aero Engines while divesting PT Bank Central Asia and Workday on structural governance and disruption risks. | - | |||||
Q3 2026 | Oct 18, 2026 | +2.3% | +6.8% | +12.7% | Positioned aggressively in secular AI hardware, optical networking, and bioprocessing leaders, capitalizing on mid-year pullbacks to scale high-conviction compounders while navigating energy-driven inflation and tighter monetary policy. Full Quick Take Positioned aggressively in secular AI hardware, optical networking, and bioprocessing leaders, capitalizing on mid-year pullbacks to scale high-conviction compounders while navigating energy-driven inflation and tighter monetary policy. | - | |||||
Q3 2026 | Oct 15, 2026 | -0.8% | -19.6% | +12.3% | Driven by an acute September drawdown across vertical software and financial compounders amid AI disruption narratives, while initiating positions in TransDigm and Rollins and maintaining cash at 2.8%. Full Quick Take Driven by an acute September drawdown across vertical software and financial compounders amid AI disruption narratives, while initiating positions in TransDigm and Rollins and maintaining cash at 2.8%. | ||||||
Q3 2026 | Oct 15, 2026 | +1.3% | +5.2% | +8.9% | Driven by relative gains from an underweight in Consumer Discretionary and holdings in Avantor, while establishing new positions in Boston Scientific and Danaher amid market dislocations. Full Quick Take Driven by relative gains from an underweight in Consumer Discretionary and holdings in Avantor, while establishing new positions in Boston Scientific and Danaher amid market dislocations. | - | |||||
Q3 2026 | Oct 15, 2026 | - | - | - | Riverwater Sustainable Value Strategy trailed the Russell 2500 Value Index in Q3 2026, driven by sharp multiple compression in AI infrastructure holdings, while initiating new positions in Birkenstock, Lineage, and KBR. Full Quick Take Riverwater Sustainable Value Strategy trailed the Russell 2500 Value Index in Q3 2026, driven by sharp multiple compression in AI infrastructure holdings, while initiating new positions in Birkenstock, Lineage, and KBR. | ||||||
Q3 2026 | Oct 15, 2026 | - | - | - | Riverwater Partners Small Cap Strategy slightly underperformed the Russell 2000 in Q3 2026 due to sector allocation headwinds, while actively capitalizing on volatility to initiate high-visibility positions in Alliance Laundry, IRadimed, and Prestige Consumer Healthcare. Full Quick Take Riverwater Partners Small Cap Strategy slightly underperformed the Russell 2000 in Q3 2026 due to sector allocation headwinds, while actively capitalizing on volatility to initiate high-visibility positions in Alliance Laundry, IRadimed, and Prestige Consumer Healthcare. | ||||||
Q3 2026 | Oct 15, 2026 | -1.3% | - | +9.7% | Driven by weakness in Boyd Gaming and Dentsply Sirona despite strong gains in APA and Chevron, while adding newly spun-off ADI Global Distribution. Full Quick Take Driven by weakness in Boyd Gaming and Dentsply Sirona despite strong gains in APA and Chevron, while adding newly spun-off ADI Global Distribution. | ||||||
Q3 2026 | Oct 15, 2026 | -3.9% | - | +8.2% | Trailing mid-cap benchmarks amid a bifurcated market, while harvesting tax losses in Norwegian Cruise Line to redeploy into Royal Caribbean and establishing a new position in spun-off distributor ADI Global. Full Quick Take Trailing mid-cap benchmarks amid a bifurcated market, while harvesting tax losses in Norwegian Cruise Line to redeploy into Royal Caribbean and establishing a new position in spun-off distributor ADI Global. | ||||||
Q3 2026 | Oct 15, 2026 | -2.6% | - | +6.8% | Underperforming international benchmarks due to detractors in Information Technology, Utilities, and Industrials despite resilient stock selection in Consumer Discretionary and Health Care, while initiating eight new positions including Komatsu and NatWest and exiting five. Full Quick Take Underperforming international benchmarks due to detractors in Information Technology, Utilities, and Industrials despite resilient stock selection in Consumer Discretionary and Health Care, while initiating eight new positions including Komatsu and NatWest and exiting five. | ||||||
Q3 2026 | Oct 15, 2026 | -2.0% | - | +9.9% | Trailing global benchmarks amid sector dispersion and interest rate headwinds, while initiating eight new positions and harvesting six fully valued holdings. Full Quick Take Trailing global benchmarks amid sector dispersion and interest rate headwinds, while initiating eight new positions and harvesting six fully valued holdings. | ||||||
Q3 2026 | Oct 15, 2026 | - | +20.9% | +13.9% | The fund maintains a highly differentiated profile, trading at an 8.0% NTM FCF yield and 12.5x P/E with conservative balance sheet leverage (1.1x net debt to EBITDA), compared to the S&P 500's 3.3% FCF yield and 19.7x P/E. Full Quick Take The fund maintains a highly differentiated profile, trading at an 8.0% NTM FCF yield and 12.5x P/E with conservative balance sheet leverage (1.1x net debt to EBITDA), compared to the S&P 500's 3.3% FCF yield and 19.7x P/E. | ||||||
Q3 2026 | Oct 15, 2026 | - | +9.4% | +13.9% | |||||||
Q3 2026 | Oct 14, 2026 | - | - | - | Focus Wealth Management preserved and grew client capital in Q3 2026 by fading narrow mega-cap AI momentum, deploying into beaten-down blue chips like McDonald's at 19x earnings, and monetizing Jamieson Wellness via a 37% premium cash buyout. Full Quick Take Focus Wealth Management preserved and grew client capital in Q3 2026 by fading narrow mega-cap AI momentum, deploying into beaten-down blue chips like McDonald's at 19x earnings, and monetizing Jamieson Wellness via a 37% premium cash buyout. | ||||||
Q3 2026 | Oct 14, 2026 | -4.2% | +6.3% | +12.5% | Outperforming the Russell Midcap Growth Index's 5.84% decline through resilient selection in healthcare and communication services, while actively deploying into enterprise software on pullbacks. Full Quick Take Outperforming the Russell Midcap Growth Index's 5.84% decline through resilient selection in healthcare and communication services, while actively deploying into enterprise software on pullbacks. | ||||||
Q3 2026 | Oct 14, 2026 | +4.4% | +10.9% | +26.6% | Driven by strong selection gains in Health Care and software technology leaders like Twist Bioscience and Natera, while maintaining an unchanged portfolio roster and underweighting mega-cap semiconductor exposure. Full Quick Take Driven by strong selection gains in Health Care and software technology leaders like Twist Bioscience and Natera, while maintaining an unchanged portfolio roster and underweighting mega-cap semiconductor exposure. | ||||||
Q3 2026 | Oct 14, 2026 | -1.4% | +14.4% | +14.0% | Underperforming the Russell 1000 Value Index's 2.61%, driven by pullbacks in semiconductor and healthcare holdings, while initiating new long positions in Meta Platforms and The Williams Companies. Full Quick Take Underperforming the Russell 1000 Value Index's 2.61%, driven by pullbacks in semiconductor and healthcare holdings, while initiating new long positions in Meta Platforms and The Williams Companies. | ||||||
Q3 2026 | Oct 14, 2026 | -0.5% | +9.1% | +13.4% | Lagging the S&P 500's 2.30% gain due to pullbacks in semiconductor capital equipment and materials, while initiating new positions in Meta Platforms, TSMC, AstraZeneca, Cintas, and TJX. Full Quick Take Lagging the S&P 500's 2.30% gain due to pullbacks in semiconductor capital equipment and materials, while initiating new positions in Meta Platforms, TSMC, AstraZeneca, Cintas, and TJX. | ||||||
Q3 2026 | Oct 14, 2026 | -2.5% | - | +3.3% | - | Outperforming its benchmark by 96 basis points due to short duration positioning and gains in non-agency MBS, while selectively underwriting surging AI corporate debt. Full Quick Take Outperforming its benchmark by 96 basis points due to short duration positioning and gains in non-agency MBS, while selectively underwriting surging AI corporate debt. | - | ||||
Q3 2026 | Oct 14, 2026 | +2.1% | +6.8% | +12.6% | Driven by enterprise software holdings and gold bullion, while cautioning against sovereign debt risks and narrow market breadth. Full Quick Take Driven by enterprise software holdings and gold bullion, while cautioning against sovereign debt risks and narrow market breadth. | ||||||
Q3 2026 | Oct 14, 2026 | -2.6% | -1.0% | +6.4% | - | Driven by rising global sovereign yields and corporate spread widening, while managers reduced portfolio duration and focused on selective high-quality floating-rate securitised assets. Full Quick Take Driven by rising global sovereign yields and corporate spread widening, while managers reduced portfolio duration and focused on selective high-quality floating-rate securitised assets. | - | ||||
Q3 2026 | Oct 13, 2026 | - | - | - | Constructive on long-term secular growth across artificial intelligence infrastructure and reindustrialisation, adding exposure to semiconductor leaders, power grid suppliers, and financials while trimming extended thematic winners and exiting disrupted defence holdings. Full Quick Take Constructive on long-term secular growth across artificial intelligence infrastructure and reindustrialisation, adding exposure to semiconductor leaders, power grid suppliers, and financials while trimming extended thematic winners and exiting disrupted defence holdings. | - | |||||
Q3 2026 | Oct 13, 2026 | +11.5% | +12.2% | +12.1% | Driven by strong gains in information technology and health care holdings like Paycom Software, while initiating new positions in Meta Platforms and Rocket Companies. Full Quick Take Driven by strong gains in information technology and health care holdings like Paycom Software, while initiating new positions in Meta Platforms and Rocket Companies. | ||||||
Q3 2026 | Oct 13, 2026 | +3.2% | +4.0% | +8.7% | Driven by stock selection in software and an overweight in energy, while the team executed an extensive portfolio reconstitution adding nine new positions. Full Quick Take Driven by stock selection in software and an overweight in energy, while the team executed an extensive portfolio reconstitution adding nine new positions. | ||||||
Q3 2026 | Oct 13, 2026 | +4.1% | - | +7.9% | Outperforming its SMID benchmark by 7.3%, driven by strong gains in artificial intelligence testing enablers while initiating a position in Lincoln Electric and completely exiting Tractor Supply. Full Quick Take Outperforming its SMID benchmark by 7.3%, driven by strong gains in artificial intelligence testing enablers while initiating a position in Lincoln Electric and completely exiting Tractor Supply. | ||||||
Q3 2026 | Oct 13, 2026 | +5.1% | +28.1% | +9.4% | Driven by strong earnings from Recruit Holdings and OBIC Business Consultants, while initiating a position in Kioxia and exiting Disco to rebalance AI supply chain exposure. Full Quick Take Driven by strong earnings from Recruit Holdings and OBIC Business Consultants, while initiating a position in Kioxia and exiting Disco to rebalance AI supply chain exposure. | - | |||||
Q3 2026 | Oct 13, 2026 | - | +10.7% | +10.6% | - | - | |||||
Q3 2026 | Oct 13, 2026 | +3.5% | -7.7% | +12.2% | Driven by strong gains in Danaher, Intercontinental Exchange, Microsoft, and Nvidia, while establishing new positions in LPL Financial and Netflix and fully divesting Marsh. Full Quick Take Driven by strong gains in Danaher, Intercontinental Exchange, Microsoft, and Nvidia, while establishing new positions in LPL Financial and Netflix and fully divesting Marsh. | ||||||
Q3 2026 | Oct 12, 2026 | -2.7% | +4.0% | +11.4% | Driven by strong outperformance in AI software beneficiaries like Snowflake and Cloudflare, while reallocating capital into aerospace, optical infrastructure, and specialty manufacturing. Full Quick Take Driven by strong outperformance in AI software beneficiaries like Snowflake and Cloudflare, while reallocating capital into aerospace, optical infrastructure, and specialty manufacturing. |
Q3 2026