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.
Minot Light returned 20.3% net in Q2 2026, demonstrating strong risk-adjusted performance through contrarian positioning in small and micro-cap companies with sustainable business models. The fund is capitalizing on busted IPOs, senior care demographics, and illiquid micro-caps transitioning to institutional status while avoiding speculative AI and semiconductor momentum. Managers expect their anti-momentum positioning to benefit as current trends moderate, with optimism about future performance.
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Minot Light returned 20.3% net in Q2 2026, demonstrating strong risk-adjusted performance through contrarian positioning in small and micro-cap companies with sustainable business models. The fund is capitalizing on busted IPOs, senior care demographics, and illiquid micro-caps transitioning to institutional status while avoiding speculative AI and semiconductor momentum. Managers expect their anti-momentum positioning to benefit as current trends moderate, with optimism about future performance.
This wealth management firm uses the SpaceX IPO—which surged to a $2 trillion valuation before retreating—to warn clients against speculation. The manager distinguishes between chasing binary moonshot bets and building diversified portfolios for life goals. With mega-IPOs from OpenAI and Anthropic potentially coming, the message is clear: stay disciplined and don't let financial futures depend on predicting which speculative opportunity succeeds.
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This wealth management firm uses the SpaceX IPO—which surged to a $2 trillion valuation before retreating—to warn clients against speculation. The manager distinguishes between chasing binary moonshot bets and building diversified portfolios for life goals. With mega-IPOs from OpenAI and Anthropic potentially coming, the message is clear: stay disciplined and don't let financial futures depend on predicting which speculative opportunity succeeds.
Glenmede expects 2.7% U.S. GDP growth in 2026 as fiscal stimulus and AI productivity gains offset tariff and energy headwinds. Geopolitical tensions drove inflation to 4.2% before easing late quarter. Equity markets rebounded sharply with broadening leadership—emerging markets up 24%, small caps up 21%. The second half will be defined by mega IPOs, AI capital spending at 2.5% of GDP, hawkish Fed policy, and midterm elections.
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Glenmede expects 2.7% U.S. GDP growth in 2026 as fiscal stimulus and AI productivity gains offset tariff and energy headwinds. Geopolitical tensions drove inflation to 4.2% before easing late quarter. Equity markets rebounded sharply with broadening leadership—emerging markets up 24%, small caps up 21%. The second half will be defined by mega IPOs, AI capital spending at 2.5% of GDP, hawkish Fed policy, and midterm elections.
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. Multiples Capital is positioned to capitalize through a multi-asset approach, holding shipping, precious metals, and strategic additions in regional banks and international equities.
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. Multiples Capital is positioned to capitalize through a multi-asset approach, holding shipping, precious metals, and strategic additions in regional banks and international equities.
