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.
The Kernow Portfolio slipped 0.4% in August, but highlighted significant fundamental progress and valuation upside in core longs Metro Bank and Secure Trust Bank, alongside highly successful short theses playing out.
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The Kernow Portfolio slipped 0.4% in August, but highlighted significant fundamental progress and valuation upside in core longs Metro Bank and Secure Trust Bank, alongside highly successful short theses playing out.
Andvari focuses on holding dominant, high-margin businesses with strong pricing power and secular growth drivers. While shifting interest rate expectations temporarily pressured cell tower REITs and CoStar, the fund's operational engines remain highly robust. Guided by a patient compounding philosophy, the fund maintains high conviction in its core software and infrastructure holdings to deliver market-beating long-term returns.
Full Quick Take
Andvari focuses on holding dominant, high-margin businesses with strong pricing power and secular growth drivers. While shifting interest rate expectations temporarily pressured cell tower REITs and CoStar, the fund's operational engines remain highly robust. Guided by a patient compounding philosophy, the fund maintains high conviction in its core software and infrastructure holdings to deliver market-beating long-term returns.
Silver Beech delivered 11.6% returns in Q2 through concentrated value investing outside technology. Their 9-stock portfolio trades at 14.7x P/E versus 22x for the S&P 500 while maintaining similar growth. Featured investment Burford Capital offers legal finance exposure with 27% historical IRRs and asymmetric upside from a $6 billion Argentina case.
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Silver Beech delivered 11.6% returns in Q2 through concentrated value investing outside technology. Their 9-stock portfolio trades at 14.7x P/E versus 22x for the S&P 500 while maintaining similar growth. Featured investment Burford Capital offers legal finance exposure with 27% historical IRRs and asymmetric upside from a $6 billion Argentina case.
