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 manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings.
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The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings.
Oakmark Fund underperformed in Q2 2026 as AI-driven market leadership persisted, but the managers remain disciplined value investors. Delta Air Lines led performance on improved airline industry rationality and strong premium travel demand. New positions in Booking Holdings and Equitable Holdings were initiated at significant discounts to intrinsic value. The fund continues avoiding overvalued AI equities, focusing instead on mispriced businesses with clear catalysts.
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Oakmark Fund underperformed in Q2 2026 as AI-driven market leadership persisted, but the managers remain disciplined value investors. Delta Air Lines led performance on improved airline industry rationality and strong premium travel demand. New positions in Booking Holdings and Equitable Holdings were initiated at significant discounts to intrinsic value. The fund continues avoiding overvalued AI equities, focusing instead on mispriced businesses with clear catalysts.
Compound Everyday Capital maintains a neutral investment posture, focusing on identifying high-quality companies facing temporary industry or company-specific headwinds. While the fund experienced a minor setback from a special situation position in FY23, it is capitalizing on broader market volatility to deploy cash into resilient sector leaders at highly attractive valuations.
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Compound Everyday Capital maintains a neutral investment posture, focusing on identifying high-quality companies facing temporary industry or company-specific headwinds. While the fund experienced a minor setback from a special situation position in FY23, it is capitalizing on broader market volatility to deploy cash into resilient sector leaders at highly attractive valuations.
