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 14, 2026 | +3.9% | +8.2% | +10.8% | Driven by a cyclical rebound across overweight life sciences tools holdings, while initiating turnaround stakes in Biogen and Humana and exiting 14 positions. Full Quick Take Driven by a cyclical rebound across overweight life sciences tools holdings, while initiating turnaround stakes in Biogen and Humana and exiting 14 positions. | ||||||
Q3 2026 | Oct 13, 2026 | Drew Cupps | -12.5% | +8.1% | +12.4% | Driven by relative gains in Twist Bioscience, Twilio, and Embraer, while actively rotating capital from industrial AI suppliers into healthcare and technology AI appliers. Full Quick Take Driven by relative gains in Twist Bioscience, Twilio, and Embraer, while actively rotating capital from industrial AI suppliers into healthcare and technology AI appliers. | - | ||||
Q3 2026 | Sep 30, 2026 | -7.2% | +3.0% | +11.7% | The team is rotating capital away from hardware-intensive AI infrastructure enablers toward resilient vertical software, hazardous waste remediation, and specialized aerospace suppliers with idiosyncratic, company-specific profit cycles. Full Quick Take The team is rotating capital away from hardware-intensive AI infrastructure enablers toward resilient vertical software, hazardous waste remediation, and specialized aerospace suppliers with idiosyncratic, company-specific profit cycles. | - | |||||
Q2 2026 | Aug 6, 2026 | +23.3% | -1.2% | +9.9% | - | McIntyre Partnerships provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take McIntyre Partnerships provides comprehensive portfolio insights and market positioning for 2026 Q2. | |||||
Q2 2026 | Jul 29, 2026 | +17.3% | +10.9% | +11.7% | Outperforming on strong semiconductor and biotech stock selection. The portfolio participated in AI infrastructure appreciation while maintaining discipline, with multiple semiconductor positions up over 100%. Full Quick Take Outperforming on strong semiconductor and biotech stock selection. The portfolio participated in AI infrastructure appreciation while maintaining discipline, with multiple semiconductor positions up over 100%. | ||||||
Q2 2026 | Jul 25, 2026 | - | - | - | Zeno argues Danaher is a high-quality compounder trading at a discount despite market-leading positions across Biotechnology, Diagnostics, and Life Sciences. Full Quick Take Zeno argues Danaher is a high-quality compounder trading at a discount despite market-leading positions across Biotechnology, Diagnostics, and Life Sciences. | ||||||
Q2 2026 | Jul 23, 2026 | +11.9% | +4.1% | +10.8% | Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. Full Quick Take Baron Health Care Fund outperformed in Q2 2026 driven by Eli Lilly's GLP-1 leadership and Revolution Medicines' breakthrough pancreatic cancer data. | ||||||
Q2 2026 | Jul 17, 2026 | +5.6% | +3.8% | +8.9% | Dodge & Cox Stock Fund underperformed in Q2 2026 as narrow market leadership favored growth over value. The Fund used AI disruption fears to initiate positions in Visa, Thermo Fisher, and KKR at attractive valuations. Full Quick Take Dodge & Cox Stock Fund underperformed in Q2 2026 as narrow market leadership favored growth over value. The Fund used AI disruption fears to initiate positions in Visa, Thermo Fisher, and KKR at attractive valuations. | - | |||||
Q2 2026 | Jul 15, 2026 | +9.3% | - | +10.3% | Lagging the Russell Midcap's 13.83% as AI infrastructure investments dominated. Semiconductor holdings Amphenol and Analog Devices led performance. Full Quick Take Lagging the Russell Midcap's 13.83% as AI infrastructure investments dominated. Semiconductor holdings Amphenol and Analog Devices led performance. | ||||||
Q1 2026 | May 11, 2026 | -19.8% | -19.8% | +9.9% | McIntyre concentrated over 20% in QDEL at $11, viewing it as a once-in-a-decade opportunity. Five temporary issues mask a stable diagnostics business with 95% contract renewal rates and 6% core growth. Full Quick Take McIntyre concentrated over 20% in QDEL at $11, viewing it as a once-in-a-decade opportunity. Five temporary issues mask a stable diagnostics business with 95% contract renewal rates and 6% core growth. | ||||||
Q4 2025 | Jan 12, 2026 | +6.7% | +31.7% | +11.4% | The Fund underperformed in 2025 as deep-value holdings and life sciences investments dragged down solid gains from its AI and durable growth compounders. Full Quick Take The Fund underperformed in 2025 as deep-value holdings and life sciences investments dragged down solid gains from its AI and durable growth compounders. | ||||||
Q4 2025 | Dec 31, 2025 | +42.7% | +14.3% | +11.2% | |||||||
Q4 2025 | Dec 31, 2025 | +2.7% | +18.4% | +12.7% | The Janus Henderson Forty Fund underperformed in Q4 2025 with a 0.27% return, hindered by short-term volatility in AI infrastructure holdings Oracle and Eaton. Full Quick Take The Janus Henderson Forty Fund underperformed in Q4 2025 with a 0.27% return, hindered by short-term volatility in AI infrastructure holdings Oracle and Eaton. | ||||||
Q4 2025 | Dec 31, 2025 | - | - | - | WS Amati Global Innovation Fund capitalized on AI infrastructure and biotech gains in Q4 2025, actively purchasing underpriced growth names like Fabrinet and H.U. Group while defending software, defense, and vision positions amidst short-term volatility. Full Quick Take WS Amati Global Innovation Fund capitalized on AI infrastructure and biotech gains in Q4 2025, actively purchasing underpriced growth names like Fabrinet and H.U. Group while defending software, defense, and vision positions amidst short-term volatility. | - | |||||
Q4 2025 | Dec 31, 2025 | +13.1% | +10.3% | +10.8% | Baron Health Care Fund outperformed its benchmark in Q4 2025 with a 13.10% return, driven by biotechnology gains and selective positioning. The manager remains highly optimistic about 2026 due to a massive resurgence in biotech funding, active M&A, and easing regulatory hurdles. Full Quick Take Baron Health Care Fund outperformed its benchmark in Q4 2025 with a 13.10% return, driven by biotechnology gains and selective positioning. The manager remains highly optimistic about 2026 due to a massive resurgence in biotech funding, active M&A, and easing regulatory hurdles. | ||||||
Q4 2025 | Dec 31, 2025 | +19.1% | +24.9% | +15.2% | The fund is actively repositioning into high-quality growth compounders like Repligen while trimming mature names. Full Quick Take The fund is actively repositioning into high-quality growth compounders like Repligen while trimming mature names. | ||||||
Q3 2025 | Sep 30, 2025 | - | - | - | ClearBridge Mid Cap Strategy outperformed in Q3 2025 through superior stock selection in consumer staples and health care, benefiting from Fed rate cuts and easing policy uncertainty. Strong performance from Performance Food Group and biotech holdings drove returns. Full Quick Take ClearBridge Mid Cap Strategy outperformed in Q3 2025 through superior stock selection in consumer staples and health care, benefiting from Fed rate cuts and easing policy uncertainty. Strong performance from Performance Food Group and biotech holdings drove returns. | - | |||||
Q3 2025 | Sep 30, 2025 | - | - | - | Orbis has allocated ~8% of its Global Equity Strategy to deeply discounted, high-innovation biotech companies (Alnylam, Genmab, Insmed, and CRISPR) that offer attractive, idiosyncratic value in an otherwise expensive and concentrated global market. Full Quick Take Orbis has allocated ~8% of its Global Equity Strategy to deeply discounted, high-innovation biotech companies (Alnylam, Genmab, Insmed, and CRISPR) that offer attractive, idiosyncratic value in an otherwise expensive and concentrated global market. | ||||||
Q3 2025 | Sep 30, 2025 | - | - | - | Despite performance headwinds from extreme mega-cap AI market concentration, the fund remains constructive on non-consensus, granular innovators in fields like robotics, bioprocessing, and photonics. Full Quick Take Despite performance headwinds from extreme mega-cap AI market concentration, the fund remains constructive on non-consensus, granular innovators in fields like robotics, bioprocessing, and photonics. | - | |||||
Q2 2025 | Sep 1, 2025 | +37.0% | +6.6% | - | Underperforming the global rally but actively repositioning into high-conviction, smaller-cap, and healthcare targets. The manager sees record market dispersion as a historic setup for fundamental stock picking. Full Quick Take Underperforming the global rally but actively repositioning into high-conviction, smaller-cap, and healthcare targets. The manager sees record market dispersion as a historic setup for fundamental stock picking. | - | |||||
Q2 2025 | Jul 18, 2025 | +3.7% | -28.0% | -1.3% | The Fund experienced subpar relative performance in Q2 2025 due to a momentum-driven market rally that favored growth over value, but managers remain confident in their high-conviction, concentrated portfolio. Full Quick Take The Fund experienced subpar relative performance in Q2 2025 due to a momentum-driven market rally that favored growth over value, but managers remain confident in their high-conviction, concentrated portfolio. | - | |||||
Q2 2025 | Jul 18, 2025 | +28.0% | +23.4% | +11.4% | Lagging the broader market as it navigated tariff-induced volatility, raised its cash position to 9%, and trimmed several core holdings while adding to high-conviction life sciences. Full Quick Take Lagging the broader market as it navigated tariff-induced volatility, raised its cash position to 9%, and trimmed several core holdings while adding to high-conviction life sciences. | ||||||
Q2 2025 | Jul 16, 2025 | +5.4% | -9.2% | +3.1% | Lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose valuations were overly punished by temporary policy and funding headwinds. Full Quick Take Lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose valuations were overly punished by temporary policy and funding headwinds. | - | |||||
Q2 2025 | Jul 10, 2025 | +7.3% | -26.0% | - | Headwaters Capital remains cautious of a 1999-style speculative AI bubble, instead deploying capital into deeply discounted, high-quality small-cap stocks like Bio-Techne (TECH) to capture an impending market rotation. Full Quick Take Headwaters Capital remains cautious of a 1999-style speculative AI bubble, instead deploying capital into deeply discounted, high-quality small-cap stocks like Bio-Techne (TECH) to capture an impending market rotation. | ||||||
Q2 2025 | Jun 30, 2025 | +7.2% | +5.1% | +14.0% | - | ||||||
Q2 2025 | Jun 30, 2025 | +15.6% | +7.5% | +14.6% | Outperforming the S&P 500 Index by 4.69%. Despite short-term macroeconomic volatility, the Fund remains committed to its long-term strategy of investing in high-quality compounders with durable competitive advantages. Full Quick Take Outperforming the S&P 500 Index by 4.69%. Despite short-term macroeconomic volatility, the Fund remains committed to its long-term strategy of investing in high-quality compounders with durable competitive advantages. | - | |||||
Q2 2025 | Jun 30, 2025 | +9.9% | +5.9% | +13.2% | - | ||||||
Q1 2025 | Apr 4, 2025 | +0.1% | - | +16.5% | Andvari outperformed significantly in Q1 2025 as money rotated from Mag 7+ into their quality holdings. Full Quick Take Andvari outperformed significantly in Q1 2025 as money rotated from Mag 7+ into their quality holdings. | - | |||||
Q1 2025 | Apr 1, 2025 | - | - | - | Generation navigated Q1 2025 market turbulence driven by unprecedented tariffs and momentum market collapse by leveraging their long-term sustainable investing approach. Full Quick Take Generation navigated Q1 2025 market turbulence driven by unprecedented tariffs and momentum market collapse by leveraging their long-term sustainable investing approach. | - | |||||
Q2 2024 | Jun 30, 2024 | 0.0% | 0.0% | - | RGA Investment Advisors sees compelling long-term value in cyclically depressed consumer-facing companies and bioprocessing leaders. Full Quick Take RGA Investment Advisors sees compelling long-term value in cyclically depressed consumer-facing companies and bioprocessing leaders. | ||||||
Q2 2024 | Jun 30, 2024 | 0.0% | - | +8.8% | Parnassus Mid Cap Growth matched its benchmark with a -3.20% Q2 return, driven by strong semiconductor and software performance offset by real estate weakness. Full Quick Take Parnassus Mid Cap Growth matched its benchmark with a -3.20% Q2 return, driven by strong semiconductor and software performance offset by real estate weakness. | - | |||||
Q4 2023 | May 23, 2024 | - | - | - | RGA trimmed Meta to fund substantial increases in life sciences positions, particularly Maravai LifeSciences and new position Sartorius AG. Full Quick Take RGA trimmed Meta to fund substantial increases in life sciences positions, particularly Maravai LifeSciences and new position Sartorius AG. | - | |||||
Q4 2023 | Dec 31, 2023 | +10.6% | +26.1% | +9.6% | Madison Investors Fund matched the S&P 500's strong 26% annual performance through concentrated holdings in quality large-caps. The team capitalized on falling rates benefiting financials while navigating China-related headwinds in life sciences and semiconductor cycle pressures. Full Quick Take Madison Investors Fund matched the S&P 500's strong 26% annual performance through concentrated holdings in quality large-caps. The team capitalized on falling rates benefiting financials while navigating China-related headwinds in life sciences and semiconductor cycle pressures. | - | |||||
Q3 2023 | Oct 26, 2023 | -7.8% | +13.5% | - | Headwaters underperformed in Q3 due to healthcare exposure amid GLP-1 drug fears, but the manager views concerns as overblown. Small cap valuations have reached historically attractive levels below previous troughs when bond yields were similar. Full Quick Take Headwaters underperformed in Q3 due to healthcare exposure amid GLP-1 drug fears, but the manager views concerns as overblown. Small cap valuations have reached historically attractive levels below previous troughs when bond yields were similar. | - | |||||
Q2 2023 | Jun 30, 2023 | - | - | - | Spree Capital initiated Danaher based on an underappreciated transformation into a life sciences powerhouse with 80% recurring revenues. COVID expanded the molecular diagnostics installed base by 250%, creating a strengthened razor-and-blade model. Full Quick Take Spree Capital initiated Danaher based on an underappreciated transformation into a life sciences powerhouse with 80% recurring revenues. COVID expanded the molecular diagnostics installed base by 250%, creating a strengthened razor-and-blade model. | - | |||||
Q2 2023 | Jun 30, 2023 | +4.3% | - | +9.3% | Oakmark Global delivered solid Q2 performance while maintaining YTD outperformance since inception. Full Quick Take Oakmark Global delivered solid Q2 performance while maintaining YTD outperformance since inception. | - | |||||
Q1 2023 | Mar 31, 2023 | - | - | +11.3% | Ironvine exited JPMorgan after nine years due to banking sector regulatory uncertainty following Silicon Valley Bank's collapse. The manager identified systemic duration mismatch risks across banks and expects increased regulation. Full Quick Take Ironvine exited JPMorgan after nine years due to banking sector regulatory uncertainty following Silicon Valley Bank's collapse. The manager identified systemic duration mismatch risks across banks and expects increased regulation. | - |