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 Strategy lagged a low-quality, beta-driven benchmark rally in Q3 2025, but the managers are using the dislocation to add high-quality, secular growth leaders across defense, biotech, and AI connectivity.
Full Quick Take
The Strategy lagged a low-quality, beta-driven benchmark rally in Q3 2025, but the managers are using the dislocation to add high-quality, secular growth leaders across defense, biotech, and AI connectivity.
The Wasatch Small Cap Growth Fund suffered its worst relative underperformance in over 20 years, down -3.71% in Q3 2025, as speculative, low-quality stocks led a major market rally. The managers are staying disciplined, pointing to a decade-high ROA premium and double-digit earnings growth as pillars for a strong multi-year recovery.
Full Quick Take
The Wasatch Small Cap Growth Fund suffered its worst relative underperformance in over 20 years, down -3.71% in Q3 2025, as speculative, low-quality stocks led a major market rally. The managers are staying disciplined, pointing to a decade-high ROA premium and double-digit earnings growth as pillars for a strong multi-year recovery.
