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.
McElvaine Value Fund emphasizes balance sheet resilience over thematic investing, holding concentrated positions in owner-managed businesses with net cash or minimal debt. The portfolio is defensively positioned following 2008 lessons, with 22% cash and strong fundamentals across energy, insurance, and pharmaceuticals holdings. PrairieSky and Knight Therapeutics delivered strong operational results. The manager views the environment as fragile but remains confident in the portfolio's setup despite uncertain timing for value realization.
Full Quick Take
McElvaine Value Fund emphasizes balance sheet resilience over thematic investing, holding concentrated positions in owner-managed businesses with net cash or minimal debt. The portfolio is defensively positioned following 2008 lessons, with 22% cash and strong fundamentals across energy, insurance, and pharmaceuticals holdings. PrairieSky and Knight Therapeutics delivered strong operational results. The manager views the environment as fragile but remains confident in the portfolio's setup despite uncertain timing for value realization.
Defensive cash-heavy positioning proved prescient as markets declined 4.3% while software sector collapsed 22.5%. Portfolio benefited from AI infrastructure exposure via Corning's $6 billion Meta deal and Sphere's expansion plans. Added to distressed Perrigo and new position Baxter. Manager views 2026 as AI implementation year while maintaining discipline on valuations and deployment timing.
Full Quick Take
Defensive cash-heavy positioning proved prescient as markets declined 4.3% while software sector collapsed 22.5%. Portfolio benefited from AI infrastructure exposure via Corning's $6 billion Meta deal and Sphere's expansion plans. Added to distressed Perrigo and new position Baxter. Manager views 2026 as AI implementation year while maintaining discipline on valuations and deployment timing.
O'Keefe Stevens Advisory has positioned Cash as its largest holding due to high market valuations and index concentration. The firm remains highly bullish on Sphere (SPHR) and a looming lumber price inflection, while cautioning that AI will disrupt enterprise software models and act as a net alpha-dilutive tool.
Full Quick Take
O'Keefe Stevens Advisory has positioned Cash as its largest holding due to high market valuations and index concentration. The firm remains highly bullish on Sphere (SPHR) and a looming lumber price inflection, while cautioning that AI will disrupt enterprise software models and act as a net alpha-dilutive tool.