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Hedge Fund Letters Archive

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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Quarter	Letter Date	Fund Name	QTD	YTD	SI	Tickers	Keywords / Themes	Quick Take	Pitches (LONG / SHORT)	Current Positioning	Letter
Q4 2025	Jan 9, 2026	Brasada Focused Equity Strategy Jonathan Reichek	-	-	+13.2%	-	AI Investment, Consumer Sentiment, Additional Keywords & Themes Macro Policy Artificial Intelligence Concentration Risk	Brasada highlights a stark disconnect between depressed consumer sentiment and strong economic reality. Despite a recent 19% tariff-driven correction, the market's rapid recovery underscores its resilience. Full Quick Take Brasada highlights a stark disconnect between depressed consumer sentiment and strong economic reality. Despite a recent 19% tariff-driven correction, the market's rapid recovery underscores its resilience. View PDF	-	US	View PDF Analysis
Q4 2025	Jan 8, 2026	Thornburg International Equity Fund Lei Wang	+44.5%	+34.2%	+8.7%	005930.KS,AZN,ROG.SW,6501.T,DHL.DE, Additional Tickers (6) BABA LIN SONY 4901.T BZ BNP.PA	AI Optimism, Trade Tensions, Additional Keywords & Themes Macro Policy Monetary Policy Central Banks		-	All Cap Asia	View PDF Analysis
Q4 2025	Dec 31, 2025	Burke Wealth Managament The Focused Growth Strategy Ken Burke	+20.0%	+7.4%	+14.2%	GOOGL,ADBE,CMCSA,NOW,SNOW, Additional Tickers (8) TDG ASML BWXT NVDA MU ISRG META CRM	Macro Policy, AI Compute, Additional Keywords & Themes Platform Point AI GPU	Burke Wealth Management remains highly optimistic for 2026, viewing current AI infrastructure spending as fundamentally backed by immediate compute demand rather than speculative bubble dynamics, while actively reallocating capital from vulnerable software apps to platform. Full Quick Take Burke Wealth Management remains highly optimistic for 2026, viewing current AI infrastructure spending as fundamentally backed by immediate compute demand rather than speculative bubble dynamics, while actively reallocating capital from vulnerable software apps to platform. View PDF	-	Large Cap US	View PDF Analysis
Q4 2025	Dec 31, 2025	Madison Large Cap Fund Rich Eisinger	+34.3%	+34.0%	+11.3%	GOOG,PH,KEYS,DHR,PCAR, Additional Tickers (9) WDAY HON FI NKE CDW CPRT PGR TXN FISV	AI Commercialization, Macro Policy, Additional Keywords & Themes Industrial Corporate Tariffs Fed	Outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions in Fiserv and Nike. Full Quick Take Outperforming the S&P 500's 2.66% return. The managers initiated new stakes in Workday and Honeywell while liquidating positions in Fiserv and Nike. View PDF	WDAYFISV	Large Cap Europe	View PDF Analysis
Q4 2025	Dec 31, 2025	Baird Small/Mid Cap Growth Equity Fund Jonathan Good, Chuck Severson	+12.0%	-8.5%	+10.0%	EXAS,ABT,TARS,GKOS,PEN, Additional Tickers (30) RGEN MASI PODD WAY TWLO MTSI DT VRTX MNDY ALAB CRDO COCO CASY BRBR BROS CHDN BURL BOOT ELF KTB DKNG RKLB LII WSO FOUR ULS BWXT AFRM CW EME	Factors Market, AI Secular, Additional Keywords & Themes Macro Policy ROE ROIC	The managers are actively rotating into high-quality industrial and tech compounders to repair 2025's full-year underperformance. Full Quick Take The managers are actively rotating into high-quality industrial and tech compounders to repair 2025's full-year underperformance. View PDF	-	SMID Cap Global	View PDF Analysis
Q4 2025	Dec 31, 2025	Aristotle Small/Mid Cap Equity Jack McPherson and Dave Adams	+23.7%	+32.3%	+6.8%	CIEN,MTSI,ITRI,EHC,AUB, Additional Tickers (9) BJ IDA NOVT PWP UGI EHTH NUS PTEN WAB	AI Capex, Value Outperformance, Additional Keywords & Themes Macro Policy AI Capex	Outperforming its benchmark in a quarter marked by a dramatic value stock rotation. The fund added several high-conviction mid-cap positions and pruned underperforming names to position for regulatory and M&A tailwinds in 2026. Full Quick Take Outperforming its benchmark in a quarter marked by a dramatic value stock rotation. The fund added several high-conviction mid-cap positions and pruned underperforming names to position for regulatory and M&A tailwinds in 2026. View PDF	-	SMID Cap US	View PDF Analysis
Q3 2025	Sep 30, 2025	ClearBridge Investments Large Cap Value Robert Feitler	-	-	-	SRE,AVGO,TSM,INTC,AMZN, Additional Tickers (12) GOOG PNC USB NVO MCHP CMCSA WEC RHHBY LIN MSI COF APD	AI Buildout, Risk Management, Additional Keywords & Themes Macro Policy AI Semiconductors	ClearBridge's Large Cap Value Strategy outperformed in Q3 2025, aided by strong semiconductor selection. Portfolio managers have actively neutralized their AI underweight and introduced stricter KPI underwriting to mitigate volatility and capture broadening value opportunities. Full Quick Take ClearBridge's Large Cap Value Strategy outperformed in Q3 2025, aided by strong semiconductor selection. Portfolio managers have actively neutralized their AI underweight and introduced stricter KPI underwriting to mitigate volatility and capture broadening value opportunities. View PDF	WECRHHBYLIN Additional Investment Pitches (3) $MSI (BULL)$COF (BULL)$APD (BULL)	Large Cap US	View PDF Analysis
Q3 2025	Sep 30, 2025	Mar Vista US Quality Silas Myers	+6.4%	+16.1%	+9.8%	AAPL,GOOG,NVDA,INTU,SAP, Additional Tickers (2) MCO ADBE	Macro Policy, Stretched Valuations, Additional Keywords & Themes AI Disruption AI SaaS	Exiting Adobe over long-term AI disruption risks while maintaining structural conviction in core AI-winners like Apple, Alphabet, and NVIDIA. Full Quick Take Exiting Adobe over long-term AI disruption risks while maintaining structural conviction in core AI-winners like Apple, Alphabet, and NVIDIA. View PDF	-	Large Cap US	View PDF Analysis
Q3 2025	Sep 30, 2025	Meridian Hedged Equity Fund Clayton Freeman	+16.7%	-	+6.3%	LBRDK,KVUE,ICE,DHI,JNJ, Additional Tickers (5) MGM GFL YOU GEO DHR	Artificial Intelligence, Macro Policy, Additional Keywords & Themes Policy Easing Rate Cut Stagflation	Lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize covered call overlays to mitigate downside risks in an elevated valuation environment. Full Quick Take Lagging the broader market as AI and rate-cut momentum pushed equities higher. The fund continues to utilize covered call overlays to mitigate downside risks in an elevated valuation environment. View PDF	KVUEDHIJNJ Additional Investment Pitches (2) $ICE (BULL)$LBRDK (BULL)	All Cap US	View PDF Analysis
Q2 2025	Jul 21, 2025	Miller Value Partners Deep Value Strategies Daniel Lysik	-9.5%	-13.6%	+22.0%	GCI,TPC,JELD,NBR	Macro Policy, AI Productivity, Additional Keywords & Themes Small Cap Small Caps Fama-French	Miller Value Partners urges investors to capitalize on a historic 90-year valuation gap by rotating into deeply discounted small-cap turnarounds poised for a multi-year outperformance cycle. Full Quick Take Miller Value Partners urges investors to capitalize on a historic 90-year valuation gap by rotating into deeply discounted small-cap turnarounds poised for a multi-year outperformance cycle. View PDF	-	Small Cap US	View PDF Analysis
Q2 2025	Jul 8, 2025	Driehaus Small/Mid Cap Growth Fund Jeffrey James	+15.9%	-23.9%	+14.2%	AXON,CVNA,CYBR,NTRA,PODD	Tariffs Macro, AI Infrastructure, Additional Keywords & Themes Healthcare Regulatory AI Data Centers	Outperforming its benchmark through dynamic reallocation toward AI-driven tech/industrials and away from volatile healthcare sectors. Full Quick Take Outperforming its benchmark through dynamic reallocation toward AI-driven tech/industrials and away from volatile healthcare sectors. View PDF	-	SMID Cap US	View PDF Analysis
Q2 2025	Jun 30, 2025	Canopy Investors Kris Webster, Michael Poulsen, and Jack McManus	+9.0%	+9.4%	+9.4%	DOL.TO,WISE.L,HEI,6094.T,ICLR, Additional Tickers (4) EDEN.PA TW MEDP WISE	Quality, Macro Policy, Additional Keywords & Themes Low-Quality Speculative Excess MSCI World	Underperforming the benchmark due to a highly speculative market favoring low-quality stocks, but remains anchored in quality compounders targeting 15% p.a. Five-year expected returns. Full Quick Take Underperforming the benchmark due to a highly speculative market favoring low-quality stocks, but remains anchored in quality compounders targeting 15% p.a. Five-year expected returns. View PDF	WISEICLRHEI	SMID Cap Global	View PDF Analysis
Q2 2025	Jun 30, 2025	Bronte Capital Amalthea Fund John Hempton	-5.1%	-	+9.7%	HOLN.SW,MLM,GOOGL,BXB.AX,HOOD	Tariffs Macro, Retail Speculation, Additional Keywords & Themes Management Incentives Mania Froth	The Amalthea Fund underperformed in Q2 2025 due to a highly frothy, retail-led US market. To counter this, the managers are deploying capital into contrarian European positions, notably initiating a position in Swiss cement player Holcim and its US spin-off Amrize. Full Quick Take The Amalthea Fund underperformed in Q2 2025 due to a highly frothy, retail-led US market. To counter this, the managers are deploying capital into contrarian European positions, notably initiating a position in Swiss cement player Holcim and its US spin-off Amrize. View PDF	-	All Cap Asia	View PDF Analysis
Q2 2025	Jun 30, 2025	Cullen Value Fund James Cullen	+7.0%	+8.5%	-	ORCL,AMAT,MS,C,JPM, Additional Tickers (7) AXP CI MDT AXTA COP CVX KVUE	Growth Value, AI Infrastructure, Additional Keywords & Themes Macro Policy Valuation P/E Premium	Heavily outperforming its value benchmark while remaining highly disciplined with no portfolio trades. The manager views the historic 130% valuation gap between Growth and Value stocks as an unsustainable extreme that will catalyze a major rotation. Full Quick Take Heavily outperforming its value benchmark while remaining highly disciplined with no portfolio trades. The manager views the historic 130% valuation gap between Growth and Value stocks as an unsustainable extreme that will catalyze a major rotation. View PDF	AMATORCLKVUE	Large Cap US	View PDF Analysis
Q2 2025	Jun 30, 2025	The Gabelli Equity Income Fund Mario J. Gabelli	+5.8%	-	+11.2%	FOX,BATRA,MSGS,CZR,WBD, Additional Tickers (8) TGNA IVG.MI TDS NFG TXT SAAB-B.ST CR AXP	AI Infrastructure, Macro Policy, Additional Keywords & Themes Live Sports Sports Private Equity	Gabelli Funds maintains a cautious posture on the broad market due to rich valuations and macro policy friction, but actively deploys capital into cash-generative media, sports, and industrial assets trading at discounts to private market value. Full Quick Take Gabelli Funds maintains a cautious posture on the broad market due to rich valuations and macro policy friction, but actively deploys capital into cash-generative media, sports, and industrial assets trading at discounts to private market value. View PDF	CRAXP	All Cap US	View PDF Analysis
Q1 2025	Mar 31, 2025	ClearBridge Investments Small Cap Growth Strategy Aram Green	-	-	-	GKOS,RKLB,AROC,HIMS,GERN, Additional Tickers (9) ELF GLBE ROLL CWAN INTA VRNS KVYO WIX FOUR	Small Cap, Macro Policy, Additional Keywords & Themes Generative AI Small Caps Large Caps	The Strategy targets high-quality, idiosyncratic small-cap compounders with diversified secular growth drivers. Despite intense macro volatility, policy shifts, and cooling generative AI sentiment, the portfolio handily beat its benchmark in the first quarter of 2025. Full Quick Take The Strategy targets high-quality, idiosyncratic small-cap compounders with diversified secular growth drivers. Despite intense macro volatility, policy shifts, and cooling generative AI sentiment, the portfolio handily beat its benchmark in the first quarter of 2025. View PDF	-	Small Cap US	View PDF Analysis
Q4 2024	Jan 9, 2025	Mountain Vista Wealth Management Jon Heagle	-	-	-	VXUS,GLD,USO,FBTC,TLT, Additional Tickers (2) SPY IWM	Asset Rebalancing, U.S Equity, Additional Keywords & Themes Macro Policy Cryptocurrency Digital P/E Ratio	After two consecutive years of historic equity gains, high U.S. valuations suggest more modest returns ahead. Investors should prudently rebalance into small-cap, mid-cap, and international stocks. Full Quick Take After two consecutive years of historic equity gains, high U.S. valuations suggest more modest returns ahead. Investors should prudently rebalance into small-cap, mid-cap, and international stocks. View PDF	-	All Cap US	View PDF Analysis

Brasada Focused Equity Strategy

Q4 2025

View PDF Analysis

QTD:-

YTD:-

SI:+13.2%

Thornburg International Equity Fund

Q4 2025

View PDF Analysis

QTD:+44.5%

YTD:+34.2%

SI:+8.7%

Burke Wealth Managament The Focused Growth Strategy

Q4 2025

View PDF Analysis

QTD:+20.0%

YTD:+7.4%

SI:+14.2%

Madison Large Cap Fund

Q4 2025

View PDF Analysis

QTD:+34.3%

YTD:+34.0%

SI:+11.3%

Baird Small/Mid Cap Growth Equity Fund

Q4 2025

View PDF Analysis

QTD:+12.0%

YTD:-8.5%

SI:+10.0%

Aristotle Small/Mid Cap Equity

Q4 2025

View PDF Analysis

QTD:+23.7%

YTD:+32.3%

SI:+6.8%

ClearBridge Investments Large Cap Value

Q3 2025

View PDF Analysis

QTD:-

YTD:-

Mar Vista US Quality

Q3 2025

View PDF Analysis

QTD:+6.4%

YTD:+16.1%

SI:+9.8%

Meridian Hedged Equity Fund

Q3 2025

View PDF Analysis

QTD:+16.7%

YTD:-

SI:+6.3%

Miller Value Partners Deep Value Strategies

Q2 2025

View PDF Analysis

QTD:-9.5%

YTD:-13.6%

SI:+22.0%

Driehaus Small/Mid Cap Growth Fund

Q2 2025

View PDF Analysis

QTD:+15.9%

YTD:-23.9%

SI:+14.2%

Canopy Investors

Q2 2025

View PDF Analysis

QTD:+9.0%

YTD:+9.4%

SI:+9.4%

Bronte Capital Amalthea Fund

Q2 2025

View PDF Analysis

QTD:-5.1%

YTD:-

SI:+9.7%

Cullen Value Fund

Q2 2025

View PDF Analysis

QTD:+7.0%

YTD:+8.5%

The Gabelli Equity Income Fund

Q2 2025

View PDF Analysis

QTD:+5.8%

YTD:-

SI:+11.2%

ClearBridge Investments Small Cap Growth Strategy

Q1 2025

View PDF Analysis

QTD:-

YTD:-

Mountain Vista Wealth Management

Q4 2024

View PDF Analysis

QTD:-

YTD:-

Showing 1 – 17 of 17 letters

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