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.
Stewart Asset Management underperformed the S&P 500 YTD in 2025 due to a major drag from UnitedHealth, which has now been completely liquidated. The manager remains highly confident in their remaining 15 global-leader compounders, expecting them to grow earnings twice as fast as the benchmark index over the next five years.
Full Quick Take
Stewart Asset Management underperformed the S&P 500 YTD in 2025 due to a major drag from UnitedHealth, which has now been completely liquidated. The manager remains highly confident in their remaining 15 global-leader compounders, expecting them to grow earnings twice as fast as the benchmark index over the next five years.
Manole Capital targets high-quality, growth-oriented companies utilizing technology to improve established processes, with a heavy focus on payment sectors and financial exchanges. By prioritizing strong free cash flow over speculative digital currencies, the fund employs a disciplined, long-term compounding strategy designed to navigate economic cycles, resist macro volatility, and capture secular growth opportunities.
Full Quick Take
Manole Capital targets high-quality, growth-oriented companies utilizing technology to improve established processes, with a heavy focus on payment sectors and financial exchanges. By prioritizing strong free cash flow over speculative digital currencies, the fund employs a disciplined, long-term compounding strategy designed to navigate economic cycles, resist macro volatility, and capture secular growth opportunities.
