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.
A frustrating Q4 2025 drawdown (-13.3%) driven by a 30% concentration in Kneat and leveraged options losses prompts the manager to implement strict position limits, curb options usage, and refocus on core quality holdings.
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A frustrating Q4 2025 drawdown (-13.3%) driven by a 30% concentration in Kneat and leveraged options losses prompts the manager to implement strict position limits, curb options usage, and refocus on core quality holdings.
ClearBridge maintained strict diversification limits in 2025, lagging the highly concentrated S&P 500 but systematically trimming capital-intensive tech exposure (Oracle) to fund high-quality, dividend-growing value additions (ADP, PG&E, Roche).
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ClearBridge maintained strict diversification limits in 2025, lagging the highly concentrated S&P 500 but systematically trimming capital-intensive tech exposure (Oracle) to fund high-quality, dividend-growing value additions (ADP, PG&E, Roche).
IEP reported a reduced net loss of $165 million and a $252 million increase in indicative NAV to $3.3 billion for Q2 2025. The holding company maintains massive liquidity of over $4.5 billion to capture attractive market opportunities.
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IEP reported a reduced net loss of $165 million and a $252 million increase in indicative NAV to $3.3 billion for Q2 2025. The holding company maintains massive liquidity of over $4.5 billion to capture attractive market opportunities.
Palm Valley Capital maintains its deeply defensive posture with a 73.6% cash reserve, warning that unsustainable corporate margins and retail credit strains present major risks despite overall stock index highs.
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Palm Valley Capital maintains its deeply defensive posture with a 73.6% cash reserve, warning that unsustainable corporate margins and retail credit strains present major risks despite overall stock index highs.
