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 Fund fell 9.2% in Q4 due to a dramatic equity market bifurcation away from non-resource stocks, but remains well-capitalized with ~$140m in cash to opportunistically double-down on its high-conviction activist pipeline.
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The Fund fell 9.2% in Q4 due to a dramatic equity market bifurcation away from non-resource stocks, but remains well-capitalized with ~$140m in cash to opportunistically double-down on its high-conviction activist pipeline.
Headwaters Capital underperformed in Q3 2025 due to an extreme market rotation into AI, but views this concentration as an unsustainable CAPEX bubble and is actively buying high-quality non-AI names at trough valuations.
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Headwaters Capital underperformed in Q3 2025 due to an extreme market rotation into AI, but views this concentration as an unsustainable CAPEX bubble and is actively buying high-quality non-AI names at trough valuations.
KCM Small Cap Growth Composite posted a +5.44% net return in Q3 2025, lagging the benchmark due to a sharp, narrow rally in low-quality and unprofitable companies. The PMs remain disciplined, focusing on secular growth trends with solid unit economics over hype.
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KCM Small Cap Growth Composite posted a +5.44% net return in Q3 2025, lagging the benchmark due to a sharp, narrow rally in low-quality and unprofitable companies. The PMs remain disciplined, focusing on secular growth trends with solid unit economics over hype.
1 Main Capital outperformed in Q2 with a 13.3% net return, led by IWG and Basic-Fit. The manager re-initiated a position in MasterCraft Boat, capitalizing on small-cap market neglect and a bottoming dealer destocking cycle.
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1 Main Capital outperformed in Q2 with a 13.3% net return, led by IWG and Basic-Fit. The manager re-initiated a position in MasterCraft Boat, capitalizing on small-cap market neglect and a bottoming dealer destocking cycle.
The fund underperformed a speculative, beta-driven benchmark rally in Q2 2025, returning 4.46% versus 8.50%. The managers have selectively pivoted toward AI-enabling energy infrastructure assets while maintaining core valuation discipline.
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The fund underperformed a speculative, beta-driven benchmark rally in Q2 2025, returning 4.46% versus 8.50%. The managers have selectively pivoted toward AI-enabling energy infrastructure assets while maintaining core valuation discipline.
