Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| - | +31.6% | AI in Consumer Credit, Digital Marketplace Disruption & Network Effects, Additional Keywords & Themes | Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging growth companies like Pagaya, Planet Labs, and Xometry. Full Quick Take Unconventional Value maintained its strong performance, returning +31.6% YTD in 2025 through a highly concentrated portfolio of AI-driven and network-effect-supported emerging growth companies like Pagaya, Planet Labs, and Xometry. | ||||||
| +13.5% | +11.7% | The International All Company Fund gained 13.49% in Q2 2025, beating its benchmark. The fund continues to prioritize bottom-up selection of highly profitable, defensible 'marketplace' business models like MercadoLibre while ignoring macro forecasting noise. Full Quick Take The International All Company Fund gained 13.49% in Q2 2025, beating its benchmark. The fund continues to prioritize bottom-up selection of highly profitable, defensible 'marketplace' business models like MercadoLibre while ignoring macro forecasting noise. | - | ||||||
| - | - | Infuse trimmed Axon after 80% annual returns due to valuation concerns, demonstrating disciplined selling. The fund holds a major position in an Australian pharmacy EDI company developing a marketplace platform with 10-bagger potential. Despite market volatility, portfolio companies show strong fundamentals and improving moats, with cash being deployed into new opportunities. Full Quick Take Infuse trimmed Axon after 80% annual returns due to valuation concerns, demonstrating disciplined selling. The fund holds a major position in an Australian pharmacy EDI company developing a marketplace platform with 10-bagger potential. Despite market volatility, portfolio companies show strong fundamentals and improving moats, with cash being deployed into new opportunities. | - | ||||||
| - | +0.3% | Emeth Value Capital's concentrated value approach delivered 28.51% returns in 2024, outperforming by 12.08%. The portfolio offers superior earnings yields compared to concentrated S&P 500 indices. Extensive analysis of Vivid Seats highlights secondary ticketing opportunities at attractive valuations. The manager leverages inverse reflexivity dynamics where low expectations create strategic flexibility for portfolio companies. Full Quick Take Emeth Value Capital's concentrated value approach delivered 28.51% returns in 2024, outperforming by 12.08%. The portfolio offers superior earnings yields compared to concentrated S&P 500 indices. Extensive analysis of Vivid Seats highlights secondary ticketing opportunities at attractive valuations. The manager leverages inverse reflexivity dynamics where low expectations create strategic flexibility for portfolio companies. | - | ||||||
| +40.0% | +11.4% | Ennismore delivered 11.4% returns in 2023 through focused European small-cap value investing. Key winners Schibsted and Ascential showcase the manager's skill in identifying corporate transformation opportunities with asymmetric upside. The fund maintains cautious 36% net exposure amid earnings uncertainty while holding high-conviction positions in dominant marketplace businesses and distressed short opportunities. Full Quick Take Ennismore delivered 11.4% returns in 2023 through focused European small-cap value investing. Key winners Schibsted and Ascential showcase the manager's skill in identifying corporate transformation opportunities with asymmetric upside. The fund maintains cautious 36% net exposure amid earnings uncertainty while holding high-conviction positions in dominant marketplace businesses and distressed short opportunities. | - | ||||||
| - | +13.0% | Ironvine's Q3 letter emphasizes management stewardship as critical to investment success, contrasting Black Knight's value-destructive governance with CoStar and Copart's exceptional leadership. Despite challenging macro conditions including inflation and elevated rates, the firm maintains focus on businesses with competitive moats, reinvestment capabilities, and owner-oriented management teams through their proprietary durability ranking system. Full Quick Take Ironvine's Q3 letter emphasizes management stewardship as critical to investment success, contrasting Black Knight's value-destructive governance with CoStar and Copart's exceptional leadership. Despite challenging macro conditions including inflation and elevated rates, the firm maintains focus on businesses with competitive moats, reinvestment capabilities, and owner-oriented management teams through their proprietary durability ranking system. | - | ||||||
| - | +0.3% | AVI Global Trust invests in companies trading at steep discounts to net asset value. March volatility widened portfolio discounts to 37.2%, creating buying opportunities. Manager added to Schibsted at 45% discount, Apollo at 10x earnings, and Molten Ventures post-SVB selloff. Core thesis intact with substantial upside as discounts normalize. Full Quick Take AVI Global Trust invests in companies trading at steep discounts to net asset value. March volatility widened portfolio discounts to 37.2%, creating buying opportunities. Manager added to Schibsted at 45% discount, Apollo at 10x earnings, and Molten Ventures post-SVB selloff. Core thesis intact with substantial upside as discounts normalize. | - |
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