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.
Manager deployed capital aggressively into AutoZone, CME, and McKesson while markets chased AI momentum, creating 11.4 percentage point Q2 underperformance. Sees AutoZone's distribution buildout nearing inflection, CME's competitive moat intact despite perpetual futures threat, and McKesson positioned for sustained margin expansion from 2028 patent cliff. Avoids memory chips and AI-vulnerable software. Portfolio fully invested in fifteen concentrated positions with strong conviction despite near-term divergence.
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Manager deployed capital aggressively into AutoZone, CME, and McKesson while markets chased AI momentum, creating 11.4 percentage point Q2 underperformance. Sees AutoZone's distribution buildout nearing inflection, CME's competitive moat intact despite perpetual futures threat, and McKesson positioned for sustained margin expansion from 2028 patent cliff. Avoids memory chips and AI-vulnerable software. Portfolio fully invested in fifteen concentrated positions with strong conviction despite near-term divergence.
