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.
Pernas Portfolio returned 30% in Q2, outperforming indexes substantially. Manager sees an extraordinary multi-year opportunity for active managers to beat the S&P 500 due to index concentration in richly valued mega-caps forced into an AI arms race. Hyperscalers committing $750 billion in AI spending creates productivity spillovers. Portfolio positioned in smaller companies that benefit from AI infrastructure without funding it, focusing on those converting AI into superior business economics.
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Pernas Portfolio returned 30% in Q2, outperforming indexes substantially. Manager sees an extraordinary multi-year opportunity for active managers to beat the S&P 500 due to index concentration in richly valued mega-caps forced into an AI arms race. Hyperscalers committing $750 billion in AI spending creates productivity spillovers. Portfolio positioned in smaller companies that benefit from AI infrastructure without funding it, focusing on those converting AI into superior business economics.
Mathew Hermary highlights a fundamental regime shift away from overvalued US mega-cap tech toward international value, old-economy cyclicals, and selective active opportunities where margins of safety remain robust.
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Mathew Hermary highlights a fundamental regime shift away from overvalued US mega-cap tech toward international value, old-economy cyclicals, and selective active opportunities where margins of safety remain robust.
Lyrical delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically attractive valuation discount relative to the S&P 500.
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Lyrical delivered robust 2Q 2025 outperformance across its US and international value strategies, driven by strong idiosyncratic stock selection while highlighting a historically attractive valuation discount relative to the S&P 500.
