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.
GCAM underperformed the S&P 500 in 2025 due to its purposeful underweight in mega-cap tech, but utilized Q4 to aggressively clean up underperforming names and initiate positions in high-quality mid-cap compounders Watsco and Hawkins.
Full Quick Take
GCAM underperformed the S&P 500 in 2025 due to its purposeful underweight in mega-cap tech, but utilized Q4 to aggressively clean up underperforming names and initiate positions in high-quality mid-cap compounders Watsco and Hawkins.
Distillate Capital warns of a historically severe disconnect between soaring large-cap U.S. equity prices and modest fundamental growth, with valuation risk heavily concentrated in the top 15 mega-cap stocks. The firm remains committed to its disciplined, value-oriented investment framework across large-cap, SMID, and international strategies, expecting future mean reversion to reward its significant valuation advantage.
Full Quick Take
Distillate Capital warns of a historically severe disconnect between soaring large-cap U.S. equity prices and modest fundamental growth, with valuation risk heavily concentrated in the top 15 mega-cap stocks. The firm remains committed to its disciplined, value-oriented investment framework across large-cap, SMID, and international strategies, expecting future mean reversion to reward its significant valuation advantage.
