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 Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha. The manager is highly cautious about broader market leverage but sees an exceptional opportunity in the fund's historically wide long/short value spread.
Full Quick Take
The Invenomic Fund finished 2025 up 4.58%, overcoming severe headwinds from growth, momentum, and large-cap dominance via solid stock-picking alpha. The manager is highly cautious about broader market leverage but sees an exceptional opportunity in the fund's historically wide long/short value spread.
Distillate Capital warns of severe valuation risks within the S&P 500, arguing that the recent rally is unsustainably driven by valuation expansion and momentum rather than cash flow growth.
Full Quick Take
Distillate Capital warns of severe valuation risks within the S&P 500, arguing that the recent rally is unsustainably driven by valuation expansion and momentum rather than cash flow growth.
The Invenomic Fund experienced a challenging Q2 2025 due to a historic momentum rally and extreme growth outperformance, but remains highly confident that inevitable market normalization will reward its disciplined value-oriented positioning.
Full Quick Take
The Invenomic Fund experienced a challenging Q2 2025 due to a historic momentum rally and extreme growth outperformance, but remains highly confident that inevitable market normalization will reward its disciplined value-oriented positioning.
