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 |
|---|---|---|---|---|---|---|---|---|---|
| +0.4% | +0.4% | - | Deer Park maintains high conviction in legacy non-agency RMBS and distressed CMBS, driven by collateral quality rather than rate movements. Legacy mortgage pools with 20-year seasoning demonstrate extraordinary payment persistence and declining delinquencies. CMBS distressed pricing creates compelling opportunities as rating agency downgrades forced non-economic sellers. Recent resolutions validate conservative loss assumptions. Structured mortgage credit offers superior risk-adjusted returns versus strained corporate and private credit markets. Full Quick Take Deer Park maintains high conviction in legacy non-agency RMBS and distressed CMBS, driven by collateral quality rather than rate movements. Legacy mortgage pools with 20-year seasoning demonstrate extraordinary payment persistence and declining delinquencies. CMBS distressed pricing creates compelling opportunities as rating agency downgrades forced non-economic sellers. Recent resolutions validate conservative loss assumptions. Structured mortgage credit offers superior risk-adjusted returns versus strained corporate and private credit markets. | - | |||||
| +1.9% | - | - | Columbia Strategic Income outperformed in Q2 2026 as shorter duration positioning benefited from rising yields amid persistent inflation. The team sees limited value in investment-grade corporates at tight spreads but finds compelling opportunities in AAA/AA non-agency mortgage-backed securities offering superior yields. With uncertainty elevated around Fed policy and inflation durability, the portfolio maintains high-quality structured credit exposure with flexibility to deploy capital when valuations improve. Full Quick Take Columbia Strategic Income outperformed in Q2 2026 as shorter duration positioning benefited from rising yields amid persistent inflation. The team sees limited value in investment-grade corporates at tight spreads but finds compelling opportunities in AAA/AA non-agency mortgage-backed securities offering superior yields. With uncertainty elevated around Fed policy and inflation durability, the portfolio maintains high-quality structured credit exposure with flexibility to deploy capital when valuations improve. | - | |||||
| +0.4% | +1.1% | - | Easterly Income Opportunities Fund underperformed in Q2 2026 as rising rates offset carry, but maintains conviction in structured credit opportunities. The fund is reallocating from CMBS to higher-quality RMBS while consumer credit bifurcation creates selective opportunities. AI infrastructure investment drives economic growth while the Fed adopts a hawkish stance. Corporate Structured Notes offer compelling relative value despite yield curve headwinds. Active security selection remains critical as credit differentiation increases. Full Quick Take Easterly Income Opportunities Fund underperformed in Q2 2026 as rising rates offset carry, but maintains conviction in structured credit opportunities. The fund is reallocating from CMBS to higher-quality RMBS while consumer credit bifurcation creates selective opportunities. AI infrastructure investment drives economic growth while the Fed adopts a hawkish stance. Corporate Structured Notes offer compelling relative value despite yield curve headwinds. Active security selection remains critical as credit differentiation increases. | - | |||||
| +1.0% | - | - | The Optimum Fixed Income Fund outperformed its benchmark in Q2 2026, returning 0.97% net versus 0.67% for the Bloomberg US Aggregate Bond Index. Both the Nomura and PIMCO sleeves contributed to outperformance through active positioning in high yield corporates, emerging market debt, and agency mortgage-backed securities. Bond markets weakened as rates rose and investors shifted expectations from Fed cuts to potential hikes amid persistent inflation. Full Quick Take The Optimum Fixed Income Fund outperformed its benchmark in Q2 2026, returning 0.97% net versus 0.67% for the Bloomberg US Aggregate Bond Index. Both the Nomura and PIMCO sleeves contributed to outperformance through active positioning in high yield corporates, emerging market debt, and agency mortgage-backed securities. Bond markets weakened as rates rose and investors shifted expectations from Fed cuts to potential hikes amid persistent inflation. | - | |||||
| +0.8% | +0.5% | - | BlackRock Core Bond Fund delivered 0.89% in Q2 2026 through overweight duration positioning in the front to belly of the U.S. curve, securitized asset exposure, and emerging market debt additions. The fund reduced corporate beta at historically tight credit spreads, favoring high-quality securitized assets for spread exposure while adding European and emerging market rates given attractive valuations and carry opportunities. Full Quick Take BlackRock Core Bond Fund delivered 0.89% in Q2 2026 through overweight duration positioning in the front to belly of the U.S. curve, securitized asset exposure, and emerging market debt additions. The fund reduced corporate beta at historically tight credit spreads, favoring high-quality securitized assets for spread exposure while adding European and emerging market rates given attractive valuations and carry opportunities. | - | |||||
| +0.5% | +0.5% | - | TCW Core Fixed Income underperformed in Q2 2026 on hawkish Fed repricing but maintains conviction that rate hikes are unlikely. The fund favors securitized credit over richly-priced corporate bonds, overweighting agency MBS, non-agency MBS, and senior CMBS tranches while maintaining modest duration overweight in intermediate maturities. Corporate credit positioning is defensive, emphasizing regulated utilities, banks, and borrowers with low AI obsolescence risk. Full Quick Take TCW Core Fixed Income underperformed in Q2 2026 on hawkish Fed repricing but maintains conviction that rate hikes are unlikely. The fund favors securitized credit over richly-priced corporate bonds, overweighting agency MBS, non-agency MBS, and senior CMBS tranches while maintaining modest duration overweight in intermediate maturities. Corporate credit positioning is defensive, emphasizing regulated utilities, banks, and borrowers with low AI obsolescence risk. | - | |||||
| +1.6% | +2.5% | - | Angel Oak Multi-Strategy Income Fund outperformed its benchmark by 95 bps in Q2 2026, returning 1.62% through core overweight allocations to non-agency RMBS, agency MBS, and ABS. The Fund opportunistically added CLO and corporate credit exposure during market dislocations, with CLOs delivering the strongest sector returns. Management expects increased credit dispersion ahead and maintains limited exposure to vulnerable segments while favoring high-quality securitized credit. Full Quick Take Angel Oak Multi-Strategy Income Fund outperformed its benchmark by 95 bps in Q2 2026, returning 1.62% through core overweight allocations to non-agency RMBS, agency MBS, and ABS. The Fund opportunistically added CLO and corporate credit exposure during market dislocations, with CLOs delivering the strongest sector returns. Management expects increased credit dispersion ahead and maintains limited exposure to vulnerable segments while favoring high-quality securitized credit. | - | |||||
| +2.5% | +2.4% | - | Angel Oak High Yield Opportunities ETF outperformed in Q2 2026, benefiting from AI-driven economic resilience and strong corporate earnings. The fund maintains a constructive but cautious stance, favoring homeowner credit and investment-grade securitized debt over lower-quality corporate bonds. Management is trimming out-of-index exposure and emphasizing higher-quality issuers with strong fundamentals as credit spreads approach post-GFC tights and consumer strain emerges. Full Quick Take Angel Oak High Yield Opportunities ETF outperformed in Q2 2026, benefiting from AI-driven economic resilience and strong corporate earnings. The fund maintains a constructive but cautious stance, favoring homeowner credit and investment-grade securitized debt over lower-quality corporate bonds. Management is trimming out-of-index exposure and emphasizing higher-quality issuers with strong fundamentals as credit spreads approach post-GFC tights and consumer strain emerges. | - | |||||
| +3.0% | +1.2% | - | The fund delivered 0.85% in June, outperforming peers through overweight corporate bond exposure and active duration management. With credit spreads at historic tights and central banks likely to keep policy restrictive longer, the managers focus on generating returns through income and carry rather than spread compression or duration bets. They prioritize high-quality corporate bonds, CLOs, and mortgage securities offering attractive yields without excessive risk. Full Quick Take The fund delivered 0.85% in June, outperforming peers through overweight corporate bond exposure and active duration management. With credit spreads at historic tights and central banks likely to keep policy restrictive longer, the managers focus on generating returns through income and carry rather than spread compression or duration bets. They prioritize high-quality corporate bonds, CLOs, and mortgage securities offering attractive yields without excessive risk. | - | |||||
| +1.1% | +0.9% | - | The fund outperformed in Q2 2026 through overweight credit positions as spreads tightened on Middle East optimism. New Fed Chair Warsh's hawkish pivot and reduced transparency prompted neutral duration positioning ahead of expected volatility. Managers rotated from agency MBS and Treasuries into investment-grade corporates and securitized assets, seeing compelling risk-adjusted returns in nonagency residential MBS. Elevated yields and stable credit fundamentals support a constructive bond market outlook. Full Quick Take The fund outperformed in Q2 2026 through overweight credit positions as spreads tightened on Middle East optimism. New Fed Chair Warsh's hawkish pivot and reduced transparency prompted neutral duration positioning ahead of expected volatility. Managers rotated from agency MBS and Treasuries into investment-grade corporates and securitized assets, seeing compelling risk-adjusted returns in nonagency residential MBS. Elevated yields and stable credit fundamentals support a constructive bond market outlook. | - | |||||
| +3.0% | +3.4% | Purpose Credit Opportunities Fund delivered strong five-year cumulative returns of 27.2% through disciplined bottom-up credit research. The team views Middle East developments and rising corporate bond issuance for data center investment as key macro factors. Portfolio actions included adding to Canada Cartage on improving trucking industry fundamentals and reducing LoanDepot exposure given elevated Treasury yields and mortgage origination headwinds. Full Quick Take Purpose Credit Opportunities Fund delivered strong five-year cumulative returns of 27.2% through disciplined bottom-up credit research. The team views Middle East developments and rising corporate bond issuance for data center investment as key macro factors. Portfolio actions included adding to Canada Cartage on improving trucking industry fundamentals and reducing LoanDepot exposure given elevated Treasury yields and mortgage origination headwinds. | - | ||||||
| +6.0% | - | Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance. Full Quick Take Third Avenue Real Estate Value Fund holds strategic real estate platforms at a 20% discount to NAV, double the historical average. The Fund added to Brookdale Senior Living, Lennar, and Savills where value gaps widened, while Segro received a takeover bid from Prologis that was rejected as inadequate. With U.S. REITs at 23x cash flow versus 10x historically, the Fund's value-focused, globally diversified approach is well-positioned for long-term outperformance. | |||||||
| -31.0% | -31.0% | - | BlackRock's Core Bond Fund reduced duration and credit exposure after underperforming in Q1 2026 due to rate sell-off from inflation concerns and oil supply disruptions. The fund maintains defensive positioning while preserving flexibility for redeployment, favoring high-quality structured products and front-end exposure based on expectations for more Fed rate cuts than markets anticipate. Full Quick Take BlackRock's Core Bond Fund reduced duration and credit exposure after underperforming in Q1 2026 due to rate sell-off from inflation concerns and oil supply disruptions. The fund maintains defensive positioning while preserving flexibility for redeployment, favoring high-quality structured products and front-end exposure based on expectations for more Fed rate cuts than markets anticipate. | - | |||||
| +1.5% | - | Annaly Capital Management utilizes a diversified housing finance strategy to generate consistent economic returns by dynamically shifting capital between Agency MBS, Residential Credit, and Mortgage Servicing Rights. The company leverages robust market technicals and organic asset creation to drive outperformance and support its dividend, even amidst geopolitical and monetary policy headwinds. Full Quick Take Annaly Capital Management utilizes a diversified housing finance strategy to generate consistent economic returns by dynamically shifting capital between Agency MBS, Residential Credit, and Mortgage Servicing Rights. The company leverages robust market technicals and organic asset creation to drive outperformance and support its dividend, even amidst geopolitical and monetary policy headwinds. | - | ||||||
| +19.0% | - | Rotation from Software to Semiconductors & Infrastructure, Structured Credit and Mortgages, Additional Keywords & Themes | Third Point generated a 1.9% net return in Q4 2025, strategically tilting its portfolio toward AI-hardware, industrial infrastructure, and restructuring equities while cautioning against traditional software models. Full Quick Take Third Point generated a 1.9% net return in Q4 2025, strategically tilting its portfolio toward AI-hardware, industrial infrastructure, and restructuring equities while cautioning against traditional software models. | ||||||
| +13.5% | +8.2% | The Purpose Credit Opportunities Fund outpaced passive fixed income in 2025 with an 8.16% return, driven by high-conviction themes like defense while prudently trimming AI-power infrastructure holdings on valuation grounds. Full Quick Take The Purpose Credit Opportunities Fund outpaced passive fixed income in 2025 with an 8.16% return, driven by high-conviction themes like defense while prudently trimming AI-power infrastructure holdings on valuation grounds. | - | ||||||
| - | - | - | Claret Asset Management advocates for a highly disciplined, value-oriented approach, focusing on cash-generative businesses at reasonable prices and skipping speculative AI hype. While celebrating the market's resilient, broad-based rally in 2025, the manager emphasizes patience and prudence. Currently, they see compelling risk-adjusted value in high-yield corporate bonds yielding over eight percent rather than chasing expensive tech valuations. Full Quick Take Claret Asset Management advocates for a highly disciplined, value-oriented approach, focusing on cash-generative businesses at reasonable prices and skipping speculative AI hype. While celebrating the market's resilient, broad-based rally in 2025, the manager emphasizes patience and prudence. Currently, they see compelling risk-adjusted value in high-yield corporate bonds yielding over eight percent rather than chasing expensive tech valuations. | - | |||||
| -6.2% | -47.7% | Despite a soft quarter, Bristlemoon is capitalizing on market fear to add high-conviction positions in Floor & Decor, Adobe, and Timee, expressing strong confidence in its portfolio's latent value. Full Quick Take Despite a soft quarter, Bristlemoon is capitalizing on market fear to add high-conviction positions in Floor & Decor, Adobe, and Timee, expressing strong confidence in its portfolio's latent value. | |||||||
| +19.3% | +8.4% | The Easterly Income Opportunities Fund outperformed its benchmark in Q4 2025, returning 1.93% net. The fund is actively rotating assets from CMBS into RMBS and high-multiple structured notes to position for continued interest rate curve steepening. Full Quick Take The Easterly Income Opportunities Fund outperformed its benchmark in Q4 2025, returning 1.93% net. The fund is actively rotating assets from CMBS into RMBS and high-multiple structured notes to position for continued interest rate curve steepening. | - | ||||||
| +32.0% | - | AI Compute Evolution & Memory Constraints, Subprime Auto Credit Distress, Additional Keywords & Themes | Third Point posted a 3.2% net return in Q3, shifting its AI focus toward undervalued Asian semiconductor leaders like SK Hynix and Ebara while taking advantage of selective credit distress in subprime auto and structured ABS. Full Quick Take Third Point posted a 3.2% net return in Q3, shifting its AI focus toward undervalued Asian semiconductor leaders like SK Hynix and Ebara while taking advantage of selective credit distress in subprime auto and structured ABS. | ||||||
| +46.0% | +6.7% | Purpose Credit Opportunities Fund outperformed benchmarks in September 2025 with a 2.0% gain, driven by active credit positioning in high-conviction themes such as AI utility demands, seniors housing, and tactical real estate transitions. Full Quick Take Purpose Credit Opportunities Fund outperformed benchmarks in September 2025 with a 2.0% gain, driven by active credit positioning in high-conviction themes such as AI utility demands, seniors housing, and tactical real estate transitions. | - | ||||||
| +1.9% | +6.3% | - | Easterly's structured credit fund delivered 1.92% returns in Q3 2025, focusing on RMBS and CMBS while maintaining conservative positioning. Non-Agency RMBS remains strong on housing fundamentals, while CMBS shows office sector stress. ABS faced fraud-related turbulence. With 20% cash reserves and A-rated portfolio, the fund is positioned for opportunities amid Fed easing cycle. Full Quick Take Easterly's structured credit fund delivered 1.92% returns in Q3 2025, focusing on RMBS and CMBS while maintaining conservative positioning. Non-Agency RMBS remains strong on housing fundamentals, while CMBS shows office sector stress. ABS faced fraud-related turbulence. With 20% cash reserves and A-rated portfolio, the fund is positioned for opportunities amid Fed easing cycle. | - | |||||
| +21.3% | +6.0% | - | The Angel Oak Multi-Strategy Income Fund outperformed its benchmark in Q3 2025 with a 2.13% return, heavily supported by its overweight position in resilient non-agency mortgage credit, while management maintains a cautious economic stance. Full Quick Take The Angel Oak Multi-Strategy Income Fund outperformed its benchmark in Q3 2025 with a 2.13% return, heavily supported by its overweight position in resilient non-agency mortgage credit, while management maintains a cautious economic stance. | - | |||||
| - | - | Jacob Asset Management added technology-focused positions Rocket Companies and Lightwave Logic during July 2025 market volatility caused by tariff announcements. The firm believes equity markets show resilience with cooling economy unlikely to trigger near-term recession. AI revolution driving infrastructure needs and potential rate cuts supporting mortgage businesses create attractive opportunities for technology-enabled companies. Full Quick Take Jacob Asset Management added technology-focused positions Rocket Companies and Lightwave Logic during July 2025 market volatility caused by tariff announcements. The firm believes equity markets show resilience with cooling economy unlikely to trigger near-term recession. AI revolution driving infrastructure needs and potential rate cuts supporting mortgage businesses create attractive opportunities for technology-enabled companies. | |||||||
| +1.4% | - | - | Angel Oak Multi-Strategy Income Fund maintains concentrated 47% allocation to non-agency RMBS supported by strong housing fundamentals and record home equity levels. Fund outperformed aggregate bond index but lagged peers due to defensive corporate credit positioning amid tariff uncertainty. Strategy favors securitized assets over corporate bonds while Fed remains on hold balancing inflation and employment concerns. Full Quick Take Angel Oak Multi-Strategy Income Fund maintains concentrated 47% allocation to non-agency RMBS supported by strong housing fundamentals and record home equity levels. Fund outperformed aggregate bond index but lagged peers due to defensive corporate credit positioning amid tariff uncertainty. Strategy favors securitized assets over corporate bonds while Fed remains on hold balancing inflation and employment concerns. | - | |||||
| -3.7% | - | Third Point reduced exposures to multi-year lows amid trade policy volatility, shifting toward event-driven strategies while preserving dry powder. The Liberation Day tariff selloff created opportunities the manager expects to capitalize on, similar to historical credit dislocations that generated 52% average returns. Defensive positioning in mortgages and new private credit capabilities through Birch Grove acquisition strengthen the platform. Full Quick Take Third Point reduced exposures to multi-year lows amid trade policy volatility, shifting toward event-driven strategies while preserving dry powder. The Liberation Day tariff selloff created opportunities the manager expects to capitalize on, similar to historical credit dislocations that generated 52% average returns. Defensive positioning in mortgages and new private credit capabilities through Birch Grove acquisition strengthen the platform. | - | ||||||
| - | - | - | MENA markets showed mixed Q1 performance with Kuwait leading on reform progress while oil price headwinds create challenges. Vergent maintains valuation-driven approach with superior portfolio fundamentals generating 18% ROE versus 13% index. Healthy cash position enables opportunistic deployment as volatility creates selective under-valuations in fundamentally sound companies. Full Quick Take MENA markets showed mixed Q1 performance with Kuwait leading on reform progress while oil price headwinds create challenges. Vergent maintains valuation-driven approach with superior portfolio fundamentals generating 18% ROE versus 13% index. Healthy cash position enables opportunistic deployment as volatility creates selective under-valuations in fundamentally sound companies. | - | |||||
| - | +1.7% | - | BlackRock's Strategic Income Opportunities Fund tactically increased duration exposure while rotating across global developed market rates in March. The fund increased Agency mortgage allocations while reducing European credit and emerging market debt exposure. Despite market uncertainty from economic data and geopolitical trade policy, the strategy maintains diversified positioning across fixed income sectors to generate total return. Full Quick Take BlackRock's Strategic Income Opportunities Fund tactically increased duration exposure while rotating across global developed market rates in March. The fund increased Agency mortgage allocations while reducing European credit and emerging market debt exposure. Despite market uncertainty from economic data and geopolitical trade policy, the strategy maintains diversified positioning across fixed income sectors to generate total return. | - | |||||
| +2.6% | +2.6% | - | FPA New Income Fund gained 2.61% in Q1 2025 while navigating tariff uncertainty and declining Treasury yields. The fund focused on longer-duration, High Quality bonds and avoided Credit investments due to inadequate risk compensation. Post-quarter tariff announcements increased volatility significantly, but the manager believes current positioning offers multiple paths to attractive risk-adjusted returns given the uncertain environment. Full Quick Take FPA New Income Fund gained 2.61% in Q1 2025 while navigating tariff uncertainty and declining Treasury yields. The fund focused on longer-duration, High Quality bonds and avoided Credit investments due to inadequate risk compensation. Post-quarter tariff announcements increased volatility significantly, but the manager believes current positioning offers multiple paths to attractive risk-adjusted returns given the uncertain environment. | - | |||||
| +2.7% | +2.7% | John Hancock Bond Fund returned 2.71% in Q1 but underperformed due to high-yield exposure amid tariff-driven growth concerns. Managers maintained MBS overweight for relative value, positioned for Fed cuts through intermediate duration bias, and emphasized quality selection as credit spreads stayed compressed. Fund positioned defensively for ongoing policy volatility. Full Quick Take John Hancock Bond Fund returned 2.71% in Q1 but underperformed due to high-yield exposure amid tariff-driven growth concerns. Managers maintained MBS overweight for relative value, positioned for Fed cuts through intermediate duration bias, and emphasized quality selection as credit spreads stayed compressed. Fund positioned defensively for ongoing policy volatility. | - | ||||||
| +3.2% | +3.2% | - | TCW outperformed by 41 bps in Q1 as tariff announcements triggered risk-off sentiment, validating the fund's defensive positioning with corporate credit underweight and duration overweight. Tight credit spreads began widening toward fair value as markets recognized tariff-related stress on consumers and corporate margins. Portfolio maintains quality bias and securitized overweight pending further spread normalization. Full Quick Take TCW outperformed by 41 bps in Q1 as tariff announcements triggered risk-off sentiment, validating the fund's defensive positioning with corporate credit underweight and duration overweight. Tight credit spreads began widening toward fair value as markets recognized tariff-related stress on consumers and corporate margins. Portfolio maintains quality bias and securitized overweight pending further spread normalization. | - | |||||
| +2.8% | +2.8% | BlackRock's Core Bond Fund delivered 2.75% returns in Q1 2025 by tactically reducing duration risk and rotating into high-quality securitized assets. The fund shifted from overweight to underweight duration positioning while favoring front-end yields and increasing agency MBS exposure. Structured products and emerging market debt contributed while U.S. rates and credit detracted from performance. Full Quick Take BlackRock's Core Bond Fund delivered 2.75% returns in Q1 2025 by tactically reducing duration risk and rotating into high-quality securitized assets. The fund shifted from overweight to underweight duration positioning while favoring front-end yields and increasing agency MBS exposure. Structured products and emerging market debt contributed while U.S. rates and credit detracted from performance. | - | ||||||
| +2.3% | +2.3% | - | Angel Oak Multi-Strategy Income Fund delivered solid 2.33% Q1 returns despite tariff-driven uncertainty and inflation concerns. The Fund maintains defensive positioning in U.S. mortgage credit while tactically allocating across fixed-income opportunities. Management sees attractive risk-adjusted returns amid market volatility, rotating from junior to senior mortgage bonds and increasing corporate credit exposure. Full Quick Take Angel Oak Multi-Strategy Income Fund delivered solid 2.33% Q1 returns despite tariff-driven uncertainty and inflation concerns. The Fund maintains defensive positioning in U.S. mortgage credit while tactically allocating across fixed-income opportunities. Management sees attractive risk-adjusted returns amid market volatility, rotating from junior to senior mortgage bonds and increasing corporate credit exposure. | - | |||||
| -11.5% | -11.5% | Diamond Hill's small-cap strategy declined 11.52% in Q1 amid trade policy uncertainty and tariff threats. The manager actively repositioned the portfolio, adding quality names like Helios Technologies and Avanos Medical while trimming less compelling positions. Despite near-term volatility from potential US-China trade war, the team sees attractive opportunities emerging in high-quality small-caps with strong balance sheets. Full Quick Take Diamond Hill's small-cap strategy declined 11.52% in Q1 amid trade policy uncertainty and tariff threats. The manager actively repositioned the portfolio, adding quality names like Helios Technologies and Avanos Medical while trimming less compelling positions. Despite near-term volatility from potential US-China trade war, the team sees attractive opportunities emerging in high-quality small-caps with strong balance sheets. | - | ||||||
| -1.3% | -1.3% | Diamond Hill outperformed in Q1 2025 amid trade policy turmoil, with financials driving relative strength while tariff uncertainty pressured markets. The team actively repositioned the portfolio, adding quality names like Ventas and Illumina at attractive valuations created by volatility. Despite macro headwinds including stagflation risks and consumer weakness, they maintain conviction in their bottom-up approach for long-term value creation. Full Quick Take Diamond Hill outperformed in Q1 2025 amid trade policy turmoil, with financials driving relative strength while tariff uncertainty pressured markets. The team actively repositioned the portfolio, adding quality names like Ventas and Illumina at attractive valuations created by volatility. Despite macro headwinds including stagflation risks and consumer weakness, they maintain conviction in their bottom-up approach for long-term value creation. | - | ||||||
| +2.4% | +2.4% | - | Thornburg Strategic Income Fund slightly underperformed in Q1 2025 due to shorter duration positioning during falling yields, though active management in yield curve positioning and security selection added value. The portfolio maintained broad diversification across fixed income sectors with emphasis on fundamentally sound issuers. Managers expect continued volatility to create opportunities for active management. Full Quick Take Thornburg Strategic Income Fund slightly underperformed in Q1 2025 due to shorter duration positioning during falling yields, though active management in yield curve positioning and security selection added value. The portfolio maintained broad diversification across fixed income sectors with emphasis on fundamentally sound issuers. Managers expect continued volatility to create opportunities for active management. | - | |||||
| -0.5% | - | Third Avenue Real Estate Value Fund maintains conviction in demographic-driven real estate opportunities, initiating positions in PulteGroup and Unite Group despite Q1 underperformance. The portfolio emphasizes well-capitalized homebuilders and commercial real estate platforms trading at significant NAV discounts. Demographic tailwinds from millennials and aging populations support long-term thesis, while potential policy reforms could unlock housing market liquidity. Full Quick Take Third Avenue Real Estate Value Fund maintains conviction in demographic-driven real estate opportunities, initiating positions in PulteGroup and Unite Group despite Q1 underperformance. The portfolio emphasizes well-capitalized homebuilders and commercial real estate platforms trading at significant NAV discounts. Demographic tailwinds from millennials and aging populations support long-term thesis, while potential policy reforms could unlock housing market liquidity. | - | ||||||
| +4.3% | - | - | DoubleLine navigated a volatile Q1 2025 marked by tariff uncertainty and Fed policy transitions. U.S. equities underperformed while Treasuries rallied on dovish Fed signals. Credit markets showed stress with widening spreads and rising defaults. Commercial real estate delinquencies increased, particularly in office properties. Commodities outperformed led by gold's safe-haven appeal amid dollar weakness. Full Quick Take DoubleLine navigated a volatile Q1 2025 marked by tariff uncertainty and Fed policy transitions. U.S. equities underperformed while Treasuries rallied on dovish Fed signals. Credit markets showed stress with widening spreads and rising defaults. Commercial real estate delinquencies increased, particularly in office properties. Commodities outperformed led by gold's safe-haven appeal amid dollar weakness. | - | |||||
| +7.2% | +6.8% | Hertford Capital beat its benchmark in 2024 with a +6.79% net return, successfully rebranded, and consolidated its leadership. The manager sees over 50% upside in the portfolio over the next 12-18 months, driven by an expected small-cap valuation recovery. Full Quick Take Hertford Capital beat its benchmark in 2024 with a +6.79% net return, successfully rebranded, and consolidated its leadership. The manager sees over 50% upside in the portfolio over the next 12-18 months, driven by an expected small-cap valuation recovery. | - | ||||||
| +7.2% | +6.8% | Hertford Capital delivered benchmark-beating results in Q4 and rebranded under sole manager Marc Bräutigam. Backed by cheap small-cap valuations and M&A tailwinds, the firm targets a massive >50% portfolio upside over the next 12-18 months. Full Quick Take Hertford Capital delivered benchmark-beating results in Q4 and rebranded under sole manager Marc Bräutigam. Backed by cheap small-cap valuations and M&A tailwinds, the firm targets a massive >50% portfolio upside over the next 12-18 months. | |||||||
| -3.4% | +1.1% | BlackRock's Core Bond Fund underperformed in Q4 2024 with overweight duration positioning aimed at balancing fiscal headwinds and incoming administration policies. Structured products and agency mortgages contributed while non-U.S. rates detracted significantly. The fund extended duration to 6.38 years, added front-end exposure, and maintains focus on high-quality securitized assets and agency mortgages. Full Quick Take BlackRock's Core Bond Fund underperformed in Q4 2024 with overweight duration positioning aimed at balancing fiscal headwinds and incoming administration policies. Structured products and agency mortgages contributed while non-U.S. rates detracted significantly. The fund extended duration to 6.38 years, added front-end exposure, and maintains focus on high-quality securitized assets and agency mortgages. | - | ||||||
| -69.0% | +5.3% | - | BlackRock's fixed income fund decreased duration and rotated toward front-end positioning based on inflation progress and weaker growth. European credit and agency mortgages contributed while rates positioning detracted. The team favors European over U.S. credit valuations, maintains conviction in quality securitized assets, and remains opportunistic in high yield while adding emerging market debt exposure. Full Quick Take BlackRock's fixed income fund decreased duration and rotated toward front-end positioning based on inflation progress and weaker growth. European credit and agency mortgages contributed while rates positioning detracted. The team favors European over U.S. credit valuations, maintains conviction in quality securitized assets, and remains opportunistic in high yield while adding emerging market debt exposure. | - | |||||
| -65.0% | +7.8% | - | Angel Oak's mortgage-focused income fund outperformed by 241 bps in Q4 despite rising rates, benefiting from shorter duration and securitized credit exposure. The 50% non-agency RMBS allocation capitalizes on strong housing fundamentals while management actively trims stretched valuations. Positioned for MBS-corporate spread normalization amid Fed policy uncertainty and economic softening. Full Quick Take Angel Oak's mortgage-focused income fund outperformed by 241 bps in Q4 despite rising rates, benefiting from shorter duration and securitized credit exposure. The 50% non-agency RMBS allocation capitalizes on strong housing fundamentals while management actively trims stretched valuations. Positioned for MBS-corporate spread normalization amid Fed policy uncertainty and economic softening. | - | |||||
| - | - | Concentrated bet on Blend Labs as a financial services technology platform positioned for significant operating leverage when mortgage markets recover. Company has transitioned from point solutions to horizontal banking infrastructure, doubled market share to 20.2%, achieved free cash flow positivity at trough volumes, and built network effects supporting multiple long-term value creation paths including pricing power and international expansion. Full Quick Take Concentrated bet on Blend Labs as a financial services technology platform positioned for significant operating leverage when mortgage markets recover. Company has transitioned from point solutions to horizontal banking infrastructure, doubled market share to 20.2%, achieved free cash flow positivity at trough volumes, and built network effects supporting multiple long-term value creation paths including pricing power and international expansion. | - | ||||||
| - | - | - | Oakmark sees 2025 fixed income as complicated but investable, with fiscal deficit fears overblown given market resilience and structural demand. Near-5% yields offer attractive income as the Fed prioritizes credibility over quick cuts. Opportunities exist in leveraged loans, agency MBS, and selective credit through disciplined fundamental analysis rather than macro timing. Full Quick Take Oakmark sees 2025 fixed income as complicated but investable, with fiscal deficit fears overblown given market resilience and structural demand. Near-5% yields offer attractive income as the Fed prioritizes credibility over quick cuts. Opportunities exist in leveraged loans, agency MBS, and selective credit through disciplined fundamental analysis rather than macro timing. | - | |||||
| +3.9% | +14.0% | Third Point delivered 3.9% in Q3 as market rotation favored their diverse themes beyond tech. Key positions DSV and Cinemark positioned for significant upside from freight consolidation and theater recovery respectively. Republican electoral prospects boost outlook for deregulation and corporate activity. Low exposures with capital ready for deployment in favorable event-driven environment. Full Quick Take Third Point delivered 3.9% in Q3 as market rotation favored their diverse themes beyond tech. Key positions DSV and Cinemark positioned for significant upside from freight consolidation and theater recovery respectively. Republican electoral prospects boost outlook for deregulation and corporate activity. Low exposures with capital ready for deployment in favorable event-driven environment. | - | ||||||
| - | - | - | Egan argues Fed's zero-rate policy created housing market distortions that trapped homeowners and priced out millennials. With markets pricing in 3% rates by 2025, he's positioned contrarian to benefit if the Fed errs on inflation or growth. The housing affordability crisis remains unresolved and potentially destabilizing for the economy. Full Quick Take Egan argues Fed's zero-rate policy created housing market distortions that trapped homeowners and priced out millennials. With markets pricing in 3% rates by 2025, he's positioned contrarian to benefit if the Fed errs on inflation or growth. The housing affordability crisis remains unresolved and potentially destabilizing for the economy. | - | |||||
| 0.0% | - | - | Lord Abbett's short duration fund underperformed in Q3 as Fed rate cuts hurt duration positioning. CMBS exposure detracted while corporate credit selection, particularly Financials, contributed. Management increased agency mortgage exposure and sees compelling fixed income opportunities ahead with elevated yields providing attractive risk-adjusted returns as the cutting cycle begins. Full Quick Take Lord Abbett's short duration fund underperformed in Q3 as Fed rate cuts hurt duration positioning. CMBS exposure detracted while corporate credit selection, particularly Financials, contributed. Management increased agency mortgage exposure and sees compelling fixed income opportunities ahead with elevated yields providing attractive risk-adjusted returns as the cutting cycle begins. | - | |||||
| - | - | - | Third quarter marked Federal Reserve's easing cycle beginning with 50bp cut, driving strong fixed income and equity returns. China's stimulus package boosted Asian markets while Treasury yields fell across the curve. Commercial real estate stress persisted with rising delinquencies, but credit markets remained resilient with low defaults and strong fundamentals supporting continued performance. Full Quick Take Third quarter marked Federal Reserve's easing cycle beginning with 50bp cut, driving strong fixed income and equity returns. China's stimulus package boosted Asian markets while Treasury yields fell across the curve. Commercial real estate stress persisted with rising delinquencies, but credit markets remained resilient with low defaults and strong fundamentals supporting continued performance. | - | |||||
| +6.5% | +6.5% | Seven Corners Capital's concentrated value portfolio underperformed in H1 2024 but maintains conviction in five core positions with specific catalysts. Key themes include NAV discount closure at Pershing Square Holdings, business separation at Genworth Financial, potential activist intervention at Turning Point Brands, energy price support at Sandridge Energy, and mortgage rate normalization at Rocket Companies. Full Quick Take Seven Corners Capital's concentrated value portfolio underperformed in H1 2024 but maintains conviction in five core positions with specific catalysts. Key themes include NAV discount closure at Pershing Square Holdings, business separation at Genworth Financial, potential activist intervention at Turning Point Brands, energy price support at Sandridge Energy, and mortgage rate normalization at Rocket Companies. | - |
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q2 2026
Q1 2026
Q1 2026
Q4 2025
Q4 2025
Q4 2025
Q4 2025
Q3 2025
Q3 2025
Q4 2023
Q2 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q4 2024
Q4 2025
Q4 2024
Q4 2024
Q4 2024
Q3 2024
Q3 2023
Q3 2024