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 |
|---|---|---|---|---|---|---|---|---|---|
| +2.5% | +2.7% | - | First Eagle's Short Duration High Yield Municipal Fund delivered 2.48% in Q2 2026, outperforming its benchmark by capitalizing on attractive tax-equivalent yields in high yield munis. Healthcare bonds drove consistent returns on improving fundamentals while infrastructure bonds rebounded on financing progress. Strong investor demand absorbed record issuance as municipal credit quality remained solid. The manager continues finding value in healthcare, infrastructure, and selectively in higher education despite sector challenges. Full Quick Take First Eagle's Short Duration High Yield Municipal Fund delivered 2.48% in Q2 2026, outperforming its benchmark by capitalizing on attractive tax-equivalent yields in high yield munis. Healthcare bonds drove consistent returns on improving fundamentals while infrastructure bonds rebounded on financing progress. Strong investor demand absorbed record issuance as municipal credit quality remained solid. The manager continues finding value in healthcare, infrastructure, and selectively in higher education despite sector challenges. | - | |||||
| +2.4% | +1.9% | - | The Touchstone Core Municipal Bond Fund slightly underperformed its benchmark in Q2 2026, returning 2.37% as the municipal bond market rebounded from first-quarter weakness. The Fund's barbell yield curve positioning contributed positively amid significant curve flattening. Healthcare credit spreads widened while prepaid gas bonds showed relative weakness. The manager maintains a modestly long-duration posture with overweight to single-A credits, viewing the outlook as constructive despite richer valuations. Full Quick Take The Touchstone Core Municipal Bond Fund slightly underperformed its benchmark in Q2 2026, returning 2.37% as the municipal bond market rebounded from first-quarter weakness. The Fund's barbell yield curve positioning contributed positively amid significant curve flattening. Healthcare credit spreads widened while prepaid gas bonds showed relative weakness. The manager maintains a modestly long-duration posture with overweight to single-A credits, viewing the outlook as constructive despite richer valuations. | - | |||||
| +3.0% | - | - | California high-yield municipal bonds rebounded in Q2 2026 with solid gains driven by attractive yields and healthy supply/demand. Security selection in workforce housing, charter schools, and hospitals drove outperformance. Despite mounting state budget pressures from spending growth outpacing revenues, strong reserves provide cushion. The manager maintains selective positioning in higher-quality issuers within energy prepay, development districts, and multifamily housing sectors offering attractive value. Full Quick Take California high-yield municipal bonds rebounded in Q2 2026 with solid gains driven by attractive yields and healthy supply/demand. Security selection in workforce housing, charter schools, and hospitals drove outperformance. Despite mounting state budget pressures from spending growth outpacing revenues, strong reserves provide cushion. The manager maintains selective positioning in higher-quality issuers within energy prepay, development districts, and multifamily housing sectors offering attractive value. | - | |||||
| +5.5% | +5.3% | - | Robinson Tax-Advantaged Income Fund delivered 5.48% in Q2 2026 by investing in tax-exempt closed-end funds while hedging interest rate risk through Treasury futures shorts. The strategy isolates municipal credit spreads and CEF discounts as return drivers. The manager rotated away from Nuveen/Invesco CEFs now trading at premiums toward the broader market trading at -7.5% discounts. The hedging approach provides inflation protection while capitalizing on narrowing municipal credit spreads. Full Quick Take Robinson Tax-Advantaged Income Fund delivered 5.48% in Q2 2026 by investing in tax-exempt closed-end funds while hedging interest rate risk through Treasury futures shorts. The strategy isolates municipal credit spreads and CEF discounts as return drivers. The manager rotated away from Nuveen/Invesco CEFs now trading at premiums toward the broader market trading at -7.5% discounts. The hedging approach provides inflation protection while capitalizing on narrowing municipal credit spreads. | - | |||||
| -1.9% | - | - | Robinson Tax-Advantaged Income Fund underperformed in Q2 as municipal bond supply pressures widened credit spreads. The Fund's Treasury futures hedging strategy isolates CEF discounts and credit risk while providing potential inflation protection. Despite challenging conditions, attractive CEF discount levels and strong income distribution rates present compelling opportunities amid policy uncertainty and elevated market valuations. Full Quick Take Robinson Tax-Advantaged Income Fund underperformed in Q2 as municipal bond supply pressures widened credit spreads. The Fund's Treasury futures hedging strategy isolates CEF discounts and credit risk while providing potential inflation protection. Despite challenging conditions, attractive CEF discount levels and strong income distribution rates present compelling opportunities amid policy uncertainty and elevated market valuations. | - |
Q2 2026
