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.
Mar Vista's U.S. Quality strategy returned +0.20% in Q4 2025, underperforming benchmarks in a market dominated by narrow mega-cap leadership. The fund actively adjusted its holdings, exiting Roper and Equifax to fund high-conviction positions in TSM and Netflix, while maintaining a cautious and valuation-disciplined outlook for 2026.
Full Quick Take
Mar Vista's U.S. Quality strategy returned +0.20% in Q4 2025, underperforming benchmarks in a market dominated by narrow mega-cap leadership. The fund actively adjusted its holdings, exiting Roper and Equifax to fund high-conviction positions in TSM and Netflix, while maintaining a cautious and valuation-disciplined outlook for 2026.
The Dodge & Cox Stock Fund maintained its strict contrarian value discipline in 2025, lagging a highly concentrated growth market but positioning itself defensively with a low 14.6x forward P/E and strategic shifts away from cyclical banks.
Full Quick Take
The Dodge & Cox Stock Fund maintained its strict contrarian value discipline in 2025, lagging a highly concentrated growth market but positioning itself defensively with a low 14.6x forward P/E and strategic shifts away from cyclical banks.
The Easterly Hedged Equity Fund achieved solid upside capture of 4.98% in Q3 2025 while insulating investors from high market volatility, proving the value of its active hedging structure in a highly concentrated, expensive market.
Full Quick Take
The Easterly Hedged Equity Fund achieved solid upside capture of 4.98% in Q3 2025 while insulating investors from high market volatility, proving the value of its active hedging structure in a highly concentrated, expensive market.
Conestoga's conservative, high-quality strategies lagged in 2Q25 as a highly narrow market rebound favored speculative, unprofitable, and high-beta stocks. The firm remains committed to its disciplined quality focus, using near-term volatility to selectively upgrade and add long-term compounders.
Full Quick Take
Conestoga's conservative, high-quality strategies lagged in 2Q25 as a highly narrow market rebound favored speculative, unprofitable, and high-beta stocks. The firm remains committed to its disciplined quality focus, using near-term volatility to selectively upgrade and add long-term compounders.
