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.
SGA underperformed in 2025 due to a historically extreme momentum market that favored speculative cyclical tech. However, the portfolio's relative valuation is now at its most attractive level since inception, presenting an asymmetric risk-reward setup as AI CapEx inevitably slows.
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SGA underperformed in 2025 due to a historically extreme momentum market that favored speculative cyclical tech. However, the portfolio's relative valuation is now at its most attractive level since inception, presenting an asymmetric risk-reward setup as AI CapEx inevitably slows.
