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.
Kathmandu Capital delivered 16.64% net in Q2 2025 by tactically navigating tariff volatility and emphasizing international diversification. The manager sees a fragile U.S. economy with 120% debt-to-GDP and elevated valuations, positioning the portfolio in mispriced small-caps across Asia and Latin America. New position ACM Research captures China semiconductor onshoring while OMAB benefits from Mexican nearshoring tailwinds. The fund remains cautious but fully invested after deploying cash raised mid-quarter.
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Kathmandu Capital delivered 16.64% net in Q2 2025 by tactically navigating tariff volatility and emphasizing international diversification. The manager sees a fragile U.S. economy with 120% debt-to-GDP and elevated valuations, positioning the portfolio in mispriced small-caps across Asia and Latin America. New position ACM Research captures China semiconductor onshoring while OMAB benefits from Mexican nearshoring tailwinds. The fund remains cautious but fully invested after deploying cash raised mid-quarter.
The Fund delivered a strong +25.56% return in 2025, significantly validating its deep-value thesis through major privatization activity in key holdings, and enters 2026 highly constructive on historically cheap valuations.
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The Fund delivered a strong +25.56% return in 2025, significantly validating its deep-value thesis through major privatization activity in key holdings, and enters 2026 highly constructive on historically cheap valuations.
The fund achieved a +3.96% return in Q3 2025, deploying capital into deep-value Southeast Asian industrial real estate (Amata) while capturing valuation-driven upside in European and UK self-storage under ongoing privatization trends.
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The fund achieved a +3.96% return in Q3 2025, deploying capital into deep-value Southeast Asian industrial real estate (Amata) while capturing valuation-driven upside in European and UK self-storage under ongoing privatization trends.
Rondure Global Advisors seeks long-term capital appreciation by investing in under-followed, high-quality international and emerging market small-cap companies at attractive valuations. While the portfolio experienced short-term underperformance due to a speculative, narrow US mega-cap growth rally, the manager maintains high conviction in its defensive, bottom-up holdings, positioning the funds to capture substantial upside once global inflation and the US dollar peak.
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Rondure Global Advisors seeks long-term capital appreciation by investing in under-followed, high-quality international and emerging market small-cap companies at attractive valuations. While the portfolio experienced short-term underperformance due to a speculative, narrow US mega-cap growth rally, the manager maintains high conviction in its defensive, bottom-up holdings, positioning the funds to capture substantial upside once global inflation and the US dollar peak.
