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 ↕ | SI ↕ | Tickers | Keywords / Themes | Quick Take | Pitches (LONG / SHORT) | Current Positioning | Letter |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q3 2026 | Oct 13, 2026 | +6.1% | +2.2% | +8.8% | Driven by outperformance in industrials and health care holdings such as Hays, while deploying capital into newly initiated positions in Arcadis, DO & CO, and Verisure. Full Quick Take Driven by outperformance in industrials and health care holdings such as Hays, while deploying capital into newly initiated positions in Arcadis, DO & CO, and Verisure. | ||||||
Q3 2026 | Oct 12, 2026 | - | - | +11.3% | Latitude Global Fund delivered modest gains of a few percent net year-to-date in 2026, as strong fundamental earnings momentum across defensive holdings was overshadowed by AI market narrowness, while maintaining an active stance against fragile, extractive franchises. Full Quick Take Latitude Global Fund delivered modest gains of a few percent net year-to-date in 2026, as strong fundamental earnings momentum across defensive holdings was overshadowed by AI market narrowness, while maintaining an active stance against fragile, extractive franchises. | ||||||
Q3 2026 | Oct 8, 2026 | - | - | - | - | QCAM sees the US Dollar rally stalling as central bank rate expectations peak, creating opportunities to position long in the Japanese Yen and Swiss Franc. Full Quick Take QCAM sees the US Dollar rally stalling as central bank rate expectations peak, creating opportunities to position long in the Japanese Yen and Swiss Franc. | - | ||||
Q3 2026 | Oct 5, 2026 | +2.2% | +2.2% | +14.7% | Driven by takeover offers for Ashtead Technology and Lifecore Biomedical, while completely divesting Lifecore following an unattractive deal structure. Full Quick Take Driven by takeover offers for Ashtead Technology and Lifecore Biomedical, while completely divesting Lifecore following an unattractive deal structure. | ||||||
Q3 2026 | Oct 3, 2026 | - | - | - | Financial markets exhibit fragile complacency as narrow market breadth, extreme household equity exposure, and leveraged semiconductor products mirror peak dot-com mania. Full Quick Take Financial markets exhibit fragile complacency as narrow market breadth, extreme household equity exposure, and leveraged semiconductor products mirror peak dot-com mania. | ||||||
Q3 2026 | Oct 1, 2026 | +6.9% | +2.7% | +14.0% | The manager is actively deploying capital into out-of-favor fintech and digital commerce platforms, viewing market fears surrounding artificial intelligence disruption as excessive relative to the durable distribution infrastructure of leading operators. Full Quick Take The manager is actively deploying capital into out-of-favor fintech and digital commerce platforms, viewing market fears surrounding artificial intelligence disruption as excessive relative to the durable distribution infrastructure of leading operators. | ||||||
Q2 2026 | Sep 24, 2026 | - | - | - | Knife River has severely underperformed peers since its 2023 separation, widening its margin deficit to nearly 1,400 basis points. The Board must hold management accountable to achieve a 22% adjusted EBITDA margin by FY2029 or immediately explore strategic alternatives. Full Quick Take Knife River has severely underperformed peers since its 2023 separation, widening its margin deficit to nearly 1,400 basis points. The Board must hold management accountable to achieve a 22% adjusted EBITDA margin by FY2029 or immediately explore strategic alternatives. | ||||||
Q2 2026 | Sep 1, 2026 | +8.8% | +2.3% | - | Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. Full Quick Take Broyhill underperformed broad benchmarks in the first half of 2026 due to an April surge in momentum technology and semiconductors, but captured solid gains from idiosyncratic earnings strength in core holdings. | ||||||
Q2 2026 | Aug 24, 2026 | - | - | +20.1% | Saga Partners presents a knowledge-based investment framework emphasizing businesses with hard-to-replicate advantages and adaptability. Full Quick Take Saga Partners presents a knowledge-based investment framework emphasizing businesses with hard-to-replicate advantages and adaptability. | ||||||
Q2 2026 | Aug 18, 2026 | - | +3.6% | +22.8% | Bonsai underperformed in 2H 2025 but maintains conviction in hidden moats built from capability stacks. Wise, a top holding, exemplifies this thesis with vertically integrated infrastructure, customer-aligned pricing, and automation creating a difficult-to-replicate advantage. Full Quick Take Bonsai underperformed in 2H 2025 but maintains conviction in hidden moats built from capability stacks. Wise, a top holding, exemplifies this thesis with vertically integrated infrastructure, customer-aligned pricing, and automation creating a difficult-to-replicate advantage. | ||||||
Q2 2026 | Jul 21, 2026 | - | - | - | Colebrooke deliberately upgraded portfolio quality in H1 2026, selling Eurocell and Macfarlane to fund Howden Joinery at £7.30 during rate-driven volatility. Full Quick Take Colebrooke deliberately upgraded portfolio quality in H1 2026, selling Eurocell and Macfarlane to fund Howden Joinery at £7.30 during rate-driven volatility. | ||||||
Q2 2026 | Jul 15, 2026 | - | - | - | Manager aggressively bought application software in H1 2026 at 2-3x sales, down from 8-12x, seeing 30-40%+ IRRs as market indiscriminately sold on AI fears. Full Quick Take Manager aggressively bought application software in H1 2026 at 2-3x sales, down from 8-12x, seeing 30-40%+ IRRs as market indiscriminately sold on AI fears. | ||||||
Q2 2026 | Jul 11, 2026 | - | -10.3% | - | Driven by KKR's 28% decline on overblown private credit fears. Manager views quality stock underperformance as creating opportunity, maintains conviction in KKR's double-digit operating earnings growth and $20/share unrealized value. Full Quick Take Driven by KKR's 28% decline on overblown private credit fears. Manager views quality stock underperformance as creating opportunity, maintains conviction in KKR's double-digit operating earnings growth and $20/share unrealized value. | ||||||
Q2 2026 | Jun 30, 2026 | - | - | +12.3% | The strategy experienced relative underperformance by avoiding speculative, lower-quality AI companies trading at extreme valuations. Full Quick Take The strategy experienced relative underperformance by avoiding speculative, lower-quality AI companies trading at extreme valuations. | ||||||
Q2 2026 | Jun 30, 2026 | - | - | - | Portfolio pivoted from technology to biotechnology with Eli Lilly as largest position on GLP-1 growth, while maintaining AI exposure across infrastructure and chips. Inflation at 4.2% driving Fed toward rate hikes. Full Quick Take Portfolio pivoted from technology to biotechnology with Eli Lilly as largest position on GLP-1 growth, while maintaining AI exposure across infrastructure and chips. Inflation at 4.2% driving Fed toward rate hikes. | ||||||
Q1 2026 | Apr 17, 2026 | -10.4% | -10.4% | +11.0% | - | Underperforming the MSCI World Index (-3.57%) due to drawdowns in Metlen, FactSet, and Dino Polska. The fund substantially increased its high-moat allocation from 27.7% to 49.6%, exiting positions in Shelly Group, Spyrosoft, and Text S.A. Full Quick Take Underperforming the MSCI World Index (-3.57%) due to drawdowns in Metlen, FactSet, and Dino Polska. The fund substantially increased its high-moat allocation from 27.7% to 49.6%, exiting positions in Shelly Group, Spyrosoft, and Text S.A. | - | ||||
Q1 2026 | Mar 31, 2026 | -10.8% | -10.8% | +15.2% | The fund experienced underperformance due to a sharp rotation away from high-growth tech, but remains committed to secular themes. The managers view recent volatility as an attractive entry point to acquire structurally advantaged businesses at discounted valuations. Full Quick Take The fund experienced underperformance due to a sharp rotation away from high-growth tech, but remains committed to secular themes. The managers view recent volatility as an attractive entry point to acquire structurally advantaged businesses at discounted valuations. | ||||||
Q1 2026 | Mar 31, 2026 | 0.0% | - | - | The ClearBridge Dividend Strategy capitalized on geopolitical oil price spikes and avoided the software sector's AI-driven sell-off to beat the S&P 500 in Q1 2026, rotating capital from extended software and defense names into resilient industrials and asset managers. Full Quick Take The ClearBridge Dividend Strategy capitalized on geopolitical oil price spikes and avoided the software sector's AI-driven sell-off to beat the S&P 500 in Q1 2026, rotating capital from extended software and defense names into resilient industrials and asset managers. | - | |||||
Q4 2025 | Mar 4, 2026 | -21.0% | -37.0% | +16.7% | Despite Q4 2025 underperformance from its software overweight, Voss is maintaining its software conviction while initiating a new core long in Choice Hotels (CHH) to play a significant balance-sheet capital-unlock catalyst. Full Quick Take Despite Q4 2025 underperformance from its software overweight, Voss is maintaining its software conviction while initiating a new core long in Choice Hotels (CHH) to play a significant balance-sheet capital-unlock catalyst. | - | |||||
Q4 2025 | Feb 25, 2026 | -12.9% | +22.3% | +11.2% | Viewing the market's panic over software and digital business models as an exceptional contrarian opportunity. Full Quick Take Viewing the market's panic over software and digital business models as an exceptional contrarian opportunity. | ||||||
Q4 2025 | Jan 26, 2026 | - | - | - | In its inaugural year-end letter, 8th Wonder Investments highlights a highly successful exit from Warner Bros. Discovery and explains why it is aggressively buying the dip in Constellation Software and Topicus during an AI-driven market panic. Full Quick Take In its inaugural year-end letter, 8th Wonder Investments highlights a highly successful exit from Warner Bros. Discovery and explains why it is aggressively buying the dip in Constellation Software and Topicus during an AI-driven market panic. | ||||||
Q4 2025 | Jan 19, 2026 | +3.9% | +23.2% | +11.0% | - | The fund successfully locked in strong gains from Alpha Group (acquired by Corpay, +91%) and Alphabet (+70%), while deploying capital into three new durable U.S. compounders—Farmer Mac, FactSet, and Visa—at attractive multiples. Full Quick Take The fund successfully locked in strong gains from Alpha Group (acquired by Corpay, +91%) and Alphabet (+70%), while deploying capital into three new durable U.S. compounders—Farmer Mac, FactSet, and Visa—at attractive multiples. | - | ||||
Q3 2025 | Nov 1, 2025 | +40.0% | -10.0% | +13.0% | Focused on concentrated, niche-focused small and micro-cap companies like PDEX and RSSS that offer long-term compounding potential. Full Quick Take Focused on concentrated, niche-focused small and micro-cap companies like PDEX and RSSS that offer long-term compounding potential. | ||||||
Q3 2025 | Oct 28, 2025 | +3.4% | +18.5% | +11.0% | Undergoing a disciplined portfolio overhaul toward high-quality moat compounders, initiating core positions in TSMC, Alphabet, Metlen, and Mexican airport operators while aggressively liquidating cyclical, low-margin legacy holdings. Full Quick Take Undergoing a disciplined portfolio overhaul toward high-quality moat compounders, initiating core positions in TSMC, Alphabet, Metlen, and Mexican airport operators while aggressively liquidating cyclical, low-margin legacy holdings. | - | |||||
Q3 2025 | Sep 30, 2025 | +30.0% | +11.5% | +13.5% | AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-quality compounders like Adidas. Full Quick Take AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-quality compounders like Adidas. | - | |||||
Q2 2025 | Aug 10, 2025 | +9.3% | +29.8% | +38.4% | Successfully capturing a major win in TSS, Inc. and continuing to position heavily in deep-value junior gold miners and maritime sectors. Full Quick Take Successfully capturing a major win in TSS, Inc. and continuing to position heavily in deep-value junior gold miners and maritime sectors. | - | |||||
Q2 2025 | Jul 3, 2025 | +10.3% | +12.0% | +8.9% | Despite trade war disruptions and tariff-related macro headwinds, local emerging market leaders with deep local market knowledge, integrated ecosystems, and strong secular tailwinds like AI and e-commerce remain highly attractive. Full Quick Take Despite trade war disruptions and tariff-related macro headwinds, local emerging market leaders with deep local market knowledge, integrated ecosystems, and strong secular tailwinds like AI and e-commerce remain highly attractive. | ||||||
Q2 2025 | Jul 1, 2025 | - | - | +10.8% | Alpine Capital is doubling down on AI infrastructure and semiconductor enablers, while taking profits on overvalued tech and exiting traditional moats facing blockchain disruption. Full Quick Take Alpine Capital is doubling down on AI infrastructure and semiconductor enablers, while taking profits on overvalued tech and exiting traditional moats facing blockchain disruption. | ||||||
Q2 2025 | Jun 30, 2025 | +22.3% | - | - | Crypto Native Capital argues that altcoins are a value-destroying distraction due to their brittle moats, and advises holding a highly concentrated position in Bitcoin, especially heading into the upcoming cycle reset. Full Quick Take Crypto Native Capital argues that altcoins are a value-destroying distraction due to their brittle moats, and advises holding a highly concentrated position in Bitcoin, especially heading into the upcoming cycle reset. | ||||||
Q2 2025 | Jun 30, 2025 | - | - | - | Castlebay warns of systemic risks in passive global index trackers and rising UK sovereign debt, advocating for a rotation into high-quality companies with robust switching-cost moats. Full Quick Take Castlebay warns of systemic risks in passive global index trackers and rising UK sovereign debt, advocating for a rotation into high-quality companies with robust switching-cost moats. | - | |||||
Q4 2024 | Jan 20, 2025 | - | +13.3% | +16.5% | Andvari focuses on holding dominant, high-margin businesses with strong pricing power and secular growth drivers. While shifting interest rate expectations temporarily pressured cell tower REITs and CoStar, the fund's operational engines remain highly robust. Full Quick Take Andvari focuses on holding dominant, high-margin businesses with strong pricing power and secular growth drivers. While shifting interest rate expectations temporarily pressured cell tower REITs and CoStar, the fund's operational engines remain highly robust. |