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.
The Focus Fund delivered a strong 9.9% YTD return, but warns that extreme market concentration, 23x forward S&P multiples, and speculative retail and corporate behavior point to late-cycle excess, prompting a pivot toward under-followed SMID caps, international stocks, and alternative assets.
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The Focus Fund delivered a strong 9.9% YTD return, but warns that extreme market concentration, 23x forward S&P multiples, and speculative retail and corporate behavior point to late-cycle excess, prompting a pivot toward under-followed SMID caps, international stocks, and alternative assets.
Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compounders Wise and Croda.
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Ennismore navigated a speculative, AI-fueled market rally in Q3 with a modest 0.9% gain. The fund is scaling back speculative shorts while heavily backing infrastructure-like compounders Wise and Croda.
YCG warns of an impending AI overcapacity bust akin to the 1990s telecom crash, opting to hedge market concentration by holding high-quality, recession-resistant 'global toll collectors' with proven pricing power.
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YCG warns of an impending AI overcapacity bust akin to the 1990s telecom crash, opting to hedge market concentration by holding high-quality, recession-resistant 'global toll collectors' with proven pricing power.
