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.
Palm Valley Capital Fund generated a 1.80% gain in the second quarter of 2026 while maintaining a 75% cash equivalent position. The fund remains staunchly defensive against an unanchored, AI-driven bull market, choosing to forgo uncompensated speculative risks and patiently holding dry powder until legitimate valuation resets emerge.
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Palm Valley Capital Fund generated a 1.80% gain in the second quarter of 2026 while maintaining a 75% cash equivalent position. The fund remains staunchly defensive against an unanchored, AI-driven bull market, choosing to forgo uncompensated speculative risks and patiently holding dry powder until legitimate valuation resets emerge.
Oldfield Partners returned 13.7% in Q2 2026, matching the market despite avoiding AI beneficiaries. The manager views AI infrastructure spending as unsustainable, with the six largest spenders approaching $1trn annually requiring unrealistic returns. Value opportunities are broadening outside AI across consumer staples, healthcare, and financials. The portfolio trades at 11x earnings with 40% upside, positioning for patient value investors.
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Oldfield Partners returned 13.7% in Q2 2026, matching the market despite avoiding AI beneficiaries. The manager views AI infrastructure spending as unsustainable, with the six largest spenders approaching $1trn annually requiring unrealistic returns. Value opportunities are broadening outside AI across consumer staples, healthcare, and financials. The portfolio trades at 11x earnings with 40% upside, positioning for patient value investors.
The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust macro disinflation and labor market weakness to drive yields lower in 2026.
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The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust macro disinflation and labor market weakness to drive yields lower in 2026.
Aristotle Core Equity Fund returned 3.15% in Q4 2025, beating the S&P 500. The fund rotated out of troubled lab real estate and locked-in M&A gains to fund high-conviction entries in business services, crypto infrastructure, and food distribution.
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Aristotle Core Equity Fund returned 3.15% in Q4 2025, beating the S&P 500. The fund rotated out of troubled lab real estate and locked-in M&A gains to fund high-conviction entries in business services, crypto infrastructure, and food distribution.
