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.
Despite Q2 2025 relative underperformance against a tech-driven S&P 500, Smead Value Fund remains highly constructive, drawing historical parallels to Warren Buffett's late-90s underperformance and maintaining deep conviction in cheap energy, homebuilder, and pharma holdings.
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Despite Q2 2025 relative underperformance against a tech-driven S&P 500, Smead Value Fund remains highly constructive, drawing historical parallels to Warren Buffett's late-90s underperformance and maintaining deep conviction in cheap energy, homebuilder, and pharma holdings.
