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.
Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak.
Full Quick Take
Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak.
Financial Synergies quarterly newsletter covers their internship program, estate planning guidance, and market commentary. Key insight: investing at market all-time highs has historically produced solid returns, with the S&P 500 delivering 9.4% average 1-year forward returns versus 9.1% for all periods. The firm emphasizes holistic wealth management addressing both technical and emotional client needs.
Full Quick Take
Financial Synergies quarterly newsletter covers their internship program, estate planning guidance, and market commentary. Key insight: investing at market all-time highs has historically produced solid returns, with the S&P 500 delivering 9.4% average 1-year forward returns versus 9.1% for all periods. The firm emphasizes holistic wealth management addressing both technical and emotional client needs.
