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.
Concentrated value fund targeting 3x+ upside opportunities delivered 137% cumulative returns over 5+ years. Manager recently initiated distressed petrochemical bonds position in Braskem Idesa, viewing default as liquidity issue with significant asymmetric upside. Avoids gold, preferring productive assets. Six new positions added as core holdings appreciated, maintaining extreme price-to-value discount discipline.
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Concentrated value fund targeting 3x+ upside opportunities delivered 137% cumulative returns over 5+ years. Manager recently initiated distressed petrochemical bonds position in Braskem Idesa, viewing default as liquidity issue with significant asymmetric upside. Avoids gold, preferring productive assets. Six new positions added as core holdings appreciated, maintaining extreme price-to-value discount discipline.
Milano's emerging markets value fund recovered from April's tariff-driven selloff, posting 6.5% YTD returns. Portfolio trades at 25% of estimated intrinsic value, anchored by high-dividend Asian banks and industrial conglomerates. Key catalyst includes Maynilad's $2.5bn IPO. Manager maintains defensive positioning while capitalizing on market dislocations in undervalued, cash-generative businesses across frontier and emerging markets.
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Milano's emerging markets value fund recovered from April's tariff-driven selloff, posting 6.5% YTD returns. Portfolio trades at 25% of estimated intrinsic value, anchored by high-dividend Asian banks and industrial conglomerates. Key catalyst includes Maynilad's $2.5bn IPO. Manager maintains defensive positioning while capitalizing on market dislocations in undervalued, cash-generative businesses across frontier and emerging markets.
Elliott demands Phillips 66 immediately streamline its conglomerate structure through midstream spinoff worth $40+ billion and CPChem divestiture, while closing operational performance gaps that trail Valero by $4.75 per barrel in Q4 2024. After decade of underperformance versus peers, structural changes and enhanced oversight are essential to unlock substantial discount to sum-of-parts value.
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Elliott demands Phillips 66 immediately streamline its conglomerate structure through midstream spinoff worth $40+ billion and CPChem divestiture, while closing operational performance gaps that trail Valero by $4.75 per barrel in Q4 2024. After decade of underperformance versus peers, structural changes and enhanced oversight are essential to unlock substantial discount to sum-of-parts value.
Milano's concentrated value fund underperformed in 2022 but the manager believes intrinsic value increased significantly. The portfolio is heavily weighted toward Chinese companies including a major new petrochemical position that completed capacity expansion. Despite macro headwinds, the fund maintains its disciplined approach of buying extremely undervalued companies with wide margins of safety for long-term value realization.
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Milano's concentrated value fund underperformed in 2022 but the manager believes intrinsic value increased significantly. The portfolio is heavily weighted toward Chinese companies including a major new petrochemical position that completed capacity expansion. Despite macro headwinds, the fund maintains its disciplined approach of buying extremely undervalued companies with wide margins of safety for long-term value realization.
