Institutional Research Archive

Hedge Fund Letters Archive

Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

Home Letters Funds Account

Institutional Letters Archive

Primary Sources, straight from the 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.

19+

Letters archived

Daily

Update cadence

Filters

Search

Ticker

Keyword/Theme

Cap Focus

Geo Focus

Stance / Idea

Quarter

Showing 19 letters|Looking for historical letters? Explore Investment Classics →

Reset filters

Quarter	Letter Date	Fund Name	QTD	YTD	SI	Tickers	Keywords / Themes	Quick Take	Pitches (LONG / SHORT)	Current Positioning	Letter
Q2 2026	Jun 30, 2026	Stone Harbor Emerging Markets Debt Income Fund James E. Craige, CFA (Chief Investment Officer)	-	-	-	-	Sovereign Credit, Commodity Dynamics, Additional Keywords & Themes Political Transitions Fiscal Consolidation IMF Engagement	Stone Harbor is constructive but highly selective on emerging market debt over the next twelve months. Full Quick Take Stone Harbor is constructive but highly selective on emerging market debt over the next twelve months. View PDF	-	Emerging markets LatAM Asia EMEA	View PDF Analysis
Q2 2026	Jun 30, 2026	Royal London Cautious Managed Fund	+4.0%	+3.7%	+4.2%	000660.KS,005930.KS,TSM,MSFT,GOOGL,AMZN	AI Infrastructure, Macroeconomic Stagflation, Additional Keywords & Themes Tactical Rebalancing Hyperscalers Semiconductors	The fund outperformed its composite benchmark in Q2 2026 by tactically rotating into oversold global equities, specifically targeting AI-linked technology and emerging markets while trimming energy and defensive exposures. Full Quick Take The fund outperformed its composite benchmark in Q2 2026 by tactically rotating into oversold global equities, specifically targeting AI-linked technology and emerging markets while trimming energy and defensive exposures. View PDF	-	Europe US Emerging markets Asia Global	View PDF Analysis
Q1 2026	Apr 13, 2026	Parnassus Growth Equity Fund Andrew Choi	-9.6%	-9.6%	+26.6%	AMAT,ASML,GEV,TSM,LIN, Additional Tickers (16) BSX APPF TEAM ARES CRM META EW SHOP MDLN ORCL VIK WDAY DDOG PODD TMO CMG	AI Infrastructure, AI-Driven Disruption, Additional Keywords & Themes Geopolitical Volatility Semiconductors Electrification	The fund slightly outperformed its benchmark in a volatile, down quarter, capitalizing on AI-infrastructure and energy-transition trends while actively repositioning its software exposure amid AI disruption fears. Full Quick Take The fund slightly outperformed its benchmark in a volatile, down quarter, capitalizing on AI-infrastructure and energy-transition trends while actively repositioning its software exposure amid AI disruption fears. View PDF	-	Large Cap US	View PDF Analysis
Q1 2026	Mar 31, 2026	Tectonic Investment Management Ben Haan	+4.8%	+4.8%	+43.7%	VAL,RIG,BHP.AX,SFR.AX,WGX.AX	Geopolitical Volatility, Strategic Sector, Additional Keywords & Themes Physical AI Iran Conflict	Tectonic navigated a volatile first quarter of 2026 by rotating early from expensive tech into resources, subsequently cutting equity exposure by 80% to cash and shorting major indexes during the peak of the Middle East conflict. Full Quick Take Tectonic navigated a volatile first quarter of 2026 by rotating early from expensive tech into resources, subsequently cutting equity exposure by 80% to cash and shorting major indexes during the peak of the Middle East conflict. View PDF	VALBHP.AX	All Cap APAC	View PDF Analysis
Q1 2026	Mar 31, 2026	Ceredex Value Advisors Don Wordell, CFA and Cody P. Smith, CFA	+5.2%	+5.2%	-	AEIS,MTDR,HRI,RYAN,SEI, Additional Tickers (21) JKHY WHD M VFC QNITY ITT CHD WLK AMKR BWXT GPC KEY WWD EQIX VTR CCJ APO TER COF VRT WDC	AI-Driven Infrastructure, Economic Normalization, Additional Keywords & Themes Rotation Mid-Cap Cyclical Rotation Geopolitical Volatility	The Ceredex Small Cap Value Equity Strategy outperformed its benchmark in Q1 2026. Full Quick Take The Ceredex Small Cap Value Equity Strategy outperformed its benchmark in Q1 2026. View PDF	-	Small Cap US	View PDF Analysis
Q1 2026	Mar 31, 2026	Greenwood Gearhart, LLC Greenwood Gearhart	-	-	-	NVDA,WMT	AI Infrastructure, Geopolitical Volatility, Additional Keywords & Themes Hardware Productivity Data Centers	Greenwood Gearhart views recent geopolitical volatility in Iran and softening macro indicators as overdone, compressing valuations for high-quality large caps despite resilient fundamentals. Full Quick Take Greenwood Gearhart views recent geopolitical volatility in Iran and softening macro indicators as overdone, compressing valuations for high-quality large caps despite resilient fundamentals. View PDF	-	All Cap US	View PDF Analysis
Q1 2026	Mar 31, 2026	Glass Lake Wealth Management Jim Krapfel	-	-	-	MSFT,AMZN,GOOG,GEV,ETN, Additional Tickers (2) PTC SIVR	AI Infrastructure, Geopolitical Volatility, Additional Keywords & Themes Hyperscalers Capital Expenditures Semiconductors	The fund is navigating a volatile market environment shaped by the geopolitical shocks of the Iran War and a major rotation into defensive assets. Full Quick Take The fund is navigating a volatile market environment shaped by the geopolitical shocks of the Iran War and a major rotation into defensive assets. View PDF	-	US	View PDF Analysis
Q1 2026	Mar 31, 2026	ClearBridge Investments Dividend Strategy John Baldi	0.0%	-	-	MSFT,ADP,EQT,ENB,WMB, Additional Tickers (14) XOM BX OTIS APO HON NOC LHX RTX ORCL AVGO TSM AVB WAT BDX	AI Disruption, Alternative Asset, Additional Keywords & Themes Geopolitical Volatility AI Software	The ClearBridge Dividend Strategy capitalized on geopolitical oil price spikes and avoided the software sector's AI-driven sell-off to beat the S&P 500 in Q1 2026, rotating capital from extended software and defense names into resilient industrials and asset managers. Full Quick Take The ClearBridge Dividend Strategy capitalized on geopolitical oil price spikes and avoided the software sector's AI-driven sell-off to beat the S&P 500 in Q1 2026, rotating capital from extended software and defense names into resilient industrials and asset managers. View PDF	-	Large Cap Asia	View PDF Analysis
Q1 2026	Mar 31, 2026	Invesco Emerging Markets Local Debt Fund Hemant Baijal	-3.7%	-3.7%	+12.8%	-	Currency Duration, Geopolitical Volatility, Additional Keywords & Themes Monetary Policy Easing Disinflation	The fund underperformed its benchmark in Q1 2026 due to currency and rate positioning, yet management maintains a constructive long-term outlook for emerging market local debt backed by attractive real yields, structural disinflation, and selective monetary easing. Full Quick Take The fund underperformed its benchmark in Q1 2026 due to currency and rate positioning, yet management maintains a constructive long-term outlook for emerging market local debt backed by attractive real yields, structural disinflation, and selective monetary easing. View PDF	-	Emerging Markets	View PDF Analysis
Q1 2026	Mar 31, 2026	Harbor Capital Appreciation Fund Kathleen A. McCarragher	-10.9%	-10.9%	+12.7%	SNOW,SHOP,APP,CEG,AAPL, Additional Tickers (11) MSFT TSM WMT MRK HLT PLTR NET ABNB IDEXY NOW DXCM	Growth AI, Macroeconomic Geopolitical, Additional Keywords & Themes Iran Conflict Strait Hormuz Inflation	The Harbor Capital Appreciation Fund underperformed its benchmark in Q1 2026 with a -10.94% return, impacted by stock selection in technology and industrials amid geopolitical and inflation-driven growth stock rotations. Full Quick Take The Harbor Capital Appreciation Fund underperformed its benchmark in Q1 2026 with a -10.94% return, impacted by stock selection in technology and industrials amid geopolitical and inflation-driven growth stock rotations. View PDF	-	Large Cap US	View PDF Analysis
Q4 2025	Jan 15, 2026	Carmignac Patrimoine Jacques Hirsch	+5.6%	+4.5%	+7.0%	-	Emerging Market, Fiscal Shocks, Additional Keywords & Themes Political Volatility Monetary Policy Federal Reserve	Heading into 2026, the manager maintains a cautious duration posture (3.1) and high EM exposures coupled with credit hedges. Full Quick Take Heading into 2026, the manager maintains a cautious duration posture (3.1) and high EM exposures coupled with credit hedges. View PDF	-	Europe	View PDF Analysis
Q4 2025	Dec 31, 2025	Frontaura Global Frontier Fund LLC Nick Padgett	+5.4%	+38.1%	+10.1%	-	Quality Compounders, Frontier Market, Additional Keywords & Themes Geopolitical Volatility Frontier Markets USD	Despite navigating lame-duck populist headwinds in Colombia, the fund remains constructively positioned in deeply discounted, high-quality frontier assets. Full Quick Take Despite navigating lame-duck populist headwinds in Colombia, the fund remains constructively positioned in deeply discounted, high-quality frontier assets. View PDF	-	Small Cap Europe	View PDF Analysis
Q4 2025	Dec 31, 2025	Stenham Asset Management Kevin Arenson	-	-	-	AMZN,GOOGL,MSFT,META,ORCL	AI Capex, US Economic, Additional Keywords & Themes Geopolitical Volatility AI Capex	Stenham delivered solid low-beta performance in 2025 but adopts a cautious stance for 2026, balancing positive US economic fiscal/monetary stimuli against critical geopolitical risks and a potential AI valuation bubble. Full Quick Take Stenham delivered solid low-beta performance in 2025 but adopts a cautious stance for 2026, balancing positive US economic fiscal/monetary stimuli against critical geopolitical risks and a potential AI valuation bubble. View PDF	-	All Cap Europe	View PDF Analysis
Q3 2025	Oct 29, 2025	Vergent	-	-	-	IDHC.L,0151.KL,HDB.HM,AMRT.JK,HIK.L,BCG.L	Policy Geopolitical, EM Frontier, Additional Keywords & Themes Demographics Frontier Markets Emerging Markets	The FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into highly prospective CEE and Middle Eastern opportunities. Full Quick Take The FEM strategy delivered strong gains in Egypt and Malaysia while actively reducing exposure to policy-impacted names in Vietnam, the US, and Indonesia to reallocate capital into highly prospective CEE and Middle Eastern opportunities. View PDF	-	SMID Cap US	View PDF Analysis
Q2 2025	Jul 3, 2025	Matrix Large Cap Value Strategy David A.Katz	-	-	-	AMAT,FI,CMCSA,FDX,GNRC, Additional Tickers (18) LOW PYPL PEP TMO AEP DG UNH BK CSCO TEL MS PNC QCOM SBUX TGT TXN USB PFE	Tariffs Geopolitical, Valuation Margin, Additional Keywords & Themes Fixed Income Tariffs Geopolitical Risk	Matrix reports a strong Q2 performance across its strategies but is actively reducing balanced portfolio equity exposure to a modest overweight, citing elevated valuations and persistent policy-driven market volatility. Full Quick Take Matrix reports a strong Q2 performance across its strategies but is actively reducing balanced portfolio equity exposure to a modest overweight, citing elevated valuations and persistent policy-driven market volatility. View PDF	AMAT	Large Cap US	View PDF Analysis
Q2 2025	Jun 30, 2025	Aristotle Value Equity Fund Howard Gleicher	+47.5%	+5.4%	+10.5%	MSFT,MCHP,AMGN,ALC,UBER,XYL	Geopolitical Volatility, Macro Headwinds, Additional Keywords & Themes Tariffs Inflation GDP	Beating its value benchmark. The fund took advantage of market volatility to exit Xylem and build a new, high-conviction position in Uber. Full Quick Take Beating its value benchmark. The fund took advantage of market volatility to exit Xylem and build a new, high-conviction position in Uber. View PDF	-	Large Cap US	View PDF Analysis
Q2 2025	Jun 30, 2025	Optimum International Fund Donald Farquharson	+13.9%	-	+5.7%	-	South Korean, Central Bank, Additional Keywords & Themes Trade Policy Dovish Rate Cuts	The Optimum International Fund outperformed its benchmark in Q2 2025 with a 13.95% return, driven by strong technology sector performance, central bank rate cuts, and positive selection in financials and consumer discretionary. Full Quick Take The Optimum International Fund outperformed its benchmark in Q2 2025 with a 13.95% return, driven by strong technology sector performance, central bank rate cuts, and positive selection in financials and consumer discretionary. View PDF	-	All Cap Asia Europe	View PDF Analysis
Q2 2025	Jun 30, 2025	Wasatch Small Cap Growth Strategy JB Taylor	+12.0%	-	+9.9%	BRBR,CWAN,GSHD,FN,NVMI,AGYS	High-Quality Low-Quality, Artificial Intelligence, Additional Keywords & Themes Macroeconomic Geopolitical High-Quality Low-Quality	Despite a volatile quarter where lower-quality stocks outperformed, the Wasatch Small Cap Growth strategy performed in line with the Russell 2000 Growth Index. Full Quick Take Despite a volatile quarter where lower-quality stocks outperformed, the Wasatch Small Cap Growth strategy performed in line with the Russell 2000 Growth Index. View PDF	GSHD	Small Cap Europe US	View PDF Analysis
Q2 2025	Jun 30, 2025	Baird Small/Mid Cap Growth Equity Fund Jonathan Good, Chuck Severson	+44.6%	-6.6%	+10.0%	ALAB,MTSI,MKTX,INSM,ADMA, Additional Tickers (10) HQY WAY ALHC CAVA ELF PRCT TREX GLOB CWAN SRPT	Speculative Market, Geopolitical Volatility, Additional Keywords & Themes AI Tech Speculative Beta-Driven	Baird Small/Mid Cap Growth lagged a speculative, beta-driven benchmark rally in Q2 2025, but continues to focus on high-quality compounders while actively upgrading portfolio quality through selective healthcare and consumer additions. Full Quick Take Baird Small/Mid Cap Growth lagged a speculative, beta-driven benchmark rally in Q2 2025, but continues to focus on high-quality compounders while actively upgrading portfolio quality through selective healthcare and consumer additions. View PDF	-	SMID Cap Global	View PDF Analysis

Stone Harbor Emerging Markets Debt Income Fund

Q2 2026

View PDF Analysis

QTD:-

YTD:-

Royal London Cautious Managed Fund

Q2 2026

View PDF Analysis

QTD:+4.0%

YTD:+3.7%

SI:+4.2%

Parnassus Growth Equity Fund

Q1 2026

View PDF Analysis

QTD:-9.6%

YTD:-9.6%

SI:+26.6%

Tectonic Investment Management

Q1 2026

View PDF Analysis

QTD:+4.8%

YTD:+4.8%

SI:+43.7%

Ceredex Value Advisors

Q1 2026

View PDF Analysis

QTD:+5.2%

YTD:+5.2%

Greenwood Gearhart, LLC

Q1 2026

View PDF Analysis

QTD:-

YTD:-

Glass Lake Wealth Management

Q1 2026

View PDF Analysis

QTD:-

YTD:-

ClearBridge Investments Dividend Strategy

Q1 2026

View PDF Analysis

QTD:0.0%

YTD:-

Invesco Emerging Markets Local Debt Fund

Q1 2026

View PDF Analysis

QTD:-3.7%

YTD:-3.7%

SI:+12.8%

Harbor Capital Appreciation Fund

Q1 2026

View PDF Analysis

QTD:-10.9%

YTD:-10.9%

SI:+12.7%

Carmignac Patrimoine

Q4 2025

View PDF Analysis

QTD:+5.6%

YTD:+4.5%

SI:+7.0%

Frontaura Global Frontier Fund LLC

Q4 2025

View PDF Analysis

QTD:+5.4%

YTD:+38.1%

SI:+10.1%

Stenham Asset Management

Q4 2025

View PDF Analysis

QTD:-

YTD:-

Q3 2025

View PDF Analysis

QTD:-

YTD:-

Matrix Large Cap Value Strategy

Q2 2025

View PDF Analysis

QTD:-

YTD:-

Aristotle Value Equity Fund

Q2 2025

View PDF Analysis

QTD:+47.5%

YTD:+5.4%

SI:+10.5%

Optimum International Fund

Q2 2025

View PDF Analysis

QTD:+13.9%

YTD:-

SI:+5.7%

Wasatch Small Cap Growth Strategy

Q2 2025

View PDF Analysis

QTD:+12.0%

YTD:-

SI:+9.9%

Baird Small/Mid Cap Growth Equity Fund

Q2 2025

View PDF Analysis

QTD:+44.6%

YTD:-6.6%

SI:+10.0%

Showing 1 – 19 of 19 letters

Per page: