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 |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | SI ↕ | Tickers | Keywords / Themes | Quick Take | Pitches (LONG / SHORT) | Current Positioning | Letter |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q3 2026 | Oct 14, 2026 | +1.2% | +6.1% | - | Driven by strong gains across precious metals, US technology, and energy producers, while leaning into pullback opportunities in defence and infrastructure. Full Quick Take Driven by strong gains across precious metals, US technology, and energy producers, while leaning into pullback opportunities in defence and infrastructure. | ||||||
Q3 2026 | Oct 2, 2026 | - | - | +1.7% | Generating roughly 6% alpha against the TSX benchmark, led primarily by strong momentum in gold and precious metals mining coverage alongside selective diversified commercial turnarounds. Full Quick Take Generating roughly 6% alpha against the TSX benchmark, led primarily by strong momentum in gold and precious metals mining coverage alongside selective diversified commercial turnarounds. | ||||||
Q2 2026 | Aug 14, 2026 | +0.1% | +5.4% | +10.2% | Lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. Full Quick Take Lagging AI-driven benchmarks but outperforming over longer periods. Energy holdings led gains from Iran conflict while precious metals declined. | ||||||
Q2 2026 | Aug 7, 2026 | - | +3.5% | +17.9% | Maintaining decade-long outperformance at 21.9% annualized. Precious metals collapsed 28-52% from January peaks as anticipated, validating defensive positioning. Full Quick Take Maintaining decade-long outperformance at 21.9% annualized. Precious metals collapsed 28-52% from January peaks as anticipated, validating defensive positioning. | ||||||
Q2 2026 | Aug 3, 2026 | - | +2.1% | +11.4% | Rozendal's Global Fund lagged in H1 2026 by avoiding the AI mania that drove tech 30% higher, while the Iran war disrupted oil and precious metals markets. Three successful investment cycles closed: Meta at 31% annualized, silver at 20%+, and Curro at 22-24%. Full Quick Take Rozendal's Global Fund lagged in H1 2026 by avoiding the AI mania that drove tech 30% higher, while the Iran war disrupted oil and precious metals markets. Three successful investment cycles closed: Meta at 31% annualized, silver at 20%+, and Curro at 22-24%. | ||||||
Q2 2026 | Jun 30, 2026 | -6.6% | +0.3% | +10.1% | The manager aggressively deployed cash into hard assets, initiating eight deeply discounted equities and adding to core commodity holdings while fading momentum. Full Quick Take The manager aggressively deployed cash into hard assets, initiating eight deeply discounted equities and adding to core commodity holdings while fading momentum. | - | |||||
Q1 2026 | Apr 29, 2026 | +31.0% | +31.0% | +8.9% | ROCKLINC advocates precious metals as essential hedge against America's $108.5 trillion fiscal crisis, where liabilities grew four times faster than GDP since 2010. Gold and silver royalty companies drove Q1 outperformance amid historic metal rallies. Full Quick Take ROCKLINC advocates precious metals as essential hedge against America's $108.5 trillion fiscal crisis, where liabilities grew four times faster than GDP since 2010. Gold and silver royalty companies drove Q1 outperformance amid historic metal rallies. | - | |||||
Q1 2026 | Apr 22, 2026 | +16.4% | +16.4% | +41.8% | Positioned for an inflationary multipolar world with elevated volatility. Core holdings in emerging markets, refiners, precious metals, and commodities trading benefit from Dollar weakness and structural disruptions. Full Quick Take Positioned for an inflationary multipolar world with elevated volatility. Core holdings in emerging markets, refiners, precious metals, and commodities trading benefit from Dollar weakness and structural disruptions. | ||||||
Q4 2025 | Mar 2, 2026 | - | - | - | TYME Advisors' Q4 2025 letter outlines a defensive, macro-driven approach focused on global rearmament, exchanges, and precious metals, utilizing disciplined systematic overlays to exit Bitcoin and hedge Yen exposure. Full Quick Take TYME Advisors' Q4 2025 letter outlines a defensive, macro-driven approach focused on global rearmament, exchanges, and precious metals, utilizing disciplined systematic overlays to exit Bitcoin and hedge Yen exposure. | - | |||||
Q4 2025 | Feb 17, 2026 | - | +0.7% | +11.3% | Aegis Value Fund surged 67.07% in 2025, driven by explosive gains in gold miners and energy holdings. The manager is holding cash and remains highly cautious on broad markets, warning that mega-cap tech valuations are unsustainably high. Full Quick Take Aegis Value Fund surged 67.07% in 2025, driven by explosive gains in gold miners and energy holdings. The manager is holding cash and remains highly cautious on broad markets, warning that mega-cap tech valuations are unsustainably high. | ||||||
Q4 2025 | Feb 10, 2026 | - | +24.3% | - | - | Entering 2026, the firm is heavily positioned in physical silver, Emerging Markets, and Treasury curve steepeners to capture a structural macro regime change. Full Quick Take Entering 2026, the firm is heavily positioned in physical silver, Emerging Markets, and Treasury curve steepeners to capture a structural macro regime change. | - | ||||
Q4 2025 | Feb 3, 2026 | +2.1% | +12.4% | +41.8% | Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotated the fund into 'croupier' businesses, cheap emerging markets, refiners, and precious metals. Full Quick Take Convinced that policymakers will choose to endlessly inflate asset bubbles rather than repair the real economy, Kupperman has rotated the fund into 'croupier' businesses, cheap emerging markets, refiners, and precious metals. | ||||||
Q4 2025 | Jan 28, 2026 | - | +42.8% | +11.4% | The Rozendal Global Fund outperformed its benchmark significantly in 2025. Focused on value-driven, long-horizon opportunities while cautioning that current gold prices are extraordinarily expensive. Full Quick Take The Rozendal Global Fund outperformed its benchmark significantly in 2025. Focused on value-driven, long-horizon opportunities while cautioning that current gold prices are extraordinarily expensive. | ||||||
Q4 2025 | Jan 15, 2026 | +5.5% | +18.3% | +17.3% | The fund remains highly constructive on undervalued South African equities and event-driven opportunities while maintaining its short book for downside hedging. Full Quick Take The fund remains highly constructive on undervalued South African equities and event-driven opportunities while maintaining its short book for downside hedging. | - | |||||
Q4 2025 | Jan 15, 2026 | +5.5% | +18.3% | +12.3% | The manager is highly constructive on undervalued South African equities while maintaining a defensive short book to hedge against high-flying global markets. Full Quick Take The manager is highly constructive on undervalued South African equities while maintaining a defensive short book to hedge against high-flying global markets. | - | |||||
Q4 2025 | Jan 13, 2026 | - | - | - | Carrington Wealth Management rode a strong wave of diversification and value rotation in 2025. Entering 2026, they remain underweight US tech in favor of UK, Asia, and gold, executing zero portfolio changes in Q4 to preserve their resilient positioning. Full Quick Take Carrington Wealth Management rode a strong wave of diversification and value rotation in 2025. Entering 2026, they remain underweight US tech in favor of UK, Asia, and gold, executing zero portfolio changes in Q4 to preserve their resilient positioning. | - | |||||
Q4 2025 | Jan 12, 2026 | - | - | - | TEAM Asset Management favors ex-US equities and precious metals as portfolio shields, while avoiding long-duration sovereign bonds amid ballooning global deficits. Full Quick Take TEAM Asset Management favors ex-US equities and precious metals as portfolio shields, while avoiding long-duration sovereign bonds amid ballooning global deficits. | - | |||||
Q4 2025 | Jan 12, 2026 | +18.6% | +1.7% | - | Riding a secular macro pivot toward sound money assets. The fund expects massive further gains in gold ($8k-$10k/oz) and silver ($300-$500/oz) due to relentless monetary debasement and acute physical shortages. Full Quick Take Riding a secular macro pivot toward sound money assets. The fund expects massive further gains in gold ($8k-$10k/oz) and silver ($300-$500/oz) due to relentless monetary debasement and acute physical shortages. | ||||||
Q4 2025 | Jan 11, 2026 | - | +1.1% | +17.9% | MJG Capital logged a stellar 109.26% return in 2025, but is cutting precious metals exposure to below 30% and raising cash to 14% to brace for a potential sector-wide correction, while heavily prioritizing copper and capital-efficient prospect generators. Full Quick Take MJG Capital logged a stellar 109.26% return in 2025, but is cutting precious metals exposure to below 30% and raising cash to 14% to brace for a potential sector-wide correction, while heavily prioritizing copper and capital-efficient prospect generators. | - | |||||
Q4 2025 | Jan 7, 2026 | - | +39.0% | +14.8% | ByteTree warns of an historic valuation bubble in US equities and positions its multi-asset portfolios heavily toward non-US value, commodities, and high-quality defensive compounders. Full Quick Take ByteTree warns of an historic valuation bubble in US equities and positions its multi-asset portfolios heavily toward non-US value, commodities, and high-quality defensive compounders. | - | |||||
Q4 2025 | Jan 1, 2026 | - | - | - | - | Stagflation presents a unique challenge as both equities and fixed income tend to underperform simultaneously. Full Quick Take Stagflation presents a unique challenge as both equities and fixed income tend to underperform simultaneously. | - | ||||
Q4 2025 | Dec 31, 2025 | +34.0% | +7.4% | +9.5% | Significantly lagging the S&P/TSX Composite's 31.68% surge due to an underweight in gold and silver miners. Full Quick Take Significantly lagging the S&P/TSX Composite's 31.68% surge due to an underweight in gold and silver miners. | ||||||
Q4 2025 | Dec 31, 2025 | - | +0.7% | - | Capitulating on AI infrastructure shorts, and pivoting towards defensive healthcare and high-conviction value longs. Full Quick Take Capitulating on AI infrastructure shorts, and pivoting towards defensive healthcare and high-conviction value longs. | - | |||||
Q4 2025 | Dec 31, 2025 | +48.2% | +40.4% | +10.2% | The manager continues to leverage market volatility to buy bargain-priced assets with strong asymmetric upside. Full Quick Take The manager continues to leverage market volatility to buy bargain-priced assets with strong asymmetric upside. | ||||||
Q4 2025 | Dec 31, 2025 | +7.0% | +20.3% | +8.9% | Rocklinc launched its new actively managed value ETF (TSX: RKLC) in Q4 2025 while cautioning against overvalued tech stock concentration. The manager remains highly bullish on hard assets like gold and silver to hedge against inflation and government overreach. Full Quick Take Rocklinc launched its new actively managed value ETF (TSX: RKLC) in Q4 2025 while cautioning against overvalued tech stock concentration. The manager remains highly bullish on hard assets like gold and silver to hedge against inflation and government overreach. | ||||||
Q4 2025 | Dec 31, 2025 | - | - | - | Renaissance's International Small Cap strategy outperformed in Q4 2025, actively rotating capital out of margin-strained payments and food producers into high-momentum gold miners and Chinese aviation IT infrastructure. Full Quick Take Renaissance's International Small Cap strategy outperformed in Q4 2025, actively rotating capital out of margin-strained payments and food producers into high-momentum gold miners and Chinese aviation IT infrastructure. | - | |||||
Q4 2025 | Dec 31, 2025 | - | - | - | - | Global equities closed 2025 on a strong note, propelled by artificial intelligence infrastructure investments, robust corporate earnings, and central bank liquidity support. Full Quick Take Global equities closed 2025 on a strong note, propelled by artificial intelligence infrastructure investments, robust corporate earnings, and central bank liquidity support. | - | ||||
Q4 2025 | Dec 31, 2025 | - | - | - | Antipodes Global Value outperformed in Q4 2025, actively rotating from defensive infrastructure/healthcare and hardware into cyclical consumer, industrials, and software (adding Meta, Salesforce, and Honeywell, while exiting Alphabet). Full Quick Take Antipodes Global Value outperformed in Q4 2025, actively rotating from defensive infrastructure/healthcare and hardware into cyclical consumer, industrials, and software (adding Meta, Salesforce, and Honeywell, while exiting Alphabet). | ||||||
Q4 2025 | Dec 31, 2025 | +2.8% | +8.9% | +4.2% | - | - | |||||
Q3 2025 | Nov 4, 2025 | - | - | - | TEAM Asset Management has completely abandoned G7 government bonds due to structural debt risks, pivoting capital into physical gold, silver, and discounted ex-US equities. Full Quick Take TEAM Asset Management has completely abandoned G7 government bonds due to structural debt risks, pivoting capital into physical gold, silver, and discounted ex-US equities. | - | |||||
Q3 2025 | Oct 23, 2025 | +5.7% | +12.2% | +41.8% | PM Harris Kupperman remains highly defensive and bearish on global markets, building high liquidity and safe-haven hedges to prepare for an inevitable asset and credit market collapse. Full Quick Take PM Harris Kupperman remains highly defensive and bearish on global markets, building high liquidity and safe-haven hedges to prepare for an inevitable asset and credit market collapse. | ||||||
Q3 2025 | Oct 20, 2025 | +10.8% | +21.9% | +24.0% | But is taking a cautious stance by trimming winners and building up cash in an extended market cycle. Full Quick Take But is taking a cautious stance by trimming winners and building up cash in an extended market cycle. | - | |||||
Q3 2025 | Oct 14, 2025 | - | - | - | MacNicol & Associates raises the alarm on extreme market valuations and unprecedented concentration in tech, urging investors to prioritize downside protection via active management and hedging through real assets like gold. Full Quick Take MacNicol & Associates raises the alarm on extreme market valuations and unprecedented concentration in tech, urging investors to prioritize downside protection via active management and hedging through real assets like gold. | - | |||||
Q3 2025 | Sep 30, 2025 | +5.5% | +15.8% | - | - | ||||||
Q3 2025 | Sep 30, 2025 | +9.7% | - | +8.9% | |||||||
Q2 2025 | Jul 14, 2025 | - | +27.6% | +11.3% | Dramatically outperforming its benchmark by capitalizing on gold miners, energy holdings, and selective deep-value opportunities amidst trade tariff volatility. Full Quick Take Dramatically outperforming its benchmark by capitalizing on gold miners, energy holdings, and selective deep-value opportunities amidst trade tariff volatility. | - | |||||
Q2 2025 | Jun 30, 2025 | +28.8% | +56.0% | - | Fueled by concentrated positions in gold, silver, and bitcoin. The fund has closed all short positions, bracing for a highly inflationary 'Crack Up Boom' as the US debt crisis deepens. Full Quick Take Fueled by concentrated positions in gold, silver, and bitcoin. The fund has closed all short positions, bracing for a highly inflationary 'Crack Up Boom' as the US debt crisis deepens. | - | |||||
Q2 2025 | Jun 30, 2025 | +15.9% | +20.2% | +10.2% | Capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exits like Cameco into fresh, deeply-discounted international opportunities. Full Quick Take Capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exits like Cameco into fresh, deeply-discounted international opportunities. | ||||||
Q2 2025 | Jun 30, 2025 | +8.1% | +8.9% | +8.9% | Rocklinc posts a strong Q2 return of 8.1% driven by precious metals, while maintaining a cautious market posture, holding high cash reserves, and heavily advocating for nuclear energy (via Cameco) and hard assets to hedge against government and currency risks. Full Quick Take Rocklinc posts a strong Q2 return of 8.1% driven by precious metals, while maintaining a cautious market posture, holding high cash reserves, and heavily advocating for nuclear energy (via Cameco) and hard assets to hedge against government and currency risks. | - | |||||
Q2 2025 | Mar 31, 2025 | - | +49.6% | +3.4% | Bramshill's All Weather Income Strategy targets a steady 8%+ dividend yield by rotating into high-coverage pass-through securities like MLPs, BDCs, and energy producers that benefit from structurally high inflation and supply chain frictions. Full Quick Take Bramshill's All Weather Income Strategy targets a steady 8%+ dividend yield by rotating into high-coverage pass-through securities like MLPs, BDCs, and energy producers that benefit from structurally high inflation and supply chain frictions. | - | |||||
Q4 2025 | Jan 27, 2025 | +27.0% | +15.4% | +21.4% | Buying the dip in agriculture/materials plays to protect capital against U.S. dollar debasement. Full Quick Take Buying the dip in agriculture/materials plays to protect capital against U.S. dollar debasement. | ||||||
Q4 2024 | Jan 1, 2025 | -90.0% | +42.2% | +6.6% | Palm Valley remains highly insulated in 78% cash, choosing to ignore a speculative broad-market rally while selectively deploying capital into unloved, deeply undervalued small-cap names supported by tangible assets. Full Quick Take Palm Valley remains highly insulated in 78% cash, choosing to ignore a speculative broad-market rally while selectively deploying capital into unloved, deeply undervalued small-cap names supported by tangible assets. | - | |||||
Q4 2024 | Dec 31, 2024 | +4.7% | +17.4% | +8.9% | ROCKLINC delivered strong 2024 performance while maintaining a disciplined, risk-conscious stance. Full Quick Take ROCKLINC delivered strong 2024 performance while maintaining a disciplined, risk-conscious stance. | ||||||
Q4 2024 | Dec 31, 2024 | - | +20.0% | - | And remains highly bullish on gold and silver for 2025 as the macroeconomic risk regime shifts from recession toward inflation. Full Quick Take And remains highly bullish on gold and silver for 2025 as the macroeconomic risk regime shifts from recession toward inflation. | - | |||||
Q3 2024 | Sep 30, 2024 | - | +4.9% | +41.8% | Praetorian Capital runs a concentrated portfolio positioned for fiscal crisis in over-indebted Western democracies. Full Quick Take Praetorian Capital runs a concentrated portfolio positioned for fiscal crisis in over-indebted Western democracies. | ||||||
Q2 2024 | Jun 30, 2024 | +1.7% | +7.4% | +41.8% | Manager reduced exposure citing economic slowing and unfavorable low-volatility environment. Positioned defensively for election volatility while maintaining conviction in inflection investing approach requiring actual fundamental improvements, not just cheap valuations. Full Quick Take Manager reduced exposure citing economic slowing and unfavorable low-volatility environment. Positioned defensively for election volatility while maintaining conviction in inflection investing approach requiring actual fundamental improvements, not just cheap valuations. | ||||||
Q4 2023 | Dec 31, 2023 | - | - | +16.4% | The fund rotated out of top contributors Unit Corporation and A-Mark due to deteriorating outlooks, while adding Net Lease Office Properties as a compelling spin-off opportunity. The manager maintains conviction in finding mispriced value despite elevated market levels. Full Quick Take The fund rotated out of top contributors Unit Corporation and A-Mark due to deteriorating outlooks, while adding Net Lease Office Properties as a compelling spin-off opportunity. The manager maintains conviction in finding mispriced value despite elevated market levels. | - | |||||
Q2 2023 | Jul 28, 2023 | - | +5.7% | +11.3% | Aegis Value Fund targets deeply discounted, asset-rich small-cap equities, particularly in energy and precious metals, while actively avoiding overvalued mega-cap tech stocks. Full Quick Take Aegis Value Fund targets deeply discounted, asset-rich small-cap equities, particularly in energy and precious metals, while actively avoiding overvalued mega-cap tech stocks. | ||||||
Q1 2023 | Apr 11, 2023 | +4.8% | +4.8% | +16.4% | Cash-rich small caps. Despite macroeconomic banking panics and energy sector headwinds, the fund capitalized on surging retail physical bullion demand through its largest position, A-Mark Precious Metals. Full Quick Take Cash-rich small caps. Despite macroeconomic banking panics and energy sector headwinds, the fund capitalized on surging retail physical bullion demand through its largest position, A-Mark Precious Metals. |