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.
The fund delivered an outstanding 35.6% return in 2025 by avoiding crowded mega-cap tech trades in favor of macro themes like precious metals, shipping, and selective growth equities. Moving into 2026, the manager remains constructive on a market broadening toward mid- and small-caps, financial deregulation, and the emerging wave of asset tokenization.
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The fund delivered an outstanding 35.6% return in 2025 by avoiding crowded mega-cap tech trades in favor of macro themes like precious metals, shipping, and selective growth equities. Moving into 2026, the manager remains constructive on a market broadening toward mid- and small-caps, financial deregulation, and the emerging wave of asset tokenization.
Kopernik delivered an exceptional 64.79% YTD return in 2025, capitalizing on commodity tailwinds. The manager is actively rotating profits out of gold mining into platinum, industrial metals, and selective global deep-value names.
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Kopernik delivered an exceptional 64.79% YTD return in 2025, capitalizing on commodity tailwinds. The manager is actively rotating profits out of gold mining into platinum, industrial metals, and selective global deep-value names.
The PM Capital Global Companies Fund gained 10.0% in Q3 2025, heavily supported by gold, copper, and European financials. The managers are actively taking profits on fair-valued names like Airbus and warning against speculative megatrend valuations.
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The PM Capital Global Companies Fund gained 10.0% in Q3 2025, heavily supported by gold, copper, and European financials. The managers are actively taking profits on fair-valued names like Airbus and warning against speculative megatrend valuations.
