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.
Manole Capital positions in financial infrastructure benefiting from volatility through exchange operators and emerging digital rails. Portfolio captures increased trading activity from geopolitical uncertainty while participating in stablecoin adoption and prediction market evolution. Manager anticipates Fed philosophical shift toward monetarist framework and IPO window reopening but emphasizes valuation discipline. Strategy focuses on picks-and-shovels businesses building payment and market infrastructure rather than directional market bets.
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Manole Capital positions in financial infrastructure benefiting from volatility through exchange operators and emerging digital rails. Portfolio captures increased trading activity from geopolitical uncertainty while participating in stablecoin adoption and prediction market evolution. Manager anticipates Fed philosophical shift toward monetarist framework and IPO window reopening but emphasizes valuation discipline. Strategy focuses on picks-and-shovels businesses building payment and market infrastructure rather than directional market bets.
In a historic defensive move, Sigil Fund liquidated 100% of its BTC and ETH holdings and de-risked 40% of its portfolio in Q4 2025 to weather structural market headwinds, ending the year with capital preserved and ready for selective deep-value opportunities.
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In a historic defensive move, Sigil Fund liquidated 100% of its BTC and ETH holdings and de-risked 40% of its portfolio in Q4 2025 to weather structural market headwinds, ending the year with capital preserved and ready for selective deep-value opportunities.
NZS Capital navigated Q4 and FY2025 with underperformance tied to its exit of Fiserv and European underweight, but remains focused on shifting capital away from highly-concentrated IT mega-caps into highly-adaptable software platforms and 'left-behind' quality growth compounders.
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NZS Capital navigated Q4 and FY2025 with underperformance tied to its exit of Fiserv and European underweight, but remains focused on shifting capital away from highly-concentrated IT mega-caps into highly-adaptable software platforms and 'left-behind' quality growth compounders.
FCL Capital argues that the belief in risk-free returns via local fixed income is a long-term trap, advocating instead for real assets, a basket of copper miners to play the AI/electrification boom, and cutting-edge fintech such as prediction markets.
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FCL Capital argues that the belief in risk-free returns via local fixed income is a long-term trap, advocating instead for real assets, a basket of copper miners to play the AI/electrification boom, and cutting-edge fintech such as prediction markets.
