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.
RIT delivered 9.0% NAV return in H1 2026 with strong contributions across all pillars. SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. The manager increased emerging markets exposure and added AI application layer positions while remaining mindful of inflation risks and semiconductor valuations.
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RIT delivered 9.0% NAV return in H1 2026 with strong contributions across all pillars. SpaceX IPO generated 4.0x returns while the manager realised 43% of private investments over two years at 70% average uplift. Two structural forces are accelerating: multipolar fragmentation driving defence and infrastructure spending, and AI shifting toward applications. The manager increased emerging markets exposure and added AI application layer positions while remaining mindful of inflation risks and semiconductor valuations.
RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive returns with key holdings showing strong developments. Reduced exposure ahead of tensions positions the fund to deploy capital on further weakness in quoted equity markets.
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RIT delivered resilient March performance, declining 1.9% while capturing only 33% of ACWI downside during Middle East geopolitical tensions. Private investments drove positive returns with key holdings showing strong developments. Reduced exposure ahead of tensions positions the fund to deploy capital on further weakness in quoted equity markets.
During Q3 2025, BSTZ delivered an 11.61% NAV return, underperforming its benchmark, while actively shifting its portfolio toward AI infrastructure and preparing to eliminate its options writing strategy.
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During Q3 2025, BSTZ delivered an 11.61% NAV return, underperforming its benchmark, while actively shifting its portfolio toward AI infrastructure and preparing to eliminate its options writing strategy.
RIT generated 3.4% NAV returns with strong Private Investment performance driving £175m in realisations including Scale AI and Webull exits. All investment pillars contributed positively despite market volatility and USD weakness. The portfolio is well-positioned for technology diffusion and multi-polar world trends, with Private Investment allocation moving toward historical averages while maintaining high conviction in the diversified global approach.
Full Quick Take
RIT generated 3.4% NAV returns with strong Private Investment performance driving £175m in realisations including Scale AI and Webull exits. All investment pillars contributed positively despite market volatility and USD weakness. The portfolio is well-positioned for technology diffusion and multi-polar world trends, with Private Investment allocation moving toward historical averages while maintaining high conviction in the diversified global approach.
