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.
Markets rallied 15% in Q2 recovering Iran war losses as peace framework reversed energy shock. New Fed Chair Warsh surprised with hawkish pivot eliminating forward guidance and signaling possible rate hikes. Performance broadened dramatically with small-caps up 22% and emerging markets up 24% year-to-date. Technology surged 31% on AI earnings strength. Portfolio focus shifts to diversification away from Magnificent Seven concentration into small-caps and international markets while capturing elevated bond yields.
Full Quick Take
Markets rallied 15% in Q2 recovering Iran war losses as peace framework reversed energy shock. New Fed Chair Warsh surprised with hawkish pivot eliminating forward guidance and signaling possible rate hikes. Performance broadened dramatically with small-caps up 22% and emerging markets up 24% year-to-date. Technology surged 31% on AI earnings strength. Portfolio focus shifts to diversification away from Magnificent Seven concentration into small-caps and international markets while capturing elevated bond yields.
Global diversification and strict valuation discipline are essential for long-term capital compounding as US market concentration risks rise. Recent international outperformance and the shift toward tangible AI monetization validate a cautious stance on crowded trades. Repricing in private markets presents prime entry points to acquire discounted secondary assets, lower-middle market niche businesses, and real estate below replacement cost.
Full Quick Take
Global diversification and strict valuation discipline are essential for long-term capital compounding as US market concentration risks rise. Recent international outperformance and the shift toward tangible AI monetization validate a cautious stance on crowded trades. Repricing in private markets presents prime entry points to acquire discounted secondary assets, lower-middle market niche businesses, and real estate below replacement cost.
Fiera Capital prioritizes disciplined capital allocation, focusing on private credit and infrastructure to generate sustainable returns and safeguard client assets amid economic uncertainty. Guided by new leadership, the firm is streamlining its product suite and managing costs to drive operational efficiency and expand its global footprint constructively heading into 2026.
Full Quick Take
Fiera Capital prioritizes disciplined capital allocation, focusing on private credit and infrastructure to generate sustainable returns and safeguard client assets amid economic uncertainty. Guided by new leadership, the firm is streamlining its product suite and managing costs to drive operational efficiency and expand its global footprint constructively heading into 2026.
