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 outperformed its benchmark in 2025 with an 11.61% return, driven by high resource-conversion activity and a newly initiated position in FirstService.
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The Fund outperformed its benchmark in 2025 with an 11.61% return, driven by high resource-conversion activity and a newly initiated position in FirstService.
MacNicol & Associates raises a red flag over current 30x P/E multiples on the S&P 500, advising investors to look past AI exuberance and build robust downside protection through dividend payers and uncorrelated alternative funds.
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MacNicol & Associates raises a red flag over current 30x P/E multiples on the S&P 500, advising investors to look past AI exuberance and build robust downside protection through dividend payers and uncorrelated alternative funds.