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.
Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automation.
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Antipodes Global Fund outperformed in Q4 2025 by successfully rotating away from fully valued defensives and hardware into undervalued cyclicals, software, and industrial automation.
The Royce Small-Cap Opportunity Fund outperformed its benchmark in Q3 2025, supported by strong cyclical positioning in Industrials and Tech, with managers highly optimistic about AI infrastructure and reindustrialization opportunities.
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The Royce Small-Cap Opportunity Fund outperformed its benchmark in Q3 2025, supported by strong cyclical positioning in Industrials and Tech, with managers highly optimistic about AI infrastructure and reindustrialization opportunities.
Ariel Small Cap Value delivered a solid +12.65% net return in Q3 2025, keeping pace with its benchmarks while positioning to exploit the historic valuation discount of small-cap equities relative to large caps.
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Ariel Small Cap Value delivered a solid +12.65% net return in Q3 2025, keeping pace with its benchmarks while positioning to exploit the historic valuation discount of small-cap equities relative to large caps.
Ariel Focus Fund gained +4.75% in Q2 2025, outperforming its value benchmark as it navigates tariff-driven market volatility with a patient, pro-cyclical focus on undervalued businesses.
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Ariel Focus Fund gained +4.75% in Q2 2025, outperforming its value benchmark as it navigates tariff-driven market volatility with a patient, pro-cyclical focus on undervalued businesses.
