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.
Waine is concentrating to 8-12 high-conviction positions amid major life changes. Portfolio down 14% year-to-date entirely from multiple compression—earnings up 21% while valuations fell from 27x to 18x. Exited five names in July, favoring founder-owned software and broadly-owned professional services with strong ownership structures. Plans minimal activity, letting positions compound long-term rather than sourcing new ideas.
Full Quick Take
Waine is concentrating to 8-12 high-conviction positions amid major life changes. Portfolio down 14% year-to-date entirely from multiple compression—earnings up 21% while valuations fell from 27x to 18x. Exited five names in July, favoring founder-owned software and broadly-owned professional services with strong ownership structures. Plans minimal activity, letting positions compound long-term rather than sourcing new ideas.
Prosper Stars & Stripes posted a strong +9.6% net return in Q2 2025, showing active long outperformance and maintaining a constructive outlook bolstered by tax incentives and pending rate cuts.
Full Quick Take
Prosper Stars & Stripes posted a strong +9.6% net return in Q2 2025, showing active long outperformance and maintaining a constructive outlook bolstered by tax incentives and pending rate cuts.
