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.
Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak.
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Itus Capital outperformed by 487bp in Q2 2026 with portfolio companies growing revenue 26.6% and profits 35-40%, well ahead of benchmarks. The manager views India Inc's profit-to-GDP at a cyclical peak matching FY08 levels, with record profits driven by unsustainable margin expansion rather than revenue growth. Positioning emphasizes uncorrelated growth drivers—trimming Mining, adding Healthcare, underweight Banks—owning businesses with durable returns through reversion rather than the aggregate at peak.
Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit cycles.
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Artisan Small Cap Fund delivered robust absolute returns in Q4 2025, outperforming its benchmarks as market leadership shifted back to companies with high-quality, durable profit cycles.
