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.
NCG SMID Cap Growth returned 3.61% in 4Q25, outperforming its benchmark. The manager remains constructive on small-cap quality growth, supported by rate cuts and cheap relative valuations.
Full Quick Take
NCG SMID Cap Growth returned 3.61% in 4Q25, outperforming its benchmark. The manager remains constructive on small-cap quality growth, supported by rate cuts and cheap relative valuations.
Despite persistent headwinds for value and quality factors, Voss Capital maintains high conviction in its heavily discounted, cash-flowing small-cap portfolio, viewing the current historic valuation gap as an exceptionally asymmetric buying opportunity.
Full Quick Take
Despite persistent headwinds for value and quality factors, Voss Capital maintains high conviction in its heavily discounted, cash-flowing small-cap portfolio, viewing the current historic valuation gap as an exceptionally asymmetric buying opportunity.
The London Company SMID Cap portfolio underperformed in Q3 2025 due to a market shift favoring speculative, low-quality, high-beta stocks. The firm is maintaining a cautious, QARP-focused strategy to protect capital and prepare for eventual mean reversion.
Full Quick Take
The London Company SMID Cap portfolio underperformed in Q3 2025 due to a market shift favoring speculative, low-quality, high-beta stocks. The firm is maintaining a cautious, QARP-focused strategy to protect capital and prepare for eventual mean reversion.
