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.
FMI warns of a speculative, capital-intensive AI bubble and a high-risk 'junk' rally, opting to maintain strict valuation discipline and focus on defensive, cash-generative value opportunities.
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FMI warns of a speculative, capital-intensive AI bubble and a high-risk 'junk' rally, opting to maintain strict valuation discipline and focus on defensive, cash-generative value opportunities.
The Heartland Mid Cap Value Fund underperformed in Q4 2025 as high-quality value continued to lag speculative, momentum-driven segments. The fund continues to enforce its disciplined 'two-bucket' value strategy to protect against extreme market disparities.
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The Heartland Mid Cap Value Fund underperformed in Q4 2025 as high-quality value continued to lag speculative, momentum-driven segments. The fund continues to enforce its disciplined 'two-bucket' value strategy to protect against extreme market disparities.
The Oakmark Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacific.
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The Oakmark Fund underperformed the S&P 500 in Q3 2025 due to an IT underweight, but continues to deploy capital into high-quality value names like Targa Resources and Union Pacific.
