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.
The Hennessy Cornerstone Growth Fund employs a rigorous, rules-based quantitative strategy to invest in 50 equal-weighted growth stocks, currently showing high concentration in the Financials sector and a 99% turnover rate.
Full Quick Take
The Hennessy Cornerstone Growth Fund employs a rigorous, rules-based quantitative strategy to invest in 50 equal-weighted growth stocks, currently showing high concentration in the Financials sector and a 99% turnover rate.
CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 13.5% dry powder to protect against an elevated >28x market multiple.
Full Quick Take
CDT delivered strong outperformance in 2025 with an 18.6% net return, successfully applying its dynamic macro reserve framework to profit from intra-year volatility while keeping 13.5% dry powder to protect against an elevated >28x market multiple.
The fund underperformed in 2025 due to a speculative, retail-driven rally of unprofitable companies, but the managers expect a sharp, fundamental-driven market correction to restore value.
Full Quick Take
The fund underperformed in 2025 due to a speculative, retail-driven rally of unprofitable companies, but the managers expect a sharp, fundamental-driven market correction to restore value.
The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive on U.S. small caps as Fed rate cuts support equity markets.
Full Quick Take
The Voya MI Dynamic Small Cap Fund underperformed the Russell 2000 Index in Q3 2025 due to stock selection headwinds in tech and industrials, but the managers remain constructive on U.S. small caps as Fed rate cuts support equity markets.
Laughing Water Capital delivered a robust 13.1% net return in Q2 2025. The general partner continues to run a concentrated portfolio of small-cap opportunities that 'screen' poorly on GAAP metrics but possess strong economic moats and heavily aligned insider ownership.
Full Quick Take
Laughing Water Capital delivered a robust 13.1% net return in Q2 2025. The general partner continues to run a concentrated portfolio of small-cap opportunities that 'screen' poorly on GAAP metrics but possess strong economic moats and heavily aligned insider ownership.
