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.
Despite a double-digit 15.2% net return, the fund lagged the soaring MSCI ACWI in 2025 due to IT and Financials underweights. Managers used the year to aggressively reallocate capital, exiting expensive holdings to buy high-RoIC compounders at more attractive IRRs.
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Despite a double-digit 15.2% net return, the fund lagged the soaring MSCI ACWI in 2025 due to IT and Financials underweights. Managers used the year to aggressively reallocate capital, exiting expensive holdings to buy high-RoIC compounders at more attractive IRRs.
