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 Third Avenue Small-Cap Value Fund outperformed in Q4 2025 and is actively leveraging its 'owner-operator' framework to pressure UniFirst to accept Cintas' buyout, while initiating a contrarian new position in Flagstar Bank.
Full Quick Take
The Third Avenue Small-Cap Value Fund outperformed in Q4 2025 and is actively leveraging its 'owner-operator' framework to pressure UniFirst to accept Cintas' buyout, while initiating a contrarian new position in Flagstar Bank.
Kingdom Capital Advisors delivered a 4.77% net return in Q1 2023 by concentrating capital in deeply undervalued, cash-rich small caps. Despite macroeconomic banking panics and energy sector headwinds, the fund capitalized on surging retail physical bullion demand through its largest position, A-Mark Precious Metals.
Full Quick Take
Kingdom Capital Advisors delivered a 4.77% net return in Q1 2023 by concentrating capital in deeply undervalued, cash-rich small caps. Despite macroeconomic banking panics and energy sector headwinds, the fund capitalized on surging retail physical bullion demand through its largest position, A-Mark Precious Metals.
Diamond Hill's Large Cap Strategy underperformed in Q1 2023 due to banking sector volatility, but the managers remain constructive, using the disruption to exit fully-valued names and deploy capital into high-quality companies at attractive discounts.
Full Quick Take
Diamond Hill's Large Cap Strategy underperformed in Q1 2023 due to banking sector volatility, but the managers remain constructive, using the disruption to exit fully-valued names and deploy capital into high-quality companies at attractive discounts.
Despite market volatility triggered by regional banking failures and persistent inflation, Diamond Hill Small Cap Fund achieved outperformance in Q1 2023. The fund leverages its disciplined five-year outlook and bottom-up research to hold resilient companies through short-term market panic, actively deploying capital into high-quality, attractively valued businesses while exiting those with impaired pricing power.
Full Quick Take
Despite market volatility triggered by regional banking failures and persistent inflation, Diamond Hill Small Cap Fund achieved outperformance in Q1 2023. The fund leverages its disciplined five-year outlook and bottom-up research to hold resilient companies through short-term market panic, actively deploying capital into high-quality, attractively valued businesses while exiting those with impaired pricing power.
