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.
Small-cap equities have entered a secular outperformance regime backed by accelerating EPS growth and 25-year valuation lows relative to large caps. While speculative, unprofitable stocks temporarily led the initial surge, disciplined exposure to profitable, low-volatility quality growth compounders provides the superior risk-adjusted vehicle for the decade ahead.
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Small-cap equities have entered a secular outperformance regime backed by accelerating EPS growth and 25-year valuation lows relative to large caps. While speculative, unprofitable stocks temporarily led the initial surge, disciplined exposure to profitable, low-volatility quality growth compounders provides the superior risk-adjusted vehicle for the decade ahead.
Royce Investment Partners highlights a pivotal shift in market leadership, with micro-caps leading major domestic indexes off their April lows. Supported by extreme valuation discounts relative to large-caps, accelerating earnings growth projections for 2026, and legislative incentives like 100% CapEx depreciation, the firm forecasts sustained strength for small-cap active managers.
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Royce Investment Partners highlights a pivotal shift in market leadership, with micro-caps leading major domestic indexes off their April lows. Supported by extreme valuation discounts relative to large-caps, accelerating earnings growth projections for 2026, and legislative incentives like 100% CapEx depreciation, the firm forecasts sustained strength for small-cap active managers.
Regency Wealth Management maintains a constructive stance heading into 2026, driven by a broadening market and Fed rate cuts. They find attractive valuations in international and small-cap equities, as well as their individual U.S. large-cap holdings, which trade at a substantial discount. To mitigate persistent macro risks, they hold a calculated insurance position in gold.
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Regency Wealth Management maintains a constructive stance heading into 2026, driven by a broadening market and Fed rate cuts. They find attractive valuations in international and small-cap equities, as well as their individual U.S. large-cap holdings, which trade at a substantial discount. To mitigate persistent macro risks, they hold a calculated insurance position in gold.
The Aristotle Small Cap Equity Fund posted a 1.96% return in Q4 2025, slightly lagging its benchmark due to tactical healthcare underweights. The manager remains constructive on the asset class, leveraging a bottom-up quality approach to exploit historically cheap small-cap valuations.
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The Aristotle Small Cap Equity Fund posted a 1.96% return in Q4 2025, slightly lagging its benchmark due to tactical healthcare underweights. The manager remains constructive on the asset class, leveraging a bottom-up quality approach to exploit historically cheap small-cap valuations.
NCG demonstrated resilient outperformance in 2Q25 across most growth strategies, highlighting a historic, 5th-percentile valuation discount in small cap growth stocks relative to large caps.
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NCG demonstrated resilient outperformance in 2Q25 across most growth strategies, highlighting a historic, 5th-percentile valuation discount in small cap growth stocks relative to large caps.
