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.
AWO generated 8.1% in Q2 by exploiting wide discounts in London-listed closed-end funds through corporate catalysts. Gresham House Energy Storage led gains with a potential sale process ahead. Seraphim Space delivered alpha through active trading around a major revaluation. Bluefield Solar was taken private at a 17% premium. Private equity holdings benefited from capital return programs. The closed-end fund opportunity set remains compelling.
Full Quick Take
AWO generated 8.1% in Q2 by exploiting wide discounts in London-listed closed-end funds through corporate catalysts. Gresham House Energy Storage led gains with a potential sale process ahead. Seraphim Space delivered alpha through active trading around a major revaluation. Bluefield Solar was taken private at a 17% premium. Private equity holdings benefited from capital return programs. The closed-end fund opportunity set remains compelling.
Staude Capital's discount capture strategy delivered 7.7% gross returns in FY2026 despite 4.7% currency drag. Two successful exits completed in June including 150.7% six-year return on Amedeo Air Four Plus. Portfolio concentrated in closed-end funds with active value realisation mechanisms: TRIG with double-digit dividends and buybacks, HarbourVest implementing major tender offers, and RM Infrastructure in managed wind down returning cash.
Full Quick Take
Staude Capital's discount capture strategy delivered 7.7% gross returns in FY2026 despite 4.7% currency drag. Two successful exits completed in June including 150.7% six-year return on Amedeo Air Four Plus. Portfolio concentrated in closed-end funds with active value realisation mechanisms: TRIG with double-digit dividends and buybacks, HarbourVest implementing major tender offers, and RM Infrastructure in managed wind down returning cash.
The Impax Global Environmental Markets Fund outperformed its benchmark in Q2 2025, driven by AI-related IT tailwinds and grid resilience holdings, while maintaining zero exposure to the volatile renewables sector.
Full Quick Take
The Impax Global Environmental Markets Fund outperformed its benchmark in Q2 2025, driven by AI-related IT tailwinds and grid resilience holdings, while maintaining zero exposure to the volatile renewables sector.
