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.
Smead Value Fund runs a concentrated 25-30 stock portfolio with 96% active share, deliberately avoiding expensive technology stocks. Q2 winners were mall REITs benefiting from record occupancy and pricing power. Oil holdings detracted short-term but offer compelling value with $40 breakevens versus structural $80 mid-cycle prices driven by permanent geopolitical premiums. The fund targets out-of-favor companies with repeat customers and strong free cash flow generation.
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Smead Value Fund runs a concentrated 25-30 stock portfolio with 96% active share, deliberately avoiding expensive technology stocks. Q2 winners were mall REITs benefiting from record occupancy and pricing power. Oil holdings detracted short-term but offer compelling value with $40 breakevens versus structural $80 mid-cycle prices driven by permanent geopolitical premiums. The fund targets out-of-favor companies with repeat customers and strong free cash flow generation.
