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 Strategy modestly underperformed in Q2 2025 as the market's violent, retail-driven rebound favored low-quality, speculative names. Despite policy-driven uncertainty, the managers remain constructive on small caps due to near-record low relative valuations.
Full Quick Take
The Strategy modestly underperformed in Q2 2025 as the market's violent, retail-driven rebound favored low-quality, speculative names. Despite policy-driven uncertainty, the managers remain constructive on small caps due to near-record low relative valuations.
The Amalthea Fund underperformed in Q2 2025 due to a highly frothy, retail-led US market. To counter this, the managers are deploying capital into contrarian European positions, notably initiating a position in Swiss cement player Holcim and its US spin-off Amrize.
Full Quick Take
The Amalthea Fund underperformed in Q2 2025 due to a highly frothy, retail-led US market. To counter this, the managers are deploying capital into contrarian European positions, notably initiating a position in Swiss cement player Holcim and its US spin-off Amrize.