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.
Following a brief but sharp Q2 2025 market decline, equities have rebounded to all-time highs amidst greed and high risk-taking. Reams advises reducing risk and increasing flexibility, warning that interest rates will not return to pre-pandemic zero levels.
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Following a brief but sharp Q2 2025 market decline, equities have rebounded to all-time highs amidst greed and high risk-taking. Reams advises reducing risk and increasing flexibility, warning that interest rates will not return to pre-pandemic zero levels.
The Harbor Capital Appreciation Fund returned 19.59% in Q2 2025, outperforming its Russell 1000 Growth benchmark through superior stock selection, while managing macro risks via tactical adjustments.
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The Harbor Capital Appreciation Fund returned 19.59% in Q2 2025, outperforming its Russell 1000 Growth benchmark through superior stock selection, while managing macro risks via tactical adjustments.
FPA New Income Fund returned -1.08% in Q4 2024 and 4.59% for the full year. The manager is taking advantage of higher yields in longer-duration High Quality bonds while reducing exposure to expensive, narrow-spread credit instruments.
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FPA New Income Fund returned -1.08% in Q4 2024 and 4.59% for the full year. The manager is taking advantage of higher yields in longer-duration High Quality bonds while reducing exposure to expensive, narrow-spread credit instruments.
Vulcan Value Partners achieved positive absolute returns across all five strategies in the second quarter of 2023. While economic headwinds persist and rising stock prices have reduced some deep discounts, the firm remains fully invested in high-quality companies with solid margins of safety, leveraging volatility and options to optimize portfolio risk.
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Vulcan Value Partners achieved positive absolute returns across all five strategies in the second quarter of 2023. While economic headwinds persist and rising stock prices have reduced some deep discounts, the firm remains fully invested in high-quality companies with solid margins of safety, leveraging volatility and options to optimize portfolio risk.
