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.
Massif Capital's 16% Q1 return reflects their geography-first commodity thesis, where geopolitical control matters more than cost curves. Norwegian energy and Portuguese tungsten exemplify Western-controlled supply chains benefiting from fragmentation. Oil positioned for structural premiums while critical minerals capitalize on defense spending and Chinese export restrictions.
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Massif Capital's 16% Q1 return reflects their geography-first commodity thesis, where geopolitical control matters more than cost curves. Norwegian energy and Portuguese tungsten exemplify Western-controlled supply chains benefiting from fragmentation. Oil positioned for structural premiums while critical minerals capitalize on defense spending and Chinese export restrictions.
Blue Tower's global value strategy lost 5.89% in Q2 due to small-cap weakness and Georgian political turmoil affecting largest holding Georgia Capital. Russian investments remain sanctioned. Manager made portfolio adjustments, exiting healthcare names and adding four new positions. Early Q3 recovery following Fed inflation data suggests value stocks may be turning. Portfolio positioned for long-term success at attractive valuations.
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Blue Tower's global value strategy lost 5.89% in Q2 due to small-cap weakness and Georgian political turmoil affecting largest holding Georgia Capital. Russian investments remain sanctioned. Manager made portfolio adjustments, exiting healthcare names and adding four new positions. Early Q3 recovery following Fed inflation data suggests value stocks may be turning. Portfolio positioned for long-term success at attractive valuations.
Apollo Asia Fund delivered 2.6% in Q2 amid a geopolitical focus on the multipolar transition. The manager sees US sanctions creating cross-border risks but views emerging alternative financial infrastructure as potentially beneficial for Asian investments. Despite rising political risks, Asian economies remain attractive with stronger regional networks providing future investment resilience.
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Apollo Asia Fund delivered 2.6% in Q2 amid a geopolitical focus on the multipolar transition. The manager sees US sanctions creating cross-border risks but views emerging alternative financial infrastructure as potentially beneficial for Asian investments. Despite rising political risks, Asian economies remain attractive with stronger regional networks providing future investment resilience.
Blue Tower returned 14.10% in Q1 2023, exiting homebuilders ahead of recession concerns and buying Charles Schwab during the banking crisis. The manager sees Schwab as a high-quality business trading cheaply at 11.3x forward earnings, planning to add on weakness while Russian holdings remain sanctioned but performing.
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Blue Tower returned 14.10% in Q1 2023, exiting homebuilders ahead of recession concerns and buying Charles Schwab during the banking crisis. The manager sees Schwab as a high-quality business trading cheaply at 11.3x forward earnings, planning to add on weakness while Russian holdings remain sanctioned but performing.
