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.
Knife River has severely underperformed peers since its 2023 separation, widening its margin deficit to nearly 1,400 basis points. The Board must hold management accountable to achieve a 22% adjusted EBITDA margin by FY2029 or immediately explore strategic alternatives.
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Knife River has severely underperformed peers since its 2023 separation, widening its margin deficit to nearly 1,400 basis points. The Board must hold management accountable to achieve a 22% adjusted EBITDA margin by FY2029 or immediately explore strategic alternatives.
Despite a challenging 2025 performance (-21.95%), Ace River Capital remains committed to its highly concentrated, asset-backed small-cap strategy, viewing current valuation dislocations as compelling buying opportunities.
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Despite a challenging 2025 performance (-21.95%), Ace River Capital remains committed to its highly concentrated, asset-backed small-cap strategy, viewing current valuation dislocations as compelling buying opportunities.
Horizon Kinetics critiques passive indexes for massive concentration in structurally threatened tech giants, proposing active allocations into physical scarcity assets and founder-aligned Japanese equities.
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Horizon Kinetics critiques passive indexes for massive concentration in structurally threatened tech giants, proposing active allocations into physical scarcity assets and founder-aligned Japanese equities.