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 fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly.
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The fund outperformed its benchmark despite declining 6.81% in Q1 2026, benefiting from energy sector overweights driven by its book-to-market and profitability screening approach. Mixed results across quality quartiles created some headwinds, but avoiding the lowest-quality growth stocks helped relative performance as value outperformed growth broadly.
ClearBridge remixed semiconductor holdings to capture GPU and foundry exposure while maintaining 9% sector weight amid cyclical peak concerns. With IT at record 38% of S&P 500 and market breadth collapsing, managers emphasize diversification and are building significant positions in overlooked high-quality businesses like ADP, Blackstone, and Marsh & McLennan trading at compelling valuations not seen since 2008-2009.
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ClearBridge remixed semiconductor holdings to capture GPU and foundry exposure while maintaining 9% sector weight amid cyclical peak concerns. With IT at record 38% of S&P 500 and market breadth collapsing, managers emphasize diversification and are building significant positions in overlooked high-quality businesses like ADP, Blackstone, and Marsh & McLennan trading at compelling valuations not seen since 2008-2009.
The fund utilizes an active sector-rotation model implemented through passive ETFs, currently holding a highly concentrated overweight in technology due to robust earnings growth, while maintaining an underweight stance on financials and other defensive sectors.
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The fund utilizes an active sector-rotation model implemented through passive ETFs, currently holding a highly concentrated overweight in technology due to robust earnings growth, while maintaining an underweight stance on financials and other defensive sectors.
The Hennessy Cornerstone Growth Fund employs a rigorous, rules-based quantitative strategy to invest in 50 equal-weighted growth stocks, currently showing high concentration in the Financials sector and a 99% turnover rate.
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The Hennessy Cornerstone Growth Fund employs a rigorous, rules-based quantitative strategy to invest in 50 equal-weighted growth stocks, currently showing high concentration in the Financials sector and a 99% turnover rate.
Baird Small/Mid Cap Growth lagged a speculative, beta-driven benchmark rally in Q2 2025 (+4.46% net vs. +11.31%), but continues to focus on high-quality compounders while actively upgrading portfolio quality through selective healthcare and consumer additions.
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Baird Small/Mid Cap Growth lagged a speculative, beta-driven benchmark rally in Q2 2025 (+4.46% net vs. +11.31%), but continues to focus on high-quality compounders while actively upgrading portfolio quality through selective healthcare and consumer additions.
