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 returned 30% year-to-date as the Strait of Hormuz closure disrupted 14 million barrels per day for four months. Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Inventories approach critical minimums by September if disruption continues, forcing sharp price increases.
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The fund returned 30% year-to-date as the Strait of Hormuz closure disrupted 14 million barrels per day for four months. Despite this, energy equities underperformed global markets and major oil stocks declined. Managers see 20% further upside as valuations imply only $73/bl long-term Brent versus their $80/bl target. Inventories approach critical minimums by September if disruption continues, forcing sharp price increases.
Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bitcoin as the ultimate protection against fiat currency debasement.
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Stone Ridge achieves exceptional returns by applying rigorous Bayesian iteration to unearth hidden value in natural gas and reinsurance, while maintaining a strong conviction in Bitcoin as the ultimate protection against fiat currency debasement.
The 'Carry Bubble' is popping, setting up a massive rotation into real assets. The managers are rotating gold profits into extremely cheap oil and remain highly bullish on uranium, while turning neutral on copper.
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The 'Carry Bubble' is popping, setting up a massive rotation into real assets. The managers are rotating gold profits into extremely cheap oil and remain highly bullish on uranium, while turning neutral on copper.
North American energy equities remain highly resilient and structurally supported by shale's fast-decline rate and disciplined supply calibration, keeping the fund constructive on the sector's yield and valuation.
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North American energy equities remain highly resilient and structurally supported by shale's fast-decline rate and disciplined supply calibration, keeping the fund constructive on the sector's yield and valuation.
Guinness Global Energy delivered a solid 5.3% YTD return, outperforming its benchmark. Managers see significant upside in deeply discounted energy equities, underpinned by robust cashflows and an expected long-term oil price floor of $80/bl.
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Guinness Global Energy delivered a solid 5.3% YTD return, outperforming its benchmark. Managers see significant upside in deeply discounted energy equities, underpinned by robust cashflows and an expected long-term oil price floor of $80/bl.
