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.
AVI Global Trust's NAV fell 5% in H1 2026, underperforming its benchmark by 710bps, as Iran war volatility drove portfolio discounts to historically extreme 42% levels. Asian holdings led contributions before March selloff. Toyota Industries takeover at ¥20,600 generated £100m proceeds, moving the fund to net cash with £140m deployment capacity. South Korea weight doubled to 15%. Manager sees compelling value with catalysts from governance reform and strategic reviews across Japan and holding company portfolio.
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AVI Global Trust's NAV fell 5% in H1 2026, underperforming its benchmark by 710bps, as Iran war volatility drove portfolio discounts to historically extreme 42% levels. Asian holdings led contributions before March selloff. Toyota Industries takeover at ¥20,600 generated £100m proceeds, moving the fund to net cash with £140m deployment capacity. South Korea weight doubled to 15%. Manager sees compelling value with catalysts from governance reform and strategic reviews across Japan and holding company portfolio.
The Baron Emerging Markets Fund gained 15.39% in Q2 2025, outperforming its benchmark due to strong positioning in Korean industrials and Indian financials, while tactically reducing exposure to China.
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The Baron Emerging Markets Fund gained 15.39% in Q2 2025, outperforming its benchmark due to strong positioning in Korean industrials and Indian financials, while tactically reducing exposure to China.
Baron Emerging Markets Fund outperformed benchmark in Q4 despite 7.35% decline, driven by strong Korea shipbuilding and semiconductor selection. Post-election dollar rally pushed EM valuations to 20-year lows, creating attractive entry point. China stimulus measures and India structural growth provide fundamental support. Manager added digitization positions while maintaining conviction in quality growth companies across emerging markets.
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Baron Emerging Markets Fund outperformed benchmark in Q4 despite 7.35% decline, driven by strong Korea shipbuilding and semiconductor selection. Post-election dollar rally pushed EM valuations to 20-year lows, creating attractive entry point. China stimulus measures and India structural growth provide fundamental support. Manager added digitization positions while maintaining conviction in quality growth companies across emerging markets.
