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.
Rockwood Strategic is utilizing active, constructive engagement to buy deeply discounted UK small-cap companies, targeting high-conviction turnarounds to consistently achieve its 15% long-term IRR target.
Full Quick Take
Rockwood Strategic is utilizing active, constructive engagement to buy deeply discounted UK small-cap companies, targeting high-conviction turnarounds to consistently achieve its 15% long-term IRR target.
Laughing Water Capital delivered a robust 13.1% net return in Q2 2025. The general partner continues to run a concentrated portfolio of small-cap opportunities that 'screen' poorly on GAAP metrics but possess strong economic moats and heavily aligned insider ownership.
Full Quick Take
Laughing Water Capital delivered a robust 13.1% net return in Q2 2025. The general partner continues to run a concentrated portfolio of small-cap opportunities that 'screen' poorly on GAAP metrics but possess strong economic moats and heavily aligned insider ownership.
Speculative, low-quality, and unprofitable stocks led benchmark indices higher in 2Q25, causing relative underperformance for Conestoga's highly disciplined, quality-focused growth strategies.
Full Quick Take
Speculative, low-quality, and unprofitable stocks led benchmark indices higher in 2Q25, causing relative underperformance for Conestoga's highly disciplined, quality-focused growth strategies.
The Strategy targets high-quality, idiosyncratic small-cap compounders with diversified secular growth drivers. Despite intense macro volatility, policy shifts, and cooling generative AI sentiment, the portfolio handily beat its benchmark in the first quarter of 2025. The managers are actively deploying capital into resilient new holdings while capitalizing on strategic acquisitions, positioning the portfolio to benefit from historically cheap small-cap valuations.
Full Quick Take
The Strategy targets high-quality, idiosyncratic small-cap compounders with diversified secular growth drivers. Despite intense macro volatility, policy shifts, and cooling generative AI sentiment, the portfolio handily beat its benchmark in the first quarter of 2025. The managers are actively deploying capital into resilient new holdings while capitalizing on strategic acquisitions, positioning the portfolio to benefit from historically cheap small-cap valuations.
