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.
Bailard's quantitative small cap value strategy outperformed in Q2 2026 by navigating volatile sentiment shifts through proprietary behavioral finance models. The Path-Dependent Anchoring Bias factor proved most effective. A small cap value renaissance is underway driven by accelerating earnings, attractive valuations, reshoring tailwinds, deregulation, and improving M&A activity. Strategy capacity confirmed at $1.5 billion with low trading impact.
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Bailard's quantitative small cap value strategy outperformed in Q2 2026 by navigating volatile sentiment shifts through proprietary behavioral finance models. The Path-Dependent Anchoring Bias factor proved most effective. A small cap value renaissance is underway driven by accelerating earnings, attractive valuations, reshoring tailwinds, deregulation, and improving M&A activity. Strategy capacity confirmed at $1.5 billion with low trading impact.
The FPA Queens Road Small Cap Value Fund lagged its benchmark in Q4 due to a highly speculative market environment, but outperformed for the full year 2025. Managers are utilizing substantial outflows from the small-cap value asset class to build and increase positions in overlooked, high-quality, and deeply discounted businesses.
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The FPA Queens Road Small Cap Value Fund lagged its benchmark in Q4 due to a highly speculative market environment, but outperformed for the full year 2025. Managers are utilizing substantial outflows from the small-cap value asset class to build and increase positions in overlooked, high-quality, and deeply discounted businesses.
Heartland Value Fund returned 10.04% in 3Q25, expressing strong optimism for small-cap value driven by rebounding earnings and Fed rate cuts, while sticking closely to its disciplined '10 Principles of Value Investing'.
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Heartland Value Fund returned 10.04% in 3Q25, expressing strong optimism for small-cap value driven by rebounding earnings and Fed rate cuts, while sticking closely to its disciplined '10 Principles of Value Investing'.
Maran Capital celebrated its 10th anniversary with +9.4% net return in Q2 2025, bringing AUM past $40 million. The manager continues to see a highly target-rich environment in out-of-favor small caps and special situations.
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Maran Capital celebrated its 10th anniversary with +9.4% net return in Q2 2025, bringing AUM past $40 million. The manager continues to see a highly target-rich environment in out-of-favor small caps and special situations.
Bailard’s Small Cap Value Strategy outperformed its benchmark in Q4 2024 with a 0.99% net return, bolstered by micro-cap exposure. The manager emphasizes that extreme valuation gaps between small value and large growth, along with rising 2025 earnings growth expectations and potential deregulation, create a highly favorable backdrop for small-cap value equities.
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Bailard’s Small Cap Value Strategy outperformed its benchmark in Q4 2024 with a 0.99% net return, bolstered by micro-cap exposure. The manager emphasizes that extreme valuation gaps between small value and large growth, along with rising 2025 earnings growth expectations and potential deregulation, create a highly favorable backdrop for small-cap value equities.
