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.
Diranko Capital returned 7.7% in Q2 2026, lagging the small-cap benchmark's 16.6% but delivering 15.7% annualized since inception. Manager views current market as overheated with extreme valuations in large caps, while small, overlooked companies offer exceptional opportunities as capital chases AI. Runs concentrated 10-15 position portfolio focused on idiosyncratic drivers, meaningful margin of safety, and strict position sizing to avoid permanent capital loss.
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Diranko Capital returned 7.7% in Q2 2026, lagging the small-cap benchmark's 16.6% but delivering 15.7% annualized since inception. Manager views current market as overheated with extreme valuations in large caps, while small, overlooked companies offer exceptional opportunities as capital chases AI. Runs concentrated 10-15 position portfolio focused on idiosyncratic drivers, meaningful margin of safety, and strict position sizing to avoid permanent capital loss.
NCG underperformed in 3Q25 due to a speculative run in low-quality small-cap stocks, but maintains its strict discipline in high-quality growth companies, seeing significant long-term value in historically cheap small caps.
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NCG underperformed in 3Q25 due to a speculative run in low-quality small-cap stocks, but maintains its strict discipline in high-quality growth companies, seeing significant long-term value in historically cheap small caps.
