Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | SI ↕ | Tickers | Keywords / Themes | Quick Take | Pitches (LONG / SHORT) | Current Positioning | Letter |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q3 2026 | Oct 15, 2026 | - | +18.5% | +13.8% | |||||||
Q3 2026 | Oct 14, 2026 | +8.4% | +12.2% | +9.8% | Driven by strong earnings execution in Everplay, Computacenter, and Harworth Group, while initiating new positions in Volex, Boku, and Fever-Tree following valuation pullbacks. Full Quick Take Driven by strong earnings execution in Everplay, Computacenter, and Harworth Group, while initiating new positions in Volex, Boku, and Fever-Tree following valuation pullbacks. | - | |||||
Q3 2026 | Oct 13, 2026 | - | - | - | ClearBridge Small Cap Growth Strategy underperformed its benchmark during a volatile third quarter of 2026, as rising yields and elevated energy prices penalized industrials and consumer holdings. Full Quick Take ClearBridge Small Cap Growth Strategy underperformed its benchmark during a volatile third quarter of 2026, as rising yields and elevated energy prices penalized industrials and consumer holdings. | - | |||||
Q3 2026 | Oct 13, 2026 | -9.2% | -13.9% | +9.1% | Driven by earnings headwinds at Empire State Realty and TripAdvisor, while initiating one high-cash-flow position and engaging with investees as portfolio price-to-value dropped to 50%. Full Quick Take Driven by earnings headwinds at Empire State Realty and TripAdvisor, while initiating one high-cash-flow position and engaging with investees as portfolio price-to-value dropped to 50%. | ||||||
Q3 2026 | Oct 12, 2026 | -7.0% | +16.9% | +11.5% | Driven by selection headwinds in Industrials, Energy, and Technology, while taking advantage of market dislocations to add to deeply discounted holdings including Academy Sports and Outdoors and Hillman Solutions. Full Quick Take Driven by selection headwinds in Industrials, Energy, and Technology, while taking advantage of market dislocations to add to deeply discounted holdings including Academy Sports and Outdoors and Hillman Solutions. | ||||||
Q3 2026 | Oct 12, 2026 | - | +9.2% | +9.4% | |||||||
Q3 2026 | Oct 1, 2026 | - | - | +13.9% | The third-quarter pullback in small caps represents a healthy pause in an ongoing multi-year leadership cycle. Full Quick Take The third-quarter pullback in small caps represents a healthy pause in an ongoing multi-year leadership cycle. | - | |||||
Q4 2025 | Jan 1, 2026 | +35.8% | +13.1% | - | RAM Smid composite generated strong returns in Q4 2025 and outperformed its benchmark. The firm anticipates a major rotation from overvalued large-cap tech into underappreciated SMID value names, where they continue to actively deploy capital. Full Quick Take RAM Smid composite generated strong returns in Q4 2025 and outperformed its benchmark. The firm anticipates a major rotation from overvalued large-cap tech into underappreciated SMID value names, where they continue to actively deploy capital. | ||||||
Q4 2025 | Jan 1, 2026 | +34.0% | +20.1% | +20.8% | Where profitable ODR business model transitions are driving robust cash flow growth. Full Quick Take Where profitable ODR business model transitions are driving robust cash flow growth. | ||||||
Q4 2025 | Dec 31, 2025 | -5.0% | +6.9% | +19.2% | The manager views current valuations as the most compelling long-term buying opportunity since the firm's 2022 inception. Full Quick Take The manager views current valuations as the most compelling long-term buying opportunity since the firm's 2022 inception. | ||||||
Q4 2025 | Dec 31, 2025 | -90.0% | +24.0% | +9.8% | The fund finished marginally lower in Q4 (-0.09%), underperforming its benchmark. Managers are highly constructive on UK small-caps, citing generational valuation discounts and resilient balance sheets as a major launchpad for long-term growth. Full Quick Take The fund finished marginally lower in Q4 (-0.09%), underperforming its benchmark. Managers are highly constructive on UK small-caps, citing generational valuation discounts and resilient balance sheets as a major launchpad for long-term growth. | - | |||||
Q4 2025 | Dec 31, 2025 | +6.8% | +17.6% | +11.2% | The Invesco Small Cap Value Fund outperformed in Q4 2025 by leveraging market volatility to acquire high-conviction, bottom-up ideas at attractive discounts to intrinsic value. Full Quick Take The Invesco Small Cap Value Fund outperformed in Q4 2025 by leveraging market volatility to acquire high-conviction, bottom-up ideas at attractive discounts to intrinsic value. | ||||||
Q4 2025 | Dec 1, 2025 | - | - | +45.3% | DKAM is aggressively capitalizing on an indiscriminate small-cap market selloff, adding heavily to high-performing core holdings which they believe are poised for a massive 2022-style post-correction rebound. Full Quick Take DKAM is aggressively capitalizing on an indiscriminate small-cap market selloff, adding heavily to high-performing core holdings which they believe are poised for a massive 2022-style post-correction rebound. | TORONTOSTOCKEXCHANGE-ETORONTOSTOCKEXCHANGE-VHITORONTOSTOCKEXCHANGE-GSY Additional Investment Pitches (2) | |||||
Q3 2025 | Oct 25, 2025 | +10.0% | +10.2% | +11.2% | The fund underperformed its benchmark in Q3 2025 due to healthcare and energy selection drag, but the managers remain constructive, actively rotating capital into highly discounted, economically sensitive small-cap opportunities. Full Quick Take The fund underperformed its benchmark in Q3 2025 due to healthcare and energy selection drag, but the managers remain constructive, actively rotating capital into highly discounted, economically sensitive small-cap opportunities. | - | |||||
Q3 2025 | Oct 3, 2025 | - | -6.0% | +11.3% | - | ||||||
Q3 2025 | Oct 1, 2025 | - | - | - | - | Oak Ridge delivered strong absolute returns in Q3 2025 but trailed its benchmarks as unprofitable momentum stocks outperformed. Constructive on declining interest rates and AI hardware while managing risks by underweighting legacy software and regulatory-heavy healthcare. Full Quick Take Oak Ridge delivered strong absolute returns in Q3 2025 but trailed its benchmarks as unprofitable momentum stocks outperformed. Constructive on declining interest rates and AI hardware while managing risks by underweighting legacy software and regulatory-heavy healthcare. | - | ||||
Q3 2025 | Sep 30, 2025 | +43.0% | +16.6% | +8.7% | Pzena is aggressively rotating out of expensive, concentrated mega-cap growth into historically cheap global small-cap and value opportunities, using transient headlines as buying opportunities. Full Quick Take Pzena is aggressively rotating out of expensive, concentrated mega-cap growth into historically cheap global small-cap and value opportunities, using transient headlines as buying opportunities. | ||||||
Q3 2025 | Sep 30, 2025 | +20.8% | - | +9.7% | |||||||
Q3 2025 | Sep 30, 2025 | +12.4% | - | +9.5% | Outperforming the Russell 2500 Value Index, as small-cap value stocks began correcting their historical valuation discounts relative to mega-caps. Full Quick Take Outperforming the Russell 2500 Value Index, as small-cap value stocks began correcting their historical valuation discounts relative to mega-caps. | - | |||||
Q3 2025 | Sep 30, 2025 | +18.7% | +17.6% | +14.0% | - | Hood River generated stellar outperformance of 649 bps in Q3 2025 through superior stock selection in tech and utilities, and remains highly constructive on small-caps given rate cut tailwinds and attractive relative valuations. Full Quick Take Hood River generated stellar outperformance of 649 bps in Q3 2025 through superior stock selection in tech and utilities, and remains highly constructive on small-caps given rate cut tailwinds and attractive relative valuations. | - | ||||
Q3 2025 | Sep 30, 2025 | -27.0% | +7.5% | +19.2% | Despite a modest 2.7% decline in Q3 due to market-sentiment headwinds, Langdon Global Smaller Companies Portfolio remains highly constructive on its high-conviction compounders, leveraging a cyclical small-cap valuation discount to generate long-term compounding opportunities. Full Quick Take Despite a modest 2.7% decline in Q3 due to market-sentiment headwinds, Langdon Global Smaller Companies Portfolio remains highly constructive on its high-conviction compounders, leveraging a cyclical small-cap valuation discount to generate long-term compounding opportunities. | - | |||||
Q2 2025 | Jul 10, 2025 | +7.3% | -26.0% | - | Headwaters Capital remains cautious of a 1999-style speculative AI bubble, instead deploying capital into deeply discounted, high-quality small-cap stocks like Bio-Techne (TECH) to capture an impending market rotation. Full Quick Take Headwaters Capital remains cautious of a 1999-style speculative AI bubble, instead deploying capital into deeply discounted, high-quality small-cap stocks like Bio-Techne (TECH) to capture an impending market rotation. | ||||||
Q2 2025 | Jun 30, 2025 | +7.0% | - | +9.5% | Lagging the Russell 2500 Value Index but beating the Russell 2000 Value Index, as its long-term, patient approach capitalizes on deeply discounted small-cap valuations. Full Quick Take Lagging the Russell 2500 Value Index but beating the Russell 2000 Value Index, as its long-term, patient approach capitalizes on deeply discounted small-cap valuations. | ||||||
Q2 2025 | Jun 30, 2025 | +12.1% | +4.9% | +9.3% | The Fund outperformed its benchmarks with a 12.12% return in Q2 2025, driven by industrial segment recoveries and selective value plays, despite macro headwinds in the consumer sector. Full Quick Take The Fund outperformed its benchmarks with a 12.12% return in Q2 2025, driven by industrial segment recoveries and selective value plays, despite macro headwinds in the consumer sector. | ||||||
Q2 2025 | Jun 30, 2025 | +6.5% | +17.0% | +11.2% | The Invesco Small Cap Value Fund outperformed its benchmark in Q2 2025, capitalizing on market volatility to purchase undervalued small-caps with robust long-term upside to intrinsic value. Full Quick Take The Invesco Small Cap Value Fund outperformed its benchmark in Q2 2025, capitalizing on market volatility to purchase undervalued small-caps with robust long-term upside to intrinsic value. | - | |||||
Q4 2024 | Jan 17, 2025 | -4.4% | +3.5% | +9.1% | The fund seeks to capitalize on the historically large valuation gap between small-cap and large-cap equities. Full Quick Take The fund seeks to capitalize on the historically large valuation gap between small-cap and large-cap equities. | ||||||
Q4 2024 | Jan 1, 2025 | - | +27.4% | +9.7% | Outperforming small-cap benchmarks. The manager has strong conviction in small-caps over large-caps going forward due to deeply depressed valuations, poor sentiment, and a supportive M&A environment. Full Quick Take Outperforming small-cap benchmarks. The manager has strong conviction in small-caps over large-caps going forward due to deeply depressed valuations, poor sentiment, and a supportive M&A environment. | ||||||
Q2 2024 | Jun 30, 2024 | -2.6% | - | +8.8% | Fenimore experienced quarterly headwinds in its mid- and small-cap strategies due to macro industrial softness and elevated interest rates. Full Quick Take Fenimore experienced quarterly headwinds in its mid- and small-cap strategies due to macro industrial softness and elevated interest rates. | ||||||
Q4 2023 | Dec 31, 2023 | 0.0% | 0.0% | - | 180 Degree Capital believes microcap stocks are trading at historic valuation discounts compared to large-caps. Full Quick Take 180 Degree Capital believes microcap stocks are trading at historic valuation discounts compared to large-caps. |
Q3 2025
Q2 2025