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.
Heartland Value Fund continues to capitalize on the early stages of a small-cap value resurgence, executing selective buy-the-dip additions in ITGR and CMCO while benefiting from strong private takeout activity.
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Heartland Value Fund continues to capitalize on the early stages of a small-cap value resurgence, executing selective buy-the-dip additions in ITGR and CMCO while benefiting from strong private takeout activity.
Crossroads Capital is a highly concentrated small-cap value and special situations fund modeled after the early Buffett partnerships, delivering a strong 17.3% annualized net return since 2016 by exploiting market dispersion and institutional inefficiencies.
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Crossroads Capital is a highly concentrated small-cap value and special situations fund modeled after the early Buffett partnerships, delivering a strong 17.3% annualized net return since 2016 by exploiting market dispersion and institutional inefficiencies.
Diranko Capital posted an 11.2% net return in Q3 2025, but the manager cautions that the massive capital expenditures by Big Tech in AI are unlikely to achieve sustainable returns, prompting him to avoid the sector entirely.
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Diranko Capital posted an 11.2% net return in Q3 2025, but the manager cautions that the massive capital expenditures by Big Tech in AI are unlikely to achieve sustainable returns, prompting him to avoid the sector entirely.
Atai Capital achieved a stellar 32.8% return for Q2-2025, but uses its letter to transparently dissect investment mistakes in Cable One and AstroNova, while raising its cash position to 17% amid high market valuations.
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Atai Capital achieved a stellar 32.8% return for Q2-2025, but uses its letter to transparently dissect investment mistakes in Cable One and AstroNova, while raising its cash position to 17% amid high market valuations.
