Institutional Research Archive

Hedge Fund Letters Archive

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

Home Letters Funds Account

Institutional Letters Archive

Primary Sources, straight from the 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.

16+

Letters archived

Daily

Update cadence

Filters

Search

Ticker

Keyword/Theme

Cap Focus

Geo Focus

Stance / Idea

Quarter

Showing 16 letters|Looking for historical letters? Explore Investment Classics →

Reset filters

Quarter	Letter Date	Fund Name	QTD	YTD	SI	Tickers	Keywords / Themes	Quick Take	Pitches (LONG / SHORT)	Current Positioning	Letter
Q3 2026	Oct 1, 2026	Night Watch Investment Management Roderick van Zuylen	+0.8%	+16.8%	+18.4%	MRX,DSGR,8848.T,UTI,AZE.BR, Additional Tickers (4) IMCD.AS ADYEN.AS AIR WOSG.L	Counter-Cyclical Hedges, Refining Capacity, Additional Keywords & Themes Specialty Chemical Counter-Cyclical Volatility	Cautious amid geopolitical friction, high oil prices, and rising interest rates, maintaining net exposure of 95% to 100% with index shorts while overweighting counter-cyclical businesses like Marex, US refiners, and post-destocking specialty chemical distributors. Full Quick Take Cautious amid geopolitical friction, high oil prices, and rising interest rates, maintaining net exposure of 95% to 100% with index shorts while overweighting counter-cyclical businesses like Marex, US refiners, and post-destocking specialty chemical distributors. View PDF	MRX	Global US Europe	View PDF Analysis
Q2 2026	Aug 31, 2026	River Oaks Capital Whit Huguley	-	-	+11.0%	FFBB,ACNT,TRUX,BFCC,RWAY	Community Banks, Specialty Chemicals, Additional Keywords & Themes Small Caps AI Buybacks Value Capital Allocation	River Oaks Capital experienced its most challenging period since inception, underperforming benchmarks due to zero AI exposure as capital rotated away from its microcap holdings. Full Quick Take River Oaks Capital experienced its most challenging period since inception, underperforming benchmarks due to zero AI exposure as capital rotated away from its microcap holdings. View PDF	FFBBACNT	US	View PDF Analysis
Q2 2026	Aug 3, 2026	Long Cast Advisers Avram Fisher	+20.0%	+19.0%	+13.0%	NRC,PDEX,PESI,MTRX,QRHC,RSSS	-	Long Cast Advisers provides comprehensive portfolio insights and market positioning for 2026 Q2. Full Quick Take Long Cast Advisers provides comprehensive portfolio insights and market positioning for 2026 Q2. View PDF	PDEXPESINRC	US	View PDF Analysis
Q2 2026	Jul 31, 2026	FPA Crescent Fund Mark Landecker	+7.1%	+14.8%	+10.2%	GOOGL,ADI,CHTR,META,CMCSA, Additional Tickers (3) NTDOY C GEHC	AI, Data Centers, Additional Keywords & Themes Semiconductors Biotechnology Momentum Mid Cap Specialty Chemicals Quality	FPA Crescent is executing a contrarian pivot away from AI-driven market leaders despite positive long-term technology views, scaling back semiconductor and data center exposure due to expanded valuations and advanced capital cycle stage. Full Quick Take FPA Crescent is executing a contrarian pivot away from AI-driven market leaders despite positive long-term technology views, scaling back semiconductor and data center exposure due to expanded valuations and advanced capital cycle stage. View PDF	ADINTDOY	US	View PDF Analysis
Q2 2026	Jul 29, 2026	Steyn Capital FR Retail Hedge Fund André Steyn	0.0%	+0.5%	+12.3%	AFE.J,GRNJ.J,NHM.J,PAN.J,PMR.J,SUI.J	Middle East, Commodities, Additional Keywords & Themes South Africa Casinos Ports Specialty Chemicals	Steyn Capital protected capital in a volatile quarter dominated by Middle East conflict.36%. Strong stock selection in Grindrod, Sun International, and AECI offset weakness in gold and PGM holdings. Full Quick Take Steyn Capital protected capital in a volatile quarter dominated by Middle East conflict.36%. Strong stock selection in Grindrod, Sun International, and AECI offset weakness in gold and PGM holdings. View PDF	-	Europe	View PDF Analysis
Q2 2026	Jul 29, 2026	Steyn Capital FR QI Hedge Fund André Steyn	-1.8%	-0.3%	+17.3%	AFE.J,GNDJ.J,NPH.J,PAN.J,PMR.J,SUI.J	Logistics, Middle East, Additional Keywords & Themes Gold Platinum Group South Africa Emerging Markets Casinos Specialty Chemicals	Strong results from Grindrod, Sun International, and AECI drove gains, while gold and PGM positions detracted on commodity price weakness. The manager tactically reduced exposure during peak uncertainty then redeployed into special situations as geopolitical risks receded. Full Quick Take Strong results from Grindrod, Sun International, and AECI drove gains, while gold and PGM positions detracted on commodity price weakness. The manager tactically reduced exposure during peak uncertainty then redeployed into special situations as geopolitical risks receded. View PDF	-	Emerging markets	View PDF Analysis
Q2 2026	Jul 17, 2026	Heartland Mid Cap Value Fund Colin McWey	+9.9%	+14.4%	+8.2%	BK,CNC,CSX,DAL,FLEX, Additional Tickers (10) GLW HOOD HPE HUM IFF MKTX ON TER URI WDC	AI, Semiconductors, Additional Keywords & Themes EV Capital Markets Specialty Chemicals Value	The team reduced ON Semiconductor after doubling, added MarketAxess at 8.8X EV/EBITDA despite headwinds, and initiated IFF as a self-help turnaround. Full Quick Take The team reduced ON Semiconductor after doubling, added MarketAxess at 8.8X EV/EBITDA despite headwinds, and initiated IFF as a self-help turnaround. View PDF	ONMKTXIFF	Mid Cap US	View PDF Analysis
Q2 2026	Jul 15, 2026	Oakmark Global Fund David G. Herro	+7.9%	+1.8%	+9.3%	005930.KS,ADS.DE,AZN,BMW.DE,BNP.PA, Additional Tickers (6) COO CRM ICE MC.PA OC SY1.DE	AI, Pharmaceuticals, Additional Keywords & Themes Luxury Medical Devices Building Products Specialty Chemicals Autos	Underperforming on AI enthusiasm but maintaining long-term outperformance. Samsung rallied on AI-driven memory demand while BMW fell on China weakness. Full Quick Take Underperforming on AI enthusiasm but maintaining long-term outperformance. Samsung rallied on AI-driven memory demand while BMW fell on China weakness. View PDF	005930.KSAZNCOO Additional Investment Pitches (2) $MC.PA $SY1.DE	Large Cap Europe Global US	View PDF Analysis
Q3 2025	Oct 8, 2025	Black Bear Value Partners Adam Schwartz	-1.0%	-12.7%	+6.0%	BLDR,FLG,LXS.DE,TDW,HCC	Homebuilders, Metallurgical Coal, Additional Keywords & Themes Marine Services Specialty Chemicals Housing	Black Bear Value Partners underperformed in Q3 due to short positions in overvalued AI companies while long positions in cyclical industries at trough levels showed modest gains. Full Quick Take Black Bear Value Partners underperformed in Q3 due to short positions in overvalued AI companies while long positions in cyclical industries at trough levels showed modest gains. View PDF	FLGLXS.DEBLDR Additional Investment Pitches (2) $HCC (BULL)$TDW (BULL)	US Europe	View PDF Analysis
Q3 2025	Sep 1, 2025	Norbury Capital Thijs Buitenhuis	-	+24.4%	-	MLDCL.PA,PHLL.L,IMCD.AS,AZEL.AS	Specialty Chemicals, Market Microstructure, Additional Keywords & Themes Azelis IMCD Destocking	Norbury Capital remains constructive on high-quality European small-caps despite chemical industry headwinds. Full Quick Take Norbury Capital remains constructive on high-quality European small-caps despite chemical industry headwinds. View PDF	AZEL.AS	Small Cap Europe	View PDF Analysis
Q1 2025	Jun 2, 2025	Baumann Capital Benedikt Baumann	-	-	-	GOOGL,GET.PA,URI,AHT.L,FIX, Additional Tickers (8) RWH.L POOL DPLM.L WSO AZE.BR BNR.DE IMCD.AS UNVR	AI, Distribution, Additional Keywords & Themes Specialty Chemicals Chat GPT Software	Baumann added Azelis, a specialty chemicals distributor, as his key new holding after extensive European trade show research. The business operates 70 labs serving 59,000 customers with sticky formulation services and recurring revenue. Full Quick Take Baumann added Azelis, a specialty chemicals distributor, as his key new holding after extensive European trade show research. The business operates 70 labs serving 59,000 customers with sticky formulation services and recurring revenue. View PDF	-	Europe US	View PDF Analysis
Q4 2023	Dec 31, 2023	Oakmark Fund International Small Cap David G. Herro	+11.5%	+19.5%	+8.8%	KCR1V.HE,DUE.DE,VALMT.HE,LXS.DE,TLX.DE,4613.T	Industrial Machinery, Specialty Chemicals, Additional Keywords & Themes Lifting Equipment Paper Machinery Service Business	Oakmark International Small Cap outperformed in Q4 2023 with an 11.47% return, driven by strong execution at industrial equipment companies like Konecranes. The fund initiated positions in Valmet and Lanxess, seeing value in quality businesses facing temporary headwinds. Full Quick Take Oakmark International Small Cap outperformed in Q4 2023 with an 11.47% return, driven by strong execution at industrial equipment companies like Konecranes. The fund initiated positions in Valmet and Lanxess, seeing value in quality businesses facing temporary headwinds. View PDF	-	Small Cap Europe Asia	View PDF Analysis
Q4 2023	Dec 28, 2023	Palm Harbour Capital Peter Smith	+6.3%	+13.1%	+12.9%	SOLB.BR,SYENS.BR,RHIM.L,TKA.VI,IGT, Additional Tickers (3) BAYN.DE OCI.AS MLCO	Japan, Fertilizers, Additional Keywords & Themes Specialty Chemicals Corporate Governance Capital Allocation	The concentrated portfolio trades at 8.1x P/E with significant upside potential, positioning for continued value creation through activist situations and undervalued European companies. Full Quick Take The concentrated portfolio trades at 8.1x P/E with significant upside potential, positioning for continued value creation through activist situations and undervalued European companies. View PDF	-	Europe Global	View PDF Analysis
Q2 2023	Jun 30, 2023	SouthernSun SMID Cap Michael Cook	-	-	+11.2%	DY,TREX,NGVT,WRK,UNVR, Additional Tickers (7) USPH MGPI MUSA THO SAM IEX AGCO	Telecommunications, Specialty Chemicals, Additional Keywords & Themes Physical Therapy Distilled Spirits Fiber	Outperforming benchmarks through disciplined focus on financial flexibility, management adaptability, and niche dominance. Full Quick Take Outperforming benchmarks through disciplined focus on financial flexibility, management adaptability, and niche dominance. View PDF	-	US	View PDF Analysis
Q2 2023	Jun 30, 2023	Oakmark Fund William C. Nygren	+8.6%	-	+12.7%	AMZN,GOOGL,WBD,TFC,BAX, Additional Tickers (4) CSL CE FCNCA IQV	Healthcare, Building Materials, Additional Keywords & Themes Specialty Chemicals Value Regional Banks	Oakmark Fund pivoted from growth back to traditional value investing, eliminating positions like Adobe and Netflix while adding five new holdings including Baxter, Carlisle, and First Citizens BancShares. Full Quick Take Oakmark Fund pivoted from growth back to traditional value investing, eliminating positions like Adobe and Netflix while adding five new holdings including Baxter, Carlisle, and First Citizens BancShares. View PDF	-	US	View PDF Analysis
Q1 2023	Mar 31, 2023	Oakmark Fund International Small Cap David G. Herro	+6.6%	-	+8.8%	TMV.DE,SOW.DE,CIGI.TO,4613.T,MEDX.SW	Enterprise Software, Real Estate, Additional Keywords & Themes Specialty Chemicals SaaS Enterprise	Oakmark International Small Cap outperformed in Q1 2023 driven by enterprise software holdings TeamViewer and Software AG. The team opportunistically added Colliers International, Kansai Paint, and Medmix, capitalizing on macro-driven selloffs in quality businesses. Full Quick Take Oakmark International Small Cap outperformed in Q1 2023 driven by enterprise software holdings TeamViewer and Software AG. The team opportunistically added Colliers International, Kansai Paint, and Medmix, capitalizing on macro-driven selloffs in quality businesses. View PDF	-	Europe Asia	View PDF Analysis

Night Watch Investment Management

Q3 2026

View PDF Analysis

QTD:+0.8%

YTD:+16.8%

SI:+18.4%

River Oaks Capital

Q2 2026

View PDF Analysis

QTD:-

YTD:-

SI:+11.0%

Long Cast Advisers

Q2 2026

View PDF Analysis

QTD:+20.0%

YTD:+19.0%

SI:+13.0%

FPA Crescent Fund

Q2 2026

View PDF Analysis

QTD:+7.1%

YTD:+14.8%

SI:+10.2%

Steyn Capital FR Retail Hedge Fund

Q2 2026

View PDF Analysis

QTD:0.0%

YTD:+0.5%

SI:+12.3%

Steyn Capital FR QI Hedge Fund

Q2 2026

View PDF Analysis

QTD:-1.8%

YTD:-0.3%

SI:+17.3%

Heartland Mid Cap Value Fund

Q2 2026

View PDF Analysis

QTD:+9.9%

YTD:+14.4%

SI:+8.2%

Oakmark Global Fund

Q2 2026

View PDF Analysis

QTD:+7.9%

YTD:+1.8%

SI:+9.3%

Black Bear Value Partners

Q3 2025

View PDF Analysis

QTD:-1.0%

YTD:-12.7%

SI:+6.0%

Norbury Capital

Q3 2025

View PDF Analysis

QTD:-

YTD:+24.4%

Baumann Capital

Q1 2025

View PDF Analysis

QTD:-

YTD:-

Oakmark Fund International Small Cap

Q4 2023

View PDF Analysis

QTD:+11.5%

YTD:+19.5%

SI:+8.8%

Palm Harbour Capital

Q4 2023

View PDF Analysis

QTD:+6.3%

YTD:+13.1%

SI:+12.9%

SouthernSun SMID Cap

Q2 2023

View PDF Analysis

QTD:-

YTD:-

SI:+11.2%

Q2 2023

View PDF Analysis

QTD:+8.6%

YTD:-

SI:+12.7%

Oakmark Fund International Small Cap

Q1 2023

View PDF Analysis

QTD:+6.6%

YTD:-

SI:+8.8%

Showing 1 – 16 of 16 letters

Per page: