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.
Wedgewood experienced severe relative underperformance in 2025 due to a speculative, narrow AI-driven market, but they have repositioned the portfolio into attractive quality assets like Amazon and Chubb, trading at a rare valuation discount relative to growth indices.
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Wedgewood experienced severe relative underperformance in 2025 due to a speculative, narrow AI-driven market, but they have repositioned the portfolio into attractive quality assets like Amazon and Chubb, trading at a rare valuation discount relative to growth indices.
The FAM Funds underperformed their benchmarks in Q4 2025 as the market favored speculative, low-quality, and AI-heavy stocks. Fenimore remains highly disciplined, holding fast to high-quality compounding franchises and taking advantage of selective valuation opportunities.
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The FAM Funds underperformed their benchmarks in Q4 2025 as the market favored speculative, low-quality, and AI-heavy stocks. Fenimore remains highly disciplined, holding fast to high-quality compounding franchises and taking advantage of selective valuation opportunities.
The FAM Funds underperformed in Q4 2025 as speculative and lower-quality stocks outperformed high-quality names. Despite short-term relative headwinds, the manager remains highly committed to their quality-focused compounding strategy, utilizing volatility to buy robust franchises at multi-year relative lows.
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The FAM Funds underperformed in Q4 2025 as speculative and lower-quality stocks outperformed high-quality names. Despite short-term relative headwinds, the manager remains highly committed to their quality-focused compounding strategy, utilizing volatility to buy robust franchises at multi-year relative lows.
Baird Small/Mid Cap Growth suffered its worst relative quarter in 10 years (-3.22% vs. +10.73% benchmark) due to a speculative market favoring extreme AI valuations and momentum over fundamental quality, prompting tactical additions to beta and momentum.
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Baird Small/Mid Cap Growth suffered its worst relative quarter in 10 years (-3.22% vs. +10.73% benchmark) due to a speculative market favoring extreme AI valuations and momentum over fundamental quality, prompting tactical additions to beta and momentum.
