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.
The broader market’s extreme concentration in speculative, debt-funded AI infrastructure mirrors the 1999 dot-com bubble and presents severe downside risks for passive index investors.
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The broader market’s extreme concentration in speculative, debt-funded AI infrastructure mirrors the 1999 dot-com bubble and presents severe downside risks for passive index investors.
Muhlenkamp & Company advocates a contrarian, value-driven approach that capitalizes on secular trends in gold and cyclical industry bottoms while avoiding speculative bubbles.
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Muhlenkamp & Company advocates a contrarian, value-driven approach that capitalizes on secular trends in gold and cyclical industry bottoms while avoiding speculative bubbles.
The Heartland Mid Cap Value Fund underperformed in Q4 2025 as high-quality value continued to lag speculative, momentum-driven segments. The fund continues to enforce its disciplined 'two-bucket' value strategy to protect against extreme market disparities.
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The Heartland Mid Cap Value Fund underperformed in Q4 2025 as high-quality value continued to lag speculative, momentum-driven segments. The fund continues to enforce its disciplined 'two-bucket' value strategy to protect against extreme market disparities.
Speculative AI enthusiasm drove low-quality stocks to outperform in Q2, causing Fenimore's quality-focused funds to lag benchmarks despite solid absolute gains. The manager is actively selling companies vulnerable to tariffs while adding to high-quality compounders.
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Speculative AI enthusiasm drove low-quality stocks to outperform in Q2, causing Fenimore's quality-focused funds to lag benchmarks despite solid absolute gains. The manager is actively selling companies vulnerable to tariffs while adding to high-quality compounders.