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.
Stenham Equity UCITS Fund underperformed in Q3 2025 due to a highly speculative market rally in unprofitable tech, but remains committed to high-quality, fundamentally sound AI 'picks and shovels' like TSMC and Microsoft.
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Stenham Equity UCITS Fund underperformed in Q3 2025 due to a highly speculative market rally in unprofitable tech, but remains committed to high-quality, fundamentally sound AI 'picks and shovels' like TSMC and Microsoft.
The fund underperformed its benchmark in Q2 due to a severe market preference for low-quality speculative stocks. Management has reduced portfolio beta to 0.50 to manage macro risks, but remains confident in the valuation upside of its high-quality compounders.
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The fund underperformed its benchmark in Q2 due to a severe market preference for low-quality speculative stocks. Management has reduced portfolio beta to 0.50 to manage macro risks, but remains confident in the valuation upside of its high-quality compounders.
