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 |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | SI ↕ | Tickers | Keywords / Themes | Quick Take | Pitches (LONG / SHORT) | Current Positioning | Letter |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q2 2026 | Jul 15, 2026 | -4.6% | -1.5% | +18.5% | AI, and speculative growth at extreme valuations, exemplified by SpaceX's $1.8-2.0 trillion IPO. The fund's value-oriented holdings experienced sustained selling pressure despite sound fundamentals. Full Quick Take AI, and speculative growth at extreme valuations, exemplified by SpaceX's $1.8-2.0 trillion IPO. The fund's value-oriented holdings experienced sustained selling pressure despite sound fundamentals. | - | |||||
Q4 2025 | Mar 2, 2026 | +13.3% | +10.0% | +12.3% | The fund faced headwinds from a speculative, momentum-driven market in 2025, lagging its benchmark, but enters 2026 with a disciplined focus on high-quality growth compounders and potential tailwinds from rate cuts. Full Quick Take The fund faced headwinds from a speculative, momentum-driven market in 2025, lagging its benchmark, but enters 2026 with a disciplined focus on high-quality growth compounders and potential tailwinds from rate cuts. | - | |||||
Q4 2025 | Jan 28, 2026 | +2.0% | +28.0% | +8.6% | Lagging behind benchmarks due to early exits on key longs despite strong alpha generation from its short book. The manager anticipates a bifurcated 2026, combining near-term equity optimism with late-year inflation concerns. Full Quick Take Lagging behind benchmarks due to early exits on key longs despite strong alpha generation from its short book. The manager anticipates a bifurcated 2026, combining near-term equity optimism with late-year inflation concerns. | - | |||||
Q4 2025 | Jan 28, 2026 | +3.4% | +9.1% | +14.7% | - | While speculative and low-quality market trends created temporary headwinds for active managers in 2025, Grandeur Peak is sharpening its focus on concentrated, high-quality growth companies ahead of an anticipated factor mean reversion. Full Quick Take While speculative and low-quality market trends created temporary headwinds for active managers in 2025, Grandeur Peak is sharpening its focus on concentrated, high-quality growth companies ahead of an anticipated factor mean reversion. | - | ||||
Q4 2025 | Jan 21, 2026 | - | - | - | Atherean Asset Management maintained a strict defensive stance in Q4 2025, initiating no new positions due to concerns over high S&P 500 valuations (22x forward P/E) and signs of speculative excesses. Full Quick Take Atherean Asset Management maintained a strict defensive stance in Q4 2025, initiating no new positions due to concerns over high S&P 500 valuations (22x forward P/E) and signs of speculative excesses. | - | |||||
Q4 2025 | Dec 31, 2025 | -12.0% | +16.2% | +10.0% | Lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Trex and Microchip Technology. Full Quick Take Lagging its index due to market leadership favoring speculative stocks. The fund added four new high-quality names and exited Trex and Microchip Technology. | ||||||
Q4 2025 | Dec 31, 2025 | -3.6% | +13.4% | +10.0% | The FPA Queens Road Small Cap Value Fund lagged its benchmark in Q4 due to a highly speculative market environment, but outperformed for the full year 2025. Full Quick Take The FPA Queens Road Small Cap Value Fund lagged its benchmark in Q4 due to a highly speculative market environment, but outperformed for the full year 2025. | ||||||
Q3 2025 | Nov 1, 2025 | +40.0% | -10.0% | +13.0% | Focused on concentrated, niche-focused small and micro-cap companies like PDEX and RSSS that offer long-term compounding potential. Full Quick Take Focused on concentrated, niche-focused small and micro-cap companies like PDEX and RSSS that offer long-term compounding potential. | ||||||
Q3 2025 | Oct 1, 2025 | -36.0% | +16.0% | +21.9% | Lagging major indices due to weakness in Sylogist and Innovative Food Holdings. The manager remains unfazed, viewing market volatility as an opportunity to build positions in highly cash-generative, undervalued small businesses. Full Quick Take Lagging major indices due to weakness in Sylogist and Innovative Food Holdings. The manager remains unfazed, viewing market volatility as an opportunity to build positions in highly cash-generative, undervalued small businesses. | ||||||
Q3 2025 | Sep 30, 2025 | -1.0% | - | +8.9% | Fenimore's quality-oriented strategies underperformed in a highly speculative Q3 2025 market driven by AI euphoria and Fed rate cuts. Full Quick Take Fenimore's quality-oriented strategies underperformed in a highly speculative Q3 2025 market driven by AI euphoria and Fed rate cuts. | - | |||||
Q3 2025 | Sep 30, 2025 | +8.4% | +14.2% | +11.6% | NCG suffered short-term relative underperformance in 3Q25 as speculative, low-quality stocks rallied, but they remain highly constructive on high-quality growth and expect historically cheap small caps to benefit significantly from the Fed's rate-cutting cycle. Full Quick Take NCG suffered short-term relative underperformance in 3Q25 as speculative, low-quality stocks rallied, but they remain highly constructive on high-quality growth and expect historically cheap small caps to benefit significantly from the Fed's rate-cutting cycle. | ||||||
Q3 2025 | Sep 30, 2025 | +46.0% | +5.2% | +10.6% | NCG underperformed in 3Q25 due to a speculative run in low-quality small-cap stocks, but maintains its strict discipline in high-quality growth companies, seeing significant long-term value in historically cheap small caps. Full Quick Take NCG underperformed in 3Q25 due to a speculative run in low-quality small-cap stocks, but maintains its strict discipline in high-quality growth companies, seeing significant long-term value in historically cheap small caps. | ||||||
Q3 2025 | Sep 30, 2025 | +7.0% | +4.3% | +7.5% | NCG underperformed in 3Q25 due to a highly speculative market rally favoring low-quality small-cap stocks, but the manager remains highly constructive on small-caps, pointing to supportive Fed rate cuts and historically low relative valuations. Full Quick Take NCG underperformed in 3Q25 due to a highly speculative market rally favoring low-quality small-cap stocks, but the manager remains highly constructive on small-caps, pointing to supportive Fed rate cuts and historically low relative valuations. | - | |||||
Q3 2025 | Sep 30, 2025 | +26.7% | - | +10.5% | Kennedy Capital's Mid Cap Value composite lagged its benchmark in Q3 2025 due to a market dominated by speculative macro themes rather than fundamentals. Full Quick Take Kennedy Capital's Mid Cap Value composite lagged its benchmark in Q3 2025 due to a market dominated by speculative macro themes rather than fundamentals. | ||||||
Q3 2025 | Sep 30, 2025 | +7.0% | +38.2% | +11.8% | The GW&K Small Cap Core Fund lagged a highly speculative Russell 2000 Index in Q3 2025 due to its strict avoidance of non-earning meme and thematic stocks. Full Quick Take The GW&K Small Cap Core Fund lagged a highly speculative Russell 2000 Index in Q3 2025 due to its strict avoidance of non-earning meme and thematic stocks. | - | |||||
Q2 2025 | Jul 30, 2025 | - | - | - | Kinsman Oak warns that extreme speculative behavior and a brewing $37 trillion national debt crisis are leading to 'fiscal dominance' and potential stagflation. Full Quick Take Kinsman Oak warns that extreme speculative behavior and a brewing $37 trillion national debt crisis are leading to 'fiscal dominance' and potential stagflation. | - | |||||
Q2 2025 | Jul 30, 2025 | -1.0% | -26.0% | +3.0% | The managers continue to shun highly priced speculative indices in favor of unloved cash-generative value franchises, ending the quarter with 15.1% cash. Full Quick Take The managers continue to shun highly priced speculative indices in favor of unloved cash-generative value franchises, ending the quarter with 15.1% cash. | ||||||
Q2 2025 | Jul 22, 2025 | +7.3% | -35.8% | +9.2% | Artisan Small Cap Fund lagged its benchmark in Q2 2025 due to a speculative rally in lower-quality stocks, but the managers leveraged market volatility to upgrade the portfolio with high-conviction secular growth names. Full Quick Take Artisan Small Cap Fund lagged its benchmark in Q2 2025 due to a speculative rally in lower-quality stocks, but the managers leveraged market volatility to upgrade the portfolio with high-conviction secular growth names. | ||||||
Q2 2025 | Jul 10, 2025 | +7.3% | -26.0% | - | Headwaters Capital remains cautious of a 1999-style speculative AI bubble, instead deploying capital into deeply discounted, high-quality small-cap stocks like Bio-Techne (TECH) to capture an impending market rotation. Full Quick Take Headwaters Capital remains cautious of a 1999-style speculative AI bubble, instead deploying capital into deeply discounted, high-quality small-cap stocks like Bio-Techne (TECH) to capture an impending market rotation. | ||||||
Q2 2025 | Jul 9, 2025 | - | +8.1% | +18.6% | The manager remains highly cautious of current 'max stupid' market indexes, keeping estimated portfolio beta low at 0.4. Full Quick Take The manager remains highly cautious of current 'max stupid' market indexes, keeping estimated portfolio beta low at 0.4. | - | |||||
Q2 2025 | Jun 30, 2025 | +44.6% | -6.6% | +10.0% | Baird Small/Mid Cap Growth lagged a speculative, beta-driven benchmark rally in Q2 2025, but continues to focus on high-quality compounders while actively upgrading portfolio quality through selective healthcare and consumer additions. Full Quick Take Baird Small/Mid Cap Growth lagged a speculative, beta-driven benchmark rally in Q2 2025, but continues to focus on high-quality compounders while actively upgrading portfolio quality through selective healthcare and consumer additions. | - | |||||
Q2 2025 | Jun 30, 2025 | +44.6% | -31.4% | +11.8% | The fund underperformed a speculative, beta-driven benchmark rally in Q2 2025.50%. The managers have selectively pivoted toward AI-enabling energy infrastructure assets while maintaining core valuation discipline. Full Quick Take The fund underperformed a speculative, beta-driven benchmark rally in Q2 2025.50%. The managers have selectively pivoted toward AI-enabling energy infrastructure assets while maintaining core valuation discipline. | ||||||
Q4 2024 | Jan 25, 2025 | - | - | - | Open Square Capital maintains a highly concentrated contrarian posture, focusing exclusively on deeply undervalued Canadian and US oil producers. Full Quick Take Open Square Capital maintains a highly concentrated contrarian posture, focusing exclusively on deeply undervalued Canadian and US oil producers. |
Q2 2025