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.
Leaven Partners lost -4.6% in Q2 2026 as markets rotated aggressively into momentum, 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. Manager Brent Jackson maintains disciplined conviction in his value approach, refusing to abandon strategy at peak valuations despite significant underperformance and acknowledging the career risk of staying the course.
Full Quick Take
Leaven Partners lost -4.6% in Q2 2026 as markets rotated aggressively into momentum, 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. Manager Brent Jackson maintains disciplined conviction in his value approach, refusing to abandon strategy at peak valuations despite significant underperformance and acknowledging the career risk of staying the course.
Tourlite returned 2.8% in 2025, 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.
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Tourlite returned 2.8% in 2025, 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.
