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.
Conestoga suffered relative underperformance in 2025 due to a speculative, 'low-quality' small-cap rally and a massive biotech surge. However, the manager is highly constructive heading into 2026 due to robust earnings growth forecasts and attractive valuation discounts for Small Caps.
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Conestoga suffered relative underperformance in 2025 due to a speculative, 'low-quality' small-cap rally and a massive biotech surge. However, the manager is highly constructive heading into 2026 due to robust earnings growth forecasts and attractive valuation discounts for Small Caps.
The fund underperformed in 2025 due to a speculative, retail-driven rally of unprofitable companies, but the managers expect a sharp, fundamental-driven market correction to restore value.
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The fund underperformed in 2025 due to a speculative, retail-driven rally of unprofitable companies, but the managers expect a sharp, fundamental-driven market correction to restore value.
Fenimore stayed disciplined through a highly speculative Q3 2025, trailing momentum-driven benchmarks but successfully capitalizing on market volatility to acquire high-quality, undervalued compounders.
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Fenimore stayed disciplined through a highly speculative Q3 2025, trailing momentum-driven benchmarks but successfully capitalizing on market volatility to acquire high-quality, undervalued compounders.
The Diamond Hill Small Cap Strategy returned 7.93% (net) in Q3 2025, trailing the Russell 2000's 12.39% rally. The fund remains highly disciplined, avoiding speculative lower-quality gainers and adding only one new name, Hurco Companies, amid a challenging valuation landscape.
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The Diamond Hill Small Cap Strategy returned 7.93% (net) in Q3 2025, trailing the Russell 2000's 12.39% rally. The fund remains highly disciplined, avoiding speculative lower-quality gainers and adding only one new name, Hurco Companies, amid a challenging valuation landscape.
Fenimore's high-quality strategies lagged a speculative, AI-driven market rally in Q2 2025, but the manager capitalized on tariff-induced volatility to buy premium businesses at attractive discounts.
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Fenimore's high-quality strategies lagged a speculative, AI-driven market rally in Q2 2025, but the manager capitalized on tariff-induced volatility to buy premium businesses at attractive discounts.
