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 fund delivered 3.0% but lagged its benchmark during a highly speculative, AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-quality compounders like Adidas.
Full Quick Take
The fund delivered 3.0% but lagged its benchmark during a highly speculative, AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-quality compounders like Adidas.
The fund lagged during the September quarter as speculative AI-related companies outperformed in a risk-on environment. While positive on long-term GenAI potential, the manager views current AI enthusiasm as increasingly speculative and circular. Despite expecting reasonable US economic activity aided by rate cuts, the manager maintains caution given record equity valuations with insufficient risk discounting.
Full Quick Take
The fund lagged during the September quarter as speculative AI-related companies outperformed in a risk-on environment. While positive on long-term GenAI potential, the manager views current AI enthusiasm as increasingly speculative and circular. Despite expecting reasonable US economic activity aided by rate cuts, the manager maintains caution given record equity valuations with insufficient risk discounting.
