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.
Night Watch Investment Management delivered a strong 12.80% net return in Q2 2026 by exploiting market bifurcation. The fund is actively buying high-quality compounders punished by the AI-hype cycle, focusing on companies with genuine earnings and minimal stock-based compensation dilution. Key positions like Marex and Watches of Switzerland continue to drive robust, low-volatility compounding.
Full Quick Take
Night Watch Investment Management delivered a strong 12.80% net return in Q2 2026 by exploiting market bifurcation. The fund is actively buying high-quality compounders punished by the AI-hype cycle, focusing on companies with genuine earnings and minimal stock-based compensation dilution. Key positions like Marex and Watches of Switzerland continue to drive robust, low-volatility compounding.
Miller/Howard argues that non-cash executive compensation masks the true cost of free cash flow in non-dividend stocks, making dividend-paying companies far more attractive on an adjusted cash flow and valuation basis.
Full Quick Take
Miller/Howard argues that non-cash executive compensation masks the true cost of free cash flow in non-dividend stocks, making dividend-paying companies far more attractive on an adjusted cash flow and valuation basis.
Miller/Howard Investments argues that adjusting free cash flow for stock-based executive compensation reveals the hidden strength and attractive valuations of dividend-paying stocks. The firm favors high dividend payers and infrastructure businesses supported by surging power demand over non-dividend technology high-flyers subject to compensation dilution.
Full Quick Take
Miller/Howard Investments argues that adjusting free cash flow for stock-based executive compensation reveals the hidden strength and attractive valuations of dividend-paying stocks. The firm favors high dividend payers and infrastructure businesses supported by surging power demand over non-dividend technology high-flyers subject to compensation dilution.
