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.
Weighed down by market overreactions to short-term earnings resets in housing, consumer, and media holdings, while initiating a position in Universal Music Group and advancing strategic engagement across core investments.
Full Quick Take
Weighed down by market overreactions to short-term earnings resets in housing, consumer, and media holdings, while initiating a position in Universal Music Group and advancing strategic engagement across core investments.
Driven by earnings headwinds at Empire State Realty and TripAdvisor, while initiating one high-cash-flow position and engaging with investees as portfolio price-to-value dropped to 50%.
Full Quick Take
Driven by earnings headwinds at Empire State Realty and TripAdvisor, while initiating one high-cash-flow position and engaging with investees as portfolio price-to-value dropped to 50%.
Knife River has severely underperformed peers since its 2023 separation, widening its margin deficit to nearly 1,400 basis points. The Board must hold management accountable to achieve a 22% adjusted EBITDA margin by FY2029 or immediately explore strategic alternatives.
Full Quick Take
Knife River has severely underperformed peers since its 2023 separation, widening its margin deficit to nearly 1,400 basis points. The Board must hold management accountable to achieve a 22% adjusted EBITDA margin by FY2029 or immediately explore strategic alternatives.