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.
Legacy Ridge returned 7.0% net in 2025, lagging indices due to a defensive 30% cash buffer. The fund remains highly concentrated in cash-generative, high-yield value assets like Polaris and energy royalty firms while warning of bubble-like tech valuations.
Full Quick Take
Legacy Ridge returned 7.0% net in 2025, lagging indices due to a defensive 30% cash buffer. The fund remains highly concentrated in cash-generative, high-yield value assets like Polaris and energy royalty firms while warning of bubble-like tech valuations.
The fund delivered strong outperformance of 3.90% in Q3 and tactically reduced CEF exposure below 60% to front-run seasonal tax-loss harvesting discounts.
Full Quick Take
The fund delivered strong outperformance of 3.90% in Q3 and tactically reduced CEF exposure below 60% to front-run seasonal tax-loss harvesting discounts.
