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.
Arauca Capital delivered a 25.26% gross return in H1 2026 by monetizing extraordinary gains in semiconductor and technology positions like Kioxia and Alphabet. Capital is now positioned defensively in short-term Treasuries, private power, and specialized digital lender VersaBank, while avoiding AI hyper-scalers facing heavy capex burdens and cyclical memory peaks.
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Arauca Capital delivered a 25.26% gross return in H1 2026 by monetizing extraordinary gains in semiconductor and technology positions like Kioxia and Alphabet. Capital is now positioned defensively in short-term Treasuries, private power, and specialized digital lender VersaBank, while avoiding AI hyper-scalers facing heavy capex burdens and cyclical memory peaks.
Robinson Tax-Advantaged Income Fund delivered 5.48% in Q2 2026 by investing in tax-exempt closed-end funds while hedging interest rate risk through Treasury futures shorts. The strategy isolates municipal credit spreads and CEF discounts as return drivers. The manager rotated away from Nuveen/Invesco CEFs now trading at premiums toward the broader market trading at -7.5% discounts. The hedging approach provides inflation protection while capitalizing on narrowing municipal credit spreads.
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Robinson Tax-Advantaged Income Fund delivered 5.48% in Q2 2026 by investing in tax-exempt closed-end funds while hedging interest rate risk through Treasury futures shorts. The strategy isolates municipal credit spreads and CEF discounts as return drivers. The manager rotated away from Nuveen/Invesco CEFs now trading at premiums toward the broader market trading at -7.5% discounts. The hedging approach provides inflation protection while capitalizing on narrowing municipal credit spreads.
Crescat Celebrates 5 funds ranking in Preqin's top 10 for 2025, driven by structural commodity shortages and a secular rotation out of overvalued mega-cap tech.
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Crescat Celebrates 5 funds ranking in Preqin's top 10 for 2025, driven by structural commodity shortages and a secular rotation out of overvalued mega-cap tech.
Mar Vista's U.S. Quality strategy returned +0.20% in Q4 2025, underperforming benchmarks in a market dominated by narrow mega-cap leadership. The fund actively adjusted its holdings, exiting Roper and Equifax to fund high-conviction positions in TSM and Netflix, while maintaining a cautious and valuation-disciplined outlook for 2026.
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Mar Vista's U.S. Quality strategy returned +0.20% in Q4 2025, underperforming benchmarks in a market dominated by narrow mega-cap leadership. The fund actively adjusted its holdings, exiting Roper and Equifax to fund high-conviction positions in TSM and Netflix, while maintaining a cautious and valuation-disciplined outlook for 2026.
Marcuard Heritage adopts a constructive yet cautious posture for Q4 2025, navigating a higher-nominal world driven by fiscal deficits and protectionism. Rather than relying on traditional relative value, the firm favors absolute return strategies, prioritizing credit investments like short-duration high-yield bonds and senior secured loans over highly-valued US equities, while selectively rotating toward non-US equity markets.
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Marcuard Heritage adopts a constructive yet cautious posture for Q4 2025, navigating a higher-nominal world driven by fiscal deficits and protectionism. Rather than relying on traditional relative value, the firm favors absolute return strategies, prioritizing credit investments like short-duration high-yield bonds and senior secured loans over highly-valued US equities, while selectively rotating toward non-US equity markets.
