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.
Third Avenue Value Fund capped off a stellar 2025 with a 35.46% YTD return, driven by mining and European bank re-ratings. The manager is actively reallocating capital into newly initiated positions like T.S. Lines and continuing to target undervalued asset-heavy plays with 'resource conversion' catalysts.
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Third Avenue Value Fund capped off a stellar 2025 with a 35.46% YTD return, driven by mining and European bank re-ratings. The manager is actively reallocating capital into newly initiated positions like T.S. Lines and continuing to target undervalued asset-heavy plays with 'resource conversion' catalysts.
Appalaches Core LO returned 7.4% in Q2 2025, capitalizing on the April drawdown to buy semiconductor leaders and establishing a core new position in Eagle Materials (EXP) to exploit structural pricing power in US cement and wallboard.
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Appalaches Core LO returned 7.4% in Q2 2025, capitalizing on the April drawdown to buy semiconductor leaders and establishing a core new position in Eagle Materials (EXP) to exploit structural pricing power in US cement and wallboard.
Open Square Capital maintains a highly concentrated contrarian posture, focusing exclusively on deeply undervalued Canadian and US oil producers. Rejecting the speculative bubbles of technology and crypto, the fund's management remains highly confident that critically low global inventories and structural plateaus in US shale production will trigger an imminent and powerful upward re-rating of fundamental energy equities.
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Open Square Capital maintains a highly concentrated contrarian posture, focusing exclusively on deeply undervalued Canadian and US oil producers. Rejecting the speculative bubbles of technology and crypto, the fund's management remains highly confident that critically low global inventories and structural plateaus in US shale production will trigger an imminent and powerful upward re-rating of fundamental energy equities.
Aegis Value Fund targets deeply discounted, asset-rich small-cap equities, particularly in energy and precious metals, while actively avoiding overvalued mega-cap tech stocks. The manager is defensively positioned with low-debt holdings, anticipating that high interest rates will trigger credit defaults in real estate and private equity, ultimately driving a market regression to the mean.
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Aegis Value Fund targets deeply discounted, asset-rich small-cap equities, particularly in energy and precious metals, while actively avoiding overvalued mega-cap tech stocks. The manager is defensively positioned with low-debt holdings, anticipating that high interest rates will trigger credit defaults in real estate and private equity, ultimately driving a market regression to the mean.
