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.
The BNY Mellon Appreciation Fund returned -6.42% in Q1 2026, lagging the S&P 500's -4.33% decline as a geopolitical energy shock and tariff uncertainty prompted a pivot toward quality, cash-generative businesses.
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The BNY Mellon Appreciation Fund returned -6.42% in Q1 2026, lagging the S&P 500's -4.33% decline as a geopolitical energy shock and tariff uncertainty prompted a pivot toward quality, cash-generative businesses.
While markets temporarily rallied on delayed tariffs, unresolved structural issues like a looming labor supply shock and massive global fiscal deficits pose significant risks of resurgent inflation, pointing to opportunities in resilient non-US assets.
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While markets temporarily rallied on delayed tariffs, unresolved structural issues like a looming labor supply shock and massive global fiscal deficits pose significant risks of resurgent inflation, pointing to opportunities in resilient non-US assets.
First Eagle argues that markets are falsely priced for economic equilibrium, ignoring severe labor supply shocks and unrelenting sovereign debt risks that favor non-US equities and gold.
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First Eagle argues that markets are falsely priced for economic equilibrium, ignoring severe labor supply shocks and unrelenting sovereign debt risks that favor non-US equities and gold.
