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 underperformed in Q2 2026 as markets chased semiconductors and AI while the Fund stayed disciplined in out-of-favor tangible asset plays. Core holdings in offshore energy services, copper mining, and Japanese industrials offer deep value with catalysts including energy security trends, supply shortages, and corporate restructurings. Two takeover bids validated the asset-backed approach. Manager sees multiple paths to wealth creation from current discounted positioning.
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Third Avenue Value Fund underperformed in Q2 2026 as markets chased semiconductors and AI while the Fund stayed disciplined in out-of-favor tangible asset plays. Core holdings in offshore energy services, copper mining, and Japanese industrials offer deep value with catalysts including energy security trends, supply shortages, and corporate restructurings. Two takeover bids validated the asset-backed approach. Manager sees multiple paths to wealth creation from current discounted positioning.
Smoak Capital delivered a 10.9% return in 2025, trailing the S&P 500 due to defensive positioning and zero AI exposure, while continuing to double down on highly asymmetric, misunderstood micro-cap growth opportunities abroad.
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Smoak Capital delivered a 10.9% return in 2025, trailing the S&P 500 due to defensive positioning and zero AI exposure, while continuing to double down on highly asymmetric, misunderstood micro-cap growth opportunities abroad.
Ace River Capital returned -5.33% in Q2 2025 as its concentrated small-cap holdings underperformed benchmarks, but the manager remains highly constructive, utilizing market volatility to accumulate shares in core holdings like MarineMax.
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Ace River Capital returned -5.33% in Q2 2025 as its concentrated small-cap holdings underperformed benchmarks, but the manager remains highly constructive, utilizing market volatility to accumulate shares in core holdings like MarineMax.
The fund seeks long-term capital appreciation by taking advantage of market dislocation in legacy sectors, focusing on European financial institutions with improved return on equity and disciplined energy and shipping companies with strong cash flow generation.
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The fund seeks long-term capital appreciation by taking advantage of market dislocation in legacy sectors, focusing on European financial institutions with improved return on equity and disciplined energy and shipping companies with strong cash flow generation.
