Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | SI ↕ | Tickers | Keywords / Themes | Quick Take | Pitches (LONG / SHORT) | Current Positioning | Letter |
|---|---|---|---|---|---|---|---|---|---|---|---|
Q1 2026 | Apr 13, 2026 | -6.4% | -6.4% | +13.1% | 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. Full Quick Take 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. | - | |||||
Q4 2025 | Dec 31, 2025 | - | - | - | Despite tariff disputes and AI bubble anxieties, global markets wrapped up a blockbuster 2025, highlighted by South African outperformance and the ABA trade, confirming the value of patient, global diversification. Full Quick Take Despite tariff disputes and AI bubble anxieties, global markets wrapped up a blockbuster 2025, highlighted by South African outperformance and the ABA trade, confirming the value of patient, global diversification. | - | |||||
Q4 2025 | Dec 31, 2025 | +30.0% | +13.1% | +11.6% | |||||||
Q4 2025 | Dec 31, 2025 | -12.1% | +23.2% | -1.2% | The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust macro disinflation and labor market weakness to drive yields lower in 2026. Full Quick Take The Wasatch-Hoisington U.S. Treasury Fund underperformed in 2025 due to rising long-term yields, but managers maintain a highly bullish outlook on long Treasuries, expecting robust macro disinflation and labor market weakness to drive yields lower in 2026. | - | |||||
Q4 2025 | Dec 31, 2025 | +5.8% | +35.3% | +7.0% | The fund achieved stellar outperformance across 2025, fueled by high-conviction exposure to AI infrastructure and hardware components in Asia. Full Quick Take The fund achieved stellar outperformance across 2025, fueled by high-conviction exposure to AI infrastructure and hardware components in Asia. | ||||||
Q4 2025 | Dec 31, 2025 | +33.2% | +18.1% | +27.8% | Supported by exceptional fundamental growth across its portfolio companies. The fund is actively deploying capital into leading AI infrastructure builders and adaptable large-cap growth compounders. Full Quick Take Supported by exceptional fundamental growth across its portfolio companies. The fund is actively deploying capital into leading AI infrastructure builders and adaptable large-cap growth compounders. | ||||||
Q3 2025 | Sep 30, 2025 | - | - | - | HORAN Wealth maintains a constructive view on US equities, pointing to positive fiscal tax windfalls, Fed interest rate cuts, and robust 2026 earnings expectations as key pillars to support the market despite emerging cracks in the labor market and high valuations. Full Quick Take HORAN Wealth maintains a constructive view on US equities, pointing to positive fiscal tax windfalls, Fed interest rate cuts, and robust 2026 earnings expectations as key pillars to support the market despite emerging cracks in the labor market and high valuations. | - | |||||
Q3 2025 | Sep 30, 2025 | +21.3% | +6.0% | +4.5% | - | The Angel Oak Multi-Strategy Income Fund outperformed its benchmark in Q3 2025 with a 2.13% return, heavily supported by its overweight position in resilient non-agency mortgage credit, while management maintains a cautious economic stance. Full Quick Take The Angel Oak Multi-Strategy Income Fund outperformed its benchmark in Q3 2025 with a 2.13% return, heavily supported by its overweight position in resilient non-agency mortgage credit, while management maintains a cautious economic stance. | - | ||||
Q2 2025 | Jul 30, 2025 | - | +23.0% | +11.0% | Rozendal Partners delivered robust outperformance in H1 2025, driven by strong gains in contrarian value holdings, while completing the liquidation of several major multi-year holdings, including their Turkish portfolio. Full Quick Take Rozendal Partners delivered robust outperformance in H1 2025, driven by strong gains in contrarian value holdings, while completing the liquidation of several major multi-year holdings, including their Turkish portfolio. | - | |||||
Q2 2025 | Jul 22, 2025 | +7.3% | -35.8% | +9.2% | Artisan Small Cap Fund lagged its benchmark in Q2 2025 due to a speculative rally in lower-quality stocks, but the managers leveraged market volatility to upgrade the portfolio with high-conviction secular growth names. Full Quick Take Artisan Small Cap Fund lagged its benchmark in Q2 2025 due to a speculative rally in lower-quality stocks, but the managers leveraged market volatility to upgrade the portfolio with high-conviction secular growth names. | ||||||
Q2 2025 | Jul 15, 2025 | +11.1% | +7.3% | +9.5% | Davenport Core Leaders Fund outperformed the S&P 500 in Q2 2025 with an 11.13% return, driven by resilient earnings and easing macro anxieties. The managers are leveraging valuation spreads to buy high-quality cyclical and infrastructure leaders while trimming high-fliers. Full Quick Take Davenport Core Leaders Fund outperformed the S&P 500 in Q2 2025 with an 11.13% return, driven by resilient earnings and easing macro anxieties. The managers are leveraging valuation spreads to buy high-quality cyclical and infrastructure leaders while trimming high-fliers. | - | |||||
Q2 2025 | Jul 10, 2025 | +8.8% | +5.2% | +13.1% | Underperforming the S&P 500 Index's 10.94% return due to negative stock selection, despite solid contributions from mega-cap tech holdings amid tariff-driven market volatility. Full Quick Take Underperforming the S&P 500 Index's 10.94% return due to negative stock selection, despite solid contributions from mega-cap tech holdings amid tariff-driven market volatility. | - | |||||
Q2 2025 | Jul 1, 2025 | - | - | - | - | RVK's Q2 2025 analysis shows that despite early volatility from US tariff negotiations and Treasury dislocations, a subsequent pause enabled a global market rebound, leading to positive absolute performance for institutional portfolios. Full Quick Take RVK's Q2 2025 analysis shows that despite early volatility from US tariff negotiations and Treasury dislocations, a subsequent pause enabled a global market rebound, leading to positive absolute performance for institutional portfolios. | - | ||||
Q2 2025 | Jun 30, 2025 | - | +6.2% | - | - | Global markets posted strong Q2 gains despite tariff-related volatility, with international equities outperforming the U.S. Newport Capital advocates for broad diversification across asset classes, favoring international equities, U.S. value, small-caps, and high-quality. Full Quick Take Global markets posted strong Q2 gains despite tariff-related volatility, with international equities outperforming the U.S. Newport Capital advocates for broad diversification across asset classes, favoring international equities, U.S. value, small-caps, and high-quality. | - | ||||
Q2 2025 | Jun 30, 2025 | +5.8% | - | +8.8% | Fenimore's high-quality strategies lagged speculative, AI-driven benchmarks in a highly volatile Q2 2025. The firm leveraged market pullbacks to increase high-conviction positions and trimmed tariff-exposed names. Full Quick Take Fenimore's high-quality strategies lagged speculative, AI-driven benchmarks in a highly volatile Q2 2025. The firm leveraged market pullbacks to increase high-conviction positions and trimmed tariff-exposed names. | - | |||||
Q2 2025 | Jun 30, 2025 | - | +19.8% | +11.5% | Trailing benchmarks due to narrow market leadership. The managers utilized temporary stock and sector weakness to initiate new positions in Meta, IDACORP, and Medpace. Full Quick Take Trailing benchmarks due to narrow market leadership. The managers utilized temporary stock and sector weakness to initiate new positions in Meta, IDACORP, and Medpace. | - | |||||
Q2 2025 | Jun 30, 2025 | +6.3% | +27.9% | +5.7% | Underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and managed care (UnitedHealth) into cloud infrastructure (Arista Networks). Full Quick Take Underperforming the S&P 500 due to managed care headwinds. The portfolio rotated capital from rails (Union Pacific) and managed care (UnitedHealth) into cloud infrastructure (Arista Networks). | ||||||
Q2 2025 | Jun 30, 2025 | +33.7% | +5.3% | +8.4% | Tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that active value will benefit from wide valuation spreads. Full Quick Take Tech-led quarter. The managers utilized short-term healthcare volatility to buy UnitedHealth Group and remain confident that active value will benefit from wide valuation spreads. | - | |||||
Q2 2025 | Jun 30, 2025 | +33.5% | -36.7% | +10.9% | - | The Hotchkis & Wiley Small Cap Value Fund weathered a volatile Q2 to return 3.35%, and remains positioned to capitalize on a historic large-to-small cap valuation gap reminiscent of the dot-com era. Full Quick Take The Hotchkis & Wiley Small Cap Value Fund weathered a volatile Q2 to return 3.35%, and remains positioned to capitalize on a historic large-to-small cap valuation gap reminiscent of the dot-com era. | - | ||||
Q2 2025 | Jun 30, 2025 | +46.1% | +7.1% | +10.7% | Putnam Large Cap Value Fund delivered solid outperformance in Q2 2025, driven by strong selection in financials, utilities, and tech. The managers remain cautious due to high market valuations and looming tariff risks, but look to exploit volatility for value opportunities. Full Quick Take Putnam Large Cap Value Fund delivered solid outperformance in Q2 2025, driven by strong selection in financials, utilities, and tech. The managers remain cautious due to high market valuations and looming tariff risks, but look to exploit volatility for value opportunities. | - | |||||
Q2 2025 | Jun 30, 2025 | +5.0% | +30.0% | +13.0% | Bestinver takes advantage of short-term, sentiment-driven market corrections to rotate capital into deeply discounted quality leaders, confident that long-term business fundamentals will ultimately prevail. Full Quick Take Bestinver takes advantage of short-term, sentiment-driven market corrections to rotate capital into deeply discounted quality leaders, confident that long-term business fundamentals will ultimately prevail. | - | |||||
Q1 2025 | Apr 2, 2025 | - | - | - | - | Wealthspire Advisors Q1 2025 review presents asset class performance data showing International Fixed Income leading at 3.65% returns, followed by U.S. Small Cap and Large Cap. Full Quick Take Wealthspire Advisors Q1 2025 review presents asset class performance data showing International Fixed Income leading at 3.65% returns, followed by U.S. Small Cap and Large Cap. | - |
Q1 2025