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.
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.
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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.
The BNY Mellon Appreciation Fund returned 8.80% in Q2 2025, 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.
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The BNY Mellon Appreciation Fund returned 8.80% in Q2 2025, 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.
Madison Sustainable Equity gained 6.32% gross in Q2 2025, 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).
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Madison Sustainable Equity gained 6.32% gross in Q2 2025, 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).
The fund delivered 3.37% in a highly concentrated, 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.
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The fund delivered 3.37% in a highly concentrated, 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.
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.
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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.
