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.
Militia Capital delivered a strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and is shifting its performance fee hurdle to short-term interest rates starting in 2026.
Full Quick Take
Militia Capital delivered a strong Q2 2025 return of +25.7% net, significantly outperforming the S&P 500. The fund is introducing its second portfolio manager, Michael Roussel, and is shifting its performance fee hurdle to short-term interest rates starting in 2026.
Springview Capital focuses on long-term outperformance through conservative, concentrated investments in high-quality, non-cyclical companies. Despite lagging the S&P 500's late-year cyclical rally in 2023, the fund achieved a solid +15.3% net return. Moving forward, the manager remains committed to its core compounding strategy, while adjusting short-side risk controls to mitigate future drag.
Full Quick Take
Springview Capital focuses on long-term outperformance through conservative, concentrated investments in high-quality, non-cyclical companies. Despite lagging the S&P 500's late-year cyclical rally in 2023, the fund achieved a solid +15.3% net return. Moving forward, the manager remains committed to its core compounding strategy, while adjusting short-side risk controls to mitigate future drag.
