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.
Closely tracking its benchmark. The fund added defensive quality names like FactSet and RLI, while taking a cautious stance on broader market valuations heading into 2026.
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Closely tracking its benchmark. The fund added defensive quality names like FactSet and RLI, while taking a cautious stance on broader market valuations heading into 2026.
The fund expects a cyclical rotation from mega-caps to small-caps, driven by extremely attractive valuations, bottoming small-cap fundamentals, and supportive Fed policy.
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The fund expects a cyclical rotation from mega-caps to small-caps, driven by extremely attractive valuations, bottoming small-cap fundamentals, and supportive Fed policy.
The Fund underperformed its benchmark in 2Q25 as a strong 'risk-on' market recovery penalized its defensive low-volatility factor tilt and underweight positions in mega-cap technology stocks.
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The Fund underperformed its benchmark in 2Q25 as a strong 'risk-on' market recovery penalized its defensive low-volatility factor tilt and underweight positions in mega-cap technology stocks.