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.
Riverwater's Small Cap strategy trailed the Russell 2000's 21% Q2 surge as markets rewarded speculation over quality. Energy stock selection drove outperformance through services positioning, while healthcare lagged as speculative biotech rallied. The manager added seven positions including Werner Enterprises and Lifeway Foods, trimmed semiconductor winners, and repositioned toward defensive consumer staples. They anticipate rotation into quality businesses as AI speculation unwinds, playing to their disciplined investment philosophy.
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Riverwater's Small Cap strategy trailed the Russell 2000's 21% Q2 surge as markets rewarded speculation over quality. Energy stock selection drove outperformance through services positioning, while healthcare lagged as speculative biotech rallied. The manager added seven positions including Werner Enterprises and Lifeway Foods, trimmed semiconductor winners, and repositioned toward defensive consumer staples. They anticipate rotation into quality businesses as AI speculation unwinds, playing to their disciplined investment philosophy.
Purpose Credit Opportunities Fund delivered strong five-year cumulative returns of 27.2% through disciplined bottom-up credit research. The team views Middle East developments and rising corporate bond issuance for data center investment as key macro factors. Portfolio actions included adding to Canada Cartage on improving trucking industry fundamentals and reducing LoanDepot exposure given elevated Treasury yields and mortgage origination headwinds.
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Purpose Credit Opportunities Fund delivered strong five-year cumulative returns of 27.2% through disciplined bottom-up credit research. The team views Middle East developments and rising corporate bond issuance for data center investment as key macro factors. Portfolio actions included adding to Canada Cartage on improving trucking industry fundamentals and reducing LoanDepot exposure given elevated Treasury yields and mortgage origination headwinds.
Mid-cap growth fund focused on AI infrastructure beneficiaries like Vertiv and Quanta Services, which drove outperformance despite broader sector weakness. Energy exposure provided upside from Iran tensions pushing oil above $100. Managers remain constructive on cyclical areas benefiting from AI spending despite geopolitical uncertainty, expecting current volatility to be temporary as valuations normalize.
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Mid-cap growth fund focused on AI infrastructure beneficiaries like Vertiv and Quanta Services, which drove outperformance despite broader sector weakness. Energy exposure provided upside from Iran tensions pushing oil above $100. Managers remain constructive on cyclical areas benefiting from AI spending despite geopolitical uncertainty, expecting current volatility to be temporary as valuations normalize.
Polen Capital's Global SMID portfolio fell 4.84% in Q1 2025, underperforming amid quality growth style headwinds. U.S. small caps declined sharply while international markets showed resilience. Top contributors Sanrio, Goosehead Insurance, and new position Lottomatica offset weakness in Globant, e.l.f. Beauty, and Kalyan Jewellers. Managers remain optimistic on resilient quality businesses despite macro uncertainty.
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Polen Capital's Global SMID portfolio fell 4.84% in Q1 2025, underperforming amid quality growth style headwinds. U.S. small caps declined sharply while international markets showed resilience. Top contributors Sanrio, Goosehead Insurance, and new position Lottomatica offset weakness in Globant, e.l.f. Beauty, and Kalyan Jewellers. Managers remain optimistic on resilient quality businesses despite macro uncertainty.
