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.
EMA GARP Fund's 20% Q2 decline reflects temporary AI euphoria overshadowing their core monetary debasement thesis. With US debt at 123% of GDP and inevitable massive inflation ahead, gold and silver miners offer extreme asymmetry at current prices. Portfolio concentration in names like Aris and Avino provides multi-bagger potential with substantial operating leverage. Sentiment at 30-year lows signals major rally ahead as financial war drives gold's replacement of Treasuries as global reserve asset.
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EMA GARP Fund's 20% Q2 decline reflects temporary AI euphoria overshadowing their core monetary debasement thesis. With US debt at 123% of GDP and inevitable massive inflation ahead, gold and silver miners offer extreme asymmetry at current prices. Portfolio concentration in names like Aris and Avino provides multi-bagger potential with substantial operating leverage. Sentiment at 30-year lows signals major rally ahead as financial war drives gold's replacement of Treasuries as global reserve asset.
The Investigator Trust delivered an 8.8% FY return, remaining highly defensive with over 52% of the fund in cash, gold, and Australian bonds due to severe US debt and valuation worries. It is rotating capital from the US into cheap Asian tech and deeply undervalued global energy majors.
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The Investigator Trust delivered an 8.8% FY return, remaining highly defensive with over 52% of the fund in cash, gold, and Australian bonds due to severe US debt and valuation worries. It is rotating capital from the US into cheap Asian tech and deeply undervalued global energy majors.
The fund returned 2.87% in Q2 2025, outperforming its peer group through strong credit selection. The managers are prioritizing credit carry over duration risk, but stand ready to increase duration if labor markets show material deterioration.
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The fund returned 2.87% in Q2 2025, outperforming its peer group through strong credit selection. The managers are prioritizing credit carry over duration risk, but stand ready to increase duration if labor markets show material deterioration.
Ameliora remains cautious on US assets due to structural debt burdens, extreme market greed, and recession signals, shifting its preference toward European equities, gold, and long-term themes in Japan and India.
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Ameliora remains cautious on US assets due to structural debt burdens, extreme market greed, and recession signals, shifting its preference toward European equities, gold, and long-term themes in Japan and India.
