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.
Steyn Capital closed out 2025 with an 18.26% net return, driven by precious metals and Chinese tech exposure. The fund remains highly constructive on undervalued South African equities and event-driven opportunities while maintaining its short book for downside hedging.
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Steyn Capital closed out 2025 with an 18.26% net return, driven by precious metals and Chinese tech exposure. The fund remains highly constructive on undervalued South African equities and event-driven opportunities while maintaining its short book for downside hedging.
Harding Loevner urges caution regarding the extreme concentration and demanding valuations in US AI platforms, advocating for a globally diversified approach focused on high-quality structural enablers.
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Harding Loevner urges caution regarding the extreme concentration and demanding valuations in US AI platforms, advocating for a globally diversified approach focused on high-quality structural enablers.
The fund highlights that while US equity returns are unsustainably concentrated in a few AI platform mega-caps, international equities offer a safer, cheaper, and more diversified way to capture the physical AI infrastructure buildout.
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The fund highlights that while US equity returns are unsustainably concentrated in a few AI platform mega-caps, international equities offer a safer, cheaper, and more diversified way to capture the physical AI infrastructure buildout.
Carrington capitalised on Q3 2025 volatility by avoiding stretched US mega-caps and holding successful overweights in Gold and Chinese equities, while restructuring core holdings toward global value managers.
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Carrington capitalised on Q3 2025 volatility by avoiding stretched US mega-caps and holding successful overweights in Gold and Chinese equities, while restructuring core holdings toward global value managers.
The NCM Enhanced Physical Gold Macro Fund gained over 20% in 2024, and remains highly bullish on gold and silver for 2025 as the macroeconomic risk regime shifts from recession toward inflation.
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The NCM Enhanced Physical Gold Macro Fund gained over 20% in 2024, and remains highly bullish on gold and silver for 2025 as the macroeconomic risk regime shifts from recession toward inflation.
