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.
The Airlie Australian Share Fund delivered positive absolute returns but lagged the benchmark in FY25 due to an intentional underweight in highly valued banks. The fund disciplined its portfolio by exiting underperforming positions and adding Goodman Group, Aspen Group, and CSL at attractive entry points.
Full Quick Take
The Airlie Australian Share Fund delivered positive absolute returns but lagged the benchmark in FY25 due to an intentional underweight in highly valued banks. The fund disciplined its portfolio by exiting underperforming positions and adding Goodman Group, Aspen Group, and CSL at attractive entry points.
The fund achieved positive absolute returns in FY25 but underperformed its benchmark due to an intentional underweight in extremely expensive Australian banks. The managers exited non-performing positions and added high-quality names, remaining optimistic for long-term outperformance in FY26.
Full Quick Take
The fund achieved positive absolute returns in FY25 but underperformed its benchmark due to an intentional underweight in extremely expensive Australian banks. The managers exited non-performing positions and added high-quality names, remaining optimistic for long-term outperformance in FY26.
Despite positive absolute performance in FY25, the fund underperformed the benchmark due to its structural underweight in banks. The managers have cleared out underperforming names and added new high-quality holdings, remaining highly optimistic for FY26.
Full Quick Take
Despite positive absolute performance in FY25, the fund underperformed the benchmark due to its structural underweight in banks. The managers have cleared out underperforming names and added new high-quality holdings, remaining highly optimistic for FY26.
