Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| - | - | - | The managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. Full Quick Take The managers argue global oil markets face a hidden crisis: reported demand destruction is phantom, non-OECD product inventories have drawn 500 million barrels to minimum levels, and reopening the Strait will trigger simultaneous refinery restarts and inventory rebuilding that will overwhelm depleted buffers. They maintain conviction in a major commodity bull market across uranium, natural gas, agriculture, coal, and PGMs, while expressing caution on gold and copper near-term. | - | |||||
| -0.9% | +14.9% | Old West sees AI infrastructure buildout creating a new industrial revolution where power delivery is the critical constraint. The fund is positioned in power semiconductors, natural gas, coal, uranium, and optical networking. Despite Q2 volatility from oil price swings, the manager believes energy and materials are mispriced relative to surging data center electricity demand. Natural gas reserves represent crude electricity with massive spread potential as infrastructure catches up. Full Quick Take Old West sees AI infrastructure buildout creating a new industrial revolution where power delivery is the critical constraint. The fund is positioned in power semiconductors, natural gas, coal, uranium, and optical networking. Despite Q2 volatility from oil price swings, the manager believes energy and materials are mispriced relative to surging data center electricity demand. Natural gas reserves represent crude electricity with massive spread potential as infrastructure catches up. | |||||||
| - | -3.6% | GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. Full Quick Take GreenWood rotated away from AI hype into governance-driven transformations after doubling client capital in three years. CTT offers transformational upside from European bank monetization into e-commerce. Jack in the Box installed seasoned operator Mark King to drive operational turnaround. Swatch Group governance battles coincide with improving Swiss watch fundamentals. Portfolio positioned for extreme dislocations favoring constructivist approach with new missions capable of replicating past Leonardo-style returns. | |||||||
| - | +15.0% | Azvalor Internacional returned 15% in first-half 2026, continuing strong momentum from 2025. The manager sees a golden age for value investing with extreme valuation gaps favoring undervalued stocks over speculative growth names. They actively rotate winners into new deeply discounted ideas, adding ten positions during the period including Yellow Cake and Borr Drilling. Portfolio upside estimated at 82% despite strong cumulative gains. Full Quick Take Azvalor Internacional returned 15% in first-half 2026, continuing strong momentum from 2025. The manager sees a golden age for value investing with extreme valuation gaps favoring undervalued stocks over speculative growth names. They actively rotate winners into new deeply discounted ideas, adding ten positions during the period including Yellow Cake and Borr Drilling. Portfolio upside estimated at 82% despite strong cumulative gains. | - | ||||||
| -1.5% | -1.2% | ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. Full Quick Take ROCKLINC's portfolio targets six macro trends through concentrated exposure to AI infrastructure, gold royalties (31.5% allocation), nearshoring logistics, uranium, and specialty insurance. Q2's -1.5% return reflected a 14% gold correction, but the manager sees exceptional upside ahead given record global debt and currency debasement pressures. Insurers trade at historic lows in a hardening market. Cash at 17.3% provides dry powder for dislocations. | |||||||
| +12.7% | +12.5% | L1 Capital delivered 12.7% in Q2 2026 through concentrated positions in quality value stocks trading at 10x P/E with double-digit growth. Strong performance from Qantas, BlueScope, James Hardie, Hudbay and Goodman offset commodity weakness. The manager added to copper, construction materials, travel and gold during market volatility while trimming infrastructure and oil & gas. Portfolio positioned in commodities, construction materials and infrastructure with compelling valuations and medium-term upside. Full Quick Take L1 Capital delivered 12.7% in Q2 2026 through concentrated positions in quality value stocks trading at 10x P/E with double-digit growth. Strong performance from Qantas, BlueScope, James Hardie, Hudbay and Goodman offset commodity weakness. The manager added to copper, construction materials, travel and gold during market volatility while trimming infrastructure and oil & gas. Portfolio positioned in commodities, construction materials and infrastructure with compelling valuations and medium-term upside. | |||||||
| - | - | Riverwater's microcap strategy lagged the Russell Microcap Index in Q2 2026 as speculation dominated, with pre-revenue biotech, crypto, and unproven AI narratives leading. Quality discipline kept the portfolio behind despite solid absolute returns. Industrials outperformed while technology underweight hurt. New positions include Lifeway Foods and Strattec Security. The manager anticipates rotation into higher-quality businesses as speculative trades unwind and is positioning for healthcare sector strength. Full Quick Take Riverwater's microcap strategy lagged the Russell Microcap Index in Q2 2026 as speculation dominated, with pre-revenue biotech, crypto, and unproven AI narratives leading. Quality discipline kept the portfolio behind despite solid absolute returns. Industrials outperformed while technology underweight hurt. New positions include Lifeway Foods and Strattec Security. The manager anticipates rotation into higher-quality businesses as speculative trades unwind and is positioning for healthcare sector strength. | |||||||
| - | - | Small-cap growth navigated Q1 volatility with data center infrastructure holdings driving outperformance as hyperscalers committed nearly $800 billion in AI capex. Energy spiked on Iran strikes but appears temporary. Portfolio positioned constructively in cyclicals benefiting from data center buildout, defense spending, and energy infrastructure while selectively adding healthcare distributors. Reasonable valuations and multiple catalysts support outlook despite near-term geopolitical and regulatory uncertainty. Full Quick Take Small-cap growth navigated Q1 volatility with data center infrastructure holdings driving outperformance as hyperscalers committed nearly $800 billion in AI capex. Energy spiked on Iran strikes but appears temporary. Portfolio positioned constructively in cyclicals benefiting from data center buildout, defense spending, and energy infrastructure while selectively adding healthcare distributors. Reasonable valuations and multiple catalysts support outlook despite near-term geopolitical and regulatory uncertainty. | |||||||
| +18.8% | +15.1% | Hardman Johnston's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits. Despite geopolitical uncertainty and hawkish Fed policy, the portfolio remains focused on high-quality companies positioned for long-term secular growth. Full Quick Take Hardman Johnston's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits. Despite geopolitical uncertainty and hawkish Fed policy, the portfolio remains focused on high-quality companies positioned for long-term secular growth. | - | ||||||
| -9.0% | +1.2% | Capicraft lost 9% in Q2 as AI absorbed all capital while energy, uranium, and gold exposures suffered. Manager increased energy to 17% post-Iranian war, citing 1.5 billion barrel supply loss and tight physical markets. Avoids AI due to circular demand and uncertain economics. Maintains 50%+ in commodities and real assets despite underperformance, viewing structural supply deficits and geopolitical risks as mispriced. Full Quick Take Capicraft lost 9% in Q2 as AI absorbed all capital while energy, uranium, and gold exposures suffered. Manager increased energy to 17% post-Iranian war, citing 1.5 billion barrel supply loss and tight physical markets. Avoids AI due to circular demand and uncertain economics. Maintains 50%+ in commodities and real assets despite underperformance, viewing structural supply deficits and geopolitical risks as mispriced. | - | ||||||
| - | - | - | Markets delivered positive first-half returns despite Middle East conflict and inflation resurgence, driven by exceptional earnings from AI monetization and energy sector strength. Energy equities remain undervalued at $65 WTI versus $80 floor expectations. AI cloud backlog crossed $2 trillion, driving 70% of S&P earnings growth. Critical minerals and infrastructure benefit from strategic priority shift. Digital assets mature into financial infrastructure with stablecoins exceeding $300 billion. Inflation and rate risks persist but fundamentals favor continued opportunity. Full Quick Take Markets delivered positive first-half returns despite Middle East conflict and inflation resurgence, driven by exceptional earnings from AI monetization and energy sector strength. Energy equities remain undervalued at $65 WTI versus $80 floor expectations. AI cloud backlog crossed $2 trillion, driving 70% of S&P earnings growth. Critical minerals and infrastructure benefit from strategic priority shift. Digital assets mature into financial infrastructure with stablecoins exceeding $300 billion. Inflation and rate risks persist but fundamentals favor continued opportunity. | - | |||||
| - | - | Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concentrates equity exposure in deeply discounted energy assets trading at five times earnings with high yields. Offshore drillers benefit from industry consolidation while Chinese technology stocks offer value. The defensive positioning preserves capital amid extreme market valuations while maintaining exposure to compelling opportunities. Full Quick Take Markets trade at Dotcom-era valuations while the AI boom mirrors prior technology bubbles with Chinese competition threatening profitability. The manager holds 49% cash and concentrates equity exposure in deeply discounted energy assets trading at five times earnings with high yields. Offshore drillers benefit from industry consolidation while Chinese technology stocks offer value. The defensive positioning preserves capital amid extreme market valuations while maintaining exposure to compelling opportunities. | - | ||||||
| - | - | WestEnd's industrial and energy-focused portfolio outperformed by 9% in Q1 2026, led by aluminum, uranium, and natural gas holdings. The manager raised cash by trimming expensive growth names and exiting software positions ahead of AI disruption. Despite Iran tensions, earnings growth remains strong and the AI theme increasingly favors energy infrastructure over software. Full Quick Take WestEnd's industrial and energy-focused portfolio outperformed by 9% in Q1 2026, led by aluminum, uranium, and natural gas holdings. The manager raised cash by trimming expensive growth names and exiting software positions ahead of AI disruption. Despite Iran tensions, earnings growth remains strong and the AI theme increasingly favors energy infrastructure over software. | - | ||||||
| - | - | The managers believe oil has entered a major bull market as the Strait of Hormuz closure exposes years of inadequate investment and faltering shale growth, targeting $120-150 oil. They expect precious metals to correct significantly after triggering sell signals. The firm has pivoted from gold into energy investments, viewing this as a structural shift rather than temporary disruption. Full Quick Take The managers believe oil has entered a major bull market as the Strait of Hormuz closure exposes years of inadequate investment and faltering shale growth, targeting $120-150 oil. They expect precious metals to correct significantly after triggering sell signals. The firm has pivoted from gold into energy investments, viewing this as a structural shift rather than temporary disruption. | - | ||||||
| - | - | Goehring & Rozencwajg advises reducing gold/silver exposure to rotate into oil and gas, while maintaining structural long positions in uranium and turning bearish on oversupplied copper. Full Quick Take Goehring & Rozencwajg advises reducing gold/silver exposure to rotate into oil and gas, while maintaining structural long positions in uranium and turning bearish on oversupplied copper. | - | ||||||
| - | - | The 'Carry Bubble' is popping, setting up a massive rotation into real assets. The managers are rotating gold profits into extremely cheap oil and remain highly bullish on uranium, while turning neutral on copper. Full Quick Take The 'Carry Bubble' is popping, setting up a massive rotation into real assets. The managers are rotating gold profits into extremely cheap oil and remain highly bullish on uranium, while turning neutral on copper. | - | ||||||
| +13.3% | +28.7% | L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic names into highly asymmetric offshore value opportunities. Full Quick Take L1 Long Short Fund outperformed its benchmark by 8.6% this quarter, driven by strong gains in key commodities and value stocks. The fund is rotating out of fully valued domestic names into highly asymmetric offshore value opportunities. | |||||||
| - | - | Signia Capital Management's Small-Micro Value strategy delivered 30.27% annualized returns over 5 years, ranking top 1% among US equity strategies. The firm targets mispriced small-cap securities with company-specific catalysts, focusing on copper, energy infrastructure, and datacenter power themes. Strong performance driven by disciplined value approach in inefficient small-cap markets with significant opportunity set. Full Quick Take Signia Capital Management's Small-Micro Value strategy delivered 30.27% annualized returns over 5 years, ranking top 1% among US equity strategies. The firm targets mispriced small-cap securities with company-specific catalysts, focusing on copper, energy infrastructure, and datacenter power themes. Strong performance driven by disciplined value approach in inefficient small-cap markets with significant opportunity set. | - | ||||||
| - | - | Voya's small-cap fund underperformed due to poor stock selection in tech and industrials, missing AI beneficiaries like Bloom Energy while overweighting earnings disappointments. Positive contributors included infrastructure and uranium plays. With Fed easing cycle beginning and market leadership broadening beyond mega-caps, managers see expanding opportunities but remain cautious amid geopolitical and policy uncertainties. Full Quick Take Voya's small-cap fund underperformed due to poor stock selection in tech and industrials, missing AI beneficiaries like Bloom Energy while overweighting earnings disappointments. Positive contributors included infrastructure and uranium plays. With Fed easing cycle beginning and market leadership broadening beyond mega-caps, managers see expanding opportunities but remain cautious amid geopolitical and policy uncertainties. | - | ||||||
| +16.3% | +38.9% | City Different generated exceptional outperformance in Q3 2025 led by Tidewater and nuclear energy holdings, while warning that current AI valuations have reached highly speculative, frothy territory. Full Quick Take City Different generated exceptional outperformance in Q3 2025 led by Tidewater and nuclear energy holdings, while warning that current AI valuations have reached highly speculative, frothy territory. | - | ||||||
| - | +39.7% | Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitalize on the peaking Labubu doll hype cycle. Full Quick Take Arnott Capital delivered a 3.97% net return for H1 2025, actively rotating capital out of GLP-1 incumbents and into UK housing and Softbank. They are shorting Pop Mart to capitalize on the peaking Labubu doll hype cycle. | - | ||||||
| +18.4% | +35.5% | The Kopernik Global All-Cap Fund delivered a stellar 18.39% return in Q2 2025, powered by strong gains in PGM, uranium, and South Korean value equities, while hedging against frothy US market valuations. Full Quick Take The Kopernik Global All-Cap Fund delivered a stellar 18.39% return in Q2 2025, powered by strong gains in PGM, uranium, and South Korean value equities, while hedging against frothy US market valuations. | - | ||||||
| +26.9% | - | Artificial Intelligence & Infrastructure, European Defense & Emerging Markets, Additional Keywords & Themes | The fund delivered robust outperformance (+26.90% vs +16.93% benchmark) in Q2 2025 by relying on fundamental stock selection, while actively pivoting from over-extended AI and uranium trades into European defense, semiconductor materials, and undervalued emerging market small-caps. Full Quick Take The fund delivered robust outperformance (+26.90% vs +16.93% benchmark) in Q2 2025 by relying on fundamental stock selection, while actively pivoting from over-extended AI and uranium trades into European defense, semiconductor materials, and undervalued emerging market small-caps. | - | |||||
| - | - | The commodity supercycle has begun as U.S. shale peaks and the global carry trade unwinds. Platinum group metals offer extraordinary upside after 16-year bear markets, while natural gas prices could double as production declines meet surging LNG demand. Gold's bull market continues with central bank support. Maximum pessimism creates compelling entry points across natural resource equities. Full Quick Take The commodity supercycle has begun as U.S. shale peaks and the global carry trade unwinds. Platinum group metals offer extraordinary upside after 16-year bear markets, while natural gas prices could double as production declines meet surging LNG demand. Gold's bull market continues with central bank support. Maximum pessimism creates compelling entry points across natural resource equities. | - | ||||||
| -12.4% | - | Concentrated small-cap fund targeting catalyst-driven opportunities in uranium, biotech, and healthcare technology. Despite Q1 decline, manager shows high conviction with ASP Isotopes revenue catalysts, improved Niger dynamics for Global Atomic, and Biotricity's AI transition. Portfolio concentrated further while removing leverage ahead of expected macro volatility through September. Full Quick Take Concentrated small-cap fund targeting catalyst-driven opportunities in uranium, biotech, and healthcare technology. Despite Q1 decline, manager shows high conviction with ASP Isotopes revenue catalysts, improved Niger dynamics for Global Atomic, and Biotricity's AI transition. Portfolio concentrated further while removing leverage ahead of expected macro volatility through September. | - | ||||||
| -7.6% | - | Meridian Contrarian Fund's Q1 2025 return of -7.59% reflects broader small-cap weakness amid tariff policy uncertainty. The fund's contrarian strategy targets out-of-favor companies with turnaround catalysts, maintaining 50-75 concentrated positions. Despite near-term volatility, managers see opportunity in U.S. manufacturing reshoring themes and high-quality companies experiencing temporary dislocations. Full Quick Take Meridian Contrarian Fund's Q1 2025 return of -7.59% reflects broader small-cap weakness amid tariff policy uncertainty. The fund's contrarian strategy targets out-of-favor companies with turnaround catalysts, maintaining 50-75 concentrated positions. Despite near-term volatility, managers see opportunity in U.S. manufacturing reshoring themes and high-quality companies experiencing temporary dislocations. | |||||||
| +14.5% | +14.5% | Kopernik delivered 14.49% returns in Q1 2025 as value stocks rebounded from 2024's momentum-driven underperformance. Precious metals, emerging markets, and diversified holdings drove outperformance versus MSCI ACWI's -1.32% decline. The fund's disciplined value approach and global diversification strategy positioned it well as markets fell from elevated valuations amid increased volatility and tariff concerns. Full Quick Take Kopernik delivered 14.49% returns in Q1 2025 as value stocks rebounded from 2024's momentum-driven underperformance. Precious metals, emerging markets, and diversified holdings drove outperformance versus MSCI ACWI's -1.32% decline. The fund's disciplined value approach and global diversification strategy positioned it well as markets fell from elevated valuations amid increased volatility and tariff concerns. | - | ||||||
| -11.0% | - | - | Hood River's international small-cap strategy underperformed in Q1 as policy uncertainty disrupted fundamental-driven stock selection. AI infrastructure exposure faced Deepseek-related volatility despite management confidence in 20% capex growth. Europe outperformed significantly on fiscal expansion optimism. Managers maintain disciplined earnings momentum focus, viewing current turbulence as potentially preceding favorable conditions. Full Quick Take Hood River's international small-cap strategy underperformed in Q1 as policy uncertainty disrupted fundamental-driven stock selection. AI infrastructure exposure faced Deepseek-related volatility despite management confidence in 20% capex growth. Europe outperformed significantly on fiscal expansion optimism. Managers maintain disciplined earnings momentum focus, viewing current turbulence as potentially preceding favorable conditions. | - | |||||
| -14.8% | -10.6% | Concentrated value fund suffered from offshore services and Florida real estate weakness despite strong underlying fundamentals. Manager doubled down on offshore thesis, believing decade-long bear market has ended with equipment shortage meeting growing demand. Portfolio trades at deepest discount since 2020 crash, positioned for value rotation as inflationary policies favor hard assets over growth stocks. Full Quick Take Concentrated value fund suffered from offshore services and Florida real estate weakness despite strong underlying fundamentals. Manager doubled down on offshore thesis, believing decade-long bear market has ended with equipment shortage meeting growing demand. Portfolio trades at deepest discount since 2020 crash, positioned for value rotation as inflationary policies favor hard assets over growth stocks. | |||||||
| - | - | Riverwater Partners' Micro Opportunities Strategy seeks to acquire undervalued domestic microcaps at attractive valuations, leveraging structural trends such as reshoring, Federal Reserve rate cuts, and artificial intelligence hardware expansion while avoiding vulnerable international supply chains. Full Quick Take Riverwater Partners' Micro Opportunities Strategy seeks to acquire undervalued domestic microcaps at attractive valuations, leveraging structural trends such as reshoring, Federal Reserve rate cuts, and artificial intelligence hardware expansion while avoiding vulnerable international supply chains. | |||||||
| - | - | Defensive positioning with sizeable cash amid extreme US market valuations at 37x Shiller P/E. Capitalizing on undervalued Chinese technology and telecom companies trading at massive discounts to western peers. Energy and uranium exposure through quality assets. Avoiding overvalued US markets while positioning for opportunities in undervalued emerging markets. Full Quick Take Defensive positioning with sizeable cash amid extreme US market valuations at 37x Shiller P/E. Capitalizing on undervalued Chinese technology and telecom companies trading at massive discounts to western peers. Energy and uranium exposure through quality assets. Avoiding overvalued US markets while positioning for opportunities in undervalued emerging markets. | - | ||||||
| 0.0% | - | Concentrated small-cap fund declined 3.03% in Q3 after selling two Swedish positions for permanent losses. Manager deployed cash into two new high-conviction holdings, with ASP Isotopes and ElectroCore as top positions. Multiple catalysts expected across portfolio over next 12-15 months, including uranium financing, biotech trials, and technology scaling. Strong conviction in market-neutral appreciation ahead. Full Quick Take Concentrated small-cap fund declined 3.03% in Q3 after selling two Swedish positions for permanent losses. Manager deployed cash into two new high-conviction holdings, with ASP Isotopes and ElectroCore as top positions. Multiple catalysts expected across portfolio over next 12-15 months, including uranium financing, biotech trials, and technology scaling. Strong conviction in market-neutral appreciation ahead. | - | ||||||
| - | +4.9% | Praetorian Capital runs a concentrated portfolio positioned for fiscal crisis in over-indebted Western democracies. Despite Q3 underperformance from three large positions, manager Harris Kupperman maintains conviction in uranium, oilfield services, precious metals, and Florida real estate. The fund has reduced exposure dramatically, holding significant liquidity to deploy during anticipated market volatility following elections and economic deterioration. Full Quick Take Praetorian Capital runs a concentrated portfolio positioned for fiscal crisis in over-indebted Western democracies. Despite Q3 underperformance from three large positions, manager Harris Kupperman maintains conviction in uranium, oilfield services, precious metals, and Florida real estate. The fund has reduced exposure dramatically, holding significant liquidity to deploy during anticipated market volatility following elections and economic deterioration. | |||||||
| - | - | Commodities are extremely undervalued relative to equities, marking the start of a multi-year bull market. US shale oil and gas production has peaked and is declining, shifting global energy dynamics. Gold stocks offer exceptional value despite gold hitting new highs. Natural gas faces supply shortfalls as LNG demand grows. Historical analysis shows minimal cost to being early in commodity cycles. Full Quick Take Commodities are extremely undervalued relative to equities, marking the start of a multi-year bull market. US shale oil and gas production has peaked and is declining, shifting global energy dynamics. Gold stocks offer exceptional value despite gold hitting new highs. Natural gas faces supply shortfalls as LNG demand grows. Historical analysis shows minimal cost to being early in commodity cycles. | - | ||||||
| +1.7% | +7.4% | Concentrated value fund down 1.69% in Q2 as core energy, uranium, and real estate positions await earnings inflections while Event-Driven book carried performance. Manager reduced exposure citing economic slowing and unfavorable low-volatility environment. Positioned defensively for election volatility while maintaining conviction in inflection investing approach requiring actual fundamental improvements, not just cheap valuations. Full Quick Take Concentrated value fund down 1.69% in Q2 as core energy, uranium, and real estate positions await earnings inflections while Event-Driven book carried performance. Manager reduced exposure citing economic slowing and unfavorable low-volatility environment. Positioned defensively for election volatility while maintaining conviction in inflection investing approach requiring actual fundamental improvements, not just cheap valuations. | |||||||
| +9.3% | - | Praetorian returned 9.25% in Q1 with concentrated bets on energy services, uranium, precious metals, and Florida real estate. Manager Kupperman positions for inevitable bond crisis from fiscal deficits, expecting central bank pivot to drive inflation and outperformance after two years of underperformance. Fund grown to $343M primarily through compounding. Full Quick Take Praetorian returned 9.25% in Q1 with concentrated bets on energy services, uranium, precious metals, and Florida real estate. Manager Kupperman positions for inevitable bond crisis from fiscal deficits, expecting central bank pivot to drive inflation and outperformance after two years of underperformance. Fund grown to $343M primarily through compounding. | |||||||
| +3.1% | +3.1% | Arnott Opportunities returned 3.67% in March, driven by nuclear and data center themes. Amazon's nuclear-powered data center acquisition signals the AI-driven nuclear renaissance. The fund holds Cameco Corporation for its underappreciated nuclear fuel cycle business and is adding nuclear supply chain beneficiaries as energy demand accelerates. Full Quick Take Arnott Opportunities returned 3.67% in March, driven by nuclear and data center themes. Amazon's nuclear-powered data center acquisition signals the AI-driven nuclear renaissance. The fund holds Cameco Corporation for its underappreciated nuclear fuel cycle business and is adding nuclear supply chain beneficiaries as energy demand accelerates. | - | ||||||
| - | - | - | Natural resource specialists argue EV adoption will disappoint due to energy inefficiency, supporting oil demand growth. US shale production may decline while Saudi reserves face constraints. Natural gas, uranium, and agricultural markets approach structural deficits despite bearish sentiment. Central bank gold buying overwhelms Western selling. Commodity fundamentals strengthening for sustained bull market. Full Quick Take Natural resource specialists argue EV adoption will disappoint due to energy inefficiency, supporting oil demand growth. US shale production may decline while Saudi reserves face constraints. Natural gas, uranium, and agricultural markets approach structural deficits despite bearish sentiment. Central bank gold buying overwhelms Western selling. Commodity fundamentals strengthening for sustained bull market. | - | |||||
| - | - | GreenWood delivered 28% returns in 2023 through concentrated European positions trading at unprecedented discounts to US markets. The firm employs constructive activism with board seats at Leonardo and MEI Pharma, focusing on owner-operated businesses with strong FCF growth. Key themes include European defense spending, Iberian e-commerce expansion, uranium economics, and music streaming model evolution. Full Quick Take GreenWood delivered 28% returns in 2023 through concentrated European positions trading at unprecedented discounts to US markets. The firm employs constructive activism with board seats at Leonardo and MEI Pharma, focusing on owner-operated businesses with strong FCF growth. Key themes include European defense spending, Iberian e-commerce expansion, uranium economics, and music streaming model evolution. | - | ||||||
| +10.0% | -1.6% | - | Grey Owl Capital maintains defensive positioning despite strong markets, citing unsustainable borrowing extending economic cycles artificially. Manufacturing remains contractionary while services weaken, with commercial real estate and venture capital showing structural stress. The fund reduced hedges but keeps large cash positions yielding 5%, adding selective exposure to India, utilities, crypto, and uranium while remaining cautious on timing. Full Quick Take Grey Owl Capital maintains defensive positioning despite strong markets, citing unsustainable borrowing extending economic cycles artificially. Manufacturing remains contractionary while services weaken, with commercial real estate and venture capital showing structural stress. The fund reduced hedges but keeps large cash positions yielding 5%, adding selective exposure to India, utilities, crypto, and uranium while remaining cautious on timing. | - | |||||
| +6.8% | +26.4% | Praetorian Capital delivered 26.45% net returns in 2023 through concentrated inflection investing in undervalued securities. Key themes include uranium supply deficit, oilfield services recovery post-consolidation, and aerospace/defense restocking cycles. Despite oil price disappointment, energy services positions appreciated on demand recovery. Manager optimistic about next five years with operational build-out complete. Full Quick Take Praetorian Capital delivered 26.45% net returns in 2023 through concentrated inflection investing in undervalued securities. Key themes include uranium supply deficit, oilfield services recovery post-consolidation, and aerospace/defense restocking cycles. Despite oil price disappointment, energy services positions appreciated on demand recovery. Manager optimistic about next five years with operational build-out complete. | |||||||
| - | - | Capicraft outperformed in 2023 with 15.26% returns despite positioning against soft landing consensus. Manager expects stagflation from fiscal dominance and persistent inflation above Fed targets. Portfolio benefits from Burford Capital and Cameco winners while seeing exceptional value in deeply discounted South African equities and oil sector opportunities amid supply vulnerabilities. Full Quick Take Capicraft outperformed in 2023 with 15.26% returns despite positioning against soft landing consensus. Manager expects stagflation from fiscal dominance and persistent inflation above Fed targets. Portfolio benefits from Burford Capital and Cameco winners while seeing exceptional value in deeply discounted South African equities and oil sector opportunities amid supply vulnerabilities. | - | ||||||
| - | - | Rozendal delivered 21.6% returns in 2023 through concentrated positions in uranium recovery, litigation finance, and emerging market companies with strong management. The fund's macro analysis favors emerging market debt over US treasuries based on superior fiscal metrics. Key theme is identifying quality businesses that can outperform despite challenging macroeconomic conditions through conservative management and strategic positioning. Full Quick Take Rozendal delivered 21.6% returns in 2023 through concentrated positions in uranium recovery, litigation finance, and emerging market companies with strong management. The fund's macro analysis favors emerging market debt over US treasuries based on superior fiscal metrics. Key theme is identifying quality businesses that can outperform despite challenging macroeconomic conditions through conservative management and strategic positioning. | - | ||||||
| - | +4.8% | - | Arnott Opportunities delivered 3.15% in December, driven by long Uranium and Energy themes while short Australian Banks detracted. The fund maintains 42% net long exposure through its asymmetric thematic strategy, achieving 4.84% for 2023 and 20.42% annualized since inception with minimal correlation to traditional markets. Full Quick Take Arnott Opportunities delivered 3.15% in December, driven by long Uranium and Energy themes while short Australian Banks detracted. The fund maintains 42% net long exposure through its asymmetric thematic strategy, achieving 4.84% for 2023 and 20.42% annualized since inception with minimal correlation to traditional markets. | - | |||||
| - | +6.2% | Packer & Co remains extremely cautious of the market's tech-driven rally, warning of an impending recession driven by aggressive rate hikes and record sovereign debt. The fund holds approximately 50% in defensive cash, gold, and short-term bonds, allocating its equity exposure to cheap, cash-generative energy and telecommunications leaders. Full Quick Take Packer & Co remains extremely cautious of the market's tech-driven rally, warning of an impending recession driven by aggressive rate hikes and record sovereign debt. The fund holds approximately 50% in defensive cash, gold, and short-term bonds, allocating its equity exposure to cheap, cash-generative energy and telecommunications leaders. | - | ||||||
| - | - | Goehring & Rozencwajg argue energy demand will surprise upward due to Jevons Paradox while renewable investments represent massive malinvestment. Multiple commodities entering structural deficits including oil and uranium. Natural gas convergence imminent as shale plateaus. Central bank gold buying signals monetary regime change. Energy assets transitioning from uninvestible to must-own. Full Quick Take Goehring & Rozencwajg argue energy demand will surprise upward due to Jevons Paradox while renewable investments represent massive malinvestment. Multiple commodities entering structural deficits including oil and uranium. Natural gas convergence imminent as shale plateaus. Central bank gold buying signals monetary regime change. Energy assets transitioning from uninvestible to must-own. | - | ||||||
| +11.9% | +18.3% | Praetorian Capital returned 11.92% net in Q3 2023 through concentrated bets on uranium, energy services, and Florida real estate. Manager Kupperman targets asymmetric opportunities in undervalued securities undergoing dynamic change. Despite frustration with recent performance, the portfolio is positioned for increased geopolitical volatility and inflation, with the manager excited about potentially more volatile markets ahead. Full Quick Take Praetorian Capital returned 11.92% net in Q3 2023 through concentrated bets on uranium, energy services, and Florida real estate. Manager Kupperman targets asymmetric opportunities in undervalued securities undergoing dynamic change. Despite frustration with recent performance, the portfolio is positioned for increased geopolitical volatility and inflation, with the manager excited about potentially more volatile markets ahead. | |||||||
| -4.6% | -8.7% | Massif Capital's concentrated real assets portfolio suffered -4.6% in Q3 from broad sector weakness despite positive stock selection. Uranium positions surged 67% while utilities and metals struggled with rate sensitivity and commodity price declines. Manager maintains conviction in long-term oil demand growth and uranium supply constraints, viewing current valuations as attractive despite near-term factor headwinds. Full Quick Take Massif Capital's concentrated real assets portfolio suffered -4.6% in Q3 from broad sector weakness despite positive stock selection. Uranium positions surged 67% while utilities and metals struggled with rate sensitivity and commodity price declines. Manager maintains conviction in long-term oil demand growth and uranium supply constraints, viewing current valuations as attractive despite near-term factor headwinds. | - | ||||||
| - | - | After eight years of underperformance, Capicraft significantly increased South African equity exposure as many JSE companies now trade at 5x P/E ratios following R577 billion in foreign outflows. The manager pursues special situations like Zeder and RMH Holdings for value unlocking opportunities while positioning portfolios as anti-fragile through trend and volatility strategies amid rising geopolitical and financial risks. Full Quick Take After eight years of underperformance, Capicraft significantly increased South African equity exposure as many JSE companies now trade at 5x P/E ratios following R577 billion in foreign outflows. The manager pursues special situations like Zeder and RMH Holdings for value unlocking opportunities while positioning portfolios as anti-fragile through trend and volatility strategies amid rising geopolitical and financial risks. | - | ||||||
| - | - | Tall Oak Capital maintains defensive positioning below target equity allocation while investing in multi-decade uranium and weight loss drug themes through Cameco, Eli Lilly, and Novo Nordisk. The firm increased fixed income exposure to capture attractive yields in a higher-for-longer rate environment, avoiding financials and utilities equities while focusing on high-quality dividend-paying companies and waiting for better equity valuations. Full Quick Take Tall Oak Capital maintains defensive positioning below target equity allocation while investing in multi-decade uranium and weight loss drug themes through Cameco, Eli Lilly, and Novo Nordisk. The firm increased fixed income exposure to capture attractive yields in a higher-for-longer rate environment, avoiding financials and utilities equities while focusing on high-quality dividend-paying companies and waiting for better equity valuations. | - |
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