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.
AVI Japan Opportunity Trust invests in concentrated, over-capitalized Japanese small-caps, using active engagement to unlock value. June saw strong performance from Sharingtechnology (+41%) on strategic option expectations and Sanyo Shokai (+10%) on improved capital allocation. The manager controls 5%+ stakes in 14 holdings representing 66% of NAV, driving governance improvements and shareholder returns in an under-researched market with growing activism momentum.
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AVI Japan Opportunity Trust invests in concentrated, over-capitalized Japanese small-caps, using active engagement to unlock value. June saw strong performance from Sharingtechnology (+41%) on strategic option expectations and Sanyo Shokai (+10%) on improved capital allocation. The manager controls 5%+ stakes in 14 holdings representing 66% of NAV, driving governance improvements and shareholder returns in an under-researched market with growing activism momentum.
Longleaf Partners Fund underperformed a top-heavy market in 3Q25, sticking strictly to its value mandate. The fund is heavily positioned in cash-generative, restructuring assets with clear catalysts while warning of systemic, dot-com-style bubbles in index-heavy tech names.
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Longleaf Partners Fund underperformed a top-heavy market in 3Q25, sticking strictly to its value mandate. The fund is heavily positioned in cash-generative, restructuring assets with clear catalysts while warning of systemic, dot-com-style bubbles in index-heavy tech names.
Pangolin Asia Fund's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager remains highly constructive, arguing that underlying business fundamentals remain robust and valuations across ASEAN represent generational buying opportunities.
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Pangolin Asia Fund's NAV fell 3.50% in June 2025, bringing YTD performance to -6.92% due to underperformance in Bermaz Auto and Indonesian consumer stocks. However, the manager remains highly constructive, arguing that underlying business fundamentals remain robust and valuations across ASEAN represent generational buying opportunities.
