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.
Baron Durable Advantage Fund gained 13.6% in Q2 2026 as markets recovered from Iran war volatility. AI infrastructure beneficiaries led performance with TSMC up 41.6% and Alphabet up 23.2% on accelerating cloud demand. The manager views valuations as irrationally compressed, with NVIDIA at 14.5x forward P/E despite 113% earnings growth. Portfolio fundamentals strengthened while multiples compressed 9.7% year-to-date, creating attractive entry points for long-term investors.
Full Quick Take
Baron Durable Advantage Fund gained 13.6% in Q2 2026 as markets recovered from Iran war volatility. AI infrastructure beneficiaries led performance with TSMC up 41.6% and Alphabet up 23.2% on accelerating cloud demand. The manager views valuations as irrationally compressed, with NVIDIA at 14.5x forward P/E despite 113% earnings growth. Portfolio fundamentals strengthened while multiples compressed 9.7% year-to-date, creating attractive entry points for long-term investors.
Atherean initiated Ameriprise in Q4, viewing it as quality at a reasonable price. The pure-play wealth manager partners with 10,000 advisors serving two million clients, returning 85% of cash flow to shareholders with strong growth metrics. Despite mixed economic signals and persistent inflation risks, they see long-term wealth management tailwinds from growing investable assets.
Full Quick Take
Atherean initiated Ameriprise in Q4, viewing it as quality at a reasonable price. The pure-play wealth manager partners with 10,000 advisors serving two million clients, returning 85% of cash flow to shareholders with strong growth metrics. Despite mixed economic signals and persistent inflation risks, they see long-term wealth management tailwinds from growing investable assets.
