Fund Letters Archive
What hedge fund and mutual fund managers wrote about the stocks they own, quoted word for word from their own letters.
| Letter | Type | Period | Manager | Theses Bull · Neu · Bear | Stocks discussed | |
|---|---|---|---|---|---|---|
| Polen Capital Global Growth | Letter | 2025 Q2 | 3 0 2 3 bullish, 0 neutral, 2 bearish | GLOBIDXXSBUXSHOPTMO | ||
| Arquitos Capital Management | Letter | 2025 Q2 | 3 0 0 3 bullish, 0 neutral, 0 bearish | ENDIFNCHLQDA | ||
| Argosy Investors | Letter | 2025 Q2 | 3 4 0 3 bullish, 4 neutral, 0 bearish | DAVADFHFERGLLYNVDAOCSE:NVOW | ||
| Baumann Capital | Letter | 2025 Q2 | 1 0 0 1 bullish, 0 neutral, 0 bearish | MIL:9PC | ||
| Msa Capital | Letter | 2025 Q2 | 4 1 1 4 bullish, 1 neutral, 1 bearish | MIL:0O2BLSE:24W6LSE:ABFFRA:CHGLSE:DCCLSE:WINE | ||
| Baron Fifth Avenue Growth Fund | Commentary | 2025 Q2 |
BARON FIFTH AVENUE GROWTH FUND
27 holdings
| 7 0 0 7 bullish, 0 neutral, 0 bearish | ISRGKKRMETANVDAORCLTSLATPE:TSMC | |
| Munro Global Growth Fund | Letter | 2025 Q2 | 4 0 0 4 bullish, 0 neutral, 0 bearish | SZSE:CATLMSFTNVDAORCL | ||
| L1 Capital Long Short Fund | Letter | 2025 Q2 | 6 0 0 6 bullish, 0 neutral, 0 bearish | XTER:0O1RNZSE:CNUTSX:HBMTSX:NXEASX:STOASX:WGX | ||
| Stone Sentinel Capital | Letter | 2025 Q2 | 2 0 0 2 bullish, 0 neutral, 0 bearish | FINVXMAD:GSJ | ||
| Sawgrass Asset Management – Small Cap Quality Growth | Commentary | 2025 Q2 | 0 1 0 0 bullish, 1 neutral, 0 bearish | MSFT | ||
| Sawgrass Asset Management – Small Cap Quality Growth | Commentary | 2025 Q2 | 3 1 0 3 bullish, 1 neutral, 0 bearish | AORTAVPTNVDASNEX | ||
| Meditation Capital | Letter | 2025 Q2 | 3 1 0 3 bullish, 1 neutral, 0 bearish | FLYWGTLBMNDYMSFT | ||
| Kathmandu Capital | Letter | 2025 Q2 | 3 0 0 3 bullish, 0 neutral, 0 bearish | ACMR.NASDAQGCT.NASDAQMEX:OMAB.NASDAQ | ||
| Templeton & Phillips Capital Management | Letter | 2025 Q2 |
Templeton & Phillips Capital Management, LLC
52 holdings
| 8 2 0 8 bullish, 2 neutral, 0 bearish | BOM:532828AAPLAMZNAVGOGOOGLMETAMRVLMSFT +2 | |
| Templeton & Phillips Capital Management | Commentary | 2025 Q2 |
Templeton & Phillips Capital Management, LLC
52 holdings
| 1 0 0 1 bullish, 0 neutral, 0 bearish | TSX:BN | |
| Massif Capital | Letter | 2025 Q2 | 5 1 0 5 bullish, 1 neutral, 0 bearish | XTER:0SEATSXV:21LLSE:CHGENVXOSL:EQNRLSE:HBR | ||
| Pelican Bay Capital Management | Letter | 2025 Q2 | 4 0 0 4 bullish, 0 neutral, 0 bearish | BF.BBLDRONSLB | ||
| RiverPark Long/Short Opportunity Fund | Letter | 2025 Q2 |
WEDGEWOOD FUND
19 holdings
| 5 0 0 5 bullish, 0 neutral, 0 bearish | AAPLMSFTNFLXNVDAUNH | |
| RiverPark Large Growth | Letter | 2025 Q2 |
WEDGEWOOD FUND
19 holdings
| 8 0 1 8 bullish, 0 neutral, 1 bearish | AAPLMETAMSFTNFLXNVDAPEPSBUXUBER +1 | |
| Pantera Capital | Commentary | 2025 Q2 |
Pantera Capital Partners LP
15 holdings
| 1 2 0 1 bullish, 2 neutral, 0 bearish | COINETH-USDFIGR | |
| East72 | Commentary | 2025 Q2 | 0 3 0 0 bullish, 3 neutral, 0 bearish | OSL:0G8CISX:ISAT.JKSGX:NS8U | ||
| SouthernSun Small Cap | Letter | 2025 Q2 |
SOUTHERNSUN ASSET MANAGEMENT, LLC
29 holdings
| 2 1 1 2 bullish, 1 neutral, 1 bearish | BOOTBRIEXWSO | |
| SouthernSun Small Cap | Letter | 2025 Q2 |
SOUTHERNSUN ASSET MANAGEMENT, LLC
29 holdings
| 3 0 1 3 bullish, 0 neutral, 1 bearish | BOOTEPACEXTRTKR | |
| White Falcon Capital Management | Letter | 2025 Q2 |
Ashoka WhiteOak Capital Pte Ltd
17 holdings
| 6 1 0 6 bullish, 1 neutral, 0 bearish | BOM:532828TSX:ATZDAVAEPAMTSX:SSLTSX:TW | |
| Voss Value Fund | Letter | 2025 Q2 | 5 1 0 5 bullish, 1 neutral, 0 bearish | TSX:ARE CNCLBTFIVNGENIPHINTWLO | ||
| Titan Wealth | Commentary | 2025 Q2 |
Titan Wealth (CI) Ltd
51 holdings
| 4 2 1 4 bullish, 2 neutral, 1 bearish | AAPLAVGOCATDELISTED:HONNFLXNVDAROK | |
| Van Der Mandele Arar Fund | Letter | 2025 Q2 | 3 2 0 3 bullish, 2 neutral, 0 bearish | XAMS:0R96XAMS:0RHDGRVYJFINJXN | ||
| SouthernSun Small Cap | Letter | 2025 Q2 |
SOUTHERNSUN ASSET MANAGEMENT, LLC
29 holdings
| 3 0 1 3 bullish, 0 neutral, 1 bearish | BOOTMSASAMWSO | |
| SouthernSun Small Cap | Letter | 2025 Q2 |
SOUTHERNSUN ASSET MANAGEMENT, LLC
29 holdings
| 3 0 1 3 bullish, 0 neutral, 1 bearish | BOOTDYMSASAM | |
| Sandon Capital | Commentary | 2025 Q2 | 6 0 0 6 bullish, 0 neutral, 0 bearish | ASX:BCIASX:COGASX:FWDIDTASX:KARASX:SXL | ||
| Penn Davis McFarland | Letter | 2025 Q2 |
PENN DAVIS MCFARLAND INC
79 holdings
| 1 0 0 1 bullish, 0 neutral, 0 bearish | SFM | |
| Plural Investing | Commentary | 2025 Q2 | 3 0 0 3 bullish, 0 neutral, 0 bearish | LSE:JDG.LNLSE:JET2LSE:WOSG.LN | ||
| Sandhill Investment Management | Commentary | 2025 Q2 |
Sandhill Capital Partners LLC
98 holdings
| 2 0 0 2 bullish, 0 neutral, 0 bearish | ANETTT | |
| Pernas Research | Commentary | 2025 Q2 | 0 1 1 0 bullish, 1 neutral, 1 bearish | NYSE:BOXNYSE:SSTK | ||
| Optimist Fund | Letter | 2025 Q2 |
Optimist Retirement Group LLC
118 holdings
| 4 0 0 4 bullish, 0 neutral, 0 bearish | CVNARVLVTDUPW | |
| Middle Coast Investing | Commentary | 2025 Q2 | 4 1 0 4 bullish, 1 neutral, 0 bearish | ABMDECKLULULYFTTRIP | ||
| Night Watch Investment Management | Letter | 2025 Q2 | 4 0 2 4 bullish, 0 neutral, 2 bearish | HKSE:1126 HKCWHOSTO:HAYPP SSMRXRELYXPAR:XFAB FP | ||
| Moerus Capital Management | Letter | 2025 Q2 |
Moerus Worldwide Fund
39 holdings
| 8 1 3 8 bullish, 1 neutral, 3 bearish | HKSE:01200HKSE:01910MIL:0RLSSTU:D3GTSX:DC.ADOUGBUE:GGALJEF +4 | |
| Merchant West | Letter | 2025 Q2 | 2 0 0 2 bullish, 0 neutral, 0 bearish | ISRGXPAR:TTE | ||
| Merion Road Capital | Letter | 2025 Q2 |
Merion Investment Management LP
1 holdings
| 3 0 0 3 bullish, 0 neutral, 0 bearish | KTOSMCEMUBAB |
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About the fund letters archive
What is a fund letter?
A letter a fund manager writes to their own investors, usually each quarter, setting out what the fund bought and sold and the reasoning behind it. Managers publish these themselves. GuruFocus collects them, links them to the manager where we track one, and reads them for what was said about individual stocks.
How do you know the quotes are accurate?
Every quote shown here is matched character for character against the letter it came from. Anything that does not match exactly is discarded rather than shown. Nothing on this page is a paraphrase presented as the manager’s words.
What is the difference between “What the manager wrote” and “GuruFocus analysis”?
The first is the manager’s own argument, taken from their letter. The second is written by GuruFocus using AI that never sees the letter text, and carries a GuruAI label wherever it appears. The two are always shown as separate blocks so it is clear who is speaking.
Why do some letters show no theses yet?
A letter appears here as soon as it is collected. Reading it for individual stock theses is a separate step that runs overnight, so the newest letters usually arrive before their analysis does. Older quarters contain many letters that have not been read at all yet. The line above each table says how many of that quarter’s letters have been analysed so far.
Which managers are covered?
Any fund that publishes its letter publicly. Where GuruFocus already tracks the manager, the letter is linked to their profile and 13F holdings, so you can read what they wrote next to what they actually own. Many letters come from funds we do not track, and those appear without a manager link.
How often is this updated?
New letters are collected every night, and the analysis of them follows as it completes. Counts on this page change from day to day as that runs.
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