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 | |
|---|---|---|---|---|---|---|
| Jemekk Hedge Fund | Commentary | 2025 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | AMZNWMT | ||
| Ws Amati Global Innovation Fund | Commentary | 2025 Q3 | 9 1 0 9 bullish, 1 neutral, 0 bearish | CGNXLSE:CHGDXCMGLBEGLOBLITEPIPRCT +2 | ||
| Thornburg Global Opportunities Fund | Commentary | 2025 Q3 | 7 8 0 7 bullish, 8 neutral, 0 bearish | HKSE:00027HKSE:00700SZSE:03750XPAR:0J6XROCO:5425BABAXKRX:BC94DUB:BIRGN +4 | ||
| Airlie Small Companies Fund | Letter | 2025 Q3 | 5 0 0 5 bullish, 0 neutral, 0 bearish | ASX:GYGASX:JYCASX:MADASX:NCKNWSA | ||
| Tactile Fund | Letter | 2025 Q3 | 6 0 0 6 bullish, 0 neutral, 0 bearish | XSWX:0QMLXSWX:0QNGCNRDMIL:FUMXPAR:MLCMBNZSE:X4I | ||
| Airlie Australian Share Fund | Commentary | 2025 Q3 | 2 0 1 2 bullish, 0 neutral, 1 bearish | ASX:CSLNZSE:EBOASX:NCK | ||
| East72 Dynasty Trust | Commentary | 2025 Q3 | 4 3 0 4 bullish, 3 neutral, 0 bearish | MIL:0AB5XPAR:0O0YBECCXSGO:CFRASX:DGLXPAR:LVMHMIL:RACE | ||
| Eagle Point Capital | Letter | 2025 Q3 | 1 0 0 1 bullish, 0 neutral, 0 bearish | LSE:BTI | ||
| Lrt Capital Management | Commentary | 2025 Q3 | 12 0 0 12 bullish, 0 neutral, 0 bearish | ABGCCICHTRTSX:CIGIRLISNEXSSDTSX:TD +4 | ||
| Smallvalue | Commentary | 2025 Q3 | 3 0 0 3 bullish, 0 neutral, 0 bearish | MIL:0YCGMIL:6SZAFRA:HP3A | ||
| Bytetree | Letter | 2025 Q3 | 1 0 0 1 bullish, 0 neutral, 0 bearish | LSE:BRWM | ||
| Maple Tree Capital Jonagold | Commentary | 2025 Q3 | 6 0 0 6 bullish, 0 neutral, 0 bearish | CRWVGRNDLMNDNBISUECUPST | ||
| Hmc Capital Partners Fund I | Commentary | 2025 Q3 | 4 0 0 4 bullish, 0 neutral, 0 bearish | ASX:BBNASX:GNCASX:LICASX:LLC | ||
| Oldfield Partners | Commentary | 2025 Q3 | 0 2 0 0 bullish, 2 neutral, 0 bearish | PHS:ACSGX:JAR | ||
| Clearbridge Investments Dividend Strategy 2025 Q3 2 | Letter | 2025 Q3 | 8 1 0 8 bullish, 1 neutral, 0 bearish | LHXMRSHNOCODFLORCLSRETELTRV +1 | ||
| Resilient Asset Management | Letter | 2025 Q3 | 2 1 1 2 bullish, 1 neutral, 1 bearish | IST:3COAGOOGLDELISTED:JDSUOAIW | ||
| Longriver Investment Partners | Letter | 2025 Q3 | 4 1 0 4 bullish, 1 neutral, 0 bearish | HKSE:00700HKSE:1523 HKMETAORCLOTAI | ||
| Oakmark Global Fund | Letter | 2025 Q3 | 3 0 1 3 bullish, 0 neutral, 1 bearish | XPAR:0IIHCRMMOHTRGP | ||
| Conestoga Smid Cap Composite | Commentary | 2025 Q3 | 4 1 4 4 bullish, 1 neutral, 4 bearish | AAONCLMBEXPOFTNTHLIOJKHYQTWOVRSK +1 | ||
| Oakmark International Fund | Letter | 2025 Q3 | 1 0 0 1 bullish, 0 neutral, 0 bearish | XPAR:0IIH | ||
| Crescat Capital Global Macro Hedge Fund | Commentary | 2025 Q3 | 0 0 1 0 bullish, 0 neutral, 1 bearish | MSTR | ||
| Ashva Capital Management | Letter | 2025 Q3 | 3 0 0 3 bullish, 0 neutral, 0 bearish | DISHOODXLF | ||
| Vulcan Value Partners Large Cap | Letter | 2025 Q3 | 6 0 1 6 bullish, 0 neutral, 1 bearish | CBRECRMFISVGOOGLKMXMEDPUNH | ||
| Vulcan Value Partners All Cap | Letter | 2025 Q3 | 6 0 1 6 bullish, 0 neutral, 1 bearish | CBRECRMFISVGOOGLKMXMEDPUNH | ||
| Madison Investors Fund | Letter | 2025 Q3 | 6 1 3 6 bullish, 1 neutral, 3 bearish | ACNTSX:BNFISVGOOGLITLBRDAMSCIPH +2 | ||
| Alger Small Cap Focus Fund | Commentary | 2025 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | TPCWING | ||
| Parnassus Growth Equity Fund | Letter | 2025 Q3 | 4 1 0 4 bullish, 1 neutral, 0 bearish | CMGCRMGOOGLMELISARO | ||
| Parnassus Value Equity Fund | Letter | 2025 Q3 | 5 0 0 5 bullish, 0 neutral, 0 bearish | ABTBNYHDORCLSYK | ||
| Ariel Focus Fund | Commentary | 2025 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | AJGTSX:B | ||
| Edgepoint Global | Commentary | 2025 Q3 | 0 3 0 0 bullish, 3 neutral, 0 bearish | AVGOJPMMSFT | ||
| Platinum International Brands Fund | Commentary | 2025 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | 0700.HKGOOGL | ||
| Claret Asset Management | Letter | 2025 Q3 | 1 0 0 1 bullish, 0 neutral, 0 bearish | MSFT | ||
| John Hancock Balanced Fund | Commentary | 2025 Q3 | 5 0 0 5 bullish, 0 neutral, 0 bearish | AVGODLREQTGOOGLMU | ||
| Lvs Advisory Growth | Letter | 2025 Q3 | 1 0 0 1 bullish, 0 neutral, 0 bearish | GLNG | ||
| Rs Large Cap Val Strategy | Letter | 2025 Q3 | 1 1 0 1 bullish, 1 neutral, 0 bearish | GOOGLVLO | ||
| Nzs Capital Growth | Letter | 2025 Q3 | 9 2 1 9 bullish, 2 neutral, 1 bearish | ROCO:5425APHXAMS:ASMLTSX:CSUFISVGOOGLINTCLRCX +4 | ||
| Alpha Wealth Funds The Insiders Fund | Commentary | 2025 Q3 | 8 0 0 8 bullish, 0 neutral, 0 bearish | AMDAXONETGOOGLGRALINTCLLYROK | ||
| Baillie Gifford Global Alpha | Letter | 2025 Q3 | 3 0 1 3 bullish, 0 neutral, 1 bearish | XPAR:0MUMCOINMSCIOCSE:NVO | ||
| Baillie Gifford Us Equity Growth | Letter | 2025 Q3 | 2 1 0 2 bullish, 1 neutral, 0 bearish | FIGKNFNFLX | ||
| Third Avenue International Real Estate Value Fund | Letter | 2025 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | BKK:AMATAXBRU:SHUR |
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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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