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 | |
|---|---|---|---|---|---|---|
| Spheria Global Opportunities Fund | Commentary | 2025 Q4 | 2 1 1 2 bullish, 1 neutral, 1 bearish | FERG USOSTO:HEM SSLPLA USUSLM US | ||
| Weitz Hickory Fund | Commentary | 2025 Q4 |
Wallace Weitz
51 holdings
| 6 0 0 6 bullish, 0 neutral, 0 bearish | ACNAMZNCRMTSX:CSUMETATMO | |
| Carmignac Patrimoine | Commentary | 2025 Q4 | 3 0 0 3 bullish, 0 neutral, 0 bearish | GOOGLNVDAXKRX:SKHY | ||
| Protean Select | Letter | 2025 Q4 | 6 1 0 6 bullish, 1 neutral, 0 bearish | OSTO:0AA7OSTO:0H30OSTO:0HBTOSTO:0NNFOSTO:0XXVOSTO:KY1OHEL:Z1H | ||
| Meditation Capital | Letter | 2025 Q4 | 2 0 0 2 bullish, 0 neutral, 0 bearish | ELVMOH | ||
| Mairs & Power – Balanced Fund | Commentary | 2025 Q4 |
Mairs and Power
254 holdings
| 2 1 0 2 bullish, 1 neutral, 0 bearish | AMZNROKWEC | |
| Kathmandu Capital | Letter | 2025 Q4 | 4 0 0 4 bullish, 0 neutral, 0 bearish | ACMR.NASDAQHII.NYSELITE.NASDAQVICR.NASDAQ | ||
| Heartland Mid Cap Value Fund | Commentary | 2025 Q4 |
HEARTLAND MID CAP VALUE FUND
60 holdings
| 2 0 1 2 bullish, 0 neutral, 1 bearish | JBHTKMBMKTX | |
| Heartland Mid Cap Value Fund | Commentary | 2025 Q4 |
HEARTLAND MID CAP VALUE FUND
60 holdings
| 3 0 0 3 bullish, 0 neutral, 0 bearish | BLDRLAMRWCC | |
| Heartland Mid Cap Value Fund | Letter | 2025 Q4 |
HEARTLAND MID CAP VALUE FUND
60 holdings
| 3 0 0 3 bullish, 0 neutral, 0 bearish | ALEXCMCOITGR | |
| Peterson Investment Fund | Letter | 2025 Q4 | 5 0 0 5 bullish, 0 neutral, 0 bearish | BABABRK.BDJCOGOOGLJSE:NPSNY | ||
| White Falcon Capital Management | Letter | 2025 Q4 |
Ashoka WhiteOak Capital Pte Ltd
17 holdings
| 7 1 0 7 bullish, 1 neutral, 0 bearish | AMDAMZNTSX:ATZCSIQEPAMHUNNUW | |
| RiverPark Long/Short Opportunity Fund | Letter | 2025 Q4 |
WEDGEWOOD FUND
21 holdings
| 6 0 0 6 bullish, 0 neutral, 0 bearish | CRWVGOOGLISRGLLYNFLXUBER | |
| RiverPark Large Growth | Letter | 2025 Q4 |
WEDGEWOOD FUND
21 holdings
| 9 0 1 9 bullish, 0 neutral, 1 bearish | AAPLAMATCRWVGOOGLISRGLLYMETAMSFT +2 | |
| Pelican Bay Capital Management | Commentary | 2025 Q4 | 9 1 1 9 bullish, 1 neutral, 1 bearish | ACMTSX:BBLDRCSCOFDSGNRCGOOGMU +3 | ||
| McElvaine Value Fund | Commentary | 2025 Q4 | 7 0 0 7 bullish, 0 neutral, 0 bearish | TSX:AIMTSX:CFPTSX:GUDTSX:IIISGX:JARSGX:MDOTSX:MXG | ||
| Massif Capital | Letter | 2025 Q4 | 8 0 1 8 bullish, 0 neutral, 1 bearish | SZSE:01772TSXV:2VKOSL:EQNRTSX:EQXTSX:GMINLSE:HBRASX:LRVTSX:LUN +1 | ||
| Marram Investment Management | Letter | 2025 Q4 | 5 1 0 5 bullish, 1 neutral, 0 bearish | FITBFOUROKEPAA/PAGPPAYPYPL | ||
| Brookfield Asset Management | Letter | 2025 Q4 | 1 0 0 1 bullish, 0 neutral, 0 bearish | NVDA | ||
| Murray Stahl | Letter | 2025 Q4 |
Murray Stahl
350 holdings
| 2 0 0 2 bullish, 0 neutral, 0 bearish | ARISTSX:BN | |
| Palm Valley Capital Fund | Letter | 2025 Q4 |
Palm Valley Capital Fund
21 holdings
| 7 0 2 7 bullish, 0 neutral, 2 bearish | LSE:DOM LNFLOFORRFPIHTLDINGRKELYAUTZ +1 | |
| Aoris International Fund | Letter | 2025 Q4 | 6 0 1 6 bullish, 0 neutral, 1 bearish | ACNAMZNAPHCPRTLSE:HLMAJKHYXTER:SAP | ||
| Voss Value Fund | Letter | 2025 Q4 | 3 0 0 3 bullish, 0 neutral, 0 bearish | CHHCLBTFLYW | ||
| Van Der Mandele Arar Fund | Letter | 2025 Q4 | 6 5 5 6 bullish, 5 neutral, 5 bearish | HKSE:00327TSE:6890AMZNAVGOBHFGOOGLIMPPJFIN +4 | ||
| Sigil Core Fund | Commentary | 2025 Q4 | 3 0 0 3 bullish, 0 neutral, 0 bearish | CNTNFWDIPURR | ||
| Staude Capital – The Global Value Fund | Commentary | 2025 Q4 | 2 0 0 2 bullish, 0 neutral, 0 bearish | LSE:ESPLSE:UTG | ||
| SouthernSun Small Cap | Letter | 2025 Q4 |
SOUTHERNSUN ASSET MANAGEMENT, LLC
29 holdings
| 5 1 0 5 bullish, 1 neutral, 0 bearish | APGCXTDAREXTRGNRCOSK | |
| SouthernSun Small Cap | Letter | 2025 Q4 |
SOUTHERNSUN ASSET MANAGEMENT, LLC
29 holdings
| 5 2 0 5 bullish, 2 neutral, 0 bearish | AEISCSWCXTDARDORMEXTRKAI | |
| Square Peg | Letter | 2025 Q4 |
SQUARE PEG CAPITAL PTY LTD
8 holdings
| 1 0 0 1 bullish, 0 neutral, 0 bearish | NVDA | |
| RGA Investment Advisors | Letter | 2025 Q4 | 3 0 0 3 bullish, 0 neutral, 0 bearish | AMZNGOOGLLSCC | ||
| Sandhill Investment Management | Letter | 2025 Q4 |
Sandhill Capital Partners LLC
98 holdings
| 4 0 0 4 bullish, 0 neutral, 0 bearish | AJGCRTTANTYL | |
| Riverwater Partners Small Cap Strategy | Commentary | 2025 Q4 |
Riverwater Partners LLC
210 holdings
| 1 0 0 1 bullish, 0 neutral, 0 bearish | LMNR | |
| Plural Investing | Commentary | 2025 Q4 | 1 0 1 1 bullish, 0 neutral, 1 bearish | LOGCLSE:WOSG.LN | ||
| Packer & Co | Commentary | 2025 Q4 |
Packer & Co Ltd
10 holdings
| 2 0 0 2 bullish, 0 neutral, 0 bearish | CNCPYPL | |
| Penn Davis McFarland | Letter | 2025 Q4 |
PENN DAVIS MCFARLAND INC
79 holdings
| 1 0 0 1 bullish, 0 neutral, 0 bearish | OSTO:0RQ6 | |
| Optimist Fund | Letter | 2025 Q4 |
Optimist Retirement Group LLC
118 holdings
| 6 1 0 6 bullish, 1 neutral, 0 bearish | AFRMCVNALSE:DSCVNFLXSWIMTDUPW | |
| Night Watch Investment Management | Letter | 2025 Q4 | 5 0 0 5 bullish, 0 neutral, 0 bearish | DAVADSGROSTO:HAYPPMRXWDC | ||
| AVI Global Trust | Commentary | 2025 Q4 | 0 1 0 0 bullish, 1 neutral, 0 bearish | XTER:0NTI | ||
| Moerus Capital Management | Letter | 2025 Q4 |
Moerus Worldwide Fund
39 holdings
| 9 1 0 9 bullish, 1 neutral, 0 bearish | HKSE:01200HKSE:01910MIL:0RLSLSE:AALBOG:CIBGFRJEFLSE:STAN +2 | |
| Infuse Partners | Letter | 2025 Q4 | 4 0 0 4 bullish, 0 neutral, 0 bearish | DUOLMELISNWVTMDX |
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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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