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.
