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 | |
|---|---|---|---|---|---|---|
| McElvaine Value Fund | Commentary | 2026 Q2 | 3 0 0 3 bullish, 0 neutral, 0 bearish | TSX:AIMTSX:GUDTSX:PSK | ||
| Voss Value Offshore Fund | Letter | 2026 Q2 | 4 0 0 4 bullish, 0 neutral, 0 bearish | BROSLSE:HILSRXTVGNT | ||
| Brookfield Asset Management | Letter | 2026 Q2 | 1 0 0 1 bullish, 0 neutral, 0 bearish | WAB | ||
| Atai Capital Management | Letter | 2026 Q2 | 1 0 0 1 bullish, 0 neutral, 0 bearish | LSE:TRI.L | ||
| Ycg Investment | Commentary | 2026 Q2 | 0 3 1 0 bullish, 3 neutral, 1 bearish | ANTWMETAOAIWSCHW | ||
| Armbruster Capital Management | Commentary | 2026 Q2 | 2 2 0 2 bullish, 2 neutral, 0 bearish | ROCO:5425AMDINTCXKRX:SMSN | ||
| Shelton Emerging Markets Fund | Commentary | 2026 Q2 | 2 1 1 2 bullish, 1 neutral, 1 bearish | TPE:2454NSE:INFYXKRX:SKHYXKRX:SMSN | ||
| Trojan Fund From Troy Asset Management | Letter | 2026 Q2 | 3 0 1 3 bullish, 0 neutral, 1 bearish | XMAD:0P2WXSWX:ALCNVDAV | ||
| Turtle Creek Fund | Letter | 2026 Q2 | 5 0 0 5 bullish, 0 neutral, 0 bearish | BFHTSX:CIGIFNDKNSLTSX:PBH | ||
| Tectonic Investors | Commentary | 2026 Q2 | 2 0 0 2 bullish, 0 neutral, 0 bearish | ASX:ASX:WGXNYSE:SE | ||
| Ennismore European Smaller Companies Fund | Commentary | 2026 Q2 | 0 1 1 0 bullish, 1 neutral, 1 bearish | XPAR:0IVJXBRU:EVBEF | ||
| Oldfield Partners Overstone World All Cap Equity Fund 2026 Q2 2 | Commentary | 2026 Q2 | 3 0 0 3 bullish, 0 neutral, 0 bearish | TSE:6971LSE:BTRWLSE:EZJ | ||
| Focus Wealth Management | Commentary | 2026 Q2 | 3 0 0 3 bullish, 0 neutral, 0 bearish | ABTGOOGLMU | ||
| Janus Henderson Global Sustainable Equity Fund | Commentary | 2026 Q2 | 4 1 2 4 bullish, 1 neutral, 2 bearish | AVGOLSE:EXPNMUNOWTTEKVRSKXYL | ||
| Janus Uk Smaller Companies Fund | Letter | 2026 Q2 | 0 0 1 0 bullish, 0 neutral, 1 bearish | LSE:SQZ | ||
| The Baird Chautauqua Global Growth Fund | Letter | 2026 Q2 | 10 3 0 10 bullish, 3 neutral, 0 bearish | HKSE:00700HKSE:01299XSWX:0QOATSE:6098TSE:6861TSE:6954TSX:CSUOCSE:GMAB +4 | ||
| Frank Value Fund | Letter | 2026 Q2 | 1 0 0 1 bullish, 0 neutral, 0 bearish | POST | ||
| Clearbridge Investments Large Cap Value | Letter | 2026 Q2 | 6 1 0 6 bullish, 1 neutral, 0 bearish | ROCO:5425AAPLAVGOETNINTCMCHPMSFT | ||
| Clearbridge Mid Cap Growth Strategy | Letter | 2026 Q2 | 9 2 1 9 bullish, 2 neutral, 1 bearish | XTER:0O14ALABBWXTCOHRCRDOINSMKTOSLITE +4 | ||
| Clearbridge Investments Small Cap Growth Strategy | Commentary | 2026 Q2 | 8 2 1 8 bullish, 2 neutral, 1 bearish | ALGMAXSMBEBSXINSMLSCCPODDSEI +3 | ||
| Liontrust Gf Special Situations Fund | Commentary | 2026 Q2 | 7 0 1 7 bullish, 0 neutral, 1 bearish | LSE:3MILSE:ATGLSE:CPGLSE:GAMALSE:ITRKLSE:RSWLSE:SHELLSE:TCAP | ||
| Minot Light Capital Partners | Letter | 2026 Q2 | 5 3 1 5 bullish, 3 neutral, 1 bearish | BOBSEVLVMXCTOFRMOMRMTISNDASUJA +1 | ||
| Boyar Value Group | Letter | 2026 Q2 | 4 1 0 4 bullish, 1 neutral, 0 bearish | BRKBGOOGLMSGSMUSNDK | ||
| Alger Small Cap Focus Fund | Commentary | 2026 Q2 | 4 0 0 4 bullish, 0 neutral, 0 bearish | FBRXGHKRMNNBIS | ||
| Alger Spectra Fund | Commentary | 2026 Q2 | 1 3 0 1 bullish, 3 neutral, 0 bearish | ALABGFLIRENQXO | ||
| Janus Henderson Forty Fund | Commentary | 2026 Q2 | 2 0 0 2 bullish, 0 neutral, 0 bearish | ORCLUNH | ||
| Auscap Asset Management | Commentary | 2026 Q2 | 2 0 0 2 bullish, 0 neutral, 0 bearish | ASX:LOVASX:NCK | ||
| Distillate Capital Fundamental Stability Value | Letter | 2026 Q2 | 4 5 1 4 bullish, 5 neutral, 1 bearish | TPE:2379CRMFDXGOOGLICEMSFTNVDAON +2 | ||
| Titan Wealth | Commentary | 2026 Q2 | 2 0 2 2 bullish, 0 neutral, 2 bearish | CRWDKLACNFLXPLTR | ||
| Riverwater Micro Opportunities Strategy | Letter | 2026 Q2 | 3 0 1 3 bullish, 0 neutral, 1 bearish | LWAYLXURDVTUROY | ||
| Ganes Focused Value Fund | Letter | 2026 Q2 | 3 1 2 3 bullish, 1 neutral, 2 bearish | ASX:APEASX:ARBASX:AUBASX:DDRASX:FIDASX:MFF | ||
| Alger Mid Cap Focus Fund | Commentary | 2026 Q2 | 2 1 0 2 bullish, 1 neutral, 0 bearish | ALABINSMNBIS | ||
| Giverny Capital Asset Management | Letter | 2026 Q2 | 8 2 1 8 bullish, 2 neutral, 1 bearish | AAONANETTSX:CSUGOOGLIBPMAMETANVDA +3 | ||
| Montaka Global Investments | Letter | 2026 Q2 | 1 1 0 1 bullish, 1 neutral, 0 bearish | GOOGLMA | ||
| Parnassus Core Equity Fund | Letter | 2026 Q2 | 4 0 0 4 bullish, 0 neutral, 0 bearish | AMDDASHGEVHUBB | ||
| Moon Capital Management | Letter | 2026 Q2 | 2 1 1 2 bullish, 1 neutral, 1 bearish | AMZNDVAGOOGLZTS | ||
| The Bristol Gate U S Equity Strategy | Letter | 2026 Q2 | 6 2 1 6 bullish, 2 neutral, 1 bearish | AMATAMDAPHCOSTHWMINTCINTUKLAC +1 | ||
| Vt Holland Advisors Equity Fund | Letter | 2026 Q2 | 3 2 0 3 bullish, 2 neutral, 0 bearish | AMZNLSE:JET2LSE:NXTSEWRB | ||
| Arquitos Capital Management | Letter | 2026 Q2 | 2 0 2 2 bullish, 0 neutral, 2 bearish | XPAR:ABVXFNCHQLQDAUTHR | ||
| Blue Tower Asset Management | Letter | 2026 Q2 | 2 0 0 2 bullish, 0 neutral, 0 bearish | MCNNYSE: ENVA |
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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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