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 | |
|---|---|---|---|---|---|---|
| Tiff | Commentary | 2026 Q2 | 1 1 0 1 bullish, 1 neutral, 0 bearish | ANTWNVDA | ||
| Qv Investors | Letter | 2026 Q2 | 7 0 0 7 bullish, 0 neutral, 0 bearish | CATTSX:CSUTSX:IFCMSFTNFLXTSX:SJTSX:STN | ||
| Ennismore Global Equity Fund | Letter | 2026 Q2 | 5 0 0 5 bullish, 0 neutral, 0 bearish | OSTO:0AAVWBO:0MJZWAR:0TCPXMAD:DIATSX:MATR | ||
| Andvari Associates | Letter | 2026 Q2 | 3 0 2 3 bullish, 0 neutral, 2 bearish | TSX:CSUMLMNVDAORCLTXN | ||
| Firebird Us Value Fund | Commentary | 2026 Q2 | 1 1 0 1 bullish, 1 neutral, 0 bearish | INTUXKRX:SKHY | ||
| Macnicol Associates Asset Management | Commentary | 2026 Q2 | 1 0 0 1 bullish, 0 neutral, 0 bearish | JSE:GFI | ||
| Chilton Capital Management | Commentary | 2026 Q2 | 5 1 0 5 bullish, 1 neutral, 0 bearish | ROCO:5425BXDCBXPMSFTNVDASPCX | ||
| Gds Investments | Commentary | 2026 Q2 | 1 5 0 1 bullish, 5 neutral, 0 bearish | AAPLANTWMSFTMUOAIWTSE:SONY | ||
| Tyme Advisors | Commentary | 2026 Q2 | 2 0 1 2 bullish, 0 neutral, 1 bearish | AVGONVDAXKRX:SKHY | ||
| Mondrian International Equity Value Opportunities | Commentary | 2026 Q2 | 1 0 0 1 bullish, 0 neutral, 0 bearish | GOOGL | ||
| Ithaka Us Growth Strategy | Commentary | 2026 Q2 | 4 0 0 4 bullish, 0 neutral, 0 bearish | ANTWLRCXNVDAPANW | ||
| Mondrian Global Equity Fund | Commentary | 2026 Q2 | 1 0 0 1 bullish, 0 neutral, 0 bearish | GOOGL | ||
| Deep Sail Capital Partners | Letter | 2026 Q2 | 3 0 1 3 bullish, 0 neutral, 1 bearish | AMPGTSX:CLSCRDODEPW | ||
| Carillon Eagle Mid Cap Growth Fund | Commentary | 2026 Q2 |
Carillon Eagle Mid Cap Growth Fund
96 holdings
| 1 3 1 1 bullish, 3 neutral, 1 bearish | TSX:AGIATIEQTHRCRVNOM | |
| Peapack Private | Commentary | 2026 Q2 | 1 0 1 1 bullish, 0 neutral, 1 bearish | MUXKRX:SMSN | ||
| Harding Loevner Emerging Markets Equity | Commentary | 2026 Q2 |
Chinese Equity Portfolio
0 holdings
| 8 2 2 8 bullish, 2 neutral, 2 bearish | HKSE:00700HKSE:01299SHSE:02359XKRX:035720ROCO:5274TPE:9CUSTC:HPGSTC:MWG +4 | |
| The Bristol Gate Canadian Equity | Commentary | 2026 Q2 |
Bristol Gate Capital Partners Inc.
33 holdings
| 4 2 0 4 bullish, 2 neutral, 0 bearish | TSX:CCOTSX:CVETSX:EFNTSX:JWELTSX:TIHTSX:X | |
| Ncg Large Cap Growth Strategy | Commentary | 2026 Q2 | 5 0 0 5 bullish, 0 neutral, 0 bearish | AMATAMDXAMS:ASMLMRVLNVDA | ||
| American Century Emerging Markets Fund | Commentary | 2026 Q2 |
American Century Emerging Markets Bond ETF
0 holdings
| 1 1 0 1 bullish, 1 neutral, 0 bearish | HKSE:00700XKRX:SMSN | |
| American Century Small Cap Value Fund | Commentary | 2026 Q2 | 2 0 1 2 bullish, 0 neutral, 1 bearish | CDNLKLICNOG | ||
| Legacy Ridge Capital | Letter | 2026 Q2 | 3 0 0 3 bullish, 0 neutral, 0 bearish | EPDEQTPAA | ||
| Ncg Smid Cap Growth Strategy | Commentary | 2026 Q2 | 0 1 0 0 bullish, 1 neutral, 0 bearish | XCNQ:NJ6A | ||
| Impax Global Environmental Markets Fund | Commentary | 2026 Q2 |
Impax Global Environmental Markets Fund
42 holdings
| 3 0 1 3 bullish, 0 neutral, 1 bearish | XTER:0KEDADSKKLACMRVL | |
| Impax Us Sustainable Economy Fund | Commentary | 2026 Q2 |
Impax US Sustainable Economy Fund
131 holdings
| 2 2 2 2 bullish, 2 neutral, 2 bearish | ADBEAMATAMDAVGOVZZTS | |
| Evolve Private Wealth | Letter | 2026 Q2 |
EVOLVE PRIVATE WEALTH, LLC
1001 holdings
| 0 1 0 0 bullish, 1 neutral, 0 bearish | ANTW | |
| Baillie Gifford Us Equity Growth | Letter | 2026 Q2 |
Baillie Gifford
274 holdings
| 5 0 1 5 bullish, 0 neutral, 1 bearish | AVGOCRMGOOGLIDXXMASNOW | |
| Warden Capital | Letter | 2026 Q2 | 2 2 0 2 bullish, 2 neutral, 0 bearish | SHSE:688825DEPWGTLBMETA | ||
| Steyn Capital Fr Qi Hedge Fund | Commentary | 2026 Q2 | 1 0 0 1 bullish, 0 neutral, 0 bearish | LSE:PAF | ||
| Columbia Dividend Opportunity Fund | Commentary | 2026 Q2 |
Columbia Dividend Opportunity Fund
88 holdings
| 2 3 0 2 bullish, 3 neutral, 0 bearish | CVSHPEINTCMSMSNDK | |
| Brandes Small Cap Value Fund | Commentary | 2026 Q2 |
Brandes Small Cap Value Fund
47 holdings
| 4 2 1 4 bullish, 2 neutral, 1 bearish | XKRX:001800BOM:522113DOXEPCMOG.AMOVWKC | |
| Unconventional Value | Letter | 2026 Q2 | 3 0 0 3 bullish, 0 neutral, 0 bearish | MNTNPGYRELY | ||
| Harding Loevner International Small Companies Equity | Commentary | 2026 Q2 |
Chinese Equity Portfolio
0 holdings
| 3 0 2 3 bullish, 0 neutral, 2 bearish | XTER:0F1NXSWX:0QMRXPAR:0RTSMIL:0YQATSE:6544 | |
| Alpine Capital | Commentary | 2026 Q2 | 4 0 0 4 bullish, 0 neutral, 0 bearish | AMZNMETAMSFTORCL | ||
| The Sound Shore Fund | Commentary | 2026 Q2 |
SOUND SHORE FUND
39 holdings
| 6 0 0 6 bullish, 0 neutral, 0 bearish | ELVINTCMRVLMUQCOMREGN | |
| American Century International Growth Fund | Commentary | 2026 Q2 | 0 0 1 0 bullish, 0 neutral, 1 bearish | MIL:E | ||
| Mobius Capital Partners | Commentary | 2026 Q2 | 10 0 0 10 bullish, 0 neutral, 0 bearish | TPE:2059XKRX:402340XKRX:440110ROCO:5274TPE:8996IST:ASTORNVDAOAIW +2 | ||
| Optimum International Fund | Commentary | 2026 Q2 |
OPTIMUM INTERNATIONAL FUND
628 holdings
| 2 0 0 2 bullish, 0 neutral, 0 bearish | XKRX:SKHYXKRX:SMSN | |
| Minotaur Global Opportunities Fund | Commentary | 2026 Q2 | 3 0 1 3 bullish, 0 neutral, 1 bearish | BOM:532828METAMUXKRX:SKHY | ||
| Wisdomtree | Commentary | 2026 Q2 | 0 1 0 0 bullish, 1 neutral, 0 bearish | XKRX:SKHY | ||
| Blackrock Advantage Global Fund | Commentary | 2026 Q2 | 0 2 0 0 bullish, 2 neutral, 0 bearish | AMATMU |
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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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