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 | |
|---|---|---|---|---|---|---|
| Brummer Multi-Strategy Fund | Commentary | 2026 Q3 |
Brummer Multi-Strategy AB
1 holdings
| 1 0 0 1 bullish, 0 neutral, 0 bearish | ANTW | |
| Brummer Multi-Strategy Fund | Commentary | 2026 Q3 |
Brummer Multi-Strategy AB
1 holdings
| 1 0 0 1 bullish, 0 neutral, 0 bearish | ANTW | |
| Pzena International Value ADR Strategy | Letter | 2026 Q3 |
Richard Pzena
161 holdings
| 7 0 0 7 bullish, 0 neutral, 0 bearish | TSE:4901TSE:6479TSE:6762TSE:6981ACNSGX:GG0.PFDXTER:SAP | |
| Airlie Small Companies Fund | Letter | 2026 Q3 | 3 1 1 3 bullish, 1 neutral, 1 bearish | ASX:DDRNZSE:EBONZSE:GTKASX:GYGASX:JYC | ||
| Cdt Capital Management | Commentary | 2026 Q3 | 0 2 2 0 bullish, 2 neutral, 2 bearish | METAMUNVDAOAIW | ||
| Kernow Asset Management | Commentary | 2026 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | LSE:CKNLSE:CMCX | ||
| 1851 Capital | Letter | 2026 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | ASX:IREASX:VEA | ||
| Staude Capital The Global Value Fund | Letter | 2026 Q3 | 1 0 0 1 bullish, 0 neutral, 0 bearish | LSE:AA4 | ||
| Lhc Capital | Commentary | 2026 Q3 | 3 6 0 3 bullish, 6 neutral, 0 bearish | ANTWASX:HUBLIFOAIWASX:PMEASX:REATEAMASX:WTC +1 | ||
| Guinness Global Dynamic Bond | Letter | 2026 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | MIL:0H6ILSE:NBS | ||
| Artisan Mid Cap Fund | Commentary | 2026 Q3 |
Artisan Mid Cap Fund
60 holdings
| 3 0 1 3 bullish, 0 neutral, 1 bearish | BEBKRCBREVCYT | |
| Artisan Global Discovery | Commentary | 2026 Q3 |
Artisan Global Discovery Fund
62 holdings
| 3 1 0 3 bullish, 1 neutral, 0 bearish | ARXSBKRMODXPAR:STM | |
| Renaissance Investment Management – International Small Cap Equity | Commentary | 2026 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | TPE:IMOSLSE:MITFY | ||
| Lakehouse Global Growth Fund | Letter | 2026 Q3 |
Lakehouse Capital Pty Ltd
12 holdings
| 3 0 0 3 bullish, 0 neutral, 0 bearish | TSE:4443GOOGLNOW | |
| Guinness Sustainable Energy Fund | Letter | 2026 Q3 |
Guinness Atkinson Sustainable Energy ETF
30 holdings
| 14 11 0 14 bullish, 11 neutral, 0 bearish | SZSE:00916HKSE:00968XMAD:0HITXPAR:0MW7OCSE:0NMKMIL:0NUXXPAR:0R8MOSTO:0XXV +4 | |
| Guinness Global Equity Income | Letter | 2026 Q3 | 6 4 0 6 bullish, 4 neutral, 0 bearish | XSWX:0A6WAJGXKRX:BC94CMEETNGOOGLMETAMSFT +2 | ||
| Guinness Global Energy | Letter | 2026 Q3 |
Guinness Atkinson Sustainable Energy ETF
30 holdings
| 1 4 0 1 bullish, 4 neutral, 0 bearish | XMAD:0NQGOSL:EQNRXPAR:TTEVLOXOM | |
| Cedar Creek Partners | Commentary | 2026 Q3 | 3 4 2 3 bullish, 4 neutral, 2 bearish | EXCEFIEBHRBRPCHMPDRXROYTLSODITSRI +1 | ||
| Guinness European Equity Income | Letter | 2026 Q3 | 6 1 0 6 bullish, 1 neutral, 0 bearish | MIL:0DQZMIL:0QVFXPAR:0QVJXPAR:0RDXOSTO:0XXVXAMS:BESIXKRX:SKHY | ||
| Auscap Asset Management | Commentary | 2026 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | ASX:LOVASX:NCK | ||
| Auscap Asset Management | Letter | 2026 Q3 | 1 0 0 1 bullish, 0 neutral, 0 bearish | ASX:REA | ||
| WS Ruffer Total Return Fund | Commentary | 2026 Q3 |
Ruffer LLP
188 holdings
| 1 0 0 1 bullish, 0 neutral, 0 bearish | BABA | |
| Van Der Mandele Arar Fund | Letter | 2026 Q3 | 5 1 0 5 bullish, 1 neutral, 0 bearish | XTER:0W2JGRVYJFINJXNXKRX:SKHYTSXV:THX | ||
| WS Ruffer Total Return Fund | Commentary | 2026 Q3 |
Ruffer LLP
188 holdings
| 1 0 0 1 bullish, 0 neutral, 0 bearish | BABA | |
| Renaissance Investment Management – Large Cap Growth | Commentary | 2026 Q3 | 3 1 0 3 bullish, 1 neutral, 0 bearish | AMZNKLACMSFTODFL | ||
| Sandhill Investment Management | Commentary | 2026 Q3 |
Sandhill Capital Partners LLC
98 holdings
| 2 0 0 2 bullish, 0 neutral, 0 bearish | BMIFPS | |
| Penn Davis McFarland | Commentary | 2026 Q3 |
PENN DAVIS MCFARLAND INC
79 holdings
| 1 1 0 1 bullish, 1 neutral, 0 bearish | ACNANTW | |
| Lakehouse Small Companies Fund | Commentary | 2026 Q3 |
Lakehouse Capital Pty Ltd
12 holdings
| 2 0 0 2 bullish, 0 neutral, 0 bearish | ASX:GDGASX:SDR | |
| Bilbel Capital | Letter | 2026 Q3 | 1 0 1 1 bullish, 0 neutral, 1 bearish | HKSE:01161CCLD | ||
| Church House Human Capital | Commentary | 2026 Q3 | 1 0 0 1 bullish, 0 neutral, 0 bearish | LSE:CHG | ||
| Church House Human Capital | Commentary | 2026 Q3 | 5 0 0 5 bullish, 0 neutral, 0 bearish | LSE:CHGLSE:DCCLSE:GRIDLSE:HBRLSE:ZIG | ||
| Merchant West Investments | Letter | 2026 Q3 | 1 2 0 1 bullish, 2 neutral, 0 bearish | GOOGLMSFTNVDA | ||
| Sandon Capital | Unclassified | 2026 Q3 | 1 0 0 1 bullish, 0 neutral, 0 bearish | ASX:QPM | ||
| LAM EQ US Value Equity | Unclassified | 2026 Q3 | 0 1 0 0 bullish, 1 neutral, 0 bearish | SNX | ||
| Global Small and Mid Cap Fund | Unclassified | 2026 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | OSTO:0R4PMSCI | ||
| The Case for Fund | Unclassified | 2026 Q3 | 5 0 0 5 bullish, 0 neutral, 0 bearish | TSX:BAMITSX:HPS.ATSX:MDATSXV:RU7TSX:VHI | ||
| Global Small and Mid Cap Fund | Unclassified | 2026 Q3 | 2 0 0 2 bullish, 0 neutral, 0 bearish | OSTO:0R4PMSCI | ||
| Morningstar, S&P Capital | Unclassified | 2026 Q3 | 1 2 0 1 bullish, 2 neutral, 0 bearish | XPAR:0IIFTSE:9104XKRX:SMSN | ||
| Guinness Asset Management - WS Guinness European Equity Income Fund | — | 2026 Q3 | Pending | |||
| Janus Henderson Global Investment Grade Bond Fund | — | 2026 Q3 | Pending |
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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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