Every quarter, FinMasters curates an archive of quarterly hedge fund letters from all over the web.
These letters are from the top hedge funds and the most successful investment firms in the world – learn about the stock market, the economy, the global geopolitical landscape, and investing strategies and philosophy from the very best in the business today.
Many of the letters are sourced from Reddit/r/SecurityAnalysis but also include other sources. If you have any more hedge fund letters or reports – especially ones with a value investing focus – please send them here.
Enjoy the archive!
2023 Hedge Fund Letters
Q4 2023 Hedge Fund Letters
Q3 2023 Hedge Fund Letters
Q2 2023 Hedge Fund Letters
Q1 2023 Hedge Fund Letters
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2022 Hedge Fund Letters
Q4 2022 Hedge Fund Letters
| Investment Firm | Date Posted |
| Octahedron Capital – A Few Things We Learned | January 3 |
| East72 | January 11 |
| Fundsmith | January 11 |
| JPM Guide to the Markets | January 11 |
| LVS Advisory | January 11 |
Q3 2022 Hedge Fund Letters
Q2 2022 Hedge Fund Letters
Q1 2022 Hedge Fund Letters
2021 Hedge Fund Letters
Q4 2021 Hedge Fund Letters
Q3 2021 Hedge Fund Letters
Q2 2021 Hedge Fund Letters
Q1 2021 Hedge Fund Letters
2020 Hedge Fund Letters
Q4 2020 Hedge Fund Letters
| Investment Firm | Date Posted |
|---|---|
| 1 Main Capital | February 1 |
| Admiral Capital | January 18 |
| Aikya Funds | January 17 |
| Alger Mid Cap Focus | December 31 |
| Alger Small Cap Focus | December 31 |
| Alger Spectra Funds | December 31 |
| Alger Weatherbie | December 31 |
| Alluvial Capital | February 4 |
| Alluvial Capital Management | February 2 |
| Alphyn Capital | January 25 |
| Altafox Capital | January 29 |
| Anabatic Investment Partners | January 26 |
| Andaz | February 1 |
| Andaz | December 31 |
| Andvari | February 5 |
| Andvari Associates | December 31 |
| AQR | January 15 |
| Argosy Partners | January 13 |
| Arisaig | January 7 |
| Ark Invest – Big Ideas 2021 | February 4 |
| Arquitos Capital | January 26 |
| Artisan International | January 7 |
| Artisan Mid Cap | January 7 |
| Artisan Small Cap | January 25 |
| Artko Capital | February 4 |
| Avenir Capital | February 5 |
| Avory & Co | January 21 |
| Baron Asset Fund | December 31 |
| Baron Discovery Fund | December 31 |
| Baron Fintech Fund | January 25 |
| Baron Growth Fund | January 25 |
| Baron Health Care Fund | December 31 |
| Baron Real Estate Fund | December 31 |
| Bernzott Capital | January 21 |
| Bill Miller | January 12 |
| Bill Nygren Commentary | January 17 |
| Blackstone 10 Surprises | January 17 |
| Blue Tower Asset Management | January 27 |
| Bluehawk Advisors | February 5 |
| Bond Covenants, Bankruptcy Risk & Cost of Debt | January 12 |
| Bonsai Partners | February 4 |
| Bronte Capital | January 17 |
| Canterbury Tollgate | January 25 |
| Carillon Eagle Mid Cap Growth Fund | January 21 |
| Carillon Eagle Small Cap Growth Fund | January 25 |
| Cedar Creek Partners | February 6 |
| Citron Research – STEM | January 21 |
| Cliff Asness | January 19 |
| Comus Investment | December 31 |
| Concentrated Compounding* | January 5 |
| Cooper Investments | January 25 |
| Cooper Investors Global Equities (Hedged) | December 31 |
| Cooper Investors Global Equities (Unhedged) | December 31 |
| Crescat Capital | February 1 |
| Crestcat Capital | January 30 |
| Culper Research – CleanSpark Short Thesis | January 14 |
| Curreen Capital | January 14 |
| Davis Financial Fund. | January 30 |
| Davis Global Fund | January 30 |
| Davis International Fund | January 30 |
| Davis New York Venture Fund | January 30 |
| Davis Opportunity Fund | January 30 |
| Diamond Hill Small Cap Fund | February 2 |
| Distillate Capital | January 21 |
| Donville Kent | January 21 |
| Edgebrook Partners | January 29 |
| Egerton Capital | December 31 |
| Emeth Value Capital | January 25 |
| Ensemble Capital | January 29 |
| Epoch Investment Partners | January 26 |
| Fairholme Funds | February 4 |
| FAM Funds | January 26 |
| Farview Capital – CDON Presentation | January 25 |
| Fiduciary Management All Cap Equity | December 31 |
| Fiduciary Management International Equity | December 31 |
| Fiduciary Management Large Cap Equity | December 31 |
| Fiduciary Management Small Cap Equity | December 31 |
| First Eagle Global Value | January 22 |
| First Eagle Management | February 4 |
| Forager Funds | January 19 |
| FPA Crescent Fund | February 4 |
| Fundsmith LLP | January 19 |
| Giverny Capital | January 22 |
| Greenhaven Road Capital | February 1 |
| Greenlight Capital | January 22 |
| Greystone Value | January 17 |
| Grizzly Research – DOYU Short Thesis | January 21 |
| Harding Loevner Global Equity | January 30 |
| Harding Loevner Global Equity | January 30 |
| Harding Loevner Global Small Companies | January 30 |
| Harding Loevner International Equity | January 30 |
| Harding Loevner International Equity | January 30 |
| Harding Loevner International Small Companies Equity | January 30 |
| Harding Loevner International Small Companies Equity | January 30 |
| Hayden Captial | January 21 |
| Headwaters Capital | January 13 |
| Heartland Mid Cap | December 31 |
| Heartland Value Fund | December 31 |
| Heartland Value Plus Fund | December 31 |
| Hirschmann Capital | January 18 |
| Hoisington Funds | January 17 |
| Horizon Kinetics | January 29 |
| Horos Capital | February 5 |
| Hosking Partners | January 19 |
| Howard Marks Memo – Something of Value | January 12 |
| JCapital Research – Bit Digital Short Thesis | January 14 |
| JDP Capital | January 26 |
| Jeremy Grantham – Waiting for the Last Dance | January 12 |
| JPM Global Alternatives Outlook | January 26 |
| JPMorgan Guide to the Markets | January 12 |
| Junto Investments | January 25 |
| Kerrisdale Capital – PLUG Short Thesis | January 25 |
| Kinsman Oak | February 5 |
| L1 Capital International | December 31 |
| Laughing Water Capital | January 25 |
| Lindsell Train | January 19 |
| Logica Capital | February 5 |
| Longcast Advisors | February 5 |
| Longleaf Partners | January 15 |
| Longleaf Partners Global Fund | January 15 |
| Longleaf Partners International Fund | January 15 |
| Longleaf Partners Small Cap | January 15 |
| Longriver Investments | January 18 |
| LRT Capital | January 4 |
| Lyrical Asset Management | January 26 |
| Macquarie Group | February 4 |
| Madison Dividend Income | December 31 |
| Madison Investors Fund | December 31 |
| Madison Mid Cap Fund | December 31 |
| Madison Small Cap Fund | December 31 |
| Maran Capital | February 1 |
| Massif Capital | January 22 |
| Merion Road | February 5 |
| Merion Road Capital | January 14 |
| Miller Funds – Deep Value | February 5 |
| Miller Funds – Income Strategy | February 5 |
| Miller Funds – Opportunity Equity | February 5 |
| Miller/Howard Investments | January 27 |
| Mittleman Brothers | February 5 |
| MPE Capital | January 14 |
| Muddy Waters Letter to S30 | January 26 |
| Myrmikan Research | January 15 |
| Newfound Research | January 12 |
| Nomadic Value | January 17 |
| NZS Capital | January 18 |
| Oakmark Global Fund | January 17 |
| Oakmark Global Select Fund | January 17 |
| Oakmark Select Fund | January 17 |
| Old West Capital | January 11 |
| Palm Valley | January 12 |
| Pender Fund | January 14 |
| Permanent Equity | January 18 |
| Polen Focus Growth | December 31 |
| Polen Focus Growth | February 4 |
| Polen Global Growth | December 31 |
| Polen Global Growth | February 4 |
| Polen International Growth | December 31 |
| Pzena Investment Management | December 31 |
| RGA Investment Advisors | February 5 |
| Richie Capital Group | January 18 |
| RiverPark Large Growth | January 12 |
| RiverPark Long Short Opportunity | January 12 |
| Rondure Global Advisors | January 17 |
| Roubaix Capital | February 5 |
| Rowan Street Capital | January 19 |
| Rowan Street Capital | January 25 |
| Ruffer | January 12 |
| RV Capital | January 12 |
| Saber Capital – End of Mean Reversion | January 12 |
| Saga Partners | February 5 |
| Schroeders | February 4 |
| Selcouth Capital | February 4 |
| Sequoia Fund | January 25 |
| Shadowfall Research – Network International Short Thesis | January 12 |
| Shawspring Partners – A Framework for Understanding Optionality | January 12 |
| Silver Ring Partners | January 14 |
| Silver Ring Partners – Freshii Thesis | January 14 |
| Smead Value Fund | January 26 |
| Sorfis Capital | January 29 |
| Spree Capital | January 17 |
| St. James Investment Company | January 14 |
| Steel City Capital | January 19 |
| Summers Value Partners | January 22 |
| Symmetry Invest | February 5 |
| T11 Partners | February 5 |
| Tao Value | January 21 |
| Third Avenue Real Estate Fund | December 31 |
| Third Avenue Small Cap Value Fund | December 31 |
| Third Avenue Value Fund | December 31 |
| Tollymore Partners | February 1 |
| Tweedy Browne | February 2 |
| Tweedy Browne | February 4 |
| Upslope Capital | January 14 |
| Value Investor Insight | February 4 |
| Viceroy Research – Tyro Short Thesis | January 21 |
| Vltava Fund | January 13 |
| Vulcan Value | December 31 |
| Vulcan Value Partners | February 4 |
| Wasatch Core Growth Fund | February 2 |
| Wasatch Micro Cap Fund | February 2 |
| Wasatch Micro Cap Value Fund | February 2 |
| Wasatch Small Cap Growth Fund | February 2 |
| Wasatch Small Cap Value Fund | February 2 |
| Wasatch Ultra Growth Fund | February 2 |
| Wedgewood Partners | January 13 |
| Weitz Hickory Fund | January 27 |
| Weitz Partners III Opportunity Fund | January 27 |
| Weitz Partners Value Fund | January 27 |
| Weitz Value Fund | January 27 |
| White Oak Capital | January 26 |
| Whitebrook Capital | January 26 |
| Goudy Park Capital | January 26 |
Q3 2020 Hedge Fund Letters
Q2 2020 Hedge Fund Letters
| Interview | Date Posted |
| Ray Dalio – Bloomberg | July 8 |
| Greg Jensen – Bridgewater | July 9 |
| Charlie Munger | July 10 |
| Janet Yellen | July 15 |
| Sam Zell on REITs | July 15 |
| Josh Friedman | July 17 |
| Ensemble Capital – Market Update | July 21 |
| Invest Like the Best – Charlie Songhurst | July 21 |
| Howard Marks – CFA Society Chile | August 3 |
| Gavin Baker – AI Tailwind for Semiconductors | August 3 |
| Howard Marks Bloomberg | August 7 |
| Beeneet Kothari | August 17 |
| Joel Greenblatt | August 20 |
Q1 2020 Hedge Fund Letters
| Interview | Date Posted |
| Bill Ackman – Bloomberg | April 7 |
| Bill Ackman – CNBC | April 7 |
| Jim Chanos | April 7 |
| Murray Stahl | April 7 |
| Oaktree Capital – Emerging Markets | April 7 |
| Oaktree Capital – Relative Value | April 7 |
| Steve Bregman | April 7 |
| Fundsmith Annual Meeting | April 8 |
| Grant Williams 2020 Series | April 9 |
| Barry Diller | April 17 |
| Willow Oak Value Hour | April 17 |
| Ray Dalio – Bloomberg | April 18 |
| Invest Like the Best – Dan Rasmussen | April 18 |
| Invest Like the Best – Gavin Baker | April 18 |
| Masters in Business – James Montier | April 18 |
| Carl Icahn – Bloomberg | April 26 |
| Greg Maffei – CNBC | April 26 |
| A Shift in Investment Strategies Post Coronavirus | April 28 |
| Bill Ackman – Farnam Podcast | April 29 |
| Jim Chanos on Financial Fraud | May 3 |
| Sam Zell – Bloomberg | May 5 |
| David Tepper – CNBC | May 15 |
| Stanley Druckenmiller – ECNY | May 15 |
| Howard Marks – Bloomberg | May 18 |
| Jerome Powell – 60 Minutes | May 18 |
| Chris Bloomstran | May 20 |
| Gavin Baker – CSIMA | May 20 |
| Howard Marks – CFA | May 20 |
| CFA Institute Virtual Conference | May 25 |
| Jorge Paulo Lemann | May 26 |
2019 Hedge Fund Letters
Q4 2019 Hedge Fund Letters
| Investment Firm | Date Posted |
|---|---|
| Earnest Capital Memo | January 4 |
| JPM Guide to the Markets | January 4 |
| Morgan Stanley 2020 Outlook | January 6 |
| Woodlock House | January 7 |
| Vltava Fund | January 7 |
| 2Point2 Capital | January 8 |
| East72 Capital | January 8 |
| WCM Global Growth | January 8 |
| Akre Focus Fund | January 10 |
| MPE Capital | January 10 |
| Datt Capital | January 10 |
| DMX Capital | January 11 |
| EGP Capital | January 11 |
| Edgebrook Capital | January 12 |
| Sandon Capital | January 12 |
| Greenwood Investors | January 13 |
| Howard Marks Memo | January 13 |
| Lindsell Train | January 13 |
| RV Capital | January 13 |
| Vilas Fund | January 13 |
| Wedgewood Partners | January 13 |
| Andaz Private | January 15 |
| Saber Capital | January 15 |
| Sumzero 2020 | January 15 |
| Upslope Capital – Focus Financial Short Thesis | January 15 |
| Blackrock | January 16 |
| Cooper Investors | January 16 |
| L1 Capital | January 16 |
| MOI Global Best Ideas 2020 | January 16 |
| Prescience Point – Medallia Short Thesis | January 16 |
| Research Affiliates | January 16 |
| JPM Global Alternatives Outlook | January 17 |
| Massif Capital | January 17 |
| Spree Capital | January 17 |
| TGV – Rubicon Fund | January 17 |
| Bill Miller | January 20 |
| Bill Nygren Commentary | January 20 |
| Fundsmith | January 20 |
| Salt Light Capital | January 20 |
| KKR Global Macro Trends 2020 | January 21 |
| SageOne Investment Advisors | January 21 |
| Donville Kent | January 22 |
| Ensemble Fund | January 22 |
| Greenlight Capital | January 22 |
| Polen Capital Focus Growth | January 22 |
| Apollo Asia Fund | January 23 |
| HGC Management | January 23 |
| Palm Harbour Capital | January 23 |
| Silver Ring Value Partners | January 23 |
| Silver Ring Value Partners – Owens-Illinois | January 23 |
| White Crane Capital | January 23 |
| Wolfhill Capital | January 23 |
| Alluvial Capital | January 24 |
| Artko Capital | January 24 |
| David Herro | January 24 |
| Ewing Morris | January 24 |
| Ewing Morris – Dark Horse Fund | January 24 |
| Greenwood Investors | January 24 |
| Sequoia Fund | January 24 |
| First Eagle Value Fund | January 25 |
| Summers Value Partners | January 25 |
| Long Cast Advisors | January 26 |
| Mott Capital | January 26 |
| TGV – Partners Fund | January 26 |
| Artemis Capital | January 27 |
| Whitebrook Capital | January 27 |
| Arquitos Capital | January 28 |
| Curreen Capital | January 28 |
| Euclidean Technologies | January 28 |
| Euler Hermes on Retail | January 28 |
| Forager Funds | January 28 |
| FPA Capital Fund | January 28 |
| Maran Capital | January 28 |
| Stanphyl Capital | January 28 |
| Starboard Letter to GCP | January 28 |
| Starvine Capital | January 28 |
| Turtle Creek | January 28 |
| Weitz Fund | January 28 |
| Kerrisdale Capital – Principia Biopharma | January 29 |
| RGA Investment Advisors | January 29 |
| VGI Partners | January 29 |
| Boyar’s Value | January 30 |
| Crescat Capital | January 30 |
| Gator Capital | January 30 |
| Horizon Kinetics | January 30 |
| Martin Capital Management | January 30 |
| RLT Capital | January 30 |
| Ben Evans – Tech in 2020 | January 31 |
| Fairholme Funds | January 31 |
| Third Point Capital | January 31 |
| 1 Main Capital | February 3 |
| Alphyn Capital | February 3 |
| Lyrical Asset Management | February 3 |
| Tweedy Browne | February 3 |
| Absolute Return Partners | February 4 |
| Argosy Investors | February 4 |
| Credit Suisse 2020 Global Outlook | February 4 |
| Goehring & Rozencwajg | February 4 |
| Huffman Prairie | February 4 |
| Perpetual Global Innovation | February 4 |
| Alta Fox Capital | February 6 |
| Bluetower Asset Management | February 6 |
| Bumbershoot Holdings | February 6 |
| Laughing Water Capital | February 6 |
| Pershing Square Annual Presentation | February 6 |
| Compound VC | February 7 |
| FPA Crescent Fund | February 10 |
| IP Capital | February 10 |
| Starboard Letter to Ebay | February 10 |
| TGV Truffle Fund | February 10 |
| Tyro Capital | February 10 |
| Admiral Capital | February 11 |
| Horizon Capital – Asia Fund | February 11 |
| Verdad Capital – Crisis Investing | February 11 |
| Bonhoeffer Fund | February 13 |
| GMO | February 14 |
| Jeremy Grantham | February 14 |
| Kerrisdale Capital – Short Thesis on Match Group/IAC | February 14 |
| Aturna Capital | February 15 |
| AVI Japan Opportunity Trust | February 15 |
| Greenhaven Road Capital | February 15 |
| Hayden Capital | February 15 |
| TGV Intrinsic Fund | February 15 |
| Coho Capital | February 18 |
| Askeladden Capital | February 19 |
| Broyhill Asset Management | February 19 |
| Horos AM | February 19 |
| Spruce Point Capital – Dropbox | February 19 |
| Agman Capital | February 20 |
| Berkshire Hathaway | February 23 |
| Bilgari Holdings | February 23 |
| Saga Partners | February 23 |
| Semper Augustus | February 23 |
| Goudy Park Capital | February 23 |
Q3 2019 Hedge Fund Letters
Q2 2019 Hedge Fund Letters
| Investment Firm | Date Posted |
|---|---|
| KKR Midyear Macro Report | July 1 |
| Oaktree Capital Insights – Real Estate Cycle | July 1 |
| Third Point Capital Sony Letter | July 1 |
| Third Point Capital Sony Presentation | July 1 |
| Askeladden Capital | July 2 |
| OSAM – The Earnings Mirage | July 2 |
| Stanphyl Capital | July 2 |
| Kerrisdale Capital – Tucows Short Thesis | July 3 |
| PE Ratio – A Users Manual | July 3 |
| Vltava Fund | July 4 |
| Absolute Return Partners | July 9 |
| Sequoia Fund Investor Day | July 9 |
| Sequoia Fund | July 9 |
| Merion Road | July 9 |
| Tollymore Partners | July 10 |
| Ewing Morris | July 12 |
| MPE Capital | July 12 |
| Spree Capital | July 12 |
| Wedgewood Partners | July 14 |
| Kerrisdale – CareDx Short Thesis | July 17 |
| Longleaf Partners | July 17 |
| Massif Capital | July 17 |
| Oldfield Partners | July 17 |
| Palm Valley | July 17 |
| Silver Ring Partners | July 17 |
| TGV Rubicon Fund | July 17 |
| Upslope Capital | July 17 |
| Verdad Capital | July 17 |
| Bill Nygren Commentary | July 18 |
| Euclidean Capital | July 18 |
| Curreen Capital | July 20 |
| IVA International Fund | July 20 |
| IVA Worldwide Fund | July 20 |
| Verdad Europe | July 20 |
| Verdad Japan | July 20 |
| Third Avenue Value Fund | July 22 |
| Whitebrook Capital | July 22 |
| Blue Tower Asset Management | July 23 |
| East72 | July 23 |
| Horizon Kinetics | July 23 |
| Miller Deep Value | July 23 |
| Miller Income Fund | July 23 |
| Miller Opportunity Equity | July 23 |
| Saber Capital Management | July 23 |
| Turtle Creek | July 23 |
| First Eagle | July 24 |
| TGV Partners Fund | July 24 |
| TGV Truffle Fund | July 24 |
| Third Avenue Real Estate | July 24 |
| Third Avenue Small Cap | July 24 |
| Bluehawk Investors | July 25 |
| Crescat Capital | July 25 |
| Greenlight Capital | July 25 |
| Riverpark Large Growth Fund | July 25 |
| Arquitos Capital | July 26 |
| Bonhoeffer Fund | July 26 |
| Choice Equities | July 26 |
| Maran Capital | July 26 |
| Alta Fox Capital | July 30 |
| Laughing Water Capital | July 30 |
| Summers Value Partners | July 30 |
| Third Point Capital | July 30 |
| Tweedy Browne | July 30 |
| Apollo Asia Fund | August 1 |
| Artko Capital | August 1 |
| FPA Capital Fund | August 1 |
| FPA Crescent Fund | August 1 |
| Gator Capital | August 1 |
| O’Shaughnessy – Mispriced Innovation | August 1 |
| RLT Capital | August 1 |
| Third Avenue Value Fund | August 1 |
| Boyar’s Research | August 2 |
| Fairholme Funds | August 2 |
| VGI Partners | August 2 |
| Greenhaven Road Capital | August 7 |
| Mittleman Brothers | August 7 |
| Muddy Waters – Burford Capital Short | August 7 |
| TGV Partners Intrinsic Fund | August 7 |
| IAC | August 8 |
| Long Cast Advisors | August 8 |
| Oaktree Insights – Global Credit Investing | August 8 |
| Pzena | August 8 |
| Tao Value | August 8 |
| Lightsail Capital | August 11 |
| RV Capital | August 11 |
| Elliot Advisors on Scout24 | August 12 |
| Goehring & Rozencwajg | August 12 |
| Saga Partners | August 12 |
| Coho Capital | August 14 |
| GE Short Report | August 20 |
| Greenwood Investors | August 20 |
| Pershing Square Capital | August 20 |
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