We did this last quarter and it was wildly popular so back by popular demand Obviously, with the new (not old) data!
As Q2 letters start to come out and the final Q1 letters come out we wanted to update this post. Besides the actual articles (at least the ones we authored) it took hours of time every week updating and curating the best material. See the latest update of hedge fund Q2 letters below.
The last 13Fs came out yesterday for Q2 2016, and the media loves to report the newest “hot” hedge fund holdings – some media outlets do a better job than others of the reporting, and one of our favorites on this topic is MarketFolly.
There are many issues with how 13F data is reported as many (including us) have discussed, while some see great merit, or at least some merit. One hedge fund in this list mocked the 13F data in their letter which was released days before the 13F filing deadline.
However, if you have a choice the best option is go to the source – see what hedge funds are actually saying!
Some hedge funds are more public than others. However, most of the time even if a hedge fund manager is willing to talk to media media they are reluctant to discuss specific positions, especially short ideas.
So how do you get the best information on hedge funds? Unless you are a big firm about to invest millions in a hedge fund (in which case you can call up the CEO), the best information is usually available only in hedge fund letters, which is usually only sent to investors and potential investors.
Some hedge funds publicly release their letters because they have publicly traded vehicles and are required by regulators. Some smaller funds release their notes in an effort to get press not available to funds that size. Many of these funds have great track records but cannot compete with hedge fund managers who can do the rounds on CNBC, Bloomberg, Yahoo Finance etc. whenever they want. Some of the bigger hedge funds make it very hard to get their hedge fund letters via security and/or by greatly limiting who they send it to.
Thankfully, we have reliable sources and readers who help us solve this issue. While most of the time we cannot post the full letter when we can we do so, and when we cannot we do an analysis which would fall under fair use. To make it easy to find these hedge fund letters I decided to put together links of some funds I follow and/ find value in their positions/thoughts.
The letters listed below are not an endorsement of the fund nor does omission in any way imply disapproval.
I decided to put together this resource page which I hope to update a lot over the next few weeks and to add to at least annually if not more. Additionally, if we are missing any good funds which you feel we should include please contact us at tips(@)valuewalk.com. We also use other more secure methods, PGP and everything is entirely anonymous.
Note for accuracy sake some of the funds listed below are mutual funds which are required (I believe) to publicly disclose most holdings every quarter.
Without further to do here is our list of good readers for H1/Q2 16 letters.
Q2/H1 2016 – hedge fund letters to investors
- Adage Capital ‘Smart Beta’ Distorts Market
- Apollo Asia – hoping for alpha
- Ariel Investments June, Focus Fund June
- Ariel Appreciation Fund
- Aristides Capital Q2
- Aristotle Capital Management
- Artko Capital Management
- Arquitos Capital Partners Q2, Sitestar
- Artemis Capital – warning
- Astenbeck Capital Q2
- Avenir Capital Q2
- Baupost Q2 2016 letter
- Bill Nygren Q2
- BlueMountain Capital Q2
- BlueTower Asset Management Q2
- Booth Laird
- Bretton Fund Q2
- Brevan Howard June
- Bridgewater Associates attacks media
- Canyon Capital Q2 – Danger in bonds
- Carlson Capital Q2 – Bond woes
- Cedar Creek Partners
- Coho Capital Long Amazon
- Cooper Creek Q2
- Cowan Asset Management
- Cornwell Capital – fat tails
- Corsair Capital Q2 “Quintiles Transnational / IMSHealth Thesis”
- Crescat Capital Q2 letter
- CQS Q2 Insights – Sir Michael Hintze
- Crispin Odey June
- Crispin Odey Q2 call – warning
- Crispin Odey Q2 – gold
- David Capital Short SFS
- Dodge & Cox Q2
- Donville Kent
- Donville Kent Q2 – LOL
- Elm Ridge Capital
- Emerging Value Capital Management Q2
- Euclidean Technologies letter Q2 – Value vs Growth
- Fairholme Capital H1
- First Eagle Global Q2
- FPA Capital
- FPA Capital Fund webcast audio, transcript And slides
- FPA Crescent Fund Q2
- FPA Crescent Fund Q2 webcast audio, transcript And slides
- FPA International Value Q2 webcast audio, transcript and slides
- Global Asset Management
- Goodhaven H1
- Greenlight Capital Q2
- Greenhaven Road Capital Q2 ; Long IBKR
- Greenwood Investors
- GDS Investments
- GMO Q2 letter The Duration Connection
- Half Moon Capital Q2
- Hoisington Investments Q2
- Horizon Asia
- Horseman Capital Q2
- Iolite Partners
- International Value Funds
- IVA Worldwide
Jensen Quality Q2 conference call
- John Hempton June letter – Long RBS
- Kerrisdale Capital June – Hit by DISH
- Kerrisdale Capital Q2 letter
- King Street Capital Q2 – Warning
- KKR Adult Swim Only: 2016 Mid-Year Update
- Lakewood Capital Q2: Short Aussie Banks & Core Labs
- Livermore Partners Q2 – Up 68%
- LongLeaf Capital Q2
- Mairs & Power
- Maverick Capital Q2
- Meson Capital Q2
- Milkwood Capital Q2
- Mott Capital Q2
- Muhlenkamp And Company
- Newbrook Capital Q2 – Short GT
- Nishkama Capital short Paypal
- Oaktree Capital – Navigating Cycles