Investor Letters
Letters through June 30, 2025
26 letters reporting on the period ending June 30, 2025, in each firm's own reckoning.
- Muhlenkamp & Company Quarterly Letter, July 2025 Muhlenkamp & Company sees little change in inflation, unemployment, Treasury yields or Federal Reserve policy despite tariff, immigration and geopolitical headlines. The firm holds cash for recession-driven bargains and expects gold-related investments to remain supportive while selling companies that disappoint. second quarter 2025 —
- Forager Funds Management Annual Report Forager attributes its opportunity set to passive selling, thematic ETF flows and index inclusion, using market volatility to buy underfollowed companies and trim positions when valuations outrun fundamentals. The International Fund added Comfort Systems and recycled UK holdings, while the Australian Fund backed turnarounds including Catapult, AMA Group and MotorCycle Holdings. 2025 financial year 3697 $1.4B3769 $4.1B4194 $2.4B
- Vision Capital Fund Vision Capital Fund - Q2 2025 Quarterly Letter Vision Capital Fund added to eleven existing holdings, including JD.com, Lululemon, Meituan, MercadoLibre, Meta, Nu, NVIDIA, Shopify, Spotify, TSMC and The Trade Desk, while maintaining zero turnover. The fund argues that food-delivery subsidy competition has created a longer-term opportunity in Meituan and JD.com, and favors compounders that extend successful products into adjacent services and geographies. Q2 2025 3690 $55B9618 $38BAMZN $2.7T
- Oldfield Partners Overstone World All Cap Equity Fund 2Q 2025 Commentary Overstone World All Cap Equity Fund benefited from value reratings in SK Inc, Lloyds Banking Group and Aberdeen Group, while Toyota Industries received an inadequate intra-group bid. The fund added Ayala Corporation for its asset-value discount and Trainline following profit growth and buybacks, judging proposed UK rail-ticketing competition to be distant and uncertain. 2Q 2025 AYYLF $5.3BESYJY $5.2BLYG $78B
- Lansing Street Advisors The Times They Are A-Changin Lansing Street Advisors argues that elevated valuations can persist amid AI-driven productivity, a weaker dollar and continued foreign demand for U.S. securities. It warns that crypto, margin borrowing, zero-day options and retail speculation are extending a bull market that could become more extreme before a damaging reversal. Q2 2025 —
- Peapack Private Second Quarter 2025: Conclave! Peapack Private argues that tariff uncertainty, rich asset valuations and unusually tight credit spreads have left investors complacent despite fiscal, monetary and geopolitical risks. It favors quality stocks and bonds, sees constructive conditions abroad, and recommends higher-rated debt with moderate duration extension. Second Quarter 2025 —
- Broadleaf Partners Growth Equity Portfolio Second Quarter Review Broadleaf Growth Equity Portfolio argues that AI’s value depends on organized data and experienced human judgment, using Palantir’s ontology approach as an example. It advocates patience through market volatility and geopolitical events, while viewing employment as more balanced and tariff-driven inflation as contained so far. Second Quarter 2025 —
- Fairlight Capital Fairlight Alpha Fund LP Q2 2025 Letter Fairlight Alpha Fund sold TSS after its AI-data-center-driven rerating made the earnings valuation less compelling, while continuing to screen AI infrastructure and offshore businesses for cheap growth. The fund argues that Logic Instrument’s niche rugged-device certifications, customer relationships and European defense exposure create layered barriers to entry, and sees Serabi Gold as undervalued against higher gold prices and production growth. Q2 2025 ALLOG $24MAAPL $4.9TSRBIF $239M
- EdgePoint Wealth Management No artificial sweeteners EdgePoint argues that AI improves its research process by accelerating transcript analysis, competitive comparisons and due diligence. It identifies Applied Materials, Rambus, Roche, SAP and Dayforce as portfolio holdings positioned to benefit through semiconductor tools, drug discovery and enterprise software, while stressing that AI-driven growth is not fully reflected in their valuations. 2nd quarter, 2025 AMAT $404BRMBS $12BSAP $240B
- GreenWood Investors First Half 2025 Letter: Durability & Balance GreenWood Investors argues that board-level ownership and durable industry tailwinds are driving value creation at Leonardo and CTT, while management teams expand defense systems, e-commerce logistics and banking opportunities. The firm launched a Swatch coinvestment, pressed for governance reform, and repositioned MEI Pharma around a Litecoin treasury strategy after its clinical assets failed to meet the board’s threshold. First Half 2025 CTTOF $862MFINMF $30BSWGAF $11B
- EdgePoint Wealth Management Along the margins – 2nd quarter, 2025 EdgePoint Wealth Management explains its credit process of underwriting positive business change while demanding enough asset and equity coverage to protect lenders. Farfetch’s term loan illustrated the approach: the team rejected the equity, lent senior to the capital structure, and exited after Coupang’s rescue despite the original earnings thesis failing. 2nd quarter, 2025 CFRHF $122B
- Andrew Hill Investment Advisors 2nd Quarter Recap - Ending Up, After A Wild Ride Andrew Hill Investment Advisors emphasizes AI infrastructure holdings, a laddered high-quality bond strategy and a gold allocation as hedges against tariff, inflation and geopolitical risks. The firm removed Visa in favor of Circle and Fiserv, while adding Yeti, Thermo Scientific and HA Sustainable Infrastructure amid political and tariff-related selling pressure. second quarter of 2025 YETI $3B
- Alluvial Capital Management Q2 2025 Letter to Limited Partners Alluvial added NewPrinces and SigmaRoc, backing their acquisition-led consolidation strategies and durable regional industrial economics. The fund added Talen after its data-center power agreements, trimmed Zegona after its advance, sold Titan, and increased special-situations exposure through ContextLogic and liquidation scenarios. Second Quarter 2025 LOGC $691MMCB $401MNLOP $142M
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that index construction concentrates exposure in highly valued technology companies while excluding scarce hard-asset, utility and entrepreneurial opportunities. It favors Japanese owner-operators, centered on Japan Elevator Service Holdings, whose founder-led maintenance model uses technology, training and below-incumbent pricing to gain share from established manufacturers. 2nd Quarter 2025 JPEVF $1.7BAB $3.3BAMZN $2.7T
- Choice Equities 2025 Q2 Investor Letter Choice Equities Fund added opportunistically to Magnite amid volatility and argues that streaming advertising, customer wins and potential ad-tech remedies can support its outlook. It also backs Genius Sports on renewed sports-data rights and Modine on data-center cooling demand, portfolio reshaping and operational improvements. second quarter 2025 GENI $1.8BMGNI $3.6BMOD $9.7B
- Palm Harbour Capital Letter 2025 Q2 | 263 KB Palm Harbour Capital criticised Ocean Wilson’s proposed merger into Hansa as a transfer of value from minority shareholders and retained its view that Dalata was sold below the value of its hotel assets. The fund added Cuckoo Holdings, citing its Korean appliance franchises, rental-business stake and discounted holding-company valuation. second quarter 2025 0NFS 284740 $408MIBST $429M
- Broyhill Asset Management The Broyhill Letter Q2 2025 Broyhill’s equity strategy added to Dollar Tree after tariff-driven selling and trimmed Philip Morris while retaining it as its largest holding. It shifted part of Avantor into Thermo Fisher, increased Fiserv after its selloff, and initiated IQVIA. The firm consolidated offshore exposure into Noble and favors undervalued smaller, international, and healthcare businesses. 2025.Q2 AVTR $11BDLTR $22BIQV $42B
- Palm Valley Capital The Puppet Show Palm Valley Capital Fund added Healthcare Services Group, Chord Energy, RPC and Papa John’s during the April selloff, then trimmed or exited positions as prices approached calculated value. The fund argues that policy support, persistent deficits and elevated corporate margins have prolonged asset inflation, while keeping substantial cash available for more compelling dislocations. Second Quarter 2025 CHRD $7.5BCRI $1.2BHCSG $1.4B
- O'Keefe Stevens Advisory Quarterly Investor Letter Q2 2025 O'Keefe Stevens Advisory added Compass Minerals, citing its salt-asset advantages, strategic reset, working-capital release and debt refinancing as catalysts. The firm also examines revived SPAC issuance and Bitcoin treasury companies, warning that crypto-funded equity strategies could unravel if valuations fall toward net asset value. Q2 2025 CMP $964MMPLY
- Patient Capital Management 2Q25 Quarterly Market Review US equities recovered from the tariff-driven April selloff as large caps led while small caps lagged amid uncertainty over rates and consumer health. Patient Capital Management cites cooling inflation, weakening consumer spending and labor-market cracks as constraints on the Federal Reserve, while gold and Bitcoin drew attention among alternative assets. 2Q25 —
- Sequoia Fund Q2 2025 Sequoia Fund Letter Sequoia Fund added to ICON and Universal Music Group while trimming Credit Acceptance, Liberty Broadband, Jacobs, Meta and UnitedHealth. The sales funded new investments that will be disclosed after purchases are complete. second quarter of 2025 —
- Patient Capital Management 2Q25 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added UnitedHealth, Noble, Tempus AI, Clear Secure and Costco puts, while exiting New Fortress Energy over deteriorating fundamentals and balance-sheet strain. It expects tighter offshore-rig supply to favor Noble, sees UnitedHealth as a durable platform after Medicare Advantage setbacks, and backs Tempus’s AI-enabled molecular-data business. 2Q25 BABA $270BCOIN $47BCOST $418B
- McIntyre Partnerships Q2 2025 Investor Letter McIntyre Partnerships attributes its first-half lag to index-excluded holdings and a broad selloff in small-cap special situations, arguing that catalysts should eventually close the gap. Sotera Health’s volume recovery validated the thesis on medical-equipment destocking, while Seaport Entertainment Group sold 250 Water Street and moved closer to sustained profitability. H1 2025 SEG $289MSHC $5.1B
- Rowan Street Capital Rowan Street Q2 2025 Letter Rowan Street Capital argues that Meta Platforms and Spotify rewarded conviction through severe drawdowns, reinforcing its policy of holding durable businesses rather than reacting to sentiment. The portfolio also includes Netflix, The Trade Desk, Topicus, Shopify, Adyen and Dino Polska, while the firm plans to grow through aligned long-term partners. first half of 2025 ADYEY $31BDNOPF $8.3BMETA $1.9T
- Pershing Square Holdings Letter to Shareholders Howard Hughes Holdings is being remade into a diversified holding company, starting with a property-and-casualty insurer whose assets Pershing Square would manage without charge. Pershing Square added Amazon and Hertz, trimmed Universal Music Group, Hilton and Chipotle, and exited Canadian Pacific to reduce tariff-related risk. Six-month period ended June 30, 2025 HHH $4.3BAMZN $2.7TBN $81B
- Askeladden Capital Q2 2025 Letter: 10x Askeladden Capital describes rebuilding its research, watchlist and documentation systems around AI while retaining human judgment for investment decisions. The firm established and retained most of a Grocery Outlet position, added Fitlife after its Irwin acquisition, sold Bel Fuse on valuation, and plans a somewhat broader, more liquid portfolio while avoiding businesses exposed to AI disruption. Q2 2025 GO $1.2BBELFB $3.7BFC $205M
