Investor Letters
Letters through January 31, 2026
4 letters reporting on the period ending January 31, 2026, in each firm's own reckoning.
- Hennessy Funds The More Things Change, the More They Trade the Same Neil Hennessy argues that broadening leadership beyond the Magnificent Seven, durable consumer spending and corporate cash balances support the market’s outlook. He expects volatility amid sluggish housing and inflation risks, while urging investors to remain disciplined rather than trade headlines. January 2026 —
- Forager Funds Management Monthly Report January 2026 Forager Australian Shares Fund avoided the momentum-driven gold and silver rally and did not intend to chase it. It returned Catapult and Paragon Care to the portfolio, added to existing holdings on weakness, and cited encouraging quarterly updates from Praemium, Plenti and Wisr. January 2026 —
- Protean Funds Imagine Sisyphus Happy Protean Select reduced position sizes and gross and net exposure after several core holdings moved against it despite what it views as intact fundamentals. The firm argues that Nordic small-cap selling has created a flow-driven dislocation, while defending Getinge, EQT, Tryg and Sampo and retaining a strategic small- and mid-cap bias. January 2026 GNGBY $7.7BMSON-A $139MSAXPF $27B
- Quercus Fund 2026 First Letter to Shareholders Braskem Idesa anchors Quercus Fund’s new distressed-debt thesis: its ethane import terminal should restore operating rates, while the bonds retain recovery support through Carlos Slim’s financing and the plant’s replacement cost. The fund added six discounted positions, including Indofood, and excludes gold because its intrinsic value cannot be estimated. 2026 (Jan) BAK $450MBRK.A $1.3T
