Read The Letters Before Checking Out 13F Data
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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.
Enjoy!
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”
Clearbridge
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
Oakmark Funds
Old West Investment Management. Long Cheniere
Omega Advisors – Bullish
Passport Capital Q2
Raging Capital Q2 – short LC, VRX, PTMS
RV1 Capital
Pershing Square Q2 – Herbalife, FTC
Platinum July & Q2
Polaris Global
Pzena Q2
RA Capital Management Q2
Sandon June
Sequoia Fund Q2 – Dumps Valeant
Stanphyl Capital – short Tesla – June letter
Starvine Capital Q2
Sui Generis June
Trapeze Asset Management Q2
Third Avenue Q2
Third Point Q2
Thornburg Value
Tiger Global Q2
Tourbillon Capital Q2
Tweedy Browne Q2
TwinPeak Q2
TVG Partners H1
T11 Q2 letter
Vltava Fund Q2 “Investing In An Environment Of Declining Company Earnings.”
Vulcan Value Q2
Weitz Funds Q2, Colfax, AGN, ENDO, Liberty woes
Yacktman Q2
