We will be sharing Q4 2023 hedge fund investor letters in this article. You can also see the hedge fund investor letters for 2023 Q3, 2023 Q2, 2023 Q1, 2022 Q4, 2022 Q3, 2022 Q2, and 2022 Q1 by clicking the links.
Hedge Fund Investor Letters and Updates for 2023 Q4
- Palm Valley Capital Management ($MNRO, $WLY, $NGS, $CRD-A, $MLR)
- Vltava Fund ($CVS, $ABG, $BRK-B, $BUR, $JPM, $FTRE, $LH)
- ClearBridge Investments Large Cap Growth Strategy ($EL, $TGT, $ICE, $DXCM, $U, $META, $NVDA, $AMZN)
- ClearBridge Investments Dividend Strategy ($MSFT, $AZN, $GILD, $AAPL)
- Cove Street Capital Small Cap Value Fund ($LFCR, $HNRG, $SSP, $LTRPA, $DLHC, $OUT, $VSAT, $AVD)
- Artisan Partners Developing World Fund ($ADYEY, $SNAP, $CRWD, $MELI, $NFLX, $SE, $VEEV)
- Oakmark International Fund ($RYAAY)
- Oakmark Global Fund ($COF, $A, $KR, $ORCL, $RHHBY)
- Oakmark Fund ($BLK)
- Oakmark Select Fund ($AXP, $PAYC, $PSX)
- ClearBridge Investments International Growth EAFE Strategy ($CRH, $ASML, $SHOP, $MELI, $CAE, $HDB, $ACN, $TRI)
- Fiduciary Management Inc. ($BJ, $CARR, $DEO)
- Heartland Advisors Value Fund ($UGI, $WOW, $CGAU)
- Heartland Advisors Mid Cap Value Fund ($NTRS, $CNC, $CABO)
- Ace River Capital ($RICK, $VOXR)
- Right Tail Capital ($SCHW)
- Aristotle Capital Small Cap Equity Strategy ($SP, $CUBI, $OII, $BDC, $NOG, $CHRS)
- Aristotle Capital Value Equity Strategy ($LEN, $CTVA, $TDY, $USB, $CINF)
- Miller Value Partners Income Strategy ($WAL, $BKE, $JXN, $RILY, $OGN, $MED, $BCC, $GTN)
- ClearBridge Investments Small Cap Growth Strategy ($EYE, $FOXF, $TREX, $FOUR, $WING, $NARI, $BLKB, $MIRM, $IBP)
- Tsai Capital Corporation ($TSLA, $COST, $AAPL, $AMZN, $GOOG)
- Wedgewood Partners ($META, $TSM, $MSI, $AAPL, $TPL, $MSFT, $GOOG, $EW, $UNH, $TSCO, $PYPL, $ODFL, $ORLY)
- Madison Mid Cap Fund ($IT, $DLTR, $ANET, $GBCI, $ROST, $ACGL, $LBRDA, $BRO, $KMX, $MKL)
- Upslope Capital Management ($NVT, $INTC)
- Madison Small Cap Fund ($GOGO, $SAIA, $CFLT, $AMN, $MGNI, $XMTR, $MC, $LZ, $CHRD)
- Atai Capital ($ALOT)
- Aristotle Capital Small/Mid Cap Equity Strategy ($BKU, $IT, $LKQ)
- Vulcan Value Partners ($KKR, $CG, $CRM, $JLL, $TDG, $AMZN, $MSFT, $PK, $VRTS, $CWK, $CIGI, $MEDP, $CBRE, $DNB)
- White Falcon Capital Management ($ROVR, $NU, $AMD)
- Ensemble Capital Management ($NFLX, $MASI, $PAYX, $NKE, $ILMN, $BR, $BKNG, $NTDOY, $NOW, $GOOG, $MA)
- Headwaters Capital Management ($FICO, $INSP, $DHR, $IPAR)
- Fundsmith Equity Fund ($META, $EL, $MTD, $NVO, $IDXX)
- Polen Capital Focus Growth Strategy ($NFLX, $NOW, $CRM, $ABNB, $ILMN, $AMZN, $AAPL, $MSFT, $NVDA)
- Baron Health Care Fund ($RCKT, $LLY, $ISRG, $ARGX, $GPCR, $LEGN, $SYK, $IMVT, $SGRY, $DXCM, $ZTS, $COO, $WST, $STVN, $BSX)
- Baron Real Estate Fund ($PSA, $WYNN, $VAC, $AMT, $EQR, $CZR, $DLR, $BX, $CBRE, $JLL, $TOL, $DHI, $LEN, $NVR)
- Miller Value Partners Deep Value Select Strategy ($WAL, $NBR, $GCI)
- Merion Road Capital ($SUM, $NAPA, $SGA)
- Cooper Investors Global Equities Fund ($GEHC, $CDW, $HLN)
- Praetorian Capital ($JOE)
- Longleaf Partners Fund ($GE, $WBD, $PVH, $FDX, $MGM, $H, $LYV, $LUMN, $MAT, $FRFHF)
- Greenlight Capital ($CEIX, $GRBK, $ALIT, $VTRS, $SWN, $KD, $THC)
- Baron Asset Fund ($IT, $IDXX, $FICO, $TRU, $ACGL, $BIRK, $MTN, $CHH, $VRSK)
- Aristotle Capital Global Equity Strategy ($FMC)
- Plural Investing LLC ($KD, $XPEL)
- White Brook Capital ($BLDR, $MOS, $GPRE, $RILY)
- O’keefe Stevens Advisory ($LL, $HCC, $FPH, $AER, $EAF, $TSLA)
- Rowan Street Capital ($META, $ADYEY, $SHOP, $SPOT, $TTD)
- Moon Capital Management ($META, $MBIN)
- Laughing Water Capital ($NN, $APG, $LFCR, $LMB, $THRY, $CDMO, $HGV, $ENZ, $VNDA)
- McIntyre Partnerships ($GTX, $SHC, $SPHR, $MSGE)
- Legacy Ridge Capital Partners Equity Fund ($VST)
- Old West Investment Management ($UHAL)
- Patient Capital Management Opportunity Equity ($CROX, $ILMN, $KOS, $GOOS, $MAT, $COIN, $KRTX, $EXPE, $SDRL, $C, $UBS, $OMF, $RPRX
- Smoak Capital Management ($XPEL, $FTLF, $CZBS)
- Alluvial Capital Management ($FTLF, $MRC, $SENEA)
- Third Avenue Management Small-Cap Value Fund ($PRA, $COLL, $HBB)
- Carillon Eagle Mid Cap Growth Fund ($CRWD, $DXCM, $MPWR, $PLNT, $SNPS, $BILL, $TRU, $PAYC, $GTLS, $HAL)
- Black Bear Value Partners ($ABG, $BLDR, $CEIX)
- Mairs & Power Small Cap Fund ($CLFD, $THRM, $INSP, $AZEK, $ALTR, $CFR, $JAMF, $DGII, $KNF, $PIPR)
- Maran Capital Management ($CLAR, $SLGD)
- Madison Sustainable Equity Fund ($USB, $TGT, $A, $COST, $QCOM, $J, $ORCL, $EL, $PG, $VLTO, $JPM, $MSFT, $GOOG, $BDX)
- Choice Equities Capital Management ($BXC, $PAR)
- The FPA Crescent Fund ($META, $FE, $GOOG)
- Greystone Capital Management ($SENEA, $FC, $THRY, $SYZLF, $BELFB, $LMB, $APG)
- Emeth Value Capital ($DRVN)
- Diamond Hill Small Cap Fund ($ALNT, $MAMA, $RRR, $LOB, $OZK, $RCKY, $RHP, $WNS, $CIVI, $CMT, $BBCP, $ERII)
- Giverny Capital Asset Management ($SSNC, $MKL, $ALGN, $KNSL, $ANET, $HEI, $MTB, $SCHW, $IBP)
- Bireme Capital ($ORI, $BTI, $AI, $AAPL, $ARM, $TR, $CLX, $RICK)
- Baron Discovery Fund ($AAON, $S, $GTLB, $VRNS, $KNSL, $GTLS, $ESTA, $DKNG, $MRVI, $MRCY, $ACVA, $ICHR)
- LVS Advisory ($CLMT)
- GreenWood Investors ($PDD, $MEIP, $NXE)
- The London Company Mid Cap Strategy ($ENTG, $DLTR, $HAS, $ODFL, $STE, $CPRT, $POOL, $KEYS)
- The London Company Small Cap Strategy ($AWI, $QLYS, $AUB, $DOOR, $CABO, $WTM, $PLUS, $RVLV)
- Ithaka US Growth Strategy ($ALGN, $TTD, $AMZN, $MSFT, $NOW, $VEEV)
- The London Company SMID Cap Strategy ($MBI, $DECK, $TREX, $BR, $DAVA, $HAYW)
- Harding Loevner Global Equity Strategy ($NOW, $ADYEY, $VRTX)
- Carillon Eagle Small Cap Growth Fund ($KWR, $KNSL, $PJT, $CYTK, $WING, $SUM, $LSCC, $CFLT, $VICR)
- The London Company Large Cap Strategy ($BLK, $SCHW, $MLM, $ALB, $CVX, $FDX)
- NZS Capital ($ADYEY, $GTLS, $TT, $AMZN, $ANSS, $BALL)
- Aristotle Atlantic Focus Growth Strategy ($DAR, $NOW, $DXCM, $ADPT)
- Long Cast Advisers ($MTRX, $CCRD, $QRHC, $RSSS, $PESI)
- Weitz Investment Management Partners III Opportunity Fund ($META, $LSXMK, $CCRD, $PRM, $LBRDA, $GPN)
- Weitz Investment Management Large Cap Equity Fund ($FIS, $VLTO)
- Mairs & Power Growth Fund ($ECL, $AAPL, $BBY)
- Bernzott Capital Advisors US Small Cap Value Fund ($SP, $GVA, $HCI, $JRVR, $APG, $PTEN, $HALO, $NNN)
- Sound Shore Fund ($CNC, $VST, $OGN, $COF, $PVH)
- Tourlite Capital Management ($APG, $PRM, $KD, $FIP, $FTAI, $LTCH, $ROIV, $FC, $ESPR)
- Bonhoeffer Capital Management ($ABG, $CNSL, $BLDR, $AVT, $ARW, $UBAB, $NBN)
- Greenhaven Road Capital ($CLBT, $PAR, $KKR, $BUR, $APG)
- Silver Beech Capital ($BAM, $ET)
- Broyhill Asset Management ($NTDOY, $FI, $FMX, $BTI, $FIS, $FMS, $BALL, $AVTR, $BAX, $EPAM)
- Silver Ring Value Partners ($OI, $QRTEA)
- Immersion Investment Partners ($GFF, $PBPB)
- Conestoga Capital Advisors Small Cap Strategy ($SSD, $AAON, $ALTR, $TREX, $DSGX, $DGII, $STVN, $HLIO, $MODN, $PYCR, $FOXF
- Conestoga Capital Advisors Smid Cap Growth Strategy ($CCCS, $FICO, $MSA, $IT, $ROAD, $JBT, $SITE, $WST)
- Conestoga Capital Advisors Micro Cap Strategy ($IRMD, $MLAB, $QTWO, $SMLR, $SSTI, $PHR, $PL, $PLOW, $OLO)
- Madison Investments U.S. Equity Strategy ($TJX, $MC, $BRO, $ADI)
- Sand Brook Capital Partners ($FIGS)
- River Oak Capital ($CRMT, $BOC, $NICK, $LRFC, $FTLF, $CSBS, $MFBP, $GLXZ, $LEGH)
- Kingdom Capital Advisors ($NLOP, $AMRK)
- SRK Capital ($HROW, $VASO, $HGBL, $SGMA)
- SouthernSun Small Cap Strategy ($LOB, $DY, $BDC, $SAM)
- Polen Capital U.S. Small Company Growth Strategy ($WING, $FOXF, $XPEL, $CNM, $MEDP, $GNRC, $LGIH, $MODG, $BWMN, $FIVE, $CCCS, $QLYS, $HLNE)
- Conestoga Capital Advisors Mid Cap Strategy ($FTNT, $ANSS, $CGNX, $VEEV, $ALGN, $ROL, $IDXX, $CPRT, $MTN)
- SouthernSun SMID Cap Strategy ($AWI, $FND)
- Baron Emerging Markets Fund ($TSM, $PDD, $YUMC, $BABA)
- Baron Fifth Avenue Growth Fund ($SQ, $CPNG, $AMZN, $SHOP, $NOW, $TTD, $MSFT, $META, $CRWD, $NET, $DDOG, $NVDA)
- Polen Capital U.S. SMID Company Growth Strategy ($GSHD, $TREX, $PAYC, $FIVE, $POOL, $TECH, $MKTX, $TTD)
- Polen Capital Global Growth Strategy ($AMZN, $WDAY, $SAP, $ALGN, $AON, $ADP, $NVO, $ABT, $EL, $NSRGY)
- Longleaf Partners Global Fund ($TIGO)
- Horizon Kinetics ($AAPL, $MCD, $ADM, $EXP, $TPL)
- RiverPark Large Growth Fund ($SHOP, $UBER, $MSFT, $ILMN, $NFLX, $SNAP)
- Massif Capital Real Assets Strategy ($LAC, $PLL)
- Baron Small Cap Fund ($IBP, $VRT, $SKIN, $FOXF, $LSXMK, $NCNO)
- Alger Weatherbie Specialized Growth Fund ($VERX, $NTRA, $CLB, $STEP, $FLYW)
- Alger Small Cap Growth Fund ($CABA, $XMTR, $EXTR, $CFLT, $ATRC)
- Jackson Peak Capital ($NVDA, $AMD, $BUR, $TH, $RNGR)
- Baron Partners Fund ($IRDM, $TSLA, $SCHW)
- Baron Opportunity Fund ($NVDA, $ILMN, $LRCX)
- SaltLight Capital Management ($META, $APP, $NVDA)
- Voss Capital ($RCM, $GFF)
- Diamond Hill Large Cap Strategy ($KKR, $BAC, $ALL, $AIG, $TGT, $BWA, $PFE, $CVX, $CARR, $BDX)
- Ave Maria Growth Fund ($BATRA, $WSO)
- Aristotle Atlantic Large Cap Growth Strategy ($TSLA, $GTLS, $DDOG, $ENPH, $TENB, $EXPE)
- Longleaf Partners Small-Cap Fund ($OSCR, $KNF, $ESRT, $WEST)
- FPA Queens Road Small Cap Value Fund ($IDCC, $FN, $PVH, $GIII, $DECK, $UNFI, $UGI, $CNXC, $DAR, $HMN)
- Alger Spectra Fund ($NVDA, $TTD, $AMZN, $MSFT, $TSLA, $SLB)
- Aristotle Atlantic Core Equity Strategy ($PEP, $AVGO, $SPR, $BDX, $LLY, $BMY, $VRTX)
- Bronte Capital Amalthea Fund ($HIBB, $KRTX, $NKE)
- Baron Durable Advantage Fund ($EL, $LPLA)
- Baron Global Advantage Fund ($ZI, $DAVA, $MELI, $FVRR)
- Baron Focused Growth Fund ($CSGP, $VAC, $RRR, $H, $GWRE, $BNTX)
- Artko Capital ($RSSS, $PBPB, $HQI, $SHYF, $GAIA, $NTIC, $MLP)
- 180 Degree Capital Corp. ($PBPB, $SNCR, $SCOR, $AREN)
- Polen Capital International Growth Strategy ($SHOP, $UL, $HDB, $MDT, $TSM, $ASML)
- Baron FinTech Fund ($INTU, $SPGI, $BILL, $GWRE, $APO)
- Lakehouse Capital ($ADYEY, $SE, $MELI)
- Brown Capital Management Small Company Fund ($DDOG, $XMTR, $PAYC, $HLIO)
- Artisan Partners Mid Cap Fund ($ASND, $ARGX, $LSCC, $ON, $CMG, $DXCM, $SHOP, $EFX, $CELH, $XYL, $PWR, $JBL, $RYAN, $BNTX, $AGL, $LULU)
- Diamond Hill Capital Mid Cap Strategy ($GDDY, $NVST, $WCC, $CUBE, $NSP, $FBIN, $ST, $CTRA, $VFC, $CIEN, $WBS, $PH)
- Carillon Eagle Growth & Income Fund ($AVGO, $FDX, $CVX, $MSFT, $GPC, $PNC, $JPM, $NOC, $AZN)
- Ariel Fund ($CLB, $MAT, $MSGE, $JLL, $RCL, $ATGE)
- Artisan Partners Small Cap Fund ($VMI, $WING, $MPWR, $IPGP, $ELF, $MYRG, $BL, $SHLS, $CCCS, $FRPT, $HALO, $PCOR, $SMAR)
- Ariel Investments Appreciation Fund ($CG, $KKR, $SCHW, $BWA)
- Ave Maria Focused Fund ($GSM)
- Ave Maria World Equity Fund ($STNE, $FG, $INMD, $STVN)
- Diamond Hill Capital Select Strategy ($STKL, $COOP, $HUM, $FANG, $GOOG, $LANC, $LEA, $COHR, $HCA)
- Ariel Investments Small Cap Value Strategy ($OSW, $LIND, $NVST)
- Wasatch Global Investors Micro Cap Value Strategy ($HCI, $PI, $CHEF, $GENK, $HROW, $INMD, $PWP, $GVA)
- Artisan Partners Value Fund ($BAX, $PNC, $NFLX, $META, $SLB, $EOG, $ACGL, $FDX, $DG, $DEO, $USB)
- Third Avenue Management Value Fund ($CME)
- ClearBridge Investments Small Cap Value Strategy ($OZK, $OPRT, $PRG, $VSTO, $EVRI, $TGH, $VC, $AMN)
- Third Avenue Real Estate Value Fund ($RYN, $PLD, $LEN, $SUI, $FPH)
- Wasatch Global Investors Core Growth Fund ($TREX, $BRBR, $OZK, $FOXF, $XPEL, $HQY)
- Ariel Investments Focus Fund ($ZIMV, $MHK, $GS, $APA, $WU)
- ClearBridge Investments Select Strategy ($TTD, MPWR, MODN)
- Orbis Global Equity Strategy (INTC, NYDOY, AAPL, NVDA)
- ClearBridge Investments Aggressive Growth Strategy (CTAS, GWW, $PODD, $DOCS, $MDB, $PCTY
- L1 Capital International Fund ($INTU, $ADI, $HCA, $CME, $ICE)
- ClearBridge Investments Mid Cap Strategy ($APTV, $HAS, $EXPE, $PFGC, $COTY, $KKR, $ARGX, $MRVI)
- Next Century Growth Investors SMID Cap Growth Strategy ($MEDP, $BRZE, $GWRE, $DXCM, $VRT, $CSTL, $TNDM, $DAVA, $NTRA, $CWAN)
- Generation Investment Management Global Equity Strategy ($CSL, $TMO)
- Sequoia Fund ($NFLX, $BAC, $MU, $META, $KMX, $SCHW, $ICE, $FWONK, $LBRDK, $GOOG, $UNH, $SAP, $RYCEY)
- Alger Mid Cap Focus Fund ($PINS, $IDXX, $TRU, $PAYC, $ON)
- TimesSquare Capital Management U.S. Small Cap Growth Strategy ($WING, $VC, $BJ, $ATGE, $HLNE, $FLYW, $PRA, $FORM, $ASND, $SWAV, $ATRC, $RAPT, $ESAB, $AZEK, $WNS, $ZWS, $ICFI, $WK, $FROG)
- ClearBridge Investments SMID Cap Growth Strategy ($HLNE, $BURL, $FIVE, $VRT, $BJ, $MEDP, $URI)
- ClearBridge Investments Value Equity Strategy ($NEE, $PPL, $SQ, $UAL, $WFC
- Carillon Scout Mid Cap Fund ($PLTR, $CRWD, $FHN, $LULU, $RIG, $ON)
- Ariel Investments Global Fund ($INTC, $VZ, $BIDU, $BMY, $CNHI, $FMS, $DVA, $KB, $TFC, $TSM)
- Pershing Square Holdings ($GOOG, $CMG, $QSR, $HLT, $HHH, $CP, $LOW)
- Brown Capital Management Mid Company Fund ($DXCM, $SHOP, $MANH, $OMCL, $VEEV)
- Artisan Partners Mid Cap Value Fund ($BWA, $CABO, $EXPE, $FITB, $LAMR, $NNN, $LSXMK, $VNT, $FCNCA)
- Meridian Small Cap Growth Fund ($MIR, $CARG, $CCCC, $SKIN, $SONX, $EVRI)
- TimesSquare Capital Management Mid Cap Growth Strategy ($PINS, $BC, $FIVE, $FND, $ROST, $ORLY, $IBKR, $LNG, $APTV, $NDAQ, $RPM, $PANW, $MLM, $CYBR, $IT, $OLED, $KEYS, $LSCC, $LEGN, $STVN, $ARGX, $COR, $NVST, $ICLR, $DXCM, $IDXX, $RNR, $DXCM, $TPG, $PXD, $BSY, $PCTY, $EME, $CSL, $CTAS, $HXL)
- Meridian Growth Fund ($GOOS, $FOXF, $HSIC, $MATX, $EEFT)
- ClearBridge Investments Mid Cap Growth Strategy ($MNDY, $STVN, $CMG, $WST)
- Carillon Chartwell Mid Cap Value Fund ($EXPE, $ALL, $HOG, $EXR, $PH)
- Next Century Growth Investors Micro Cap Strategy ($SEMR, $DCBO, $ACVA, $AUGX, $CCS, $ALKT, $PDFS, $VCYT, $ENFN)
- Artisan Partners Select Equity Fund ($AXP, $AXTA, $BABA, $BRK-B, $ELV)
- TimesSquare Capital Management U.S. Focus Growth Strategy ($CHE, $VRSK, $VEEV)
- Meridian Contrarian Fund ($SGH, $LEGN, $APA, $HNST, $PINS, $AMD)
- Meridian Hedged Equity Fund ($LBRDA, $ALGM, $SPHR, $LEVI, $SBH, $MSFT)
- RiverPark Long/Short Opportunity Fund ($COF)
- TimesSquare Capital Management U.S. Small/Mid Cap Growth Strategy ($SYNA, $TER)
- Diamond Hill Capital Long-Short Fund ($C, $TFC, $META, $MSFT, $WDFC, $BOH, $GRMN, $IBM, $EXR, $EXPI, $AKAM)
- RiverPark/Next Century Growth Fund ($GWRE, $CWAN, $MEDP, $CSTL, $TNDM, $NTRA, $DAVA, $BRZE)