Investor Communications

Quarterly Letters

Each quarter, we write to our partners with candid updates on the portfolio, our investment thinking, and observations on the markets. These letters are available exclusively to current and prospective limited partners.

Q1 2026April 2026

First Quarter 2026 Letter to Partners

A review of portfolio activity, market observations, and our outlook for the year ahead.

Partners Only

Q4 2025January 2026

Fourth Quarter & Full Year 2025 Letter to Partners

Annual review of performance, portfolio positioning, and reflections on a decade of investing.

Partners Only

Q3 2025October 2025

Third Quarter 2025 Letter to Partners

Portfolio updates, new positions, and thoughts on current market valuations.

Partners Only

Q2 2025July 2025

Second Quarter 2025 Letter to Partners

Mid-year review of holdings, thesis updates, and observations on market dynamics.

Partners Only

Access Requires Partnership

Our quarterly letters are shared exclusively with current and prospective limited partners. Request our materials to be considered for access.

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