*Last updated on 5 June 2020

 

Greetings investors, and welcome to the Q1 2020 list of hedge fund letters and reports! Learn from the top investors on Wall Street, gain insights into the economy and financial markets, and know what to expect for the rest of the year.

 

These letters are from the top hedge funds and the most successful value investing firms in the world – learn about the stock market, the economy, the global geopolitical landscape, and investing strategies and philosophy from the very best in the business today.

 

Most of this list was compiled by Reddit/r/SecurityAnalysis. If you have any more hedge fund letters or reports – especially ones with a value investing focus – please send them here. This list will be updated every week as more hedge fund letters come in.

 

For past hedge fund letters and reports, be sure to check out the full Vintage Value Investing archive of Hedge Fund Letters.

 

Now get to reading!

 

Investment FirmDate Posted
A Primer on Reading Annual ReportsApril 7
Absolute Return PartnersApril 7
Bankruptcy Law PrimerApril 7
Berkshire Hathaway Annual ReportApril 7
Crescat Capital – Blood in the StreetsApril 7
FundsmithApril 7
Glasshouse Research – Cubic CorpApril 7
Grants – Grand Tour of JunkApril 7
Hindenburg Research – HF FoodsApril 7
Horizon Kinetics – March 20April 7
Horizon Kinetics – March 25April 7
Howard Marks Memo – March 3April 7
Howard Marks Memo – March 19April 7
Howard Marks Memo – March 31April 7
J Capital – GDS HoldingsApril 7
James Montier – Fear and Psychology of Bear MarketsApril 7
Jamie DimonApril 7
JDP CapitalApril 7
JPMorgan – Guide to the MarketsApril 7
Oaktree Capital – Assessing Relative CreditApril 7
Oaktree Capital – Risks and Opportunities in EMApril 7
O’Shaughnessey Asset ManagementApril 7
Pershing Square Capital – Annual LetterApril 7
Pershing Square Capital – CDS TradeApril 7
Sequoia FundApril 7
Spruce Point Capital – WD-40April 7
Wedgewood PartnersApril 7
Wolfpack Research – IQIYIApril 7
Akre Focus FundApril 8
Alliance Bernstein Long CapApril 8
Bill Nygren CommentaryApril 8
Howard Marks Memo – April 7April 8
Vltava FundApril 8
Vulcan Value PartnersApril 8
Bluehawk InvestorsApril 9
Boston OmahaApril 9
Driehaus Life SciencesApril 9
Riverpark Floating CMBSApril 9
Riverpark Large GrowthApril 9
Riverpark Long Short OpportunityApril 9
Schiehallion FundApril 9
Thornburg Global OpportunitiesApril 9
Brown AdvisoryApril 10
GMO White PaperApril 10
MawerApril 10
Newfound ResearchApril 10
Templeton and PhillipsApril 10
Universa InvestmentsApril 10
FPA Crescent Fund TranscriptApril 11
Third Avenue Value FundApril 11
Desert Lion CapitalApril 12
Massif CapitalApril 12
Muddy Waters – eHealthApril 12
Turtle CreekApril 12
UBS 2020 Real Estate ReportApril 12
Crescat CapitalApril 15
Howard Marks Memo – April 14April 15
Longleaf PartnersApril 15
Madison Investors FundApril 15
Pabrai FundsApril 15
St. James Investment CompanyApril 15
AntipodesApril 17
Artisan Mid CapApril 17
Baron FundsApril 17
Cooper InvestorsApril 17
David HerroApril 17
Ensemble FundApril 17
Jeff Bezos Annual LetterApril 17
KKR Global Macro InsightsApril 17
RobottiApril 17
Summer Value PartnersApril 17
Third Point CapitalApril 17
Tweedy BrowneApril 17
Whitebrook CapitalApril 17
Harding LoevnerApril 18
Kuleana CapitalApril 18
Mairs & PowerApril 18
McKinsey – The Future of TravelApril 18
RPIAApril 18
Silver Ring PartnersApril 18
Third Point CapitalApril 18
Upslope CapitalApril 18
Rhizome PartnersApril 20
White Crane CapitalApril 20
Canterbury TollgateApril 21
Elliot Management – PerspectivesApril 21
First EagleApril 21
O’Shaughnessy Asset ManagementApril 21
Baron FundsApril 21
Diamond HillApril 23
Evermore Global ValueApril 23
Giverny CapitalApril 23
Kerrisdale Capital – Short Thesis on Mirati TherapeuticsApril 23
Maran CapitalApril 23
Wolfpack Research – Short Thesis on Inspire Medical SystemsApril 23
Ewing MorrisApril 24
HoisingtonApril 24
Horizon KineticsApril 24
Merrill Lynch Capital Markets OutlookApril 24
RGA AdvisorsApril 24
Gardner, Russo & GardnerApril 26
Greenhaven Road CapitalApril 26
Polen Focus GrowthApril 26
Polen Global GrowthApril 26
Steel City CapitalApril 26
Guggenheim CIO OutlookApril 28
Hindenburg Research – Short Thesis on New Pacific MetalsApril 28
Laughing Water CapitalApril 28
Miller Deep ValueApril 28
Miller Income StrategyApril 28
Miller Opportunity EquityApril 28
Newfound ResearchApril 28
Quintessential Capital – Short Thesis on AkazooApril 28
RF CapitalApril 28
White Diamond Research – Short Thesis on BioSigApril 28
Open Square CapitalApril 29
TCI Fund – Letter to WirecardApril 29
Alluvial CapitalApril 30
Arquitos CapitalApril 30
Bessemer – State of the Cloud IndustryApril 30
BroyhillApril 30
Alta FoxMay 2
Boyar ValueMay 2
SRK CapitalMay 2
Distillate CapitalMay 3
First Eagle Fund of AmericaMay 3
First Eagle High IncomeMay 3
First Eagle Income BuilderMay 3
First Eagle ValueMay 3
Angelo GordonMay 5
Citron – Short Thesis on InovioMay 5
Grizzly Reports – Short Thesis on WUBAMay 5
Tao ValueMay 5
Universa on Tail HedgingMay 5
Health Invest PartnerMay 7
Amalthea CapitalMay 10
Amana Mutual FundsMay 10
Andvari AssociatesMay 10
Alphyn CapitalMay 10
Blue Tower Asset ManagementMay 10
Hayden CapitalMay 10
Horos Asset ManagementMay 10
LRT CapitalMay 10
Palm Valley CapitalMay 10
Paul Tudor JonesMay 10
Sextant Mutual FundsMay 10
Steel CityMay 10
Third Avenue Real EstateMay 10
Third Avenue Small CapMay 10
Tidefall CapitalMay 10
Touchstone FundsMay 10
Bernzott Capital AdvisorsMay 11
Compound Everyday CapitalMay 11
Comus InvestMay 11
Greenwood InvestorsMay 11
Guggenheim InvestmentsMay 14
Elliot Management – AlexionMay 14
HG Capital TrustMay 14
Huffman PrairieMay 14
Independent Franchise Partners – KirinMay 14
Tao Value – StrategyMay 14
Value Investor Insight – Bill NygrenMay 14
Credit Suisse – Global Money NotesMay 15
Howard Marks Memo – UncertaintyMay 15
Logica Funds – Talking Your Book About ValueMay 15
Mittleman BrothersMay 15
Top Retail BrandsMay 15
Donville & KentMay 16
Goehring & RozencwajgMay 16
Apollo Asia FundMay 18
Bonitas Research – Short Thesis on Pets at HomeMay 18
Culper Research – Update on CatasysMay 18
Hindenburg Research – Short Thesis on China Metals Resource UtilizationMay 18
Lightsail CapitalMay 18
Muddy Waters – Update on Burford CapitalMay 18
Spruce Point Capital – Short Thesis on Forescout TechnologiesMay 18
Verdad – High YieldMay 18
KKR Global Macro TrendsMay 20
Lightsail CapitalMay 20
FPA Crescent FundMay 20
AorisMay 22
Giverny Capital Asset ManagementMay 22
Bireme CapitalMay 25
Greenhaven Road Partners FundMay 25
Hindenburg Research – Short Thesis on Sorrento TherapeuticsMay 26
Land & Buildings – Short Thesis on Empire State Realty TrustMay 26
Muddy Waters – Short Thesis on GSXMay 26
Viceroy Research – Short Thesis on Sorrento TherapeuticsMay 26
JLL – US Office OutlookMay 27
Massif Capital – Long Thesis on BakkafrostMay 27
Bonhoeffer FundMay 29
Howard Marks Memo – Uncertainty IIMay 29
Muddy Waters – Update on GSXMay 29
Citron Research – Long Thesis on RHJune 1
CloudyThunder Research – Short Thesis on Tianneng PowerJune 1
Horseman CapitalJune 1
JCapital Research – Short Thesis on NovaGoldJune 1

 

InterviewDate Posted
Bill Ackman – BloombergApril 7
Bill Ackman – CNBCApril 7
Jim ChanosApril 7
Murray StahlApril 7
Oaktree Capital – Emerging MarketsApril 7
Oaktree Capital – Relative ValueApril 7
Steve BregmanApril 7
Fundsmith Annual MeetingApril 8
Grant Williams 2020 SeriesApril 9
Barry DillerApril 17
Willow Oak Value HourApril 17
Ray Dalio – BloombergApril 18
Invest Like the Best – Dan RasmussenApril 18
Invest Like the Best – Gavin BakerApril 18
Masters in Business – James MontierApril 18
Carl Icahn – BloombergApril 26
Greg Maffei – CNBCApril 26
A Shift in Investment Strategies Post CoronavirusApril 28
Bill Ackman – Farnam PodcastApril 29
Jim Chanos on Financial FraudMay 3
Sam Zell – BloombergMay 5
David Tepper – CNBCMay 15
Stanley Druckenmiller – ECNYMay 15
Howard Marks – BloombergMay 18
Jerome Powell – 60 MinutesMay 18
Chris BloomstranMay 20
Gavin Baker – CSIMAMay 20
Howard Marks – CFAMay 20
CFA Institute Virtual ConferenceMay 25
Jorge Paulo LemannMay 26


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