The goal of this newsletter is simple: collect as many hedge fund letters to investors as I can get my hands on and find consensus topics of discussion.
A total of 52 letters were used for this report. Unfortunately this is down from Q4 2016's total. Many hedge funds only release annual investor letters and I still need to find more letter sources. Fifty-two letters is too small a number to extract a real consensus. If you have access to hedge fund letters to investors, please send them in.
Letters are first annotated and undergo natural language processing (NLP) to identity named entities and coreferences (among other tasks) and are then pumped into a text search engine to find consensus topics among all funds. This same text search engine is available to readers to use for possibly finding additional topics of interest. Part of the annotation includes identifying new buys/sells, and existing holdings, fund performance, cash allocation, and key opinions.