Dear Partners

Your quarterly letter, written by someone who has sent his own.

The letter is the most writing-heavy task of your quarter and the document every allocator you are chasing actually reads. I ran a book, I sent the letters, and the institutional voice kept shipping every quarter even when nothing else did. Now I write them for emerging managers who would rather be managing.

What you get

A 2,000 to 3,500 word quarterly partner letter in your voice, on your architecture: performance against the benchmarks stated first, the mandate restated and scored, risk statistics as a block, numbered position write-ups with management named and graded on capital discipline, and a commentary section where the voice is allowed to get loud. Five business days from intake. Two revision rounds. Compliance-ready footnotes and disclaimers.

What you send

1. Performance: gross and net, month, quarter, year to date, since inception, and the benchmarks.
2. Exposure: gross and net averages, long and short book, any sleeve breakdown.
3. Attribution: top five contributors and detractors, two sentences each, by voice note.
4. Position write-ups: three to five names, a voice note per name on thesis and what changed.
5. Portfolio changes: adds, exits, sizing moves.
6. Market view: a ten-minute voice memo. This becomes the commentary section.
7. Firm updates: AUM, hires, operations, anything personal you want in.
8. The prior two letters, for voice.
9. Compliance constraints: disclaimers, performance presentation rules, who approves.
10. Deadline and the single approver.

Rate

From $3,000.00 per quarterly letter. Cover letters, monthly updates, and deck narrative quoted separately. A sample letter is available on request. Engagements pause on 30 days' notice in either direction.

Who it is for

Emerging managers under about $100.00mm who write their own letters at 2:00 AM the week they are due. Not for firms with an investor relations function; they already have this.

Message @Hoags18 on X or reply to any Hoags email. Q3 letters are due in October and November; the calendar fills in September.