Insights · Newsletter Archive
Annual letters and quarterly commentary.
A complete archive of Frontwater Capital's published writing — the theses we were tracking, the trades we were making, and the macro setups we were watching as they happened. Every issue is preserved here as a PDF for the record.
Featured
Annual Letters
2026
Annual Letter
Frontwater's Annual Newsletter
Our third consecutive year of average double-digit returns.
Read full letter2025
Annual Letter
Frontwater's Annual Newsletter
Another remarkable year for Frontwater investors.
Read full letter2024
Annual Letter
Frontwater's Annual Newsletter
Investing at near perfection.
Read full letterArchive
Quarterly Commentary
2019
2 issues
2018
1 issue
2017
3 issues
2016
2 issues
2015
2 issues
2014
3 issues
The commentary in past issues reflects market conditions at the time of publication and should not be read as current investment advice. Frontwater Capital does not undertake to update prior commentary.