A quarterly investor letter in the PM's own voice — every figure tied to the final NAV, every audience checked, two keys to release
Letters in the PM's own voice, every figure tied to the final NAV before release.
See one case, screen by screen ↓Quarterly Investor Letters is quarterly investor letter software for hedge funds and boutiques: it drafts the quarterly letter to limited partners in the portfolio manager's own voice from the PM's voice memo and notes, the administrator's final NAV, attribution and exposures. Seven AI agents draft, tie every figure, remember what partners were told, check each audience's version against the SEC Marketing Rule and build the prospect version, translate and prepare distribution. IR drafts, the PM edits, the Fund CFO certifies, the CCO approves, and two keys release it.
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Every quarter a hedge fund or boutique sends its partners a quarterly investor letter in the portfolio manager's own voice: how the fund did, what worked and what did not, how it is positioned, and what the PM thinks next. Partners read these letters closely and quote them back, and allocators file them. Today the PM writes the letter over a weekend from memory, a voice memo and last quarter's letter; investor relations chases the fund administrator's final NAV and re-types the figures when it moves; compliance reads the draft at the last minute.
The failures are always the same. A figure taken from the estimate that the final NAV changes. A position return rounded from memory — “up about seventy percent” when the books say 62%. A winner named without the losers, a long-book return shown gross-only, a line that reads as a projection, silence about a short the PM wrote about last quarter. Sent to a prospect or a consultant, the same hedge fund investor letter is an advertisement under the SEC Marketing Rule, Rule 206(4)-1, and has to be built as one.
Estimated split, in hours, for one fund's quarterly letter, by hand and with the solution. The 12 hours of PM writing is our estimate of one to two days.
Seven agents draft in the PM's voice, tie every figure, remember last quarter's promises and build the prospect version; the PM, Fund CFO and CCO decide, and two keys release.
Quillfield Alternatives runs 40 hedge fund and boutique strategies, and every one writes to its partners each quarter. It is Thursday, October 15, 2026; the cycle's release deadline is Friday, October 30. Ardent Healthcare Long/Short — $1.84 billion, CIO Nora Haskell — is the letter in front of the CCO. Here is how it got there, screen by screen, in the working solution.
Clara's Today screen opens on the agents' morning briefing, each line with its source and an action. Overnight the Tie-out agent re-tied 116 figures in three letters after their final NAV packs arrived. The Continuity agent found Kestrel Asia Macro's draft silent on the yen view Owen Pryce called “our highest-conviction trade” in July. The Distribution agent has nine letters out to 683 recipients and 3 prospects held back. Beside it: 37 of 40 letters on track, 4 that need her, 1,431 of 1,486 figures tied to a final NAV.
Marketing Rule agent, 08:40: “Ardent's prospect version names Quorlan Biotech at +62%. I prepared the five best and five worst contributors and every holding's contribution (68 positions) for Marcus Feld.”
The Q3 cycle is 40 letters from 22 in-house hedge fund teams and 6 boutiques, in 118 versions to 3,214 recipients. Each row shows its stage, who holds it now, when it is due, how many figures are tied and how many items are open. Kestrel Asia Macro is one day overdue at PM edit; Ardent is with the CCO, 38 of 38 figures tied, 498 recipients.
Ask the agents about this page: “Which letters could miss business day 22?”
Nora records an 11:42 voice memo between meetings. Two days later the Drafting agent writes version 1 in 41 seconds, in her voice, from the memo, her notes and the administrator's estimate. In the letter studio the transcript sits beside the page: green where a phrase was used, amber where the agents corrected or reworded it. A margin mark beside each paragraph names the memo moment it came from; click it and the memo plays.
Memo, 03:25: “Calder was the mistake. The pump recall. We're out. Own it, don't dress it up.” The letter: “Calder Medtech was our mistake.”
Every figure in the letter is underlined: solid when tied, dotted when an agent corrected it, marked where the final NAV changed it. Click 62% and the panel shows the tie: portfolio accounting's position P&L, page 4, Quorlan Biotech +62.4%; what the memo said; the draft's 70%; the rounding rule; and Ruth Okonjo's certification. The Tie-out agent corrected three memo approximations this way — 62%, 42% net and 168% gross.
“The memo's ‘about seventy’ matches Quorlan's share price at its September 18 peak (+71.8% from June 30). The quarter's position return is +62.4%; whole-percent rounding gives 62%.”
The Continuity agent reads every prior letter as a record of what Nora told partners. In July she introduced a Halsey Labs short; this quarter it cost 0.48 points and the draft did not mention it, so the agent asked her. She answered in one line, and the Drafting agent added two sentences in her words. The Marketing Rule agent flagged “I think Quorlan can double again from here” as a projected return for a holding and suggested a rewording; Nora accepted it.
Nora Haskell: “Yes. Say it went against us, we still believe the thesis, and we halved it.”
The Intake agent lists ten sources, each with its status — final, superseded, used, read or synced — all read under Ardent's entitlement. When the administrator's final NAV pack arrives, the October 7 estimate is superseded and the Tie-out agent re-ties all 38 figures: 5 moved by 0.1 point after the administrator trued up the incentive allocation — Class A 6.9% to 6.8% for the quarter, 14.3% to 14.2% for the year, Class B 7.4 to 7.3. Only Nora's sign-off on “Performance” reopens; she re-confirms at 18:02, and Ruth certifies all 38 the next morning at 08:05.
The Intake agent never treats an estimate as final.
The agent reads the CRM's recipient flags and decides what the letter is for each audience: for 374 partners in English and 38 in Japanese it is not an advertisement — materials to existing private fund investors about the fund they hold (IA-5653, p. 61) — though the anti-fraud rule, 206(4)-8, still applies. For 86 prospects and consultants it offers the adviser's services, so it is an advertisement. Then it runs the firm's eight checks, policy v2026.3, each with the rule passage.
MR-2, a holding named with its return: “Open” for prospects until the contributors are added.
Because the letter names Quorlan Biotech with its return, the agent prepares the prospect version itself, and Marcus accepts it: the five best and five worst contributors in one table with equal prominence, the contribution of all 68 holdings, and the advertisement legend — 91 new figures, each tied to the attribution. The long book's 12.4% before fees is an extract, so the fund's total 8.9% gross and 6.8% net sit beside it for the same quarter, as the SEC staff FAQ of March 19, 2025 describes.
“Ranked by contribution to the fund's gross return, before fees and financing, using the same method every quarter.”
Until the contributors table was in, Marcus's button read “Approve · 1 check open”. Now the dialog lists what he is signing for: 38 figures certified by Ruth Okonjo against the final NAV; the prospect version with the five best and five worst, every holding's contribution and the extract with total gross and net; the projection reworded by the PM; disclosures for each audience. He picks “Approved — all checks satisfied” and signs.
“The time, the signature, the reason and the evidence you saw are logged.”
Clara turns key 1 at 09:36: she confirms the three versions, the recipient lists and the held-back list. Marcus turns key 2 at 09:41. The Distribution agent sends 374 English and 38 Japanese letters through the investor portal and 84 watermarked PDFs by secure email — 496 delivered, archived write-once. Harbor Lane Family Office stays held back because the CRM has not confirmed its qualified-purchaser status, and a consultant because a confidentiality agreement expired September 30 — until the CRM is fixed.
The person who prepares a release never confirms it.
The same Q3 letter, seen by the four people who carry it — what the quarter looked like, and what it looks like now.
Seven agents draft in the PM's voice, tie every figure, remember last quarter's promises and build the prospect version; the PM, Fund CFO and CCO decide, and two keys release.
Gathers the administrator's estimate and final NAV pack by class and series, attribution and position P&L, exposures, the PM's voice memo and notes, every prior letter and the CRM's recipient lists, marks each source final or estimate, and shows what changed at the final.
Writes the letter in the PM's voice from the memo, the notes and the results, following the fund's letter template and a voice profile learned from the PM's prior letters and edits, and marks every paragraph with the memo moment it came from.
Ties every figure to its source, page and rounding rule, corrects memo approximations, re-ties the whole cycle — translations too — on each final NAV, reopens only the sign-offs a change touches and prepares the Fund CFO's certification.
Decides advertisement status per audience, checks net with gross, holdings named with their returns, extracted performance, projections and disclosures against the firm's policy, and builds the prospect version and its disclosure footer.
Reads every prior letter as a ledger of what the PM told partners — theses, sized bets, promised updates — flags silence and contradiction in the draft, asks the PM and tracks the answer.
Writes the Japanese version for the offshore fund's investors in the PM's register, reads issuers' originals — a Japanese earnings release, a German half-year report — and cites the page, and re-ties every figure in the translation.
Builds recipient lists from the CRM by audience, class, feeder and language, holds back recipients it cannot qualify, keeps the SLA clocks and escalates breaches, prepares portal and secure-email packages, and logs every receipt.
Draft, edit, certify, approve, release. The agents propose; a named person decides.
One conversation with the seven letter agents, on every screen. They answer with sources and propose actions; a person approves every action, and each question and answer is logged.
Which letters did last night's final NAVs change?
Three: Halden Global Credit (2 figures), Osprey Distressed (1) and Emberly Emerging Markets (1), each by 0.1 point after incentive true-ups. The Tie-out agent re-tied 116 figures; all three are with Ruth Okonjo, and Halden is due today.
Does Ardent need anything from me before Marcus approves?
No. Ruth certified all 38 figures at 08:05 and Marcus accepted the extract sentence at 08:52. One item is with Marcus: the contributors table for the prospect version. After he approves, key 1 is yours.
What did Nora tell partners about Halsey Labs in July?
In the Q2 letter (July 16, p. 2): “We initiated a short in Halsey Labs. We expect the position to work as its payer mix shifts.” It cost 0.48 points in Q3; Nora's two added sentences address it.
Why did the memo say seventy percent?
Nora recorded the memo on October 6, when Quorlan's share price was near its September 18 peak (+71.8% from June 30). The quarter's position return is +62.4%, so the letter says 62%.
13 screens from the working solution, on its sample data. Pick one to see it large.
Rounding, voice, Marketing Rule policy, SLAs and retention are settings. A change is saved as a pending version until a second administrator approves it.
| Setting | Default | Choose from |
|---|---|---|
| Fund returns must equal the administrator's final to | 0.1 point | 0.1 point · 0.01 point |
| Position returns may round to | Whole percent | Whole percent · 0.1 percent |
| Exposures within | 0.5 point | 0.5 point · 1 point |
| Voice match floor — drafts below it go to IR before the PM | 85 | 85 · 80 · 90 |
| Letters to prospects and consultants are advertisements | On — Rule 206(4)-1 applies in full | On · Off |
| Letter length | 1,100–1,500 words | 1,100–1,500 · 900–1,200 words |
| Cycle release deadline | 22 business days after quarter end | 22 · 20 · 25 business days |
| Retention | 7 years | 7 years · 5 years · 10 years |
Every figure is labelled: a target the solution is built to, an estimate, a typical published result, or a proven one.
“demo” = seen in the working solution, on its sample data · “target” = the design goal, measured in the live solution · “estimated” = our estimate (one to two days of PM writing per letter, and the split of hours) · “typical” = published figures (SEC enforcement under the Marketing Rule, Rule 206(4)-1 — 17 advisers fined about $2.3 million since November 2022). Rule references: the SEC's adopting release IA-5653 (December 22, 2020), the SEC staff Marketing Compliance FAQ on extracted performance (March 19, 2025) and Rule 204-2 on books and records. Quillfield Capital, Quillfield Alternatives and the people, funds, issuers and investors named on this page are fictional — characters and sample data in the working solution.
Quarterly Investor Letters is quarterly investor letter software for hedge funds and boutiques: it drafts the quarterly letter to limited partners in the portfolio manager's own voice from the PM's voice memo and notes, the administrator's final NAV, attribution and exposures. Seven AI agents draft, tie every figure, remember what partners were told, check each audience's version against the SEC Marketing Rule and build the prospect version, translate and prepare distribution. IR drafts, the PM edits, the Fund CFO certifies, the CCO approves, and two keys release it.
It depends on who receives it. The adopting release treats materials sent to existing private fund investors about the fund they hold as generally not advertisements, though the anti-fraud rule 206(4)-8 still applies; the same letter sent to prospects or consultants offers the adviser's services, so it is. The Marketing Rule agent decides per audience from the CRM's flags, shows the passage, and the CCO decides.
In the working solution, the long book's 12.4% return before fees is an extract, so the Marketing Rule agent puts the total fund's 8.9% gross and 6.8% net for the same quarter beside it, as the SEC staff FAQ of March 19, 2025 describes. The check is in the firm's policy, and the CCO accepts or returns the sentence.
The Drafting agent writes from a voice profile learned from the PM's last 12 letters and her own edits — sentence length, how she owns a mistake, points for contribution and percent for returns, and the words she never uses. Each draft gets a voice match score, each paragraph links to the memo moment it came from, and the PM approves the profile. The agent never invents a reason or a view the PM did not give.
The Intake agent never treats an estimate as final. When Ardent's final NAV pack arrived, the Tie-out agent re-tied all 38 figures: five had moved by 0.1 point after the incentive allocation was trued up. Only the PM's sign-off on the section where they sit reopened, and release waits until the Fund CFO certifies against the final.
Yes. The Continuity agent reads every prior letter as a ledger of what the PM told partners — theses, sized bets, promised updates — and flags silence or contradiction in the new draft. In the working solution it caught a July short the draft did not mention and asked the PM; it never answers for her.
Yes. The agents propose, cite and ask; they never approve, certify or release. The PM approves content and voice, the Fund CFO certifies the figures, the CCO approves with a reason code, and release needs two keys turned by two different people. Every decision is on a write-once audit trail.
The Agentic Solution Engine builds and deploys it from your requirements and documents — your investor letter template, prior letters, Marketing Rule policy and the systems your figures come from — and it goes live once every quality gate has passed. We will walk you through it on a quarter you already sent first.
Quarterly packs out by business day 3, not day 10, each figure tied to the book of record.
1-min demoFactsheet AutomationFactsheets out on business day 3, not day 10, with every figure and disclaimer checked.
1-min demoPortfolio Commentary GenerationEvery sentence tied to its attribution figure, and PMs review in minutes, not hours.
1-min demoWe'll run Quarterly Investor Letters on a quarter you already sent: the PM's notes, the administrator's NAV pack and the letter that went out.