v3

latestOpenAPI 3.1.02026-07-26490368.4 KB

Fund Letters

Get a fund letter

Returns the full extracted content of one fund letter: identity (investor, fund), the reporting period, letter-level narratives (market backdrop, portfolio positioning, performance summary), structured performance figures, and a thesis for every security the letter materially discusses — each with the resolved company attached.

Thesis fields are extracted verbatim-faithful from the letter (the sourceQuote field carries a representative quote). The original document is available at /v1/fund-letters/{letterId}/pdf.

get/v1/fund-letters/{letterId}

Path parameters

letterIdstring required

Letter identifier (fscl_document_…).

Example:fscl_document_5TXS2CWP534

Letter identifier (fscl_document_…).

Query parameters

apiKeystring

API Key (alternatively send via X-Api-Key header)

Response

The letter detail.

letterIdstring required

titlestring required

reportPeriodstring required

Canonical reporting period (YYYYQn).

reportPeriodYearnumber required

reportPeriodQuarternumber required

reportPeriodTypestring required

periodLabelstring required

Period as stated. Nullable.

publicationDatestring required

Nullable.

letterTypestring required

keyTopicsstring[] required

marketBackdropstring required

The letter's market commentary, summarized. Nullable.

portfolioPositioningstring required

How the letter says the portfolio is positioned. Nullable.

performanceSummarystring required

The letter's own performance narrative, summarized. Nullable.

Example response

{
  "letterId": "fscl_document_5TXS2CWP534",
  "investor": {
    "investorId": "fscl_investor_4NYT7FZS641",
    "investorName": "Baron Capital",
    "investorType": "asset_manager"
  },
  "fund": {
    "fundId": "fscl_fund_8QHH7PGT769",
    "fundName": "Baron Discovery Fund",
    "fundType": "mutual_fund"
  },
  "title": "Baron Discovery Fund Quarterly Letter March 31, 2026",
  "reportPeriod": "2026Q1",
  "reportPeriodYear": 2026,
  "reportPeriodQuarter": 1,
  "reportPeriodType": "quarterly",
  "periodLabel": "Quarter Ended March 31, 2026",
  "publicationDate": "2026-04-15",
  "letterType": "quarterly_letter",
  "keyTopics": [
    "artificial_intelligence"
  ],
  "performanceFigures": [
    {
      "period": "Q1 2026",
      "fundReturnPercent": 3.4,
      "benchmarkReturnPercent": 2.1,
      "excessReturnPercent": 1.3,
      "benchmarkName": "Russell 2000 Growth Index",
      "basis": "net"
    }
  ],
  "theses": [
    {
      "materialityBasis": [
        "substantive_thesis"
      ],
      "relationship": "long",
      "stance": "bullish",
      "conviction": "high",
      "positionSizePercent": 3.7,
      "positionSizeBasis": "net",
      "positionSizeDescription": "top-five position",
      "timeHorizon": "long_term",
      "thesisSummary": "Category leader in observability with durable 25%+ ARR growth as AI workloads expand.",
      "sourceQuote": "We added to Dynatrace on weakness; observability spend is early in its AI-driven expansion.",
      "company": {
        "companyFiscalIdentifier": "FSCLC8VCN8ECR698",
        "companyKey": "NYSE_DT",
        "displayNameEnglish": "Dynatrace, Inc.",
        "sector": "Information Technology",
        "industryGroup": "Software & Services",
        "industry": "Software",
        "subIndustry": "Application Software",
        "headquartersCountryCode": "US",
        "headquartersCountryName": "United States",
        "marketCapUsd": 12798700000,
        "primaryListing": {
          "ticker": "DT",
          "exchangeCode": "NYSE",
          "exchangeName": "New York Stock Exchange",
          "operatingMic": "XNYS"
        }
      }
    }
  ]
}