Below please find Ivory Capital Managment's Q2 2011 letter. Hat tip to Marketfolly for posting this. For those of you not familiar with Ivory - they are a long/short equity hedge fund that focuses on value-based investments. As you can see from some of their large holding they (like many) are gravitating towards large cap value (MSFT, C, YHOO, etc.). Ivory ended the quarter -2.2% which puts them at -1.85% for the year. They also give a nice updated on Western Digital (WDC), Seagate (STX), and Hospira (HSP).