The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 2, 2026
1 Main Capital Partners, L.P. returned -9.1% net of fees in the third quarter of 2026, bringing year-to-date performance to -0.3% net of fees, compared to +12.7% and +13.9% for the S&P 500 and Russell 2000, respectively. Performance lagged broad benchmarks primarily due to earnings softness and multiple compression in core holdings, alongside a lack of exposure to surging energy and mega-cap technology momentum. Despite near-term quotation headwinds, the strategy remains anchored in high-conviction, self-funding operating businesses where the manager sees market reactions overshooting underlying fundamentals. The broader macroeconomic environment turned increasingly restrictive during the quarter, with benchmark 10-year Treasury yields jumping nearly 90 basis points to levels unseen since 2002, accompanied by sticky inflation, persistent federal deficits, and elevated oil prices. In response, the manager frames today's public markets through a private equity underwriting lens, asserting that algorithmic trading and passive momentum create wide divergences between quoted prices and intrinsic value. The portfolio maintains zero reliance on favorable macroeconomic conditions, focusing instead on resilient business models generating substantial free cash flow. Portfolio activity reflected decisive capital reallocation into dislocated compounders. The manager doubled the fund's stake in Limbach Holdings and reinitiated a position in KKR & Co, while establishing a new position in Canadian children's entertainment company WildBrain Ltd following its balance sheet deleveraging. Conversely, capital was harvested from positions with compromised investment theses or elevated artificial intelligence exposure, including complete exits of Malibu Boats and Radiant Logistics. At quarter-end, the fund's top five holdings accounted for roughly 65% of capital.
Apply a disciplined private equity underwriting framework to public markets by aggressively acquiring concentrated stakes in cash-generative, growing compounders when short-term volatility and momentum-driven dislocation create severe valuation discounts.
The manager expects sustained market volatility driven by sticky inflation and high borrowing costs, but anticipates strong prospective returns as core portfolio companies convert high free cash flow into accretive buybacks and operational growth.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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