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 Jul 31, 2026
U.S. markets delivered strong returns in Q2 2026, with large-cap stocks up 15% and small-cap stocks surging 22%, their best quarterly performance since Q4 2020. The quarter was defined by the U.S.-Iran conflict, which disrupted energy markets and pushed oil above $110 per barrel before a June ceasefire framework stabilized conditions. AI remained a dominant theme, but investor focus shifted from infrastructure spending to monetization and returns as hyperscaler free cash flow came under pressure despite record capex levels. The U.S. consumer remained resilient, supported by larger tax refunds and improving lower-income household finances, even as inflation at 4.2% outpaced wage growth. Kevin Warsh began his tenure as Federal Reserve Chair, launching task forces to review inflation frameworks and communications, with potential shifts toward trimmed-mean measures. Market breadth improved significantly, with small caps outperforming and leadership expanding beyond mega-cap technology. The Supreme Court invalidated Trump's 2025 tariffs, triggering $165 billion in refunds that are being returned to businesses and consumers. Looking forward, the key question is whether AI spending translates into sustainable earnings growth and margin expansion across industries.
The market is transitioning from an AI infrastructure spending boom to a phase where monetization, profitability, and productivity gains will determine winners, while broadening market leadership beyond mega-cap technology suggests opportunities across Healthcare, Financials, Energy, and Real Estate sectors.
The manager is focused on how the AI buildout transitions from capacity expansion to monetization, profitability, and broader economic productivity. The key question is whether hyperscalers' AI spending will generate sufficient returns to support earnings expectations. Within AI, opportunities remain in power and nuclear infrastructure, though with expected volatility. The next phase of the AI trade may be defined by which companies successfully convert AI adoption into sustainable revenue growth, margin expansion, and free cash flow. The manager is monitoring outcomes from Kevin Warsh's Federal Reserve task forces, particularly potential shifts toward trimmed-mean inflation measures, as well as the reopening of the IPO market and signs of broadening market leadership beyond mega-cap technology.
Neutral / Balanced
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