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 Jun 30, 2026
During the second quarter of 2026, the Wasatch Small Cap Growth strategy experienced absolute gains but trailed its benchmark, the Russell 2000 Growth Index, due to a highly speculative market environment where unprofitable and lower-quality AI-related businesses drove index returns. Rather than chasing these extreme valuations, which the managers compare to the dot-com bubble era, they remained disciplined by focusing on high-quality companies with durable competitive advantages. Detractors during the period included Ensign Group, which faced short-seller pressure, and Procore Technologies and Ollie's Bargain Outlet, which suffered from broader macro concerns. Conversely, performance was supported by strong contributors such as JFrog, Everus Construction Group, and AAON, all of which benefit from robust secular trends and real-world AI infrastructure needs. The portfolio is positioned to exploit the market's current narrowness by concentrating capital on overlooked, high-quality steady compounders trading at attractive valuations, as well as durable enablers of the AI build-out, preparing the strategy for an eventual broadening of market leadership.
Long-duration wealth creation is best achieved by investing in high-quality companies with durable competitive advantages and proven earnings growth, rather than chasing highly speculative, short-term market trends.
The managers believe that while they cannot predict when speculative market enthusiasm will subside, their disciplined adherence to corporate fundamentals has historically preceded their strongest periods of outperformance. They note that the strategy remains attractively valued relative to its benchmark and is well-positioned to benefit from an eventual broadening of market leadership.
Moderate Conviction Bullish
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