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 Oct 15, 2026
In the third quarter of 2026, the 13D Activist Fund's Class I shares returned -2.31% net of fees and expenses, outperforming the Russell 2000 TR (-7.23%) while trailing the MSCI ACWI (1.69%). Year-to-date net return reached 29.86% net of fees, compared to 13.71% for the Russell 2000 and 13.37% for the MSCI ACWI. International diversification softened absolute quarterly declines, aided by active currency hedging that delivered roughly 70 basis points of annual benefit. As of October 1, 2026, geographic exposure stood at 49.60% US, 25.09% Europe, 21.97% Japan, and 3.34% cash. The manager transitioned the strategy in 2026 from a domestic focus into a concentrated global vehicle spanning 15 to 20 high-conviction activist campaigns, drawing from an expanded global universe of 674 live situations across the United States, Japan, and Europe. Governance reforms and corporate activism abroad have unlocked compelling alpha, allowing the fund to exit stalled theses and replace them with actionable corporate restructurings, spin-offs, and strategic reviews backed by board-level activist representation. Portfolio activity during the quarter featured five new additions: Knife River Corporation ($KNF), Midera Food Processing ($MFP), Rentokil Initial plc ($RTO.L), Rightmove plc ($RMV.L), and SKF AB ($SKF-B.ST). Simultaneously, the fund fully exited Delivery Hero and Integer Holdings following definitive takeover agreements by Uber Technologies and KKR at significant transaction premiums.
Investing in a concentrated global portfolio of 15 to 20 top-tier activist campaigns with active board representation provides superior alpha and idiosyncratic catalyst-driven revaluation across corporate carve-outs, operational turnarounds, and strategic M&A.
The manager anticipates sustained alpha from concentrated global activist investments as international corporate governance continues to mature, supported by active rebalancing into high-confidence board catalysts.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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