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 Aug 14, 2026
The 1851 Emerging Companies Fund declined 3.4% in July 2026, broadly in line with the Small Ordinaries Index (-3.2%), as markets faced pressure from a global AI trade unwind and Middle East tensions. Key contributors included Bravura Solutions (+26%) on strong earnings guidance, IRESS (+10%) rallying with global software stocks, Viva Energy (+38%) on robust refining margins, and Coast Entertainment (+16%) on development approval news. The main detractor was Wagners (-15%) despite solid infrastructure indicators. The domestic economy continues to soften with weak trading updates across sectors, while the housing market faces pressure from higher rates and tax changes, with prices falling over 10% annualized. However, softer inflation readings strengthen the case against further rate hikes. With Small Industrials down over 20% since October 2025, the manager sees valuations at their most attractive levels in several years despite expecting near-term volatility and downbeat reporting season newsflow. The fund maintains 13% cash.
The fund focuses on Australian small-cap companies with attractive valuations following a significant market decline, while maintaining selective positioning in financial software, energy services, and building materials companies that demonstrate strong fundamentals despite broader economic softness.
The manager expects the upcoming reporting season to deliver downbeat newsflow and volatile stock prices in the short term. However, with Small Industrials down over 20% since October 2025, general market expectations are low and valuations have reached their most attractive levels in several years. The strengthening case for no further rate hikes is viewed as a welcome development for markets.
Moderate Conviction Bullish
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