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 12, 2026
2Point2 Capital reported a net return of -2.5% for Q2 FY27, outperforming the benchmark BSE 500 TRI (-3.6%), Nifty 50 (-4.9%), and Nifty Midcap 100 (-3.8%). Fiscal year-to-date returns stand at 9.8% net of fees, compared to 8.1% for the benchmark, while the strategy has delivered an annualized return of 18.1% net of fees since its July 2016 inception. The fund maintained an active investment posture with a consolidated equity exposure of 93.4% as of September 30, 2026, supported by robust underlying portfolio operational performance, highlighted by median year-over-year profit growth of 19.4% in Q1 FY27. The letter focuses on market psychology and capital allocation dynamics, examining the 'siren song of recent returns' and the resultant behavior gap. The managers critique retail and institutional tendencies to extrapolate recent momentum, pointing out aggressive inflows into small- and mid-cap funds while large-cap funds suffer outflows. They explain how return-chasing leads investors to buy at cyclical tops and redeem following inevitable drawdowns, generating investor returns that substantially lag the time-weighted performance of the funds they hold. While the firm does not disclose specific equity holdings in this quarterly update, its portfolio management philosophy remains dedicated to concentrated, long-term ownership of 15 to 18 high-conviction businesses. The managers advocate for disciplined capital commitment, long holding periods of approximately ten years, systematic investing, and managing expectations to prevent outcome-biased errors and navigate cyclical drawdowns without yielding to short-term noise.
Achieve superior multi-year compounding by investing in a concentrated portfolio of 15 to 18 fundamentally strong businesses while ignoring short-term market noise and resisting return-chasing behavioral biases.
The managers emphasize that fund managers have a fiduciary responsibility to educate clients, communicate candidly when markets are frothy or attractive ideas are scarce, and even hard-close funds if necessary to curb speculative inflows. They advise investors to shut out media noise, adopt systematic investment plans, and commit to multi-year horizons (~10 years) to avoid the destructive impact of chasing short-term performance.
Moderate Conviction Bullish
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