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 4, 2026
The manager warns that passive investing has reached dangerous extremes, with the three largest S&P 500 funds now holding $2.6Tn and Vanguard alone surpassing $1Tn. The top-10 holdings account for 38-39% of the index, forcing passive investors to buy yesterday's winners regardless of valuation. Information Technology has dominated for nine consecutive years, but history shows no sector remains on top forever. Warning signs are emerging: Nasdaq 100 volatility has spiked to multi-year highs while companies with negative earnings outperform those with positive earnings. The manager argues this momentum-driven, computer-dominated market structure detaches pricing from fundamentals and will end in tears. When the selloff comes, the same algorithms that bought will sell indiscriminately. The manager positions defensively by investing substantially in sectors underrepresented in major indices, particularly energy and commodities, which are expected to outperform over the next 5-10 years. While timing the dislocation remains impossible, the manager accepts near-term underperformance risk to avoid the concentration dangers of passive index exposure.
Passive investing has reached dangerous levels of market dominance with the three largest S&P 500 funds holding $2.6Tn and the top-10 index holdings representing 38-39% of the market, creating a structure where computers rather than fundamentals drive pricing and investors are forced to buy yesterday's winners at any price, a dynamic that will inevitably end badly when the momentum reverses.
The manager expects a major shakeout in tech stocks and passive-dominated markets, though timing remains uncertain. Commodities, particularly energy, are expected to outperform equities over the next 5-10 years as sector rotation occurs. The manager maintains a cautious stance on the sustainability of IT sector dominance despite AI's unique characteristics. While acknowledging the difficulty of timing market dislocations, the manager is positioned defensively through sector diversification away from major index concentrations.
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