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 Jan 7, 2026
In his January 7, 2026 investor letter, Fred Mannix highlights that the Standard Wealth strategy concluded 2025 with a 20.3% net-of-fees gain. Despite a strong year for global equities driven by technology earnings, Mannix urges caution. The S&P 500's trailing P/E ratio sits at 31.3, well above its 10-year average of 21.6. Structural economic pressures, including over five years of above-target inflation and $38 trillion in U.S. federal debt, pose risks to fixed income. Additionally, the letter expresses skepticism about the linear monetization of the Magnificent 7's projected $520 billion AI capex program in 2026. Standard Wealth is defensively positioned with allocations to gold, arbitrage, and hedged strategies to remain resilient in the face of potential market corrections and seize opportunistic entry points.
Capital preservation and long-term wealth compounding are best achieved by adhering to value investing discipline and building a robust portfolio of uncorrelated return streams (such as gold, arbitrage, and hedged strategies) that can survive market shocks and capitalize on volatile, depressed asset prices.
Investors are advised to maintain a defensive posture in equity portfolios due to three consecutive years of double-digit gains, historically elevated S&P 500 valuations (P/E of 31.3), persistent structural inflation, and massive federal debt. Additionally, potential disappointment surrounding the monetization of massive AI capex programs could trigger equity market volatility.
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