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 |
|---|---|---|---|---|---|---|
AGT Partners generated strong first-half 2026 returns of +32.4% (Class A) despite navigating volatile energy prices from the US-Iran conflict, elevated US interest rates, and expensive AI/semiconductor valuations. The fund maintains a dual strategy: owning high-quality large-cap companies with sustainable competitive advantages (DBS, TSMC, Tencent, Microsoft) while opportunistically investing in under-followed small-caps in less fashionable sectors. The manager recently initiated a position in Alphabet, viewing AI as a potential moat-strengthening force, with Cloud revenue growing 82% YoY and operating margins expanding to 36%. In semiconductors, the fund holds SK Hynix but remains cautious about unsustainable memory pricing (DRAM/NAND up ~70%) drawing customer pushback. The manager is increasingly focused on constructive shareholder engagement, appointing ex-Dyna-Mac CEO AC Lim as advisor to help create and unlock value in smaller holdings. With ~30% exposure to small-caps through Class A's sticky capital base and gearing at 140-170%, the fund emphasizes discipline, modest return expectations, and prevention of permanent capital loss as the first priority.
AGT Partners pursues a dual strategy of owning high-quality large companies with sustainable competitive advantages and durable moats (DBS, TSMC, Tencent, Microsoft, Alphabet) while opportunistically investing in under-followed smaller companies in less fashionable sectors (oil & gas, shipyards, construction, commodities) that trade at attractive valuations and offer fertile ground for value creation through patient capital and constructive shareholder engagement.
Manager emphasizes the importance of focusing on long-term business values and remaining disciplined in both business selection and valuation. Return expectations are kept modest internally, with first priority being prevention of permanent capital loss, followed by seeking reasonable returns. The manager intends to continue owning great businesses with sustainable competitive advantages while selectively backing smaller companies at attractive valuations, increasingly engaging management teams to help create and unlock value. The appointment of AC Lim as advisor signals an evolution toward more constructive shareholder engagement rather than purely passive stock selection.
As of Jul 29, 2026
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The manager demonstrates high conviction through concentrated positions in named holdings (DBS, TSMC, Tencent, CNOOC, Sheng Siong, KKR, Apollo, Microsoft, Alphabet) and substantial stakes (>5%) in four Singapore small-caps (OKP, Marco Polo Marine, Nam Cheong, ISOTeam). The letter provides detailed thesis explanations for Alphabet and SK Hynix, with specific catalysts and risk factors. The manager explicitly states 'our position size remains anchored by our assessment of long-term fundamentals, industry developments and valuation, not by short-term price action' and describes multi-year accumulation periods. However, some hedging exists ('while it remains a relatively small position,' 'we will continue to learn and monitor'), and the SK Hynix position is deliberately kept at single-digit percentage. The combination of named, sized positions with clear theses and some acknowledged uncertainty justifies a score in the high-moderate conviction range.
Growth Outlook
Market outlook remains low conviction: AGT Partners delivered 13.9% in Q1 2026 despite Middle East conflict volatility. The fund trimmed oil-sensitive positions while adding to core holdings including alternative asset ...
Risk Appetite
Risk appetite posture is moderate conviction: AGT Partners delivered 13.9% in Q1 2026 despite Middle East conflict volatility. The fund trimmed oil-sensitive positions while adding to core holdings including alternative asset ...
Capital Deployment
The manager 'selectively added' to existing quality holdings in the past quarter and 'recently purchased a position in Alphabet,' indicating moderate deployment activity. For SK Hynix, the manager made 'modest opportunistic additions whenever prices corrected sharply.' In palm oil holdings, the manager 'meaningfully increased our positions' during the 30%+ decline. However, no specific cash level changes are disclosed, and the manager emphasizes keeping SK Hynix at single-digit percentage and maintaining 'modest return expectations.' The gearing level remained 'largely stable' at 140-170%. The activity suggests selective, opportunistic deployment rather than aggressive capital deployment, warranting a moderately positive score.
Forward Guidance
Forward guidance signal: AGT Partners delivered 13.9% in Q1 2026 despite Middle East conflict volatility. The fund trimmed oil-sensitive positions while adding to core holdings including alternative asset ...
Language Signal
The letter contains balanced directional language. Bullish signals include 'great companies,' 'attractive valuations,' 'fertile ground,' 'encouraging evidence,' 'strong tangible results,' and 'meaningful value creation.' Bearish language includes 'highly uncertain,' 'volatile,' 'expensive valuations,' 'unsustainable,' 'speculative excess,' 'casino-like venue,' and 'policy risk.' The manager is highly critical of leveraged ETFs and speculative behavior in Korean markets. The net balance leans slightly positive given the emphasis on opportunities in quality companies and small-caps, but the substantial risk discussion and criticism of speculation temper this, resulting in a mildly positive score.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. AGT Partners delivered 13.9% in Q1 2026 despite Middle East conflict volatility. The fund trimmed oil-sensitive positions while adding to core holdings including alternative asset ...
Opportunity Density
The manager sees a rich opportunity set, particularly in small-caps and less fashionable sectors. The letter states 'if we look deeply enough, there is almost always something intelligent to do in the less efficient parts of the stock market—particularly in undiscovered small caps' and describes these areas as offering 'fertile ground for intelligent stock-picking.' The manager has accumulated substantial stakes in four Singapore small-caps and recently initiated Alphabet. The emphasis on 'under-followed companies' and 'less followed by the broader investment community' suggests the manager views the opportunity set as broad in specific niches. However, the manager also notes expensive valuations in AI/semiconductors and keeps SK Hynix at single-digit percentage, indicating selectivity is required. The combination of identified opportunities in multiple areas with some valuation caution justifies a moderately high score.
Time Horizon
The manager demonstrates a multi-year investment horizon across multiple dimensions. For small-caps, the letter states 'our monitoring, accumulation, and holding period lasted several years' and describes 'patiently accumulated our stakes over time' for the four Singapore companies. The manager emphasizes 'long-term business values,' 'long-term owners,' and 'patient capital' throughout. For Alphabet, the manager discusses whether AI investments will 'strengthen the business's economic moat over many years' and uses a toll road analogy about building assets that generate 'strong cash flows for decades.' Class A capital is described as 'intended to be very long-term and highly sticky.' However, the manager also discusses near-term catalysts (quarterly results, policy clarifications) and monitors developments actively. The emphasis on multi-year holding periods and decade-plus value creation, combined with active monitoring, justifies a score in the high-moderate range.
Top Conviction Themes
Key Catalysts
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