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 13, 2026
The Insiders Fund delivered a net return of -1.39% for the third quarter of 2026 and -0.65% year-to-date, trailing the S&P 500 Total Return Index net gains of 2.03% and 12.75% over the matching intervals. Performance reflected acute market bifurcation, as the equal-weighted S&P 500 dropped for thirteen consecutive weeks and nine of eleven market sectors posted negative returns. In response to mounting macro uncertainty and rich market valuations, portfolio risk was dialed down substantially, closing the quarter with a defensive 32.8% allocation to cash and cash equivalents alongside a 22.1% dispersed basket of sub-2% positions. The investment team highlights structural headwinds confronting equity markets, led by multi-year highs in 10-year Treasury yields, war involving Iran, high fiscal deficit spending, and severe capital concentration in hyperscaler capital expenditures. High-grade fixed income now offers competitive tax-equivalent yields exceeding 7.5%, applying structural pressure to equity risk premiums. The manager views the broader market as heavily bifurcated between a silicon-dominated artificial intelligence supply chain and an exhausted, rate-sensitive macroeconomic periphery waiting for monetary easing. Portfolio activity centered on deploying capital into companies exhibiting substantial insider buying and long-term secular demand drivers. Energy Transfer (11.8%) and Rockwell Automation (8.1%) anchored core holdings, benefiting from AI electricity needs and domestic industrial reshoring, respectively. Meanwhile, Alphabet was trimmed due to capex discipline concerns, Insulet was exited at a loss amid diabetes device headwind pressures, and selective positions were added in Borr Drilling, Matador Resources, and Southeast Asian platform Grab Holdings.
Capitalize on high-conviction insider buying and corporate insider alignment to generate long-term alpha across fundamentally sound, cash-generative businesses benefiting from secular macro tailwinds.
The investment manager expects markets to remain locked in a two-speed regime—where semiconductor and AI-related names dominate while non-tech sectors languish under the weight of elevated interest rates and geopolitical uncertainty. Fixed-income instruments yielding 7.5% on a tax-equivalent basis will continue to pose stiff competition for equity allocations until monetary policy eases. As a result, the fund intends to maintain its high cash reserves to protect irreplaceable capital, selectively seeking out high-conviction ideas validated by substantial open-market insider buying.
Moderate Conviction Bullish
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