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 |
|---|---|---|---|---|---|---|
Markets staged a strong recovery after the Iran conflict ended, with crude oil falling from $120 to below $70 per barrel and most equity indices reaching all-time highs. AI enthusiasm and memory chip shortages drove US equities and South Korean markets to extreme valuations, though MAG7 stocks posted negative returns year to date as markets question whether AI spending translates to shareholder value. SpaceX's $1.8 trillion IPO despite projecting $5 billion annual losses exemplifies the speculative mood. US margin debt reached a record $1.4-1.42 trillion, creating market fragility. The manager is reducing technology exposure due to concerns that $3 trillion in AI-related debt with $309 billion annual servicing costs is incompatible with profit trajectories. They remain constructive on equities overall, supported by AI capital expenditure trickling through the economy, but favor gold mining equities and defense names offering strong cash flows. Structural central bank demand supports a bullish long-term view on precious metals. The Fed's hawkish shift under Warsh should keep the dollar well-supported through favorable rate differentials.
Markets have recovered from the Iran conflict-driven sell-off but are exhibiting signs of excess particularly in AI and semiconductor valuations, prompting the manager to reduce technology exposure while maintaining constructive positioning in equities overall, favoring gold mining and defense sectors that offer strong cash flows but remain out of favor.
The manager remains broadly constructive on equities for now as AI-related capital expenditure supports earnings revisions across the broader market. However, they are reducing technology exposure due to concerns about AI debt servicing burdens. The global economy is expected to absorb headwinds from the Iran conflict given it entered this period in sufficiently good shape, supported by US labor market reacceleration and policy tailwinds. The Fed is expected to maintain a hawkish stance with possible rate hikes, keeping the dollar well-supported. The manager will continue monitoring developments closely with a focus on capital protection over speculative gains.
As of Aug 10, 2026
Stefan Demuth serves as CEO with more than 25 years of extensive front-to-back banking knowledge, hands-on skills, and consistent track record in C-level experience. Andreas Gilgen leads as Chief Investment Officer, while Thomas Hirzel serves as Senior Portfolio Manager. The board is chaired by Jürg Häusler. The firm employs 11 individuals total, with 9 focused on investment advisory or research roles, reflecting emphasis on investment expertise rather than sales functions. The leadership team combines extensive banking experience with specialized investment management expertise, providing strategic oversight and operational leadership for the firm's sophisticated cross-border wealth management operations.
Ameliora emphasizes sustainable, tailored wealth management solutions for private and institutional clients, prioritizing long-term value creation, trust, and collaboration in a family-like corporate culture. The firm states: 'Ameliora is an originator of time for our clients, giving them confidence to focus on what truly matters. Ameliora guarantees superior quality and high human values. In doing so we are not purely focused on profit, instead our carefully selected strategies represent sustainability and stability.' The firm employs a disciplined, multi-layered investment process featuring strategic asset allocation and tactical decisions with continuous monitoring and state-of-the-art risk management. Their approach emphasizes diversification across asset classes and geographic regions with particular expertise in global equity markets and alternative investment strategies.
Lead Portfolio Manager
Neutral / Balanced
Market Conviction
The letter discusses broad market themes and index performance extensively but names only five specific companies (SpaceX, Microsoft, Alphabet, Samsung, SK Hynix) with minimal position sizing detail. The manager states they are reducing technology exposure and favor gold mining and defense but does not name specific holdings or size them. Multiple scenarios are presented (the balloon can grow further vs. bubble could burst) without a clear base case. The hedged language throughout (broadly constructive, could, potentially) and lack of named, sized positions caps conviction below 0.54 per the hard rule. Score: 0.48 reflects low-moderate conviction with thematic views but limited portfolio specificity.
Growth Outlook
Market outlook remains high conviction: Ameliora navigated Q1 2026 geopolitical crisis with defensive positioning as Middle East conflict drove oil prices up 60% and equity markets negative. Their energy infrastructure, ...
Risk Appetite
Risk appetite posture is high conviction: Ameliora navigated Q1 2026 geopolitical crisis with defensive positioning as Middle East conflict drove oil prices up 60% and equity markets negative. Their energy infrastructure, ...
Capital Deployment
The manager explicitly started reducing technology sector exposure towards the end of June, representing active trimming of positions. No cash level changes are stated, but the language describes harvesting from the most speculative areas while maintaining positions in gold mining and defense. This is selective de-risking without full defensive positioning. The rotation rule does not apply as this is described as reduction, not redeployment. Score: -0.35 reflects moderate de-risking through sector trimming.
Forward Guidance
Forward guidance signal: Ameliora navigated Q1 2026 geopolitical crisis with defensive positioning as Middle East conflict drove oil prices up 60% and equity markets negative. Their energy infrastructure, ...
Language Signal
The letter contains substantial risk language: fragile, bubble, speculative rally, excess, incompatible, outsized moves, irrational exuberance. Bullish terms like constructive, opportunity, and merit appear but are consistently qualified. Phrases like the balloon can grow further before it deflates and capital protection should take precedence signal caution. The net balance leans bearish in directional language despite maintaining equity exposure. Score: -0.25 reflects more bearish than bullish language overall.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Ameliora navigated Q1 2026 geopolitical crisis with defensive positioning as Middle East conflict drove oil prices up 60% and equity markets negative. Their energy infrastructure, ...
Opportunity Density
The manager sees selective opportunities in gold mining equities and defense sector names but characterizes these as out of favor with momentum investors, implying limited breadth. The broader market is described as exhibiting excess and speculative dynamics requiring capital protection rather than deployment. The emphasis is on selectivity and difficulty finding compelling ideas outside narrow areas. Score: 0.45 reflects sparse opportunities requiring high selectivity.
Time Horizon
The manager describes being long-term bulls on precious metals and references structural central bank demand over the next five years. The focus on strong cash flows in gold mining and defense suggests multi-year holding periods. However, the active reduction of technology exposure in late June and monitoring language indicates some near-term catalyst sensitivity. The balance tilts toward multi-year thesis realization without permanent capital language. Score: 0.68 reflects multi-year horizon with some tactical adjustments.
Top Conviction Themes
Key Catalysts
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