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 Jun 30, 2026
Disciplined risk underwriting remains the foundation of long-term capital preservation, particularly in an environment defined by historically tight credit spreads. EdgePoint credit portfolios are holding the line by refusing to compromise on underwriting quality, even as market participants accept diminishing compensation for taking on additional credit risk. Standard market indices show both high-yield and investment-grade option-adjusted spreads trading near decade lows, which drastically thins the margin of safety. Rather than reaching for yield by moving down the capital structure or accepting weaker covenants, EdgePoint remains highly selective, participating in only 32 of 717 Canadian new debt issues since 2023. The portfolios focus on resilient, idiosyncratic opportunities—such as JELD-WEN and Gray Media—where company-specific circumstances rather than market enthusiasm drive the thesis. While this patient stance may lag in the short term during calm periods, it ensures strong downside protection and positions the fund to act decisively when the credit cycle inevitably turns.
Maintaining disciplined underwriting standards and prioritizing credit quality over high-yield chasing is essential to preserving capital and preparing for an inevitable turn in the credit cycle.
The manager expects that while timing is unpredictable, a turn in the credit cycle will eventually occur and reward patient, disciplined investors. EdgePoint intends to maintain its stringent underwriting standards, focusing strictly on cash flow resilience, covenant protection, and asset coverage, rather than compromising on quality to chase narrow yield margins.
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