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 Aug 10, 2026
Douglas Ott's Q2 2026 letter details Andvari's portfolio of vertical market software businesses performing well financially, with Constellation Software showing 19.9% revenue growth and record free cash flows while pursuing a record $2.76 billion in acquisitions. Tyler Technologies raised 2030 financial targets following successful cloud transition, with 95% of new contracts now SaaS-based. S&P Global spun out Mobility Global, enhancing quality of remaining high-margin businesses. However, the letter's primary focus is a detailed capital cycle analysis of AI infrastructure spending. Manager draws extensive parallels to railroad and dot-com bubbles, noting circular financing patterns, unsustainable return assumptions requiring $2.5 trillion in revenue (10% of U.S. GDP), and dangerous debt levels exemplified by Oracle's credit downgrade. Vanguard research suggests only 1-3 years remain before the AI investment phase peaks. Manager added limited AI exposure through diversified businesses like Amazon, Microsoft, Texas Instruments, and Martin Marietta, but deliberately underweights pure AI infrastructure plays. This positioning explains recent underperformance but reflects commitment to long-term capital preservation through disciplined investing in predictable, advantaged businesses.
Manager maintains concentrated positions in high-quality vertical market software businesses with strong cash flows and competitive moats, while deliberately underweighting AI infrastructure investments that show signs of capital cycle excess, circular financing, and unsustainable return assumptions reminiscent of railroad and dot-com bubbles.
Manager expects AI infrastructure buildout to continue for another 1-3 years before investment phase tails off and valuations begin to deflate, following patterns of historic capital cycles. Anticipates eventual overbuilding, overinvestment, and return compression as competition intensifies. Some businesses will use overly optimistic assumptions and take on dangerous debt levels. Despite near-term underperformance from underweighting AI, manager intends to maintain discipline investing in advantaged businesses with capable management operating in more predictable industries with less capital flooding in.
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