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 Nov 17, 2025
The Appleseed Fund's Q3 2025 letter presents a comprehensive defense of their long-term bullish thesis on gold, laying out ten key drivers such as robust foreign central bank demand, secular inflation, declining US global economic hegemony, low physical western gold stores, and historical undervaluation relative to the monetary base. While acknowledging key risks such as Bitcoin adoption, asteroid mining, and government confiscation, they view these as unlikely to derail the bull market. Operationally, the fund has maintained a cautious posture with under 70% equity exposure, focusing on defensive, out-of-favor value stocks with non-USD cash flows, and recently rebalanced some gains by liquidating fully valued positions to fund new additions.
The current economic landscape of high global debt/GDP ratios, aggressive gold accumulation by non-Western central banks, and persistent secular inflation will drive long-term structural outperformance of real/scarce assets like physical gold and uranium over traditional financial assets.
The managers expect persistent, secular-driven inflation, an ongoing decline in the U.S. dollar, and continuous massive federal deficit spending. They expect gold to continue its outperformance through the end of the 2020s, despite expecting near-term volatility, potential consolidation, or short-term corrections.
High Conviction Bullish
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