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 5, 2025
Asheville Capital produced a net return of 13.4% in the first half of 2025, outperforming its benchmark (MSCI ACWI) which returned 10.3%. Performance was driven by top holdings Nu Holdings, Basic-Fit, and Wise, all of which the fund added to during the early April market dip. During Q2, the fund initiated a new high-conviction position in Timee, a Japanese on-demand labor marketplace, at a cost basis of ¥1,750 per share. To fund this, the manager trimmed its position in Medley, treating the two as a pair trade exposed to Japan's shrinking labor force and structural demographic shifts. The manager remains confident in the fund's concentrated holdings of capital-efficient, high-quality businesses despite widespread macroeconomic uncertainty.
Owning a concentrated basket of world-class, qualitatively superior, capital-light businesses before they are broadly understood and appreciated by the market, ensuring compounding performance through structural competitive advantages.
While the macroeconomic backdrop remains highly uncertain with headwinds ranging from central bank shifts to trade tensions, the fund remains focused on micro-level business traits. The manager believes that investing in underappreciated companies with enduring customer value propositions and high returns on incremental capital will yield exceptional multi-year returns regardless of the macro landscape.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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