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 |
|---|---|---|---|---|---|---|
Ashva Capital generated a 23.1% net return through June 2026, outperforming the S&P 500's 9.6% gain. The manager attributes performance to disciplined positioning through first-quarter volatility and participation in the second-quarter recovery as fundamentals reasserted themselves. The portfolio has evolved toward favoring businesses with improving earnings, free cash flow, and fundamental momentum rather than simply waiting for cheap businesses to appreciate. Micron Technology, the fund's largest position, exemplifies this approach. The manager believes the memory semiconductor cycle is structurally improving due to AI-driven demand for high-bandwidth memory, DRAM, and NAND storage, combined with Micron's strategic customer agreements covering approximately $100 billion of revenue with take-or-pay provisions. These agreements reduce traditional cyclical risk by securing volume and pricing visibility before capacity is built. While Micron remains cyclical, the manager believes normalized earnings may settle materially above historical levels, creating an asymmetric opportunity where improving business quality and earnings power are not yet reflected in valuation. The broader market outlook remains constructive, supported by exceptionally strong S&P 500 earnings growth of 50.4% year-over-year, with breadth across all eleven sectors. The manager maintains a concentrated portfolio, uses options to complement long-term equity ownership, and emphasizes that risk is permanent capital impairment rather than temporary price volatility.
The manager's core thesis is that disciplined, concentrated investing in high-quality businesses with improving fundamentals and reasonable valuations can generate attractive long-term returns while avoiding permanent capital impairment. The manager has evolved toward favoring businesses where earnings, free cash flow, and underlying economics are improving—what they term fundamental momentum—rather than simply buying cheap businesses and waiting. Micron Technology exemplifies this approach: a historically cyclical business whose economics may be structurally improving due to AI-driven memory demand, contracted supply agreements with take-or-pay provisions, and manufacturing capacity constraints. The manager believes Micron's normalized earnings power may settle materially above historical levels, while the market continues to price the stock as if current profitability represents a cyclical peak that will revert to historical norms.
The manager views the forward outlook as constructive, supported by unusually strong and improving earnings fundamentals across the S&P 500. While acknowledging that valuations are not cheap and certain areas exhibit speculative characteristics, the manager believes the market advance is being justified by genuine earnings growth rather than multiple expansion. The manager expects the current earnings expansion to persist beyond a single quarter, supported by broad positive revisions and guidance. For Micron specifically, the manager believes normalized earnings may settle at levels materially above historical norms due to structural improvements in the memory cycle, though the business remains cyclical and subject to risks.
As of Aug 10, 2026
Ankur Shah is the founder and Chief Investment Officer of Ashva Capital Management LLC, bringing over 20 years of experience in equities, fundamental analysis, and options trading. He is a Harvard Business School MBA (2004) and Pomona College Economics graduate (1999). Shah's professional career includes serving as Director of Equity Research at Arqaam Capital, Senior Equity Analyst at Guggenheim Partners, and positions at Bank of America Securities. Currently based in Dubai, UAE, he also serves with Silverline Global Asset Management. Shah founded Ashva Capital in 2017 to pursue independent, research-driven investment strategies focused on quality growth investing. He is known for his disciplined approach to identifying companies with durable competitive advantages and strong financial performance through rigorous fundamental analysis.
Ashva Capital operates as a long-biased, growth-oriented equity hedge fund, combining traditional value investing principles with modern behavioral finance. The firm emphasizes long-term, business-first investing focused on companies with durable moats and strong management. They maintain concentrated portfolios of companies that exhibit durable competitive advantages, strong pricing power, high gross margins, and robust free cash flow. The firm relies on rigorous discounted cash flow analysis and embraces market volatility as opportunities rather than disruptions. They do not time markets but trust them, recognizing the cost of missing the best market days. The investment philosophy centers on rigorous fundamental analysis, transparency, and alignment with investors, aiming for superior, long-term risk-adjusted returns with a 10-20 year investment horizon.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
The manager demonstrates high conviction through a concentrated portfolio with Micron explicitly named as the largest position. The letter provides extensive detail on position sizing rationale, specific financial metrics (12x FY26E EPS, 5.7x FY27E EPS, $41.5 billion revenue, 84.9% gross margin, $18.3 billion free cash flow), and clear catalysts with timeframes (shortages extending to 2028, strategic agreements covering $100 billion revenue). The manager uses declarative language ('It is why Micron is our largest position') and provides falsifiable conditions that would invalidate the thesis (sustained DRAM/NAND pricing declines, gross margin deterioration, weakening data-center demand). The manager explicitly states concentration is intentional and that they want investments to matter. However, the manager also acknowledges uncertainty, provides multiple risk scenarios, and emphasizes willingness to change minds when facts change. This is not Berkshire-style extreme concentration (the letter mentions a portfolio, not a single position), but it clearly reflects high conviction with 5-15 concentrated positions and strong thesis articulation per holding.
Growth Outlook
Market outlook remains above average conviction: Ashva Capital rebounded strongly in April after Q1 volatility, outperforming the S&P 500 YTD. The manager views market weakness from oil disruption as temporary, maintaining secula...
Risk Appetite
Risk appetite posture is moderate conviction: Ashva Capital rebounded strongly in April after Q1 volatility, outperforming the S&P 500 YTD. The manager views market weakness from oil disruption as temporary, maintaining secula...
Capital Deployment
The letter does not provide explicit cash level changes or describe net deployment activity. The manager states Micron is the largest position and describes maintaining it, but does not state whether the position was increased, decreased, or held steady during Q2. The letter mentions using options to generate income and improve entry points, which suggests some tactical activity, but no net cash deployment is described. The manager emphasizes discipline, monitoring, and willingness to change minds when facts change, which suggests a watching posture rather than aggressive deployment. Without explicit cash level data or statements about adding capital to positions, the score reflects minimal net activity, consistent with capital rotation or monitoring rather than deployment or de-risking.
Forward Guidance
Forward guidance signal: Ashva Capital rebounded strongly in April after Q1 volatility, outperforming the S&P 500 YTD. The manager views market weakness from oil disruption as temporary, maintaining secula...
Language Signal
The letter contains substantially more bullish than bearish directional language. Bullish terms include 'encouraging,' 'constructive,' 'attractive,' 'strong fundamentals,' 'improving,' 'extraordinary,' 'asymmetric opportunity,' 'transformative,' and 'compelling.' Bearish language includes 'no shortage of reasons to worry,' 'speculation,' 'volatility,' 'risk,' and 'uncertainty,' but these are acknowledged and then contextualized rather than emphasized. The manager spends far more space discussing opportunities, improving fundamentals, and the Micron thesis than discussing risks. The net balance is clearly bullish, though not overwhelmingly so, as the manager maintains a balanced tone throughout. This reflects more bullish than bearish language with some balance.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Ashva Capital rebounded strongly in April after Q1 volatility, outperforming the S&P 500 YTD. The manager views market weakness from oil disruption as temporary, maintaining secula...
Opportunity Density
The manager describes finding an asymmetric opportunity in Micron and states that the current environment offers extraordinary opportunities, particularly where technological change is producing genuine increases in earnings and free cash flow. The letter emphasizes that discipline through volatility allowed participation as fundamentals reasserted themselves and several highest-conviction positions appreciated substantially. However, the manager also emphasizes selectivity, discipline on valuation, and skepticism of businesses whose AI narratives run ahead of economics. The tone suggests selective opportunities in defined areas rather than a broad, rich opportunity set. The manager is finding compelling ideas but characterizes the environment as requiring selectivity and discipline, consistent with an opportunity density in the 0.55-0.79 range reflecting selective opportunities rather than abundance.
Time Horizon
The manager emphasizes long-term compounding and states the objective is to compound partners' capital at attractive rates over long periods while avoiding permanent capital impairment. The letter states 'quarterly performance is not the objective' and 'six months tells us very little about the long-term quality of an investment process.' The manager describes Micron as a multi-year thesis, noting that memory fabrication plants take years to construct and shortages are expected to extend into 2028. However, the manager also discusses specific near-term catalysts (Q3 and Q4 earnings expectations, fiscal 2027 earnings) and monitors quarterly results as evidence for or against the thesis. The manager is willing to sell if specific conditions deteriorate, indicating catalyst dependency rather than permanent hold intentions. This reflects a multi-year thesis with some catalyst dependency, consistent with a 2-5 year expected value realization timeframe rather than a decade-plus permanent capital horizon.
Top Conviction Themes
Key Catalysts
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