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 10, 2026
Auxier Focus Fund's Investor Class declined 2.51% net of fees in the third quarter of 2026, lagging the cap-weighted S&P 500's 2.30% gain while closely tracking the S&P 500 Equal Weight Index's 2.29% drop. Equity exposure closed the quarter at 94.8% of the portfolio (86.8% domestic and 8.0% foreign), with cash and short-term debt instruments representing the remaining 5.2%. The strategy operates entirely unleveraged, prioritizing capital preservation as bond volatility and hawkish monetary policy exposed narrow equity breadth, with over 80% of S&P 500 components trading down more than 10% from their 52-week highs. The macroeconomic environment was dominated by resurgent inflation and surging interest rates, with the 10-year US Treasury yield touching 5.29% and driving the worst trailing 10-year nominal bond returns since 1803. Simultaneously, unprecedented corporate debt issuance to finance artificial intelligence data center infrastructure reached concerning levels, highlighted by short 3-to-5-year hardware replacement cycles. Energy markets provided a strong counter-cyclical offset as geopolitical conflict disrupted international supply corridors, while tightening monetary conditions triggered margin pressures and forced liquidations among highly levered market participants. Sector performance diverged sharply during the quarter, with information technology and energy serving as the primary positive contributors. Tech holdings benefited from cloud enterprise migration, expanding cybersecurity demand, and foundational digital advertising, while pure-play refiners and integrated energy majors capitalized on wide refining margins and elevated global crude pricing. Conversely, industrial logistics, aerospace, housing-related retail, and momentum names detracted, leading the fund to favor enduring, founder-led franchises trading at discounts with strong free cash flow yields.
Compounding capital safely requires purchasing enduring, sustainable businesses with strong balance sheets and high free cash flow yields at meaningful discounts to intrinsic value while avoiding excessive debt and speculative overpayment.
Higher interest rates and tighter monetary conditions are expected to purge market excesses and speculative leverage, bringing durable businesses with strong balance sheets and high free cash flow yields back into favor.
Moderate Conviction Bullish
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