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 Jan 1, 2024
Avenir Corporation delivered strong performance in 2023, driven by their concentrated portfolio of high-quality technology and infrastructure companies. Their largest holding Microsoft benefited significantly from AI emergence through Azure cloud services and ChatGPT investment, while Amazon.com gained from AWS cloud services and improved profitability through cost cutting. The firm's digital infrastructure theme played out well with DigitalBridge completing its transition to focus on data centers and cell towers. However, some core holdings faced challenges, including Berkshire Hathaway and Markel Group which lagged due to insurance sector headwinds, and American Tower which suffered from REIT sector perceptions despite strong fundamentals. The managers opportunistically added to American Tower and initiated a new position in SBA Communications, viewing the tower business as having excellent secular growth drivers from 5G buildout. Looking forward, they expect market volatility but remain focused on compounding capital through businesses with sustainable competitive advantages and superior management teams, particularly those benefiting from AI and digital infrastructure trends.
Avenir focuses on investing in great businesses with secular tailwinds and excellent management teams that demonstrate superior capital allocation skills, particularly those positioned to benefit from transformative technologies like AI and digital infrastructure trends.
The managers expect markets to encounter bouts of volatility in the year ahead and plan to use such periods to add to or initiate new investments. They remain focused on evaluating prospects for current investments while looking for opportunities in great businesses with excellent franchises that can compound shareholder capital for years to come.
Moderate Conviction Bullish
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