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 |
|---|---|---|---|---|---|---|
Barometer Capital Management's Q2 2026 letter describes a quarter defined by elevated volatility, geopolitical uncertainty from the Iran conflict, Federal Reserve leadership transition concerns, and rising inflation. The manager's trend-following strategy faced challenges in the choppy, non-trending environment, requiring defensive positioning at various points. Despite headwinds, semiconductors emerged as clear leaders driven by AI infrastructure demand, with substantial new positions added in SiTime and Lam Research alongside continued NVIDIA holdings. Financials broke out and assumed market leadership, prompting the manager to build exposure from the ground up across Canadian, U.S., and European banks. Industrials contributed strongly on data center power demand, aerospace strength, and resource cycle capital spending. Precious metals detracted significantly as gold corrected after an extended run, leading to exits of multiple gold producers. Energy exposure was reduced as crude weakened. International equities, particularly Taiwan and South Korea, showed real strength tied to semiconductor and memory exposure. The manager maintains positioning aligned with semiconductor, financial, and industrial leadership while preserving flexibility to capitalize on emerging trends, viewing current risks as reasons for discipline rather than pessimism.
Barometer Capital Management employs a trend-following strategy designed to identify and follow durable market trends across multiple pools, currently favoring semiconductors, financials, and industrials driven by AI infrastructure build-out, resilient banking fundamentals, and multi-year capital investment cycles in power generation and aerospace.
The manager moves into the second half of the year mindful of risks but constructive on opportunities ahead. They are staying patient, keeping positioning aligned with the strongest names and clearest areas of leadership in semiconductors, financials, and industrials, and preserving flexibility to lean in as a more durable trend takes hold. The leadership in these sectors appears well supported by durable, multi-year drivers including AI infrastructure build-out, bank quality and strength, and capital investment in power generation, grid, and aerospace. In precious metals, gold's pullback into long-term technical support has left its longer-term uptrend intact and the manager remains attentive to when the complex resumes its trend. Risks remain including inflation creeping higher, Federal Reserve leadership transition, and tenuous Middle East peace, but these are viewed as reasons for discipline rather than pessimism. With exposures aligned to the strongest names and ample flexibility to adjust, the manager believes they are well positioned to lean in as a clearer trend emerges and looks ahead with measured optimism.
As of Aug 5, 2026
David Burrows serves as Chairman and Chief Investment Officer, leading the firm's top-down market and sector risk strategies since beginning his career in Private Client Management in 1986, consistently putting clients' needs at the forefront. The leadership team includes Geoffrey Spidle as President, Peter McCarthy as Managing Partner, Diana Avigdor as VP and Portfolio Manager (CFA), and Jim Schetakis as Senior Portfolio Manager. The firm is 100% employee-owned and independent, serving approximately 300-400 high-net-worth families with a client mix of 40% private clients, 40% Investment Advisors, and 20% institutional investors. Barometer's lineage dates to 1991 as First Associates Investments Inc., adopted the current name in 2006, and merged with Roundtable Capital Partners Inc. in 2020.
Barometer employs 'The Disciplined Leadership Approach™' as their proprietary investment philosophy, combining active, style-agnostic market and sector trend analysis with rigorous quantitative security selection. The firm is unique for its commitment to producing consistent absolute returns rather than relative performance, emphasizing disciplined selling strategies with clearly defined exit prices and stop-loss alerts. The approach involves daily assessment of market risks and tactical management of asset class and sector weightings based on changing market conditions, allowing the firm to remain style-agnostic across value, growth, and sector strategies without bias.
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