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 Mar 31, 2026
Geopolitically driven energy shocks disrupt global supply chains and test credit liquidity, forcing a transition away from the asset-light model toward heavy infrastructure and energy investment. This tectonic shift is driven by the reality that massive physical infrastructure, rather than infinite scalability, is now required to power the artificial intelligence revolution. Commodity prices surged during the period with oil peaking over $120 per barrel, while credit markets registered broad losses, except for leveraged loans which benefited from rising interest rate expectations and solid interest coverage metrics. A prolonged Iran crisis could drive energy costs high enough to force a structural slowdown in artificial intelligence spending, damaging forward earnings expectations. In response to these conditions, the fund maintains a defensive posture toward asset-light technology compounders and monitors the ongoing liquidity stress in private credit, where rising redemptions are testing fund structures.
The asset-light investment model of the past two decades has run its course, as massive physical infrastructure and energy assets are now required to scale artificial intelligence.
If the Iran crisis becomes protracted, the risk is that energy costs force a structural slowdown in AI investment, the very catalyst the market has priced in forward earnings growth. Meanwhile, traditional banks are well-positioned with $200bn in excess capital to recapture market share from private credit providers as the latter face ongoing liquidity and valuation tests.
Neutral / Balanced
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