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 Oct 8, 2026
The Primary Research Fund executes a highly concentrated, long-term investment strategy focused on acquiring high-quality businesses with formidable barriers to entry at undemanding valuations. Portfolio holdings are selected with a five-year investment horizon, targeting companies capable of roughly doubling intrinsic value primarily through free cash flow compounding and high returns on invested capital rather than multiple expansion. The portfolio encompasses fourteen companies across infrastructure, business services, aerospace, hardware technology, and engineering, with eighty percent of invested capital deployed in European equities and weighted net leverage maintained at a conservative 1.4x EBITDA. Portfolio companies generate an average return on invested capital of seventeen percent, with organic revenue growing around six percent and expected forward earnings expansion of twelve percent. The manager initiated a new position in French aerospace manufacturer Dassault Aviation, emphasizing its six-year contracted order book, unique geopolitical independence from United States export restrictions, and significant discount to peer multiples when factoring in its equity stake in Thales. Key macroeconomic risks center on geopolitical volatility, government budget scrutiny, and defense export regulation.
Long-term capital compounding is best achieved by owning a concentrated portfolio of extraordinarily high-barrier businesses with genuine pricing power purchased at undemanding valuations.
The manager projects a five-year internal rate of return of approximately sixteen percent across the consolidated portfolio, driven predominantly by free cash flow compounding and twelve percent forward earnings growth rather than multiple expansion.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Baumann Capital or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.