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 13, 2026
Bell Global Equities Fund (Wholesale Class) delivered a net return of 5.4% for the third quarter of 2026, outperforming the benchmark MSCI World ex-Australia Index by 3.9 percentage points. Performance was flat at 0.0% net of fees in September compared to a 1.9% gain for the benchmark. The portfolio maintains a disciplined long-only posture with no gearing or derivatives, holding 106 stocks with an active share of 67.2% and a minimal cash allocation of 1.5%, heavily weighted toward Information Technology at 34.7% and North America at 69.9%. The macroeconomic environment was shaped by rising bond yields, hawkish central bank policies, and escalating geopolitical conflict between the US and Iran in the Middle East. With crude oil prices surpassing $100 per barrel and the US 10-year Treasury yield surging past 5.29% following a Federal Reserve rate hike to 3.75-4.00%, market dispersion widened significantly. The manager highlights early signs of normalization in market breadth away from narrow momentum toward high-quality compounders, creating a favorable backdrop for their Quality at a Reasonable Price (QARP) framework. Portfolio activity reflected decisive capital reallocation amid valuation dislocations. The fund initiated new positions in Lincoln Electric and TJX Companies, taking advantage of short-term margin and retail headwinds. To fund these investments and mitigate balance sheet vulnerability in a rising rate regime, the manager fully exited insurance broker Aon following its debt-heavy acquisition of USI, and eliminated Tractor Supply due to deteriorating retail demand and margin visibility.
Invest in high-conviction, high-return global franchises with durable competitive advantages and strong balance sheets at attractive valuations through a disciplined Quality at a Reasonable Price (QARP) investment process.
The manager anticipates a favorable backdrop for their Quality at a Reasonable Price (QARP) strategy as higher interest rates reinforce the necessity of strong balance sheets, sustainable profitability, pricing power, and durable economic moats. While early signs of market breadth expansion from momentum to high-quality compounders are encouraging, the strategy's forward performance relies on capitalizing on valuation dislocations across resilient businesses rather than broader macroeconomic conditions.
Neutral / Balanced
Market Conviction
Growth Outlook
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Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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