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 Jun 30, 2026
Bestinver navigates market cycles by anchoring on fundamental value, business cash generation, and rigorous valuation discipline rather than chasing macroeconomic narratives. During the second quarter of 2026, global markets experienced a pronounced rebound as geopolitical fears surrounding Middle East tensions and energy disruptions eased following a memorandum of understanding between the United States and Iran. Oil prices retreated sharply by nearly 40% from their peaks, alleviating stagflation worries and shifting market sentiment from pessimism to optimism. Bestinfond generated a net return of 17.4% for the second quarter, bringing its cumulative first-half net performance to 14.4%. The management team took advantage of short-term volatility to trim winning cyclical holdings whose upside narrowed and reallocate capital into high-quality compounders and temporarily penalized franchises. Core positioning emphasizes companies with defensible moats and pricing power across global industries, while divesting complex operational restructurings lacking clear tailwinds.
True long-term value creation stems from buying resilient, cash-generative businesses with durable competitive advantages at prices substantially below intrinsic value, exploiting short-term market turbulence rather than reacting to transient macroeconomic narratives.
Bestinver approaches the second half of 2026 with a constructive and disciplined posture. While acknowledging that headline risks and episodes of market irrationality will persist, the team expects lower oil prices, moderating inflation, and resilient corporate earnings to support equity fundamentals. The manager anticipates that the market will eventually rotate away from crowded narrative-driven trades toward high-quality, cash-generative businesses that offer visibility and stability at discounted valuations.
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