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 5, 2026
Fixed income markets have reached an appealing valuation threshold where nominal Treasury yields appropriately align with economic growth, prompting an increase in portfolio duration to 105% of the benchmark index. Benchmark yields exceeding five percent now properly reflect an economy expanding at a five to six percent nominal pace, ending several years where bonds were priced too expensively relative to macroeconomic realities. Persistent inflation pressures stemming from deglobalization, geopolitical conflict, and tariff burdens prevent consumer price metrics from swiftly reverting to pre-pandemic baselines without an overt recession. However, current yield levels generate substantial convexity and asymmetric return profiles capable of absorbing nearly one hundred basis points of yield increases before delivering negative annual returns. Macroeconomic risks encompass sticky inflation expectations and the prospect of elevated borrowing rates if growth accelerates further. Positioning emphasizes an overweight duration posture framed as a disciplined value entry rather than an aggressive bet on imminent policy easing.
Yields above five percent adequately price five to six percent nominal GDP growth and provide the strongest cushion against rate volatility since 2009.
Management anticipates nominal GDP will continue expanding at a 5% to 6% pace, supported by real growth slightly above 2% and core PCE between 2.6% and 3.3%. Yields on benchmark Treasuries are expected to hold near current levels with limited justification to fall sharply without a recession. If market yields drift higher, fixed income assets will become outright cheap, prompting additional duration increases.
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