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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 17, 2026
Bireme Capital's Fundamental Value strategy has generated 20.9% annualized returns over 10 years versus 15.4% for the S&P 500 by exploiting investor behavioral biases through contrarian value investing. The managers correctly anticipated the COVID crash buying opportunity, the 2021 inflation surge, and Meta's rebound from $110, but have been early in warning about US market valuations since 2021. The S&P 500 now trades at 25x trailing earnings with a Shiller PE of 41x and dividend yield of 1.0% near all-time lows, while speculative fever has reached extremes with record margin debt and options activity. The fund has shifted to 92% net long internationally, primarily in Japanese software companies trading at 7-10x forward PE with strong growth, and -25% net short US-domiciled companies. The managers believe their positioning will be enormously accretive when US earnings and valuations normalize, though they acknowledge momentum can persist longer than expected.
Bireme Capital exploits investor behavioral biases through contrarian value investing, maintaining discipline despite looking foolish around extremes, which has generated 20.9% annualized returns over 10 years versus 15.4% for the S&P 500.
The managers expect Fundamental Value to outperform the US market given their positioning with high-quality overseas longs at reasonable valuations and US shorts at extreme valuations. They acknowledge momentum-chasing can always get more extreme but are confident their trade will work in the near future. They expect air pockets like those in the past week to become more frequent and severe as the equity risk premium is perilously thin. When the US sees a normalization of earnings and/or valuations, they expect their current positioning to be enormously accretive.
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