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 31, 2026
BNY Mellon Global Equity Income Fund (Class A at NAV) returned -2.95% net of fees in the third quarter of 2026, lagging its benchmark, the FTSE World Index, which delivered a positive return of 1.81%. Year-to-date, the fund has advanced 8.39% net of fees compared to 14.90% for the benchmark. Relative underperformance during the quarter was primarily driven by the fund's structural underweight in technology alongside active overweights in healthcare and consumer discretionary sectors, as market enthusiasm for artificial intelligence continued to heavily skew broader index gains toward mega-cap growth equities. The manager's macro framework highlights that great-power competition, exemplified by the conflict involving Iran, represents an enduring inflationary force worldwide. Consequently, the manager contends that financial markets are overly optimistic about a swift return to low inflation and loose policy. Anticipating that interest rates and bond yields will remain higher for longer, the strategy emphasizes that equity market concentration, valuations, and correlation risks in major indices have risen to levels comparable to the 2000 technology bubble, creating an asymmetric setup for differentiated value and dividend strategies. Portfolio positioning remains anchored by a strict yield-based valuation discipline, completely excluding the Magnificent Seven technology cohort that dominates passive indices. Capital is instead allocated to high-quality dividend compounders across healthcare, defensives, and cyclical value. Top portfolio holdings include Gilead Sciences (2.84%), AIA Group (2.54%), Texas Instruments (2.52%), UnitedHealth Group (2.31%), GlaxoSmithKline (2.29%), and Elevance Health (2.29%), positioning the fund to benefit from eventual market normalization.
Employing a strict yield-based valuation discipline to invest in undervalued, high-income equities positioned to outperform as elevated interest rates persist and extreme index concentration unwinds.
Interest rates and bond yields are expected to remain higher for longer as great-power competition drives sustained global inflation. While short-term market rotations may cause relative volatility, the manager expects the fund's yield-based valuation discipline to deliver superior returns over the longer term.
Moderate Conviction Bullish
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