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 Jul 15, 2026
Boyar Value Group's Q2 2026 letter examines a market experiencing its most significant rotation in years, with the S&P 500 and Nasdaq rebounding 14.9% and 21.4% respectively after a weak first quarter, while small caps delivered their best first half since 1991. The manager identifies a critical distinction between two types of opportunities: mega-cap technology stocks that have become attractively valued for the first time in years, trading near their three-decade average multiples, and small-cap stocks that remain cheap despite strong performance. However, the letter warns against chasing momentum in semiconductor stocks, particularly memory chips, where extraordinary gains may reflect peak earnings rather than sustainable profits. The manager notes that AI represents a different kind of bubble where earnings rather than valuations are inflated, with software companies facing disruption concerns. Portfolio positioning emphasizes out-of-favor quality businesses like Microsoft and small-cap value opportunities like Madison Square Garden Sports, while avoiding speculative areas. The rotation into broader market leadership is viewed as incomplete, with selectivity becoming increasingly important as individual stocks diverge and volatility rises.
The market has entered a new phase where individual stock selection matters again after years of index-driven performance, with mega-cap technology stocks now trading at reasonable valuations while small-cap stocks remain attractively priced despite recent gains, but investors must distinguish between temporary dislocations and permanent impairments, particularly avoiding the temptation to overpay for peak earnings in cyclical sectors like memory chips.
The manager expects the market rotation into smaller companies and value stocks to continue in a more selective manner, viewing the broadening as incomplete. While acknowledging pockets of speculation particularly in semiconductor stocks, the manager sees genuinely strong and broadening earnings alongside the most reasonable valuations in years for mega-cap stocks. The approach remains focused on buying businesses below intrinsic value rather than chasing momentum, treating the divergence among individual stocks as an opportunity rather than a nuisance.
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