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 9, 2026
During the third quarter of 2026, capital markets experienced subdued equity performance alongside sharp drawdowns across fixed-income instruments. Broad bond market indices suffered as the 10-year Treasury yield surged from 4.44% at the end of June to 5.29% at quarter-end, marking its highest yield level since 2002. In September, the Federal Reserve initiated a policy rate hike to a target range of 3.75% to 4.00%. Brighton Jones reported no composite or single fund net return figures, noting that asset class benchmarks serve purely illustrative wealth-allocation purposes and client portfolios remain broadly diversified across cash, floating-rate credit, and multi-maturity fixed income. The macroeconomic landscape was dictated by geopolitical escalation in the Middle East following the military conflict with Iran, driving Brent crude from $61 per barrel to peak levels near $120. Headline consumer price inflation accelerated to 4.2% before moderating toward 3.4% in August. Crucially, the inflationary impulse remained concentrated in energy rather than systemic core services. Persistent supply standoff risks over the Strait of Hormuz prompted futures markets to reprice monetary expectations from multiple interest rate cuts to multiple rate hikes extending through 2027. From an asset allocation standpoint, Brighton Jones maintains a disciplined multi-asset posture rather than attempting market timing or yield-curve point bets. Portfolio calibration framework metrics place current market conditions in an environment of elevated equity valuations paired with low-to-moderate real interest rates. Consequently, portfolio positioning maintains a moderate risk posture featuring diversified equity holdings alongside exposure across bond maturities, floating-rate credit to capture rising coupon resets, and unhedged foreign equities that provide natural multi-currency diversification.
True diversification requires maintaining balanced exposure across asset classes and bond maturities to ensure portfolio resilience across multiple economic outcomes without relying on market timing.
Brighton Jones expects short-term noise across asset classes but highlights that higher starting yields in fixed income (roughly 4.5% to 5.0% across short-term and broad bond markets) offer improved forward expected returns. The firm anticipates continued volatility in interest rate expectations and inflation, supporting a persistent moderate risk posture and diversified exposures across maturities.
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