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 Aug 3, 2026
Bronte Capital's Amalthea Fund returned 5.12% in Q2 2026, driven primarily by alpha from shorts in materials and energy, though underperforming the broader AI-fueled bull market. The manager views the AI boom as the central market force, with 2026 CapEx estimates of $700 billion to $1 trillion representing spending comparable only to 19th-century railway booms. They express profound uncertainty about outcomes, calculating that $5 trillion in cumulative AI spending would require $1.8 trillion in annual revenue to justify returns, likely necessitating displacement of 10% of OECD wage bills and potentially 10-20% unemployment. Google exemplifies the dilemma: management is described as possibly the best in capitalism's history for pivoting aggressively into AI, yet the stock faces existential risk as AI-powered search could eliminate the ad-supported model entirely. The fund is trimming both Google and profitable Japanese semiconductor positions. Memory chip companies have become extraordinarily profitable, with Samsung, SK Hynix, and Micron generating combined operating income exceeding Microsoft, Amazon, and Alphabet. As market leadership narrows and non-AI junky stocks decline, the manager sees improving conditions for their long/short strategy, expecting AI-powered scammers to create additional shorting opportunities.
The fund maintains a global long/short strategy focused on generating alpha through a highly diversified short book while holding high-quality longs, currently navigating the largest capital expenditure boom in modern history centered on AI infrastructure, where the manager sees profound uncertainty about returns and beneficiaries despite acknowledging AI's transformative potential.
The manager expresses profound uncertainty about the AI boom's resolution, stating they have no idea how it ends. They expect either AI companies will fail to achieve returns on trillions in capital spending, or they will succeed but cause very large short-term unemployment (10-20%), or most likely a combination of both. Over the long term, they anticipate massive productivity gains once society finds new uses for displaced labor, though they acknowledge a nightmare scenario where AI becomes so superior and cheap that humans become redundant. The narrowing of market leadership and decline of non-AI-adjacent junky stocks is creating a more favorable environment for their long/short strategy. The manager believes super-intelligent AI assistants will change the world in ways beyond imagination, and expects this will increase opportunities for short-sellers as scammers improve their capabilities using AI.
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