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 |
|---|---|---|---|---|---|---|
Bumbershoot Holdings generated a 5.65% gross return in 2024 despite a challenging December that saw over 10 companies drop more than 15%. Manager Jason Ursaner emphasizes separating process from results, noting the fund remains invested in high-quality businesses with durable outlooks. Technology sector led Core returns through positions in Alphabet, Zoom, Box, First Solar and Camtek, while Healthcare gains came from Madrigal and Ligand focused on biopharmaceutical royalties and metabolic disorders. Agricultural-fertilizer positions in Intrepid Potash, Nutrien, CF Industries and Mosaic detracted from performance despite manager's constructive long-term view. The letter extensively explores AI investment narrative driving market concentration in mega-cap stocks, questioning whether foundational AI layers remain investable versus application layers. Manager discusses Federal Reserve policy challenges amid inflation expectations, tariffs and potential economic slowdown. Despite market uncertainty and narrow breadth favoring specific sub-sectors, Bumbershoot maintains its disciplined approach to identifying undervalued businesses with competitive advantages.
Invest in great businesses with durable advantages at fair valuations through a diversified approach across Core, Micro, Value, Special Situation, and Discretionary categories, focusing on process over short-term results.
Manager expresses uncertainty about market direction while maintaining focus on asking the right questions rather than providing definitive answers. Emphasizes that perception of answers and market narrative matter more than being right. Remains committed to investing in high-quality businesses despite challenging environment.
As of Mar 1, 2025
Jason Ursaner serves as the General Partner of Bumbershoot Holdings L.P., bringing both educational credentials from the University of Pennsylvania (2003-2007) and demonstrated investment skill to the partnership. Ursaner maintains significant personal investment alignment, stating he continues to have the vast majority of his personal net worth co-invested in the partnership and takes that responsibility extraordinarily seriously. His investment approach emphasizes fundamental analysis, long-term value creation, and maintaining high conviction in carefully researched investment opportunities, reflecting both quantitative rigor and qualitative assessment of business quality.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Manager names specific positions across multiple categories with clear thesis explanations and sizing commentary. Demonstrates conviction in fertilizer sector despite poor performance and maintains focused healthcare exposure. However, diversified approach across 30+ named positions and philosophical tone prevents higher scoring.
Growth Outlook
Manager expresses caution about market concentration in mega-cap AI stocks, discusses potential bubble risks, and notes challenging environment with narrow breadth. However, acknowledges potential for reflation cycle and rate cuts providing support.
Risk Appetite
Fund remains fully invested in collection of businesses but acknowledges challenging positioning with fertilizer sector detractors. Core category around target range with some categories above target weightings, suggesting measured but not aggressive risk appetite.
Capital Deployment
No specific cash level changes mentioned. Manager describes maintaining positions and staying invested in collection of businesses. Some category rebalancing noted but appears to be rotation rather than net deployment or de-risking.
Forward Guidance
Manager emphasizes uncertainty and focuses on asking questions rather than providing definitive answers. No clear deployment bias stated, with emphasis on monitoring and engaging with reality as it unfolds rather than making directional bets.
Language Signal
Language includes significant risk discussion around bubble potential, Fed policy challenges, market concentration risks, and economic slowdown concerns. Balanced by some constructive language around long-term fundamentals and quality businesses.
Perceived Risk
Extensive discussion of systemic risks including market concentration, AI narrative dependency, Fed policy constraints, potential bubble dynamics, and economic slowdown scenarios. Manager dedicates significant portion of letter to risk analysis and uncertainty.
Opportunity Density
Manager notes difficulty in current environment with narrow market breadth and momentum-driven dynamics making stock-picking challenging. Describes environment where good companies are defined by stock performance rather than fundamentals, suggesting limited opportunity set.
Time Horizon
Manager emphasizes long-term fundamentals in fertilizer sector despite near-term underperformance and describes fund as mechanism to grow wealth over time through any cycle. Focus on durable businesses and competitive advantages suggests multi-year investment horizon.
Top Conviction Themes
Key Catalysts
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