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 |
|---|---|---|---|---|---|---|
Canterbury Tollgate returned 21.5% in 2023, driven primarily by core holdings Meta, Amazon, Dropbox, and GoDaddy, with contributions from U.S. treasuries offset by losses from Icahn Enterprises. The manager emphasizes the philosophy of patient, long-term investing, drawing heavily on Charlie Munger's wisdom about the importance of sitting tight with quality compounders. The letter warns against the silent killer of selling compounding machines too early, which the manager identifies as a bigger mistake than losing money on poor investments. The discussion centers on the difficulty of maintaining conviction during periods of negative news flow and market volatility. The manager advocates for a seamless risk transfer approach, requiring honest intermediaries throughout the investment chain. While acknowledging that both luck and skill play roles in investment success, the manager emphasizes the importance of identifying superior operators and maintaining patience with quality businesses over extended time horizons.
Focus on holding high-quality compounding businesses for the long term while avoiding the silent killer of selling winners too early.
As of Mar 1, 2024
Founded in 2018 by B. Chase Chandler, Canterbury Tollgate originated from earlier ventures including Chandler Advisors and Weise Capital that started in 2012. The firm serves institutional investors, family offices, and select individual clients with an average account size exceeding $4.2 million. Canterbury Tollgate employs three people with two involved in investment advisory functions, managing approximately $51 million in total assets as of March 2025. The firm operates one private hedge fund with concentrated positions and employs risk mitigation strategies designed to achieve negative correlation during market shocks.
Canterbury Tollgate is a focused, value- and quality-oriented investment manager that seeks fundamentally asymmetric risk-return profiles to generate higher annualized returns with lower real-world risk. The firm invests primarily in growing companies characterized by strong culture, reliable leadership, loyal customers, robust cash flows, high returns on capital, and aligned management incentives including significant insider ownership. CTG employs robust valuation, fundamental analysis, and advanced mathematical and statistical methods, using semi-deviation as a risk measure to emphasize downside risk. The firm believes superior long-term results are found in superior patience, fortitude, integrity, competence, learning, and a little bit of chance.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The manager demonstrates moderate-high conviction through concentrated core holdings in four named positions (Meta, Amazon, Dropbox, GoDaddy) that drove performance. However, the lack of specific position sizing, detailed thesis explanations, or forward-looking conviction statements prevents a higher score. The philosophical focus on patience suggests conviction but without the specificity of truly high-conviction letters.
Growth Outlook
The manager expresses cautious optimism about long-term opportunities while acknowledging market challenges. The letter focuses more on investment philosophy than explicit market views, with mild positive sentiment around quality compounders but no strong directional market calls.
Risk Appetite
The portfolio appears fully invested in core holdings with some treasury exposure. The manager maintains conviction in existing positions rather than adding significant new risk, suggesting a balanced risk appetite focused on quality rather than aggressive deployment.
Capital Deployment
No evidence of capital deployment activity is provided. The letter mentions existing core holdings and treasury exposure but provides no information about cash level changes, new position additions, or portfolio adjustments during the period.
Forward Guidance
The letter provides no explicit forward guidance or action bias. The manager focuses on philosophical lessons about patience and holding periods rather than discussing specific deployment intentions or market timing decisions.
Language Signal
Language is moderately positive with emphasis on compounding and quality businesses, but balanced by discussions of risks and mistakes. The tone is reflective and educational rather than bullish or bearish, with slight positive bias toward long-term value creation.
Perceived Risk
The manager acknowledges moderate risks including the tendency to sell compounders too early and market volatility that creates selling temptation. Risk discussion is present but not central to the letter, focusing more on behavioral risks than systemic market threats.
Opportunity Density
The manager does not explicitly discuss the current opportunity set or availability of attractive investments. The focus on existing core holdings and philosophical discussions about patience suggests a neutral view on opportunity density without clear signals about market-wide attractiveness.
Time Horizon
The letter strongly emphasizes long-term investing philosophy, citing Charlie Munger's wisdom about sitting tight and the importance of holding compounding businesses through volatility. The manager explicitly warns against short-term thinking and advocates for extended holding periods, demonstrating a clear multi-year investment horizon.
Top Conviction Themes
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