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 11, 2026
CDT Capital Management navigates market environments through a disciplined focus on capital allocation and valuation dynamics, positing that surging interest rates and historic capital expenditures are reshaping equity risk-reward profiles. During September 2026, the strategy fell -6.25% net of fees against a -0.35% decline for the S&P 500, amidst a broader sector-level drawdown where the median index sector dropped 5.74%. The manager attributes broader market fragility to rising cost of capital, with the 10-year Treasury yield surpassing 5% and the Federal Reserve increasing interest rates by 25 basis points to a 3.75%-4.00% range. Macroeconomic risks remain elevated due to unsustainable capital spending cycles in artificial intelligence that approach historic bubble levels relative to gross domestic product. In response, the fund leveraged its cash reserves—reducing cash balances from roughly 19% to 8.1%—to deploy capital into selective equities showing strong corporate insider buying, while revamping its artificial intelligence thesis to favor custom application-specific chip enablers and hyperscalers over dominant generalist chip suppliers.
CDT Capital Management seeks superior risk-adjusted returns by exploiting market drawdowns and structural industry shifts, deploying capital defensively when risk is expensive and rotating into businesses with durable economic moats and margin expansion potential.
The manager anticipates that the artificial intelligence industry will gradually improve its economic profitability as customer reliance on monopolistic merchant semiconductor vendors diminishes in favor of proprietary custom silicon. Hyperscalers and application-specific chip enablers are poised to capture a larger portion of industry value as capital budgets expand toward $1.3 trillion by 2028. Macroeconomically, elevated interest rates and expensive risk premiums will continue to pressure broad asset valuations, favoring disciplined, selective equity deployment over passive index exposure.
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