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 Jan 28, 2025
Citadel Value Fund finished calendar year 2024 with a net return of -4.8% for its X class shares, underperforming due to second-half headwinds in its technology and automotive holdings (notably semiconductor producers Samsung and Sumco, and Stellantis, which was completely exited in Q3). The fund active deployed cash, reducing cash and cash equivalents from 23% to 11% to build new holdings in Jost Werke, Kering, and Brunswick Corporation at very attractive entry multiples. Overall, the portfolio trade at a 44% discount to its estimated intrinsic value with a look-through free cash flow yield of 6% and an EV/EBITA multiple of 8x, providing a strong margin of safety compared to expensive and highly concentrated global benchmarks.
Valuation does matter. Purchasing solid investments with a wide margin of safety and low entry valuations is critical for reducing risk and protecting against permanent capital loss, regardless of market index trends or automated indexing models.
The fund expects normalization in the semiconductor wafer market over the course of 2025. For investments like Brunswick, 2025 is projected to be a year of modest results, with a long-term recovery in volumes thereafter. Overall, the manager remains highly confident that a disciplined value approach trading at a significant discount to intrinsic value will continue to provide a hedge against speculation-driven markets.
High Conviction Bullish
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