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 Sep 30, 2026
City Different Investments' Multi-Cap Core strategy delivered a net return of -0.69% in the third quarter of 2026, lagging the S&P 500 Index return of 2.30% and the Style Benchmark return of 4.60%. Year-to-date, the strategy remains ahead of both benchmarks with a net return of 13.61% compared to 12.75% for the S&P 500. Portfolio construction is diversified across the corporate life cycle, with 49.8% in Established businesses, 40.0% in Mature businesses, and 9.2% in Emerging growth companies. The portfolio holds a notable 37% allocation to mid-cap companies, contrasting sharply with the mega-cap concentration of broad market indices. The manager emphasizes cognitive empathy and intellectual balance across disparate economic regimes, noting how divergent economic environments create starkly opposing yet rational market preferences. Performance attribution showed substantial strength in Health Care holdings, which surged 23.5% on the back of resilient biopharma and life sciences demand. In contrast, Information Technology was a steep performance drag due to AI-related sentiment weakness, while Energy holdings experienced minor softness as new offshore rig additions balanced positive contributions. Portfolio turnover remained disciplined with 21 long-term holdings at quarter end. The strategy initiated a new position in Seadrill to capitalize on tightening offshore drilling rig utilization, while fully exiting Patria Investments to reallocate capital into higher-conviction opportunities. Largest holding Flex was trimmed earlier in the summer but maintained at an active 13.07% weight, underpinned by long-term operating fundamentals and an accretive corporate spin-off.
Investing across the business life cycle through a balanced mix of emerging, established, and mature companies generates durable long-term risk-adjusted outperformance.
Our investing gaze remains focused on a long-term horizon, relying on life-cycle balance to navigate market cycles despite short-term benchmark volatility.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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