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 Jul 22, 2026
Claret Asset Management advocates for long-term equity ownership in well-managed companies rather than attempting to time market corrections, emphasizing the compounding benefits of deferred capital gains taxes and reinvested profits. The manager highlights companies like Alimentation Couche-Tard (20%+ ROE), CGI (15%+ ROE), and Microsoft (25%+ ROE) as examples of superior long-term compounders. The letter extensively analyzes the AI infrastructure boom, drawing parallels to the dot-com bubble while noting a critical difference: today's buildout is funded by highly profitable companies generating massive free cash flow. However, the manager flags significant risks including $725B+ hyperscaler capex commitments potentially exceeding operating cash flow, 90% token price deflation since 2023, circular financing schemes reminiscent of the telecom bubble, and electricity supply constraints. The manager warns that while AI has transformational potential, the current enthusiasm exhibits classic bubble characteristics with unpredictable timing and winners. A moderate, selective approach is recommended rather than going all-in or staying entirely out, with emphasis on sober judgment over following market enthusiasm.
Long-term equity ownership in well-managed companies with strong returns on equity provides superior compounding returns when combined with the tax-deferred benefits of unrealized capital gains, but investors must exercise patience and selectivity rather than attempting to time market corrections or chase speculative themes like the current AI infrastructure buildout which exhibits bubble characteristics despite being funded by profitable companies.
The manager expects the AI infrastructure buildout to follow historical patterns of transformational technologies generating excessive enthusiasm and investment, resulting in more infrastructure than needed and asset prices that prove too high. While acknowledging AI's potential as one of the greatest transformational technologies, the manager anticipates losses for those fueling the bubble, stemming from the technology's newness making the extent and timing of its impact unpredictable. The use of debt in this cycle has the potential to magnify all outcomes. The tone is cautious and analytical, emphasizing the need for sober judgment and skillful implementation rather than following enthusiasm.
Neutral / Balanced
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