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 Mar 9, 2024
Willis Cap delivered strong 2023 returns that reversed 2022 losses, with cumulative two-year performance showing modest gains. The manager significantly reduced equity allocation from historical 75-80% to approximately 60%, increasing treasury holdings due to elevated market valuations. Key holdings including Constellation Software, Transdigm, Amazon, and Google delivered strong returns as businesses performed better than feared. The manager made one large new investment in life science tools companies (Danaher, Thermo Fisher, Sartorius) following temporary cyclical weakness. Current market environment shows stocks at 20-year valuation highs with compressed risk premiums over treasuries. The manager emphasizes patience over chasing returns, positioning portfolios to benefit from future volatility. Forward outlook anticipates lower returns of 5-8% annually versus historical 11-12%, with treasury holdings providing optionality for deployment during market weakness. Strategy focuses on preserving wealth for clients who have achieved financial goals while maintaining selective equity exposure in quality businesses.
Focus on high-quality businesses trading at reasonable valuations while maintaining significant treasury holdings to capitalize on future market volatility and opportunities.
Manager expects lower forward returns than the historical 14-15% on stocks and 11-12% on whole portfolios. Portfolio-level returns of 5-8% per year over next 10 years are anticipated if current holdings are maintained, with treasury holdings limiting returns to 4-5% and equity portfolios expected to generate 8-10% annually. The manager emphasizes patience and waiting for better opportunities rather than chasing returns in the current high-valuation environment.
Moderate Conviction Bullish
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