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 22, 2026
The strategy does not disclose specific quarterly or year-to-date net performance returns or balance sheet exposure numbers in the letter. Management's macro framework centers on long-term systemic realignments, specifically the United States backing away from world hegemony and the contraction of global trade. These structural shifts are identified as the primary drivers of sustained inflation, elevated geopolitical friction, upward pressure on interest rates, and compression in equity valuation multiples. From a narrative perspective, the manager expresses deep skepticism regarding the sustainability of the artificial intelligence capital spending boom. Comparing the data center expansion to the late-19th-century railroad build-out, the commentary emphasizes that broad sectors—such as electrical equipment, HVAC, and commercial construction—have become overly reliant on AI capex. A deceleration in capital spending poses severe valuation multiple compression risks for premium-priced beneficiaries. In response to these conditions, capital allocation is actively concentrated in 'AI-agnostic' businesses that trade at reasonable valuations and have been largely ignored by the market. Management expresses little concern over domestic political friction, viewing potential congressional gridlock following the midterm elections as a historically constructive outcome for financial markets.
Capital is allocated toward high-quality, reasonably valued AI-agnostic equities while avoiding overextended capex beneficiaries vulnerable to cyclical slowdowns and geopolitical deglobalization.
Management anticipates persistent geopolitical instability and sticky inflation driven by shrinking global trade, leading to higher discount rates. Equity investments will focus on reasonably priced businesses isolated from the eventual slowdown in AI-related capital expenditures.
Moderate Conviction Bearish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Confluence Investment Management or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.