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, 2025
Cove Street Capital's Jeffrey Bronchick warns of systemic risks building in private credit markets where massive capital flows have overwhelmed proper analysis, citing specific credit debacles and 30% growth in PIK income. He draws parallels to past cycles where accommodating officials enabled stupendous risk-taking while most lack permanent capital to resist. The manager notes 92% of GDP growth comes from just 4% of GDP in information processing, creating dangerous concentration reminiscent of the dot-com era. Despite these macro concerns, CSC is having a good performance year by focusing on very cheap stocks that over-discount problems and quality businesses at reasonable prices. The portfolio emphasizes smaller-cap opportunities in healthcare, billboards, ag-chem, defense and aerospace, particularly around management changes and capital allocation improvements. Bronchick avoids large-cap growth themes and leveraged structures, instead buying profitable companies temporarily delisted due to administrative issues. He expects elevated valuations to eventually face a reckoning when counterparty trust erodes.
Focus on undervalued smaller-cap companies with management changes and capital allocation improvements while avoiding overvalued large-cap growth themes and systemic credit risks in private markets.
Manager expects ongoing problems from elevated asset valuations and warns of a period when people will mistrust counterparties and mock pitchbooks. Emphasizes the importance of choosing what not to do and avoiding crowded themes while focusing on undervalued opportunities with management changes.
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