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 19, 2026
CrossingBridge Advisors maintained a cautious and disciplined positioning across its fixed income strategies during the third quarter of 2026, keeping duration short and preserving elevated liquidity reserves. Across its fund line-up—including the Low Duration High Income, Responsible Credit, Nordic High Income, and RiverPark Strategic Income funds—portfolio dry powder ranged from 13.0% to 41.1%, while portfolio durations were kept largely below two years. Although fund-level net performance returns were not reported in the letter, subsidized 30-day SEC yields ranged from 3.84% to 8.21% net of fee waivers. The manager emphasized capital preservation, highlighting that high-yield spreads in the single-digit historical percentiles fail to compensate investors for tail risks. The manager's macro framework centers on Gavekal's Four Quadrants model, diagnosing the current economic environment as a late-stage inflationary boom. With crude oil and diesel surging, long-term Treasury yields touching multi-decade highs, and massive AI data center construction driving up the economy-wide cost of capital, CrossingBridge expects the next regime transition to be an inflationary bust or, secondarily, a deflationary bust. In either scenario, broad market credit spreads are expected to widen, penalizing long-duration paper and heavily indebted borrowers with negative cash flows. Portfolio activity was illustrated through three distinct case studies reflecting the manager's bottom-up discipline. The firm completely exited its position in Trustly AB between December 2025 and June 2026 at an estimated 14.7% loss as competitive moat erosion and aggressive cash burn invalidated the original thesis. In Getty Images Holdings, the manager rotated out of 14% senior unsecured notes at 72 cents into senior secured notes yielding an estimated 16.3% to maturity ahead of a prepackaged Chapter 11 restructuring. Finally, the manager opportunistically deployed dry powder into GIH Borrower LLC term loans at 73.30 (a 13.9% yield to maturity), capitalizing on headline-driven volatility surrounding Guggenheim's insurance affiliates.
CrossingBridge employs a bottom-up, value-oriented credit approach focused on capital preservation and attractive risk-adjusted yields, prioritizing senior secured positioning, short duration, and substantial dry powder when broad credit spreads fail to compensate for uncertainty.
CrossingBridge expects the prevailing inflationary boom to transition into an inflationary bust or deflationary bust, positioning portfolios with short duration and substantial dry powder to capitalize on forced selling as credit spreads widen.
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