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 Aug 18, 2026
Crossroads Capital returned 11.5% net in Q2 2026 as market broadening accelerated with Russell 2000 posting best first half since 1991. The fund's concentrated portfolio of smaller, underfollowed businesses with hard catalysts benefited from positions built and defended through earlier volatility. Nebius contributed 55% of net gains as it evolved from below-liquidation-value carveout to AI hyperscaler with $46B in committed contracts from Microsoft and Meta, 50% EBITDA margins, and priority Nvidia silicon. AST SpaceMobile transitioned from R&D startup to operational scaleup with 12 satellites in orbit, FCC authorization for 248-satellite constellation, and manufacturing at 6 satellites per month. Nintendo detracted 53% of losses as market marked it to two-year lows on memory headwinds despite operating profit up 150% and implicit FY2027 guidance raise of 30%. FTAI Aviation's MRO business doubled Aerospace Products revenue while securing $1.465B order for data center power generation. Manager used July momentum unwind to close covered calls at profit and add to positions, viewing volatility as flows problem with short half-lives rather than fundamental deterioration. Portfolio remains positioned for company-specific catalysts independent of macro direction.
Crossroads Capital owns concentrated positions in smaller, underfollowed businesses trading at deep discounts to medium-term earnings power, with identifiable value-unlocking transformations and hard catalysts that don't depend on macro direction.
Manager expects fundamentals to pull price back to closer correlation with earnings on their schedule, not the market's, with risk/reward across several names as attractive as anything seen since April lows. The market's composure will be tested again with Iran situation resurfacing, but nothing in portfolio depends on guessing direction right. Strategy remains focused on businesses with identifiable value-unlocking transformations and hard catalysts, sized to hold through fog. Dispersion created by Fed's withdrawal of forward guidance expected to create framework mispricings that are core element of investment style. Manager welcomes less narration from Fed as it increases raw material of active management.
High Conviction Bullish
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