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 31, 2026
Schafer Cullen's Enhanced Equity Income strategy returned 3.7% net in Q1 2026, outperforming both primary and secondary benchmarks during a volatile quarter marked by geopolitical conflict and AI disruption concerns. The strategy benefited from its defensive positioning, particularly in Energy which surged 38.3% due to the Iran war and Strait of Hormuz closure driving oil from $57 to $101 per barrel. Value significantly outperformed Growth by 11.9 percentage points, with the Russell 1000 Value achieving a technical Golden Cross signal. The portfolio's dividend focus proved rewarding as eight of 34 holdings increased dividends by an average 4.8%, contributing to a 7.2% annualized yield. Key transactions included purchasing Honeywell at attractive valuation ahead of business separations and selling PACCAR due to cyclical concerns. The manager sees compelling opportunities in low-volatility dividend growth equities given their significant discount to the S&P 500, while noting risks from AI disruption, private credit stress, and historic market concentration levels approaching prior bubble peaks.
The fund employs a defensive dividend-focused strategy with covered call options to generate income, positioned to benefit from the rotation from Growth to Value while providing downside protection through low-volatility stocks and dividend aristocrats trading at significant discounts.
The manager expects continued rotation from Growth to Value as earnings differentials narrow and concentration risks persist. They view low-volatility and dividend growth equities as compelling given current valuations and macroeconomic uncertainty. The tone is cautiously optimistic about defensive positioning while acknowledging multiple macro headwinds.
Moderate Conviction Bullish
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