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 Value Equity strategy returned 2.9% gross in Q1 2026, outperforming both the Russell 1000 Value (2.1%) and S&P 500 (-4.3%) during a volatile quarter dominated by geopolitical conflict and AI disruption concerns. The Iran war and closure of the Strait of Hormuz drove oil prices up 77% to $101 per barrel, while software stocks declined sharply on fears that AI advances could render traditional business models obsolete. The manager benefited from strong stock selection in Healthcare, with Johnson & Johnson, Merck, and Pfizer all posting double-digit gains on strong fundamentals and new product cycles. Technology holdings Applied Materials and Arrow Electronics also outperformed on AI infrastructure demand. The quarter marked an acceleration of the Growth-to-Value rotation, with Russell 1000 Value outperforming Growth by 11.9 percentage points and achieving a technical Golden Cross signal. The manager sees this as the beginning of a durable trend, given AI disruption risks, historic market concentration levels, and narrowing earnings differentials between mega-cap technology stocks and the broader market.
Value stocks are experiencing a significant rotation as AI disruption risks and historic market concentration create compelling opportunities in defensive, cash-generative businesses trading at attractive valuations.
The manager sees a compelling case for value investing given AI disruption risks, geopolitical uncertainty, and historic concentration levels in growth stocks. They expect the rotation from Growth to Value to continue as earnings differentials narrow and capital intensity pressures free cash flow generation of mega-cap technology companies.
Moderate Conviction Bullish
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