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 |
|---|---|---|---|---|---|---|
Curreen Capital returned 22.26% in Q2 2026, driven by three active special situation investments. The fund bought Optimum Communications in a tender offer orchestrated by Patrick Drahi, paying $1.13 per share and realizing $1.87 after tendering 48.6% of shares at $2.50 and selling the remainder at $1.28. The fund also initiated a position in Green Dot, a merger-spinoff combining two high-ROE banks at an attractive valuation, though the manager later exited when the merger timeline proved uncertain. The fund added to TriNet, an inexpensive turnaround in the payroll and benefits space that has bottomed after healthcare cost forecasting difficulties and is now improving margins. The portfolio continues to hold concentrated positions in turnaround situations including Advance Auto Parts, Fortrea, and VF Corp, all trading at attractive upside-to-downside ratios. Siemens Energy benefits from a cyclical electricity demand boom boosted by AI. The manager maintains focus on spinoffs and undervalued businesses with good downside protection.
Curreen Capital pursues special situations including spinoffs, merger arbitrage, and turnarounds, buying good businesses at attractive upside-to-downside ratios well below downside valuation.
The manager will continue to pursue spinoffs of good and understandable businesses at attractive upside-to-downside prices, and non-spinoff good businesses selling well below downside valuation. The fund's experience has been good in these areas, so efforts will remain focused here.
As of Aug 10, 2026
Christian Ryther founded Curreen Capital in 2013 after serving as an analyst at NeuStrada Capital, with previous experience at Principled Capital Management and Riva Ridge Capital Management. He earned his MBA at Columbia Business School's value investing program and served as a Peace Corps Volunteer in Morocco. Ryther's investment passion began in his teens reading Peter Lynch's One Up on Wall Street, and he has demonstrated personal commitment by investing the vast majority of his and his family's wealth alongside fund partners. He operates the fund single-handedly while maintaining all regulatory compliance and investor communications.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The fund demonstrates high conviction through concentrated positioning (6 holdings listed as >5% positions), specific position sizing (3% allocation to Optimum), and willingness to make decisive moves (selling two positions to fund Green Dot, exiting Green Dot when thesis changed). The manager provides detailed thesis explanations for each investment with specific catalysts and valuation frameworks. However, the portfolio holds 6+ named positions with some diversification across sectors, and the manager acknowledges uncertainty by exiting Green Dot when facts changed. This is clearly high conviction but not extreme concentration, placing it in the 0.70-0.75 range.
Growth Outlook
The score of 0.50 reflects a neutral stance on overall market direction. The manager expresses neither broad bullishness nor bearishness about the macroeconomic environment or indices, focusing purely on bottom-up stock selection and waiting for individual spinoff opportunities to arise.
Risk Appetite
A score of 0.50 is assigned because the manager explicitly stated they 'stood pat' during the quarter, making no changes to existing positions. While the underlying assets are highly concentrated and value-oriented, the lack of active scaling or de-risking indicates a steady-state risk appetite.
Capital Deployment
The quarter featured significant capital rotation rather than net deployment. The manager sold Solventum and Kontoor to buy Green Dot, and sold Truecaller and Pluxee to add to TriNet. The Optimum position was approximately 3% of the fund. No cash level changes are disclosed. This represents active portfolio management and selective redeployment but not net new capital being put to work. The activity is rotation-focused, scoring in the +0.30 to +0.40 range for selective adding within a stable cash envelope.
Forward Guidance
The score of 0.50 indicates a monitoring posture with no imminent directional action bias. The manager is actively analyzing opportunities and waiting for attractive spinoffs or valuation dislocations to emerge but expresses no immediate urgency to buy or sell.
Language Signal
The letter is dominated by opportunity language: attractive upside-to-downside ratios (mentioned 5 times), crazy cheap, very attractive, good businesses, excellent business, and improving. The manager describes multiple positions as offering downside protection with profit potential. Risk language is minimal and specific to individual situations (Green Dot merger timing uncertainty, TriNet's past difficulties). The net balance strongly favors bullish directional language focused on value and opportunity.
Perceived Risk
A score of 0.40 represents moderate and standard risk awareness. While the disclaimer lists conventional hedge fund volatility and liquidity warnings, the primary text focuses on bottom-up execution and operational turnarounds rather than systemic or macroeconomic distress.
Opportunity Density
The manager found three distinct special situations to pursue in Q2 (tender offer, merger-spinoff, turnaround addition) and states they continue to pursue spinoffs and undervalued businesses in areas where experience has been good. The portfolio holds multiple positions described as trading at attractive valuations. The tone suggests a selective but reasonably abundant opportunity set in the manager's specialized niche of special situations and spinoffs, rather than a broad market-wide opportunity set.
Time Horizon
The manager demonstrates a multi-year investment horizon, describing TriNet's stock price moving higher over the coming years and Frontdoor using free cash flow for long-term value creation. However, the portfolio also includes shorter-duration special situations like the Optimum tender offer (resolved in one quarter) and the Green Dot merger arbitrage (expected to close within months). The blend of multi-year turnarounds and near-term catalysts, combined with willingness to exit when facts change, suggests a 1-3 year typical holding period with flexibility, placing this in the medium-term range.
Top Conviction Themes
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