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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 30, 2026
Curreen Capital Partners LP advanced 2.04% net of fees in the third quarter of 2026, bringing its year-to-date net return to 7.34% and annualized net return since inception to 11.6%. In comparison, the S&P 500 index generated a 2.30% gain during the quarter and 12.75% year-to-date, while the MSCI World US Gross index returned 1.94% for the quarter and 11.96% year-to-date. The partnership maintained its disciplined focus on asymmetric risk-reward opportunities, rotating capital out of fully valued positions exposed to potential cyclical pullbacks and reallocating into deep-value turnarounds that offer wider margins of safety. The manager continues to emphasize value-oriented micro-cap, small-cap, and special situations strategies, targeting corporate spin-offs and heavily discounted operational turnarounds. Rather than chasing momentum or paying elevated multiples for companies benefiting from secular tailwinds like data center expansion, Curreen selectively exited winners where equity prices surpassed optimistic business intrinsic valuations. The overarching framework concentrates on mispriced assets exhibiting extreme investor pessimism, restructuring catalysts, and operational repair that present favorable upside-to-downside ratios. Portfolio turnover during the quarter was marked by complete divestitures of Green Dot after its anticipated merger failed to close, alongside Siemens Energy and Computacenter as both traded above internal fair value estimates on artificial intelligence infrastructure spending. Capital was reallocated toward high-conviction distressed turnarounds, including initiating and expanding a position in Clarivate to 2% of the fund, re-entering Truecaller with a 2% allocation following algorithmic pricing stabilization from Google, and maintaining core concentrated holdings in spin-offs and turnarounds such as Advance Auto Parts, Fortrea, Frontdoor, GetBusy, TriNet, and VF Corp.
Curreen Capital seeks to achieve superior long-term capital appreciation by investing in deeply undervalued corporate spin-offs and turnaround situations where severe market pessimism provides an asymmetric upside-to-downside ratio and a wide margin of safety.
The partnership continues to hunt for attractive spinoffs and deeply discounted turnarounds, noting that equity markets continue to reliably supply both opportunity sets.
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