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, 2023
DMZ Partners' annual letter outlines their investment philosophy centered on choosing their form of crazy - being unduly patient with verifiably great businesses run by verifiably great people operating in ecosystems with long scalability prospects. The manager emphasizes zero tolerance for compromising on people or business quality regardless of price, preferring to pay liberal prices for exceptional opportunities given their patient capital structure. They distinguish between being patient versus being wrong through qualitative assessments of competitive advantages, management capabilities, and structural scalability rather than relying on quarterly metrics. The approach involves accepting lumpy, sporadic returns over 10-15 year windows rather than predicting specific timing. During the quarter, they exited one smaller position to concentrate in highest conviction names during market weakness. The manager notes unprecedented excitement toward India and expects future letters to focus on specific portfolio company analysis rather than philosophical discussions, with distribution limited to partners only.
Invest in verifiably great businesses run by verifiably great people with long scalability prospects, maintaining decadal patience and paying liberal prices when justified by quality and time arbitrage opportunities.
Manager expects to be very kind to future returns given allocation to handful of best businesses run by exemplary teams at undemanding prices. Future letters will focus on stock-specific discussions and deep dives on portfolio companies rather than philosophical topics.
Moderate Conviction Bullish
Market Conviction
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Language Signal
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Top Conviction Themes
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