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 |
|---|---|---|---|---|---|---|
The Focused Equity Strategy delivered an 8.7% net of fees return (+8.9% gross) during the third quarter of 2026, outperforming the benchmark return of 1.4%, bringing year-to-date performance to 5.4% net of fees (+5.8% gross). Cash reserves stood at 8.14% at quarter-end, with the top ten holdings representing 52.15% of the portfolio. The portfolio maintained resilient financial characteristics compared to its benchmark, exhibiting a 22.1% operating margin, a 23.7% return on equity, and conservative balance sheet leverage of 1.0x Net Debt to EBITDA. From a macroeconomic perspective, the manager highlights an enduring transition away from the post-GFC 'savings glut' into a regime characterized by higher structural real interest rates, with the 10-year TIPS yield reaching 2.9%. Factors contributing to this upward shift include sustained inflationary risks, elevated fiscal deficits, geopolitical conflict in the Middle East driving oil over $100, and massive capital competition from government debt issuance and artificial intelligence infrastructure. The Fed's policy pivot under Chairman Kevin Warsh underscores a deliberate shift toward allowing markets to price risk without continuous monetary distortion. Portfolio performance was spearheaded by a sharp rebound in Thermo Fisher Scientific (+34.7%, contributing +2.0 percentage points) alongside rallies in enterprise software holdings Microsoft (+37.8%) and ServiceNow (+35.0%). Offsetting gains, semiconductor leaders ASML and Broadcom detracted 0.5 and 0.3 percentage points, respectively. Following the dramatic recovery across enterprise software, the fund trimmed its positions in Microsoft, ServiceNow, and Salesforce to harvest profits as margins of safety compressed, while maintaining full multi-year conviction in critical AI infrastructure enablers.
We seek to identify exceptional, low-debt businesses with durable competitive advantages, critical customer utility, and genuine pricing power, acquiring them when valuation offers an attractive return on fundamental compounding.
The manager anticipates a structurally higher real interest rate environment that will act as financial gravity, compressing equity market valuation multiples across broad indices. As sovereign debt risks mount and inflation persists above central bank targets, fixed nominal claims are viewed as a losing proposition, whereas resilient real businesses possessing high free cash flow conversion, minimal debt, and strong pricing power will generate superior risk-adjusted fundamental returns. The strategy sees compelling opportunities to allocate into quality compounders outside US mega-cap technology, specifically in international markets such as Europe and China.
As of Oct 12, 2026
Lead Portfolio Manager
High Conviction Bullish
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