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 Aug 18, 2026
Emeth Value Capital returned -9.78% net in H1 2026 versus +11.65% for MSCI ACWI, bringing the one-year return to -17.30% versus +23.92% for the index. Since inception in December 2015, the fund has returned +16.07% annualized versus +12.45% for the index. The manager has spent the last three months building AI-enabled workflows across the investment process, improving quality and efficiency more than the prior decade. These tools ingest thousands of daily regulatory filings globally to surface high-signal insider purchases, buybacks, ownership changes, and company-specific data. The manager initiated a position in Shift4 Payments, a vertically integrated payments company with leading positions in restaurants, hotels, stadiums, and luxury retail. Shift4 has compounded EBITDA at nearly 50% annually since IPO while keeping share count growth to only 2% annually. The company trades at less than 7x EBITDA despite having nearly $1 trillion in payment cross-sell opportunity. Base case valuation implies 162% upside. The manager believes Shift4 is well-positioned against AI disruption given its bundled offering and structural switching costs.
The manager is building an AI-native investment process while maintaining a concentrated portfolio of high-quality businesses trading at significant discounts to intrinsic value, exemplified by the new position in Shift4 Payments.
The manager expects Shift4 Payments to continue growing significantly without acquiring a single new customer by converting its existing $1 trillion cross-sell pipeline. The company is also acquiring new customers at scale, with SkyTab POS deployments exceeding targets. The scaffolding being built today with AI-enabled workflows will be ready-made for tomorrow's still more powerful models, and the benefits to the investment process are becoming material.
High Conviction Bullish
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