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 21, 2026
Fairlight Alpha Fund returned -12.6% net in Q2 2026 and -8.6% year-to-date, underperforming the S&P 500's 10.2% first-half return, though the fund has delivered 835.1% cumulative returns and 35.6% annualized since inception in March 2019. The quarter saw cheap stocks become cheaper due to market regime shifts and Middle East geopolitical volatility, despite underlying business progress. Key positions include Dong A Eltek, a Korean OLED equipment manufacturer trading at extreme discounts with a monopoly in OLEDoS production for VR/AR headsets, and Valeura Energy, a low-cost Thai oil producer generating strong cash flow from elevated oil prices. CEMATRIX delivered record Q2 results with 76% revenue growth in its niche cellular concrete business. The manager is finding value in Europe and Asia while avoiding AI and technology stocks at unsustainable valuations, exemplified by SpaceX's 158x revenue multiple. The fund continues bottom-up research across global markets, focusing on mispriced businesses with durable competitive advantages in sectors overlooked by the broader market's focus on technology and AI.
Fairlight Alpha Fund pursues deep value opportunities in mispriced small-cap stocks across global markets, focusing on niche businesses with durable competitive advantages trading at significant discounts to intrinsic value, while actively avoiding overvalued technology and AI sectors.
The manager continues to research and find new ideas across Europe, Asia, and the rest of the world, noting there are many pockets of exciting businesses across a variety of sectors. Despite the CapEx drag from old economies into tech and AI, the manager sees good ideas to be found. The tone is constructive and focused on bottom-up stock selection in niche areas while avoiding overvalued technology sectors.
Moderate Conviction Bullish
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