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 |
|---|---|---|---|---|---|---|
Fairtree Global Equity Fund fell 8.35% in Q1 2026 amid tech rotation and geopolitical shock from US-Iran war. Manager used weakness to add to high-conviction holdings at attractive valuations, initiating new positions in Prosus and oil-linked Sasol. Current market dislocation creates compelling opportunity set with valuations derating faster than fundamentals suggest.
The fund provides capital stability and income generation through diversified credit risk premium harvesting, maintaining defensive characteristics while capturing enhanced yields from market volatility.
The manager expects the fund to continue serving as a defensive cornerstone for investors, turning market volatility into long-term yield advantage. As floating-rate instruments reset at higher levels, the fund is positioned to deliver enhanced and stable income streams with outsized returns per unit of risk compared to other risk assets.
As of Mar 31, 2026
Fairtree Asset Management is led by an experienced team of investment professionals with diverse backgrounds across multiple asset classes and geographic markets. CEO Kobus Nel and CIO Bradley Anthony provide senior leadership, while the portfolio management team includes Jean Pierre Verster (formerly of 36ONE Asset Management) as lead equity portfolio manager, Heinrich Jansen van Rensburg as COO with 18 years at Fairtree, and multiple specialist portfolio managers including Clarissa van der Westhuyzen, Jacobus Lacock, Kurt van der Walt, Danie Pretorius, Will Ridge (ex-BofA Merrill Lynch), Cor Booysen, and Chantelle Baptiste. The firm employs over 150 professionals including more than 65 investment specialists, demonstrating significant operational scale and expertise depth. The management team has built a track record of consistent performance with their flagship Wild Fig Multi-Strategy fund achieving 13 consecutive years of positive returns since inception.
Moderate Conviction Bullish
Market Conviction
The manager demonstrates moderate-high conviction through specific portfolio metrics (46 instruments, 365 obligors, 4.38% yield spread), clear defensive strategy articulation, and confident statements about the fund's positioning. The detailed performance attribution and structural analysis indicate strong belief in the approach.
Growth Outlook
The manager acknowledges geopolitical shocks and market repricing but frames recent volatility as creating opportunities to enhance yields. While recognizing market stress, the outlook is cautiously constructive on the ability to capture higher spreads.
Risk Appetite
The fund maintained its defensive positioning during volatility but actively recycled capital into higher-yielding opportunities as spreads widened. This shows selective risk appetite within the defensive framework, taking advantage of market dislocations.
Capital Deployment
The fund actively recycled capital into higher spreads following market repricing, indicating selective deployment activity. However, this appears to be rotation within the existing framework rather than significant new capital deployment, suggesting modest positive deployment.
Forward Guidance
The manager expresses confidence in the fund's ability to deliver enhanced income streams and serve as a defensive cornerstone. The positioning for higher yields and stable income generation indicates a moderately positive deployment bias.
Language Signal
Language balances risk acknowledgment with opportunity identification. Terms like 'resilience,' 'opportunity,' 'enhanced spreads,' and 'ideally positioned' are offset by references to 'volatility,' 'shocks,' and 'risk-off environment.'
Perceived Risk
The manager acknowledges geopolitical shocks, market repricing, and credit spread widening as meaningful risks that affected global assets. While not alarmed, there is clear recognition of elevated market stress and volatility requiring defensive positioning.
Opportunity Density
The manager sees meaningful opportunities created by market repricing, specifically the ability to capture enhanced spreads that were not available at the start of the year. The widening of credit spreads is viewed as creating attractive entry points for higher yields.
Time Horizon
The strategy focuses on long-term wealth creation and compounding returns, with emphasis on turning market volatility into long-term yield advantages. The defensive approach and income focus suggest a multi-year investment horizon without near-term catalyst dependency.
Top Conviction Themes
Key Catalysts
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