Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 83.85% | -4.01% | -4.01% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 83.85% | -4.01% | -4.01% |
Far View Partners is a concentrated global investment fund managed by Brad Hathaway that focuses on special situations and value investments with a multi-year investment horizon. The fund typically maintains 10-20 positions, primarily in domestic and international equities, with high concentration in top holdings. The strategy aims to generate attractive long-term returns while seeking to minimize permanent capital impairment. In Q1 2026, the fund declined 4.01% net versus the MSCI All Country World Index decline of 3.10%. Since inception in July 2011, the fund has generated an 83.85% cumulative return compared to 306.00% for the benchmark. The fund has experienced significant volatility, including a notable 50.40% decline in 2022 followed by recovery periods. Hathaway brings experience from J. Goldman & Company and Tocqueville Asset Management, with expertise in global securities analysis and portfolio management across multiple asset classes.
Far View Partners employs a concentrated global investment strategy focused on special situations and value investments with a multi-year time horizon, aiming to generate attractive long-term returns while minimizing permanent capital impairment through a portfolio of 10-20 positions.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 31 2026 | 2026 Q1 | - | concentrated, global, value | - | Far View Partners is a concentrated global value fund targeting special situations with 10-20 positions and multi-year holding periods. The fund declined 4.01% in Q1 2026 versus benchmark decline of 3.10%, with 83.85% cumulative returns since 2011 inception compared to 306.00% for MSCI ACWI. |
| Jan 16 2026 | 2025 Q4 | CRTA.L, THG.L, THRY, TRST.L, UNFI, WEW.DE | E-Commerce, Europe, SaaS, small caps, technology, value |
WEW GR CRTA LN TRST LN THRY |
Far View delivered +4.97% in H2 2025 led by Westwing's recovery and Ingenuity's EBITDA inflection. Portfolio reshuffling due to redemptions forced exits of lower-conviction positions. Despite setbacks in Cirata and Trustpilot, recent operational improvements across holdings including guidance raises and strong Q4 results support optimistic 2026 outlook. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIManager draws parallels between today's AI-driven environment and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuations. Physical constraints like energy intensity and grid limitations complicate AI scalability assumptions. |
Artificial Intelligence Data Centers Energy Infrastructure Valuations Technology |
EnergyAI infrastructure's profound energy intensity creates economic sensitivity to power pricing and grid reliability. Rising electricity prices in data-center regions and utility capacity constraints introduce uncertainty that complicates AI economics and deployment timelines. |
Electricity Data Centers Grid Infrastructure Power Pricing Utilities | |
Small CapsThe SMID Cap strategy underperformed benchmarks with -3.72% in Q4 versus Russell 2500's +2.22%. Manager likes current portfolio fundamentals but notes markets don't always reward fundamentals on linear schedule, requiring patience in late-cycle environments. |
SMID Cap Russell 2500 Fundamentals Patience Late Cycle |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 16, 2026 | Fund Letters | Brad Hathaway | WEW GR | Westwing Group SE | Consumer Discretionary | Internet Retail | Bull | Xetra | ecommerce, guidance, Margins, profitability, turnaround | Login |
| Jan 16, 2026 | Fund Letters | Brad Hathaway | CRTA LN | Cirata plc | Information Technology | Data Integration Software | Bull | New York Stock Exchange | Bookings, Data software, enterprise, Inflection, turnaround | Login |
| Jan 16, 2026 | Fund Letters | Brad Hathaway | TRST LN | Trustpilot Group plc | Communication Services | Online Reviews Platform | Bull | New York Stock Exchange | Insiders, network effects, Platforms, Reviews, short interest | Login |
| Jan 16, 2026 | Fund Letters | Brad Hathaway | THRY | Thryv Holdings, Inc. | Information Technology | SMB Software | Bear | NASDAQ | Churn, execution risk, exit, Retention, SaaS | Login |
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