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 Mar 1, 2025
Farrer Wealth maintains a concentrated portfolio approach with top five positions now comprising nearly 70% of assets, reflecting increased conviction in core holdings amid market volatility. The manager has become less forgiving of loss-making positions, cutting underperformers like Basic-Fit and Howden Joinery while adding Franco-Nevada as a gold royalty play. Key holdings include Sea Limited benefiting from continued e-commerce growth in Southeast Asia, eDreams ODIGEO capitalizing on resilient leisure travel demand, Evolution maintaining leadership in live casino gaming, Google trading at a discount to tech peers despite strong cloud growth, and Apollo positioned for private credit and annuity growth. The portfolio faces headwinds from tariff uncertainty under the Trump administration, though the manager emphasizes that market dislocations can change rapidly. Risk management includes tactical use of cash, hedges, and gold exposure to smooth volatility. Despite ongoing underperformance since inception, the manager expresses confidence in current positioning and aims for strong relative returns, viewing current market conditions as creating attractive opportunities not seen since 2022.
Concentrated portfolio of 12-20 high-conviction positions focused on businesses expected to outperform benchmarks over time through bottom-up research and deep fundamental analysis, with current top five positions representing nearly 70% of the portfolio.
Despite continued underperformance, the manager is pleased by the current quality and setup of the portfolio. While the macro situation remains highly uncertain, core holdings and some new additions should perform nicely over the next several quarters. The manager aims to deliver strong relative returns this calendar year.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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