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 7, 2026
Fidelity Growth Strategies Fund gained 19.67% in Q2 2026, outperforming the Russell Midcap Growth Index's 14.55% advance. The rally was driven by massive AI spending that broadened corporate earnings growth and an improving labor market that alleviated recession concerns. Equities also benefited from easing U.S.-Iran tensions following a June peace deal. Despite a hawkish Fed shift toward potential rate hikes due to resurgent inflation and stronger employment, investors remained enthused about the earnings environment. Stock selection drove outperformance, particularly in industrials where the fund's overweight positions in Sterling Infrastructure, Carpenter Technology, and ATI benefited from AI data center build-out and aerospace demand. Coherent, a semiconductor equipment supplier, also contributed strongly. The fund's largest detractor was Karman Holdings, hurt by disappointing earnings and internal control issues, though the manager added to the position. The portfolio maintains its largest overweight in industrials, focused on capital goods companies enabling AI infrastructure expansion. The manager sees the U.S. in healthy mid-cycle expansion with solid fundamentals supporting continued selectivity in quality growth names.
The fund seeks to generate alpha by identifying quality mid-cap growth companies where the market has misjudged either the durability or magnitude of growth, focusing on firms with persistent, above-average growth purchased at sensible valuations.
The U.S. remains in healthy mid-cycle expansion, despite concerns about higher oil prices. The fundamental backdrop is supported by solid economic activity, including early signs of recovery in labor, positive earnings momentum and easing credit conditions. An optimistic earnings outlook, underpinned by improving profit margins, provides a supportive backdrop for the global business cycle. The manager maintains confidence in the fund's larger-than-benchmark holdings in industrials, particularly capital goods companies enabling AI infrastructure build-out. The focus remains on owning companies with durable competitive moats and growth profiles, while remaining highly selective and looking for good entry points among stocks believed to have upside potential.
Moderate Conviction Bullish
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