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 Oct 15, 2026
Fiera Capital maintains a cautious tactical positioning heading into the fourth quarter of 2026, setting traditional equities and fixed income to underweight while holding an overweight posture in cash and private markets. No fund-level net performance returns were disclosed in the report. In its model portfolio, the firm holds a 17.5% overweight to money market cash, fully zeroes out its 17.5% benchmark allocation to U.S. investment-grade bonds, and underweights public equities by 10.0% (-5.0% each in international and emerging market equities), citing deteriorating risk-reward across public capital markets. The manager's macroeconomic framework assigns a 45% probability to a 'Sustained Inflation' base case and a 30% probability to 'Stagflation', with recession (15%) and a disinflationary productivity boom (10%) representing the tails. The outlook reflects persistent headline price pressures driven by geopolitical energy disruptions, trade policy tariffs, and AI infrastructure capex bottlenecks ('chipflation'). With central banks constrained by sticky inflation and bond yields pushing to multi-year highs, traditional 60/40 balanced allocations face severe duration headwinds and multiple compression. Without naming individual single-stock equity holdings, Fiera advocates strategic deployment toward non-traditional asset classes. Non-traditional income is overweighted by 8.5% across diversified credit (15.5% strategy vs. 12.0% benchmark) and real assets (23.0% strategy vs. 18.0% benchmark), alongside a modest 1.5% overweight to private equity (16.5% strategy vs. 15.0% benchmark) to access resilient cash flows, lower public market correlations, and inflation-protected return profiles.
Persistently elevated inflation and structurally hawkish central banks will compress public market valuations and undermine traditional fixed income, justifying an underweight stance on public equities and bonds in favor of cash and non-correlated private markets.
Fiera Capital expects sustained above-target inflation and restrictive monetary policy to limit public equity returns and pressure bond prices over the next 12 to 18 months. The firm advises remaining defensive on equities and fixed income while overweighting cash, private credit, and real assets.
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