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 12, 2026
Global large-cap indices advanced modestly during the September 2026 quarter, with the S&P 500 gaining 2.30% and MSCI World rising 1.88%, while U.S. small caps retreated sharply as the Russell 2000 dropped 7.23%. The strategy maintains a disciplined value posture, noting that historical multi-year annualized gains across global equities are unsustainable given elevated valuation multiples and extreme sentiment. Portfolios remain invested at a notable valuation discount to benchmark indices, exploiting severe price dispersions across quality franchises misclassified by market participants. The macroeconomic environment shifted significantly as the Federal Reserve raised benchmark interest rates by 25 basis points to 3.75-4.00%, alongside the 10-year Treasury yield surging past 5% amid elevated energy prices and expanding fiscal deficits. Concurrently, broader U.S. economic expansion showed extreme distortion, with AI-related investment and wealth effects driving more than 100% of GDP growth while traditional economic components contracted by 0.7% year-over-year. Investor sentiment, tracked by Leuthold Group fear and courage metrics, reached historically stretched greed levels seen only prior to the 2000 and 2008 downturns, signaling heightened downside risks for crowded mega-cap momentum names. Portfolio activity centered on accumulating out-of-favor companies categorized by consensus as vulnerable to AI disruption. The manager built positions into recent weakness in mission-critical providers displaying durable competitive moats, establishing or increasing allocations in Jack Henry & Associates, CDW Corp., and RELX PLC. These high-quality compounders trade at substantial discounts to intrinsic value, offering accelerating fundamental growth and compelling re-rating potential as indiscriminate disruption fears recede.
Exploit severe market dislocations by acquiring durable, high-return business franchises with high switching costs and proprietary data assets that trade at deep valuation discounts due to unwarranted technological disruption fears.
The manager expects historical market returns to decelerate as extreme valuation levels, heavy index concentration in AI infrastructure, and restrictive interest rate conditions challenge broader momentum. Significant upside is expected from high-quality, cash-generative franchises trading at multi-standard deviation discounts to benchmarks as the market moves past blanket AI disruption narratives.
Moderate Conviction Bullish
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