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 8, 2026
The Frank Value Fund Institutional class generated a net return of 11.23% year-to-date through the third quarter of 2026, trailing the Russell Midcap Value Index return of 15.25%. Over a longer horizon since restructuring to integrate catalyst-unlocking value in January 2022, the fund has advanced 79.38% net of fees, outpacing the Russell Midcap Value ETF (42.15%) and the S&P 500 ETF (71.11%). For the five-year period ended September 30, 2026, the strategy ranked in the top decile of its Morningstar Mid-Cap Value peer category, sustaining disciplined exposure across undervalued mid-cap operating businesses with heavy insider alignment. Macroeconomic conditions during the quarter were defined by an aggressive bifurcation in equity market liquidity, driven by capital concentration in generative artificial intelligence trades that drained flows from broader value sectors. The manager observes that non-AI equities have experienced indiscriminate end-of-quarter multiple contraction despite steady or improving operating fundamentals. Nonetheless, the letter warns of multiple looming macro headwinds confronting the prevailing market frenzy, citing higher baseline interest rates, the commoditization of frontier AI foundation models, increasing credit default swap spreads, mounting cybersecurity liabilities, and public and regulatory pushback against data center power consumption. Portfolio activity centers on high-conviction companies utilizing suppressed stock prices to execute aggressive share repurchases. Key long positions highlighted include Spectrum Brands Holdings, the fund's largest position, which is pursuing a segment divestiture alongside buybacks, tax-prep provider H&R Block, which is compounding per-share earnings through persistent share retirement, and independent power producer Talen Energy, which initiated an accelerated repurchase program covering more than 10% of outstanding shares. Management maintains patience, expecting eventual mean reversion toward cash-flow-generative value assets.
Invest in fundamentally sound, deeply discounted mid-cap companies where corporate management deploys free cash flow into aggressive share repurchases and strategic catalysts to unlock substantial per-share intrinsic value.
The manager anticipates a significant reversion of capital toward value equities once the artificial intelligence frenzy reaches an inflection point, citing mitigating factors such as higher interest rates, foundation model commoditization, rising credit default swap costs, and infrastructure pushback. The manager believes the resulting valuation gap will generate some of the strongest outperformance of his career as corporate buybacks compound per-share value.
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