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 Jan 27, 2025
Gate City Capital Partners closed Q4 2025 with a net return of +2.7%, bringing YTD 2025 net returns to +15.4% and net returns since inception to +1,520.0%. The fund underperformed the S&P 500 (+17.9%) and Russell Microcap (+23.0%) but outperformed the Russell 2000 (+12.8%) for the full year. Lead portfolio manager Michael Melby highlights growing systemic risks to the U.S. dollar (debt, tariffs, policy changes) which are fueling record rises in gold and silver. Melby argues this dynamic will eventually rotate capital into other undervalued productive physical assets. The fund utilized market drawdowns to expand positions in Mosaic and Intrepid Potash, while holding onto largest position Alico and top performer Entravision. Due to active deployment of cash into cheap positions, the fund elected not to return mandatory capital to investors at the end of 2025.
Achieving long-term capital preservation and outperformance by maintaining a concentrated portfolio of micro-and-small-cap companies trading at low valuations relative to their productive, tangible real assets (e.g., land, energy, agricultural assets).
Gate City anticipates a multi-year rotation away from fiat currencies and towards companies with productive, tangible assets like land, food, and energy. They foresee several 2026 operational tailwinds, including deregulation in television/radio broadcast and easing trucking headwinds as tariff-related disruptions normalize.
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