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 Sep 30, 2025
This Fall 2025 edition of Graham & Doddsville showcases the enduring relevance of value investing principles through interviews with seasoned practitioners and student investment pitches. Brandes Investment Partners demonstrates unwavering commitment to pure value philosophy, having maintained discipline through 165 months of underperformance while building positions in luxury goods, banking, and specialty retail. Giverny Capital's David Poppe emphasizes quality-first investing, positioning for AI through infrastructure plays like Taiwan Semiconductor and AAON while maintaining long-term holdings in Arista Networks and Progressive. The publication highlights emerging market opportunities, particularly in fintech infrastructure with companies like dLocal and MercadoLibre capitalizing on digital adoption in Latin America. Student pitches demonstrate sophisticated analysis across sectors from automotive aftermarket to water heaters, reflecting strong fundamental research capabilities. Despite market concentration in mega-cap technology stocks, the featured investors maintain conviction that patient capital deployed in high-quality businesses with durable competitive advantages will generate superior long-term returns. The emphasis on management quality, capital allocation discipline, and contrarian positioning reflects classic value investing tenets adapted for modern markets.
Value investing principles remain sound despite recent underperformance, with opportunities emerging in high-quality businesses with durable competitive advantages, particularly in AI infrastructure, emerging market fintech, and companies with strong data analytics capabilities.
The publication reflects cautious optimism about value investing opportunities, with multiple managers expressing confidence in their long-term approach despite recent underperformance relative to growth strategies. There is particular enthusiasm for AI-related infrastructure investments, emerging market opportunities, and high-quality businesses trading at reasonable valuations.
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