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 13, 2026
The GA-Courtenay Special Situations Fund returned -2.3% net of fees in September 2026, bringing its year-to-date net performance to -7.7%. For the third quarter of 2026, the strategy experienced negative returns following drawdowns in July (-13.7%) and September (-2.3%), partially offset by August (+5.0%). Long equity positions detracted 299 basis points during the month, while merger arbitrage strategies contributed 96 basis points and hedging protection detracted 28 basis points. In response to summer volatility, the manager reduced gross exposure in the long equity book to 95.0% and net equity investment exposure to 79.2%, while maintaining 74.2% gross exposure in merger arbitrage. The investment strategy emphasizes market de-correlation by combining concentrated equity investments in dominant, future-facing enterprises with merger arbitrage yield capture and options-based hedging. The manager maintains an estimated net hedge yield of 12.0%, supported by a 14.5% break-adjusted annualized merger arbitrage yield that offsets the 2.5% annualized decay cost of S&P 500 put option protection. The macroeconomic outlook is viewed with confidence, as the manager interprets recent portfolio volatility as market noise unsupported by any deterioration in fundamental business theses. Portfolio activity in September focused on concentrating long equity holdings into top-conviction positions, including Filtronic, SpaceX, EchoStar, and Tesla, while exiting smaller peripheral positions to tighten factor risk. To enhance hedging efficiency and positive carry, the manager introduced six equity short positions sized at 1% of NAV each, alongside expanding merger arbitrage investments such as a 4.5% NAV initiation in Tribal Group.
Absolute returns through investment in dominant, future-facing businesses, concurrent with market de-correlation through equity hedging and merger arbitrage yield capture.
Management remains confident in the fund's outlook for the remainder of the year and beyond, observing that company disclosures and newsflow continue to support core investment theses. Proprietary in-house AI capabilities are being integrated to enhance opportunity discovery, refine probability estimates, and stress-test portfolio allocations.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Green Ash Partners or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.