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 |
|---|---|---|---|---|---|---|
GA-Courtenay Special Situations Fund declined 13.8% in July 2026, bringing year-to-date performance to -10.0%, driven by a 50-year high volatility spike in momentum factor risk that indiscriminately impacted higher-growth equities. The manager ascertained no fundamental deterioration in holdings and views the dislocation as liquidity-driven, with hedge funds and banks forced to sell due to VaR limits. Core holdings including SpaceX, Filtronic, and ImmunityBio are highlighted as increasingly attractive at current valuations. SpaceX trades at 23.1x 2028 earnings with 87% revenue growth, 43% cheaper on an EV-to-sales basis than its December 2025 private tender. Filtronic's new factory supports £200m+ revenue with a path to 12.4x P/E at capacity. ImmunityBio's Anktiva addresses a $5.8bn market expanding to $43bn+ with potential US lung cancer approval by 2028. Equity exposure was moderated to 100% of NAV as a precaution, while merger arbitrage exposure increased to 83% and contributed positively. The manager added to SpaceX and Tesla positions, emphasizing steadfastness through volatility with the long-term path to strong progress intact.
The fund targets absolute returns through investment in dominant, future-facing businesses with monopolistic or near-monopolistic positioning, high barriers to entry, and exceptional management, while maintaining market de-correlation through a positive-carry hedging structure combining S&P 500 put options funded by merger arbitrage yield.
The manager believes the recent two-month period of momentum factor dislocation will prove short-lived and not a repudiation of the fund's approach. The path to strong progress remains intact, with the framework targeting monopolistic businesses with high barriers to entry, exceptional management, and long-term growth tailwinds. The fund has regained full expression of its operating model with financing agreements restored, and the manager's edge has been significantly sharpened. Current valuations across holdings are viewed as highly attractive, with no fundamental deterioration observed. The manager emphasizes being steadfast through volatility, rejecting market timing in favor of long-term focus on quality compounders.
As of Aug 31, 2026
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
The fund demonstrates high conviction through concentrated positioning (23 named holdings with top 5 representing 33% of NAV), detailed fundamental analysis with specific valuation targets, and willingness to add to positions during volatility. The manager provides granular analysis of SpaceX (23.1x earnings, 87% growth, lockup dynamics), Filtronic (12.4x P/E at capacity, £200m revenue potential), and ImmunityBio ($43bn addressable market). The statement 'virtually all of my own capital is invested in the fund' reinforces personal conviction. Detailed KPI monitoring through a 'world model' and multi-page deep-dive analysis on individual holdings demonstrates high-conviction research. The score is capped below 0.90 due to the precautionary reduction in gross exposure and diversification across 23+ positions rather than extreme concentration.
Growth Outlook
Market outlook remains high conviction: The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Risk Appetite
Risk appetite posture is above average conviction: The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Capital Deployment
Net capital was pulled back modestly, with equity gross exposure reduced from 113% to 100% of NAV (approximately -13% reduction in gross exposure). However, this was partially offset by increasing merger arbitrage exposure from 59% to 83% (+24% increase). The manager describes the equity reduction as 'modest overall' and 'focusing on the fund's lowest conviction holdings,' while simultaneously adding to SpaceX and Tesla. The net effect is a slight de-risking in equities rotated into merger arbitrage, with selective additions to highest-conviction names. This represents moderate de-risking rather than aggressive capital withdrawal.
Forward Guidance
Forward guidance signal: The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Language Signal
The language balance leans moderately positive despite the drawdown. Bullish terms dominate the holdings discussion: 'monopolistic positioning,' 'attractive valuations,' 'heightened attractiveness in pricing,' 'increasingly de-risked,' 'best-in-class therapy,' 'robust equity value compounding.' Risk language is present but contextualized as temporary: 'highly unusual,' 'short-lived episode,' 'not a repudiation.' The manager uses confident framing around fundamentals remaining intact and the path to strong progress being clear. The ratio favors opportunity language over risk language, though not overwhelmingly.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The GA-Courtenay Special Situations Fund finished 2025 up +6.5% (+6.3% in December) led by SpaceX proxies. Rebuilt and running at 1.4x leverage, the fund is positioned for a strong...
Opportunity Density
The manager views the current environment as creating abundant opportunities, explicitly stating that holdings 'reviewed at current valuations in this factsheet are noted as to their heightened attractiveness in pricing.' Multiple holdings are described with compelling valuations: SpaceX 43% cheaper on EV/sales than December 2025, Filtronic at 12.4x forward P/E, EchoStar embedding SpaceX at negative value, ImmunityBio overlooked by the market, NovaGold at 3% of in-ground value, St Joe at 90% discount to NAV. The 'heightened merger arbitrage opportunity set' led to increased allocation. The manager frames the dislocation as creating attractive entry points across the portfolio rather than a scarcity of ideas.
Time Horizon
The manager demonstrates a multi-year investment horizon with explicit rejection of market timing: 'we do not, and should not, market-time equity exposure.' The Buffett quote emphasizing staying 100% invested reinforces long-term orientation. Analysis focuses on multi-year catalysts: Filtronic factory reaching full utilization 'within two years,' ImmunityBio lung cancer approval 'by 2028,' Starship launch cadence 'over the next two years and ultimately well beyond.' The manager emphasizes 'long-term focus' and states 'it is the longer-term outcomes that will define our premise.' However, the fund structure allows daily dealing and some catalyst dependency (lockup expiries, regulatory approvals) prevents this from scoring in the 0.85+ permanent capital range.
Top Conviction Themes
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