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 Aug 14, 2026
Greenhaven Road returned 11% net in Q2 2026 but remains below target performance levels. The manager is moderately adjusting portfolio construction toward lower concentration, more near-term catalysts, and greater profit-taking discipline while maintaining focus on advantaged businesses and differentiated research. The portfolio is unusually well-positioned with several top holdings facing identifiable events over the next year. Burford's protein price-fixing settlements could exceed its market cap as trials begin in 2027, yet remain largely unrecognized by analysts. Hagerty's State Farm partnership is accelerating faster than consensus expects, with potential Geico partnership emerging. Cellebrite's Genesis AI product positions it to shift from perceived AI loser to winner. Special situations at Compass Diversified, Lifecore, and AnaptysBio offer near-term resolution paths. New investments include catalyst-driven positions in CODI, LQDA, APP, and ANAB. The manager believes the portfolio backs swift and strong companies where non-consensus views will be tested within 12 months, not years, determining whether differentiated research produces exceptional returns or painful losses.
The fund backs advantaged businesses where differentiated research produces non-consensus views that diverge from sell-side coverage, focusing on situations with identifiable near-term catalysts that will validate or invalidate theses within 12 months rather than requiring multi-year patience.
The manager expects several portfolio catalysts to materialize within the next year, providing near-term validation of differentiated views. Key events include Burford protein settlements as trials approach, Hagerty operating leverage resuming with State Farm acceleration, Cellebrite Genesis revenue generation, and resolution of special situations at Compass Diversified, Lifecore, and AnaptysBio. The portfolio is positioned to demonstrate whether non-consensus views are correct without requiring years of patience. The manager acknowledges sector headwinds but believes company-specific catalysts and valuation disconnects create opportunity for strong returns if thesis validation occurs.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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