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 |
|---|---|---|---|---|---|---|
Halvio Capital returned 5.79% in Q2 2026, lagging major indices as the S&P posted its best quarter since 2020 and Russell 2000 its best half-year since 1991, driven by renewed AI enthusiasm. The fund remains up 19.80% year-to-date, outperforming most benchmarks. Manager Anthony explicitly avoids AI stocks despite sector strength, viewing current enthusiasm as reminiscent of historical bubbles. The portfolio focuses on extremely cheap stocks with hard asset backing or low earnings multiples. Largest detractor was Humm Group, down 30% following governance issues, though manager sees value extraction potential with activist involvement and potential asset sales at half tangible book. Strong performers included Mestek trading under 4x EV/EBIT with 77% market cap in cash, FP Newspapers up 30% at under 2x EV/EBITDA, and Beng Kuang Marine up 100% on turnaround execution and oil price strength before exit. New position Goldmoney offers UK real estate portfolio worth more than enterprise value, getting precious metals storage business generating $49 million EBIT for free. Manager emphasizes downside protection as markets reach 32x trailing earnings with pockets of speculative froth.
Halvio Capital pursues deep value investing in extremely cheap small-cap stocks with downside protection from hard assets or low earnings multiples, allowing upside to take care of itself while avoiding speculative areas like AI despite market enthusiasm.
Manager maintains focus on downside protection through hard asset backing or low earnings multiples as markets continue rising. Acknowledges pockets of froth in AI and speculative areas but remains committed to value discipline. Views current market environment as requiring selectivity and patience, emphasizing that great investment track records result from protecting downside and minimizing losses.
As of Jul 15, 2026
Anthony Fruci serves as Chief Investment Officer of Halvio Capital, bringing a unique combination of accounting expertise and investment acumen to the fund. He is a Chartered Professional Accountant (CPA) with CPA Ontario and holds Canadian Business Valuator credentials. Fruci studied at Goodman School of Business at Brock University and has experience with DVF Tax & Accounting. He launched Halvio Capital in April 2025 to formalize his investment management activities beyond family money management. His accounting foundation provides analytical framework for thorough financial statement analysis and identification of undervalued opportunities. Fruci maintains an intensive research process analyzing a minimum of 25-50 stocks daily and emphasizes company-by-company research over quantitative screens. His approach focuses on fundamental analysis and patient capital appreciation through market recognition of intrinsic value.
Halvio Capital seeks to compound capital at high rates of return while taking limited risk of capital impairment. The fund employs a dual-strategy approach with 'general value' focusing on cheap, profitable stocks with strong balance sheets and 'special situations' tied to specific events like liquidations, spinoffs, or forced sellers. The investment philosophy emphasizes buying cheap companies at low multiples that are profitable with strong balance sheets and a large margin of safety. The fund practices intensive daily research analyzing 25-50 stocks per day without relying on quantitative screens, believing the best ideas don't screen well. This research-intensive approach enables identification of undervalued opportunities across global markets including Japan, Australia, Europe, Canada, and the United States.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Manager demonstrates high conviction through concentrated portfolio of named positions with detailed thesis work and specific valuation targets. Goldmoney analysis spans multiple pages with precise enterprise value calculations ($130M EV vs $140M real estate value), comparable multiples (10x EV/EBIT), and upside scenarios (50-100%). Other positions have clear catalysts and valuations (Mestek under 4x EV/EBIT, FP Newspapers under 2x EV/EBITDA, Humm at half tangible book). Manager willing to hold through volatility (Humm down 30%) and actively size positions (trimmed Beng Kuang, exited after 100% gain). Some hedging language ('remains to be seen,' 'decent chance') and diversified portfolio structure (multiple positions across geographies) prevents score from reaching 0.80+.
Growth Outlook
Manager expresses optimism about the small cap opportunity set, stating he has more ideas than capital and continues expanding into new markets like Singapore. However, acknowledges significant macro uncertainties from Middle East conflicts and AI disruption affecting various sectors.
Risk Appetite
Portfolio is fully invested in concentrated microcap positions with manager actively seeking new opportunities. The avoidance of SAAS/tech shows selective risk-taking, while energy exposure and expansion into Singapore markets demonstrates willingness to take concentrated bets.
Capital Deployment
Manager initiated four new positions during quarter (Humm Group, Beasley Broadcast, Sato Foods, Goldmoney) while selling three positions (Tetragon, PFHO, Beng Kuang Marine post-quarter) and trimming others (F.I.L.A., Beng Kuang during quarter). This represents capital rotation rather than net deployment or de-risking. No cash level data provided to assess net exposure changes. Activity suggests selective rebalancing with modest net deployment bias given new initiations, but primarily rotation-focused. Score reflects slight positive tilt from new position additions but constrained by lack of cash data and offsetting sales.
Forward Guidance
Manager explicitly states he has more investment ideas than available capital and is actively researching new markets including Singapore-based companies. This indicates strong deployment bias and confidence in finding attractive opportunities going forward.
Language Signal
Language is mixed with more cautious/risk-focused terms than bullish ones. Negative framing includes: 'froth,' 'bubble,' 'doesn't end well,' 'elevated multiples,' 'egregious acts of corporate governance,' 'lagged,' 'detractor,' 'gone against us.' Positive language includes: 'attractive,' 'strong performers,' 'tremendous amount of value,' 'extremely cheap,' 'upside.' Net balance tilts slightly positive given specific position enthusiasm, but overall tone is cautious about broader market.
Perceived Risk
Manager acknowledges meaningful risks including Middle East war causing 50% oil price surge with uncertain long-term ramifications, and AI disruption affecting entire SAAS/tech sectors. However, these risks are discussed as manageable through positioning rather than systemic threats.
Opportunity Density
Manager identifies selective opportunities in defined areas, initiating four new positions during quarter and describing portfolio as consisting of 'extremely cheap stocks, some with clearly defined catalysts and some without.' Goldmoney analysis demonstrates ability to find compelling ideas with detailed valuation work. However, manager emphasizes selectivity and notes difficulty in broader market ('chasing after the hot new thing is not something I'm looking to do'), explicitly avoiding entire AI sector despite its market leadership. Language suggests decent opportunity set in value/special situations space but requiring work and patience, not abundant across markets.
Time Horizon
Manager demonstrates medium-term orientation with 1-3 year catalysts. Goldmoney real estate development expected complete by 2028 (2-year horizon from letter date). Beng Kuang Marine held from November to Q2 exit (7-month hold), suggesting willingness to exit on re-rating rather than indefinite hold. Humm Group thesis depends on activist pressure and potential asset sales (12-18 month catalyst window implied). No explicit permanent capital language or decade-plus holding period statements. Manager watches quarterly results and actively manages positions based on valuations and catalysts, indicating medium-term rather than ultra-long-term approach.
Top Conviction Themes
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