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 20, 2026
HL Global Small Companies Equity generated a net return of -1.32% net of fees in the third quarter of 2026, outperforming the MSCI All Country World Small Cap Index benchmark return of -3.07%. Year-to-date, the strategy has returned 5.94% net of fees compared to 12.81% for the index. The portfolio held a modest 1.6% cash allocation at quarter-end, maintaining high equity exposure without the use of leverage across global small-capitalization markets. Sector positioning remains distinctly growth and industrial-focused, highlighted by notable relative overweights in Information Technology at 23.2% versus 15.1% benchmark weight, Industrials at 21.5% versus 19.0%, and Communication Services at 5.8% versus 3.2%. Offsetting this exposure, the portfolio is substantially underweighted in Consumer Discretionary at 6.0% versus 10.1%, Materials at 3.5% versus 8.7%, and maintains zero exposure to Real Estate. Geographically, the fund is underweight the United States at 36.5% versus 52.5% for the benchmark, redirecting capital into Europe EMU at 14.5%, Japan at 12.7%, Emerging Markets at 12.1%, Europe ex-EMU at 11.3%, and Frontier Markets at 7.5%. The fund's ten largest holdings represent 24.1% of total portfolio assets, led by shipping services provider Clarkson at 3.2%, life reinsurer RGA at 3.1%, and industrial energy storage specialist EnerSys at 2.7%. Key quarterly performance contributors included Qualys, Clarkson, and RGA, while Besi, EnerSys, and Silergy were the primary relative detractors.
The strategy invests in high-quality small-capitalization businesses globally that fall within the market capitalization range of the MSCI All Country World Small Cap Index.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
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