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 18, 2026
The Steppe Eagle returned +4.64% in H1 2026 versus +7.09% for MSCI World, bringing since-inception returns to +37.99%. The fund's performance was shaped by opposing forces: SaaS companies including Salesforce, Adobe, Shopify, and Accenture were detractors as markets questioned their ability to handle the LLM challenge, losing combined $10,200. Clean energy companies including Nextpower, SMA Solar, Enphase, and SolarEdge lifted the portfolio with gains above $15,000 as solar and wind benefited from anticipated data center energy demand. A significant cash influx in June from new unitholders muted overall impact but provided opportunity to add positions tactically at lower prices. The manager added stakes in Accenture, Salesforce, Lululemon, Uber, ServiceNow, Adobe, Zoom, DocuSign, and Lyft, most yielding considerable returns by publication. The fund actively avoids the 33%+ concentration of Magnificent Seven in the S&P 500, expecting unpleasantries from mega-cap tech concentration. The manager maintains conviction in value and growth-at-reasonable-price companies, targeting competitive double-digit returns over multi-year horizons while waiting patiently for discounts in clean energy sectors.
The Steppe Eagle pursues long-term value creation by investing in environmentally friendly and shariah-compliant businesses across developed economies, focusing on mature companies with proven track records, sustainable competitive advantages, and strong financial health, particularly in clean energy, software, and conscious consumer sectors, while avoiding excessive concentration in mega-cap tech despite market enthusiasm.
The manager expects to achieve competitive double-digit returns over a multi-year horizon by searching for value or growth-at-reasonable-price companies. The dynamics of The Steppe Eagle will heavily rely on SaaS companies, Uber, and Lyft in upcoming months and quarters. The fund will try to find attractive smaller bets and clean energy companies. The manager maintains a patient, long-term approach, stating that even three years is just a first step and emphasizing that time in the market means more than timing the market.
Neutral / Balanced
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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