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 Jan 20, 2026
Highwood Value Partners reports a +5.7% return in H2 2025, bringing the 2025 calendar year return to +10.2% and total returns since inception to +76.0% (almost entirely realized). The fund fully exited its founding cohort of positions (Protector, Ryanair, Alimak, Standard Drilling, Vestas) with a 2.0x average return and zero losses. The manager re-allocated proceeds to highly concentrated core holdings, referred to as 'The Big Five' (Burford Capital, Borr Drilling, GetBusy, Fever-Tree, Bolloré/Odet), which now represent 57% of capital, noting that their corporate fundamentals remain strong while market valuations remain heavily discounted.
Highwood operates a concentrated, long-term, and flexible fundamental value investing strategy with high valuation discipline, seeking to compound capital 5x over 10 years without taking undue risk.
The manager believes geopolitical shifts change the opportunity set but do not diminish it. He advises against market timing or holding excessive cash, instead focusing on investment flexibility to capture new opportunities emerging from global transitions.
High Conviction Bullish
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