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 Sep 30, 2024
The Hillman Value Fund returned 23.34% for the year ended September 30, 2024, underperforming the Russell 1000 Value Index return of 27.76%. The fund's core thesis centers on investing in enterprises with sustainable competitive advantages while maintaining disciplined valuation standards. Performance was driven by strong results in Information Technology, Communication Services, and Financials sectors, while Industrials and Health Care holdings weighed on returns. The fund's option writing strategy provided nominal performance benefits. The portfolio holds 39 positions with a 35% turnover rate, reflecting selective positioning across large-cap value opportunities. Management emphasizes that long-term outperformance requires accepting variability around benchmark returns, including periods of underperformance. The fund reduced its management fee from 0.85% to 0.70% effective February 2024. Top holdings include Bristol-Myers Squibb, US Bancorp, AT&T, DuPont, and Campbell Soup, representing nearly 30% of assets. The strategy maintains focus on fundamental analysis and patient capital deployment for sustainable long-term returns.
Investment in enterprises with sustainable competitive advantages using fundamentally sound valuation discipline for long-term outperformance.
It is our view that investment in enterprises which we believe possess sustainable competitive advantages, coupled with adherence to our fundamentally sound valuation discipline, should work well over the long term.
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
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