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 8, 2026
During the third quarter of 2026, small- and mid-cap equities faced broad headwinds, driven by surging long-term interest rates, elevated energy prices, and geopolitical tensions surrounding Iran. The Hood River New Opportunities Fund fell -13.46%, trailing the Russell 2500 Growth Index's -10.35% return by 311 bps, primarily as prior winners experienced sharp momentum unwinds and stock selection detracted -323 bps (led by Information Technology at -92 bps). Relative exposure was further exacerbated by June's Russell index reconstitution, which mechanically widened the Fund's relative AI overweight to approximately 700 bps. Despite these quarterly challenges, the Fund remains up +14.04% year-to-date (+676 bps of relative outperformance) with an annualized return of 39.22% since inception. Having proactively trimmed ~800 bps of appreciated holdings in early summer, management actively reallocated capital toward high-visibility defense contractors and discounted AI suppliers with resilient order books.
Hood River Capital Management focuses on bottom-up, disciplined fundamental stock picking within the small- and mid-cap growth universe, targeting companies exhibiting durable growth profiles, improving operational fundamentals, and attractive valuations. The team maintains that multi-year equity returns are governed by underlying business execution and earnings power rather than transient quarterly sentiment shifts. In Q3 2026, the manager maintained high conviction in secular growth themes—notably mission-critical enterprise AI and defense replenishment/next-gen systems—while maintaining strict valuation discipline via rebalancing appreciated momentum holdings and pruning businesses vulnerable to contractual margin caps.
Looking ahead to Q4 2026 and beyond, management rejects the premise that AI capital expenditure peaked in mid-2026, asserting that market expectations for 2027–2028 hyperscaler capex remain excessively conservative. The portfolio maintains targeted positioning across resilient defense hardware (drones, hypersonics) benefiting from replenishment tailwinds lasting into the 2030s, alongside rate-beneficiary financials (+288 bps overweight) and selective biopharma with clear commercial ramps. While small/mid-cap valuations sit in the top quartile historically (trading at 21.5x 2027E and 17.5x 2028E for positive earners), the manager emphasizes that fundamental earnings delivery and pricing discipline will remain the primary drivers of alpha as macroeconomic conditions normalize.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Hood River Capital - New Opportunities Fund or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.