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 6, 2026
Horizon Investments asserts that macroeconomic conditions remain fundamentally sound as a structural reset toward higher nominal GDP growth underpins economic stability and justifies elevated interest rate regimes. The firm observes that higher Treasury yields are consistent with robust economic expansion rather than systemic financial distress, dismissing popular recession and debt sustainability concerns. Household net worth stands at historic highs relative to national liabilities, supported by steady real income growth across all wage tiers and elevated consumer spending diffusion. Concurrently, corporate balance sheets exhibit de-leveraging alongside record corporate profitability, fostering an aggressive broadening of capital expenditures. This capital spending resurgence, centered around artificial intelligence infrastructure and power generation, creates a potent economic flywheel that enhances productivity and margins across both technology and industrial sectors. Crucially, corporate earnings per share are accelerating internationally and across the median Russell 3000 component, outpacing equity price appreciation and confirming that market gains are anchored by fundamental cash flow growth rather than speculative multiple expansion. Consequently, the firm maintains a constructive posture, anticipating sustained equity durability despite monetary policy headwinds.
A higher reset in nominal economic growth and corporate earnings power supports elevated interest rates and drives sustained equity market returns anchored in fundamentals rather than multiple expansion.
Horizon anticipates sustained nominal economic expansion supported by resilient corporate profits and durable consumer balance sheets. The firm expects corporate earnings momentum to broaden further across sectors and geographies, with productivity enhancements from capital investments sustaining elevated margins. Equity markets are expected to remain resilient in the face of higher interest rates, as returns remain backed by earnings delivery rather than valuation stretch.
Neutral / Balanced
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