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 Jul 29, 2026
Horos Asset Management delivered Q2 2026 returns of 4.9% for its international strategy and 6.6% for its Iberian strategy, bringing cumulative 14-year annualized returns to 12.4% and 12.2% respectively. The manager expresses significant concern about the sustainability of the massive AI investment cycle, with hyperscalers investing an estimated $700 billion in 2026 alone. This has created explosive bottlenecks throughout the semiconductor value chain, driving memory prices up 500-650% and causing companies like TSMC, SK Hynix, and Micron to multiply their market values 5-9 times. The manager compares current dynamics to historical bubbles including the dot-com era and railway mania, highlighting financial vulnerabilities including revenue circularity, demanding valuations, and the SpaceX IPO at $2 trillion valuation despite burning $14 billion in cash. Persistent inflation from structural deficits and the AI investment boom is keeping interest rates elevated, which could derail the cycle. The portfolio was repositioned by exiting stainless steel positions after strong gains and reallocating to undervalued holdings like Suzano, Bolloré, and Compagnie de l'Odet. The manager maintains unwavering focus on margin of safety and investment principles despite decorrelating from index performance.
The manager maintains a disciplined value investing approach focused on margin of safety while expressing significant concern about the sustainability of the current AI-driven capital cycle and demanding equity valuations across technology and semiconductor sectors.
The manager maintains a cautious view toward certain markets and companies more exposed to the unsustainable dynamics of the AI investment cycle, which decorrelates the fund from index performance. They emphasize they will never abandon their investment principles, with the goal remaining to achieve satisfactory and sustainable long-term returns. The focus continues on building a portfolio that maintains the pillar of margin of safety, watching from the sidelines as the current euphoria plays out. The manager acknowledges no one can know how the AI revolution will end, but warns about the danger of very high expectations placed on certain companies, preferring to focus on investments with attractive valuations and better risk-reward profiles.
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