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, 2025
Drew argues that markets have reached dangerous valuation extremes with investors giving 100% faith to continued levitation regardless of fundamentals. The technology sector now represents 35% of the S&P 500 trading at 43x earnings versus financials at 19.6x, creating stark disparities. He draws parallels to the late 1990s tech bubble, noting AI investments have massive costs with ROI years away but are valued as having infinite promise. Labor market cooling with 17% decline in job openings and services sector contraction for four months prompted Fed rate cuts that risk inflation from tariff-induced demand constraints. The Strategic Value portfolio returned 14.6% versus 11.6% benchmark through stock selection despite low tech exposure. Portfolio changes included liquidating Federated Hermes after 60% gain, swapping LyondellBasell for loss harvesting, and adding consumer staple and staffing positions as defensive plays. Goldman Sachs expects only 3% annualized S&P returns over the next decade, favoring alpha generation through value-focused stock selection over broad market beta.
Markets are extremely overvalued with technology sector trading at unsustainable multiples reminiscent of late 1990s bubble, while value investing and stock selection will become increasingly important as broad market returns moderate over the next decade.
The manager expects continued market strength but warns of valuation extremes. Goldman Sachs view of 3% annualized returns over next decade may benefit value-focused stock selection. The manager remains committed to navigating uncertain times with discipline and focus on long-term value.
Moderate Conviction Bullish
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