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 Aug 10, 2026
Immersion Investment Partners returned 39.1% in Q2 2026, significantly outperforming the Russell 2000's 21.5% gain, as the market began pricing non-AI holdings more rationally after an irrational Q1 selloff. The fund operates a concentrated micro- and small-cap portfolio, adding the S&P SmallCap 600 as a benchmark because it better represents their investable universe of profitable, liquid companies. The managers view selloffs driven by macroeconomic noise as opportunities to add to positions at attractive prices, which they did near the Q1 lows. Key holdings include Red Violet, whose AI-driven identity platform is benefiting from AI trends rather than being threatened by them, and Mama's Creations, which was sold off on a timing mismatch between Q1 expenses and Q2 revenue from new Walmart product launches. The fund initiated a position in Strata Critical Medical, a leading organ transplant logistics provider positioned to consolidate a fragmented industry while benefiting from regulatory changes and new technologies expanding the donor pool. The managers emphasize that their process remains identical through market volatility, re-underwriting each holding to ensure fundamentals remain intact.
Immersion Investment Partners focuses on concentrated investments in overlooked micro- and small-cap companies where the market has created a gap between price and intrinsic value due to temporary factors unrelated to underlying business fundamentals.
The managers expect returns to continue arriving in a lumpy fashion given their concentrated micro- and small-cap portfolio. They believe that when macroeconomic noise is loudest, the opportunity is often greatest, and they will continue to evaluate both the macroeconomic environment and what is happening within each company. The fund is positioned in businesses where revenue continues compounding, earnings convert into cash flow, and management teams are doing the small, unglamorous things that tend to appear in financial statements many quarters later.
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