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 28, 2026
Invesco Small Cap Value Fund underperformed during the third quarter of 2026, delivering a net return of -12.14% net of fees for Class A shares at NAV, trailing the Russell 2000 Value Index return of -4.91%. Year-to-date, the fund produced an 18.33% return net of fees compared to 16.96% for the benchmark. Stock selection in information technology detracted heavily, driven by widespread profit-taking and weakness across semiconductor and optical infrastructure holdings. Relative gains in healthcare and an underweight posture in consumer discretionary provided partial offsets. Portfolio concentration remained disciplined with 98 holdings and the top ten issuers representing 21.65% of assets under management. Cyclical exposure remained elevated relative to peers, with industrials at 24.2% and energy at 17.4% forming the fund's largest sector weightings. Macroeconomic conditions were defined by heightened equity volatility, driven by shifting monetary policy expectations, sticky inflation pressures, and geopolitical uncertainty. The investment team maintained its bottom-up intrinsic value investment framework rather than pivoting on short-term macro forecasts. Small-cap value multiples continue to trade at historical valuation discounts relative to the large-cap S&P 500 Index, which the team views as a compelling entry setup. Taking advantage of broad market dislocations, the fund initiated new positions in Permian Resources and Konecranes, citing undervalued asset bases and durable cash generation. Capital was redeployed from full exits in Webster Financial and Integer Holdings following definitive acquisition announcements.
The fund employs a disciplined bottom-up intrinsic value approach to invest in significantly undervalued small-cap companies with robust future cash flows and an economically sensitive posture.
Small-cap value stocks trade at an attractive historic P/E discount compared to large caps, offering compelling long-term upside potential as market prices converge toward intrinsic value.
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
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