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 19, 2026
Ithaka US Growth Strategy generated a net return of 6.6% in the third quarter of 2026, outperforming the Russell 1000 Growth Index return of 0.9% and the S&P 500 Index return of 2.3%. Relative gains were driven primarily by stock selection, which added 580 basis points, led by strong performance in Technology, Consumer Discretionary, and Financial Services. The portfolio maintained 30 holdings, with 17 positions outperforming the benchmark and accounting for 65% of strategy weighting, while managing disciplined sector allocations across high-conviction growth assets. The macro environment was characterized by cross-currents, including a surge in crude oil to $105 per barrel, September CPI accelerating to 3.7%, and the 10-year Treasury yield rising to 5.25%. These pressures prompted the Federal Reserve to implement a 25 basis point rate hike. Concurrently, the artificial intelligence theme experienced sharp volatility following the liquidation of a levered hedge fund, shifting investor focus from infrastructure capacity buildout toward tangible return on invested capital as several hyperscalers generated negative free cash flow. Portfolio activity featured new initiations in Micron and Sandisk alongside the complete exit of Oracle, bringing trailing twelve-month turnover to 28.5%. Top contributors included CrowdStrike, Microsoft, and ServiceNow, buoyed by expanding enterprise software adoption and easing disruption concerns. Key detractors included Credo Technology, Lam Research, and Vertiv Holdings amid valuation compression and near-term capex scrutiny, while Robinhood was profiled as a high-operating-leverage beneficiary of secular retail wealth digitization.
Focus on long-term wealth creation by maintaining concentrated positions in high-quality businesses with superior unit economics, prudent leadership, and durable secular tailwinds in large expanding markets.
Looking ahead, market performance will be dictated by hyperscaler capex durability, structurally higher costs of capital, and potential political stabilization from midterm gridlock.
Moderate Conviction Bullish
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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