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 12, 2026
Kernow Asset Management delivered an 8.3% return in July 2026, bringing year-to-date performance to 27.7% versus 11.6% for the UK market. The fund is up 140% cumulatively since inception in November 2019, compared to 82% for the market. The manager's core thesis centers on investing in exceptional people running UK companies where low expectations create opportunity. CMC Markets rose 46% during the month after its founder's stake exceeded one billion pounds, validating the manager's decade-long conviction in the business transformation. Clarkson, a shipbroking information network, exemplifies the strategy of finding businesses that compound through cycles while competitors disappear. The manager argues that optimism attached to competence, ownership, and endurance produces excess returns, as markets struggle to price people who can change the future they are being valued against. The portfolio maintains 145% gross exposure and 75% net exposure across 22 long and 18 short positions, concentrated in small-cap UK equities with a forward P/E of 13.5x.
Kernow invests in exceptional people running undervalued UK companies where low market expectations create opportunity for significant upside as reality improves.
The manager expects the portfolio's collective upside to be worth more than 184%. The letter emphasizes that low expectations and exceptional people characterize the portfolio, with the downside already famous but the upside not yet recognized by the market.
Moderate Conviction Bullish
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