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 |
|---|---|---|---|---|---|---|
Langdon Global Smaller Companies Portfolio returned 9.4% in Q2 2026, underperforming the MSCI World Small Cap Index's 17.0% return primarily due to lack of exposure to information technology hardware companies. The manager emphasizes that price movements are important signals requiring investigation, but not automatic action. During the quarter's elevated volatility, the fund added to positions like YETI and DO & CO where share prices fell more sharply than underlying business fundamentals warranted. YETI continued growing revenue while diversifying manufacturing to mitigate tariff risks, and DO & CO reported record operating profitability. The fund initiated a position in Miami International Holdings, an electronic exchange operator with proprietary technology and new product opportunities in derivatives markets. Royal Unibrew declined 30% after announcing its Pepsi distribution agreement will expire in 2028, representing a genuine structural change requiring valuation reassessment. The manager maintains that successful investing requires distinguishing between temporary sentiment shifts and permanent value changes, remaining intellectually honest when assumptions prove wrong. Year-to-date performance remains below long-term expectations.
Price movements are valuable signals that warrant investigation but do not necessarily require action; successful investing depends on distinguishing between temporary shifts in market sentiment and permanent changes in business value.
The manager emphasizes that their responsibility is not to predict which share prices will rise next quarter, but to assess whether today's price accurately reflects the long-term economics of the business. They acknowledge year-to-date performance remains below long-term expectations but maintain focus on distinguishing between temporary changes in market sentiment and permanent changes in intrinsic value. The tone is patient and disciplined, with conviction that markets often make the correct distinction over time, though rarely immediately.
As of Jul 25, 2026
Greg Dean, CFA, serves as Founder, Chief Executive Officer, and Lead Investor of Langdon Equity Partners. He brings over 18 years of investment management experience and was joint recipient of the prestigious Morningstar Breakout Fund Manager of the Year award in 2015. Dean previously served as Partner and Portfolio Manager at Cambridge Global Asset Management starting in 2011, where he managed Canadian and Global smaller company portfolios. He holds a Mathematics degree from the University of Waterloo, a Bachelor of Business Administration from Wilfrid Laurier University, and is a CFA charterholder. Prior to Cambridge, he worked for three years at Fidelity Investments Canada as an equity analyst covering consumer and infrastructure sectors.
Langdon Equity Partners was founded on the belief that investors deserve more and seeks to do better by thinking differently, having the benefit of starting from a clean sheet of paper. The firm targets high-quality, cash-generative smaller companies with enterprise values between $500 million and $5 billion, run by talented and long-term oriented management teams that are fundamentally undervalued. They employ a concentrated approach with 25-40 holdings and a 5-7 year investment horizon. The team conducts approximately 800 meetings annually across 16 countries, emphasizing fundamental research and independent verification over management presentations. They adopt a business owner mindset, approaching public equity markets as long-term owners of businesses rather than short-term traders.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The letter names seven specific portfolio holdings with substantive discussion: Watches of Switzerland, YETI, DO & CO, Goosehead Insurance, L1 Group, Miami International Holdings, and Royal Unibrew. The manager provides detailed thesis summaries for several positions, including specific catalysts and business characteristics. Language is declarative when discussing YETI and DO & CO ('we believed the deterioration in market expectations was far more severe than the deterioration in the companies' underlying economics'). The manager explicitly states willingness to add to positions when prices fall ('creating an opportunity to increase our ownership'). However, the portfolio appears diversified rather than highly concentrated, and some hedging language exists ('It remains too soon to know how valuable these initiatives will become'). The combination of named positions, specific thesis detail, and willingness to add during volatility supports a high-moderate conviction score. Score: 0.68.
Growth Outlook
The manager is constructive about their specific portfolio companies' fundamentals, projecting 23% annual EPS growth, and expects price and value to eventually converge. However, they acknowledge a challenging, volatile, and cautious overall small-cap market environment driven by rising interest rates and aggressive multiple compression.
Risk Appetite
The manager has shown a willingness to lean into volatility by scaling up their highest-conviction holdings (Goosehead and Hypoport) to maximum weights. However, they remain disciplined by exiting Burford after a thesis-breaking event and keeping software exposures like SmartCraft at minimum weights.
Capital Deployment
The manager added to existing positions (YETI and DO & CO) during Q1 volatility and initiated a new position (Miami International Holdings) in Q2. However, there is no explicit cash level data provided, and the letter describes these as selective additions rather than broad-based deployment. The manager also reassessed and potentially trimmed Royal Unibrew after the Pepsi announcement. The activity suggests moderate, selective deployment rather than aggressive capital commitment. Without cash percentage changes, the score is based on position additions and the tone of selective opportunity capture. Score: +0.25.
Forward Guidance
The manager outlines explicit actions, including re-initiating a position in Topicus and adding to maximum weights in GSHD and HYQ.DE. Team members have also personally added capital to the fund.
Language Signal
The letter contains balanced directional language. Bullish terms include 'opportunity,' 'attractive,' 'meaningful improvement,' 'structural strengths,' 'excellent track record,' and 'compelling ideas.' Bearish or cautious language includes 'disappointing,' 'weakness,' 'risks,' 'uncertainty,' 'volatile,' 'detractors,' and 'scarce opportunities.' The manager discusses both opportunities created by volatility and genuine structural challenges like the Royal Unibrew Pepsi agreement loss. The net balance leans mildly positive, with opportunity language slightly outweighing risk language. Score: +0.25.
Perceived Risk
The manager identifies specific market risks, mainly rapid multiple compression driven by 'AI-enabled workflow change' narratives, interest rates, and liquidity. They treat these risks as serious valuation headwinds but fundamentally temporary.
Opportunity Density
The manager describes finding selective opportunities during the quarter's volatility, adding to YETI and DO & CO and initiating Miami International Holdings. The letter emphasizes that 'moments of shortened market duration deserve intense attention' and that price volatility creates opportunities when businesses change less than prices suggest. However, the manager also notes underperformance and acknowledges that finding compelling ideas requires selectivity ('Our lack of exposure reflected our assessment of the businesses and valuations available to us'). The tone suggests a moderately rich opportunity set in specific areas rather than broad-based abundance. Score: 0.60.
Time Horizon
The manager explicitly emphasizes long-term investing throughout the letter. Key phrases include 'long-term earning power,' 'long-term economics of the business,' 'For long-term investors, these moments deserve intense attention,' and 'Our conviction came from the structural view.' The manager discusses multi-year catalysts (Royal Unibrew has 'more than two years' to optimize) and states that 'markets often make that distinction over time, but rarely immediately.' The fund's willingness to hold through volatility and add to positions during short-term weakness demonstrates a multi-year horizon. However, the letter also discusses quarterly results and near-term catalysts, preventing a score above 0.80. Score: 0.75.
Top Conviction Themes
Key Catalysts
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