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 1, 2026
Leaven Partners, LP adheres to a long-term, value-oriented investment philosophy that manages for multi-year business outcomes rather than quarter-to-quarter market fluctuations. Portfolio performance rebounded during the third quarter of 2026, supported by positive monthly returns despite broader market softness in September. Operating performance across core investments was primarily driven by Japanese equities, particularly regional banking institutions benefiting from the Bank of Japan lifting its policy interest rate to 1.25%, expanding net interest margins and lending profitability across deposit-rich franchises. Long-term holdings Hyakugo Bank and Bank of Nagoya led performance contributions alongside operating turnarounds in specialized Japanese mid- and small-cap operating businesses Zoom Corp. and Manac Chemical Partners. Macro hedges through broad market index instruments served as modest performance detractors as equity markets held firm. The manager maintains disciplined geographic exposure in Japanese companies with solid balance sheets, expanding cash flows, and corporate governance catalysts, deliberately keeping portfolio turnover low and disregarding short-term volatility.
Manage capital with a two-to-three-year horizon by investing in deeply undervalued Japanese equities benefiting from domestic interest rate normalization and corporate turnarounds.
The manager focuses on managing the portfolio for business performance over a two-to-three-year horizon rather than short-term quarterly market swings, anticipating continued earnings compounding across Japanese regional lenders and corporate turnarounds.
High Conviction Bullish
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