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 Jul 23, 2026
Legacy Ridge returned 15.7% net in 1H26, benefiting from its concentrated portfolio of US energy infrastructure and airlines. The Iran War created two distinct narratives: early in the year, AI disruption fears favored hard assets like the fund's energy and airline holdings, which cannot be easily replicated by technology. Then the war shut in 15-20% of global oil supply, yet Brent peaked at only $126 versus $200+ forecasts before returning near $80. Despite the market's indifferent reaction, the manager views US energy assets as materially more valuable given their reliability premium, with exports at record levels and multi-year investment cycles underway. For airlines, higher fuel volatility is improving industry discipline—Spirit Airlines liquidated due to unsustainable unit economics, marking the seventh consolidation since 2008 and validating the failure of the ULCC model. The portfolio now holds just 8 companies plus meaningful cash, with the manager incrementally more excited about positioning and patiently waiting for opportunities.
Legacy Ridge owns a highly concentrated portfolio of 8 US energy and airline companies positioned to benefit from structural tailwinds: energy assets gain from record US hydrocarbon exports and a reliability premium versus disrupted Middle Eastern supply, while airlines benefit from improved capacity discipline driven by Spirit's liquidation and the fuel volatility that constrains irrational expansion.
The manager is incrementally more excited about owning US energy assets than at the start of the year, viewing them as seemingly more valuable to the world given their reliability premium versus Middle Eastern alternatives. For airlines, the manager expects higher fuel prices and volatility to continue benefiting supply/demand dynamics and pricing, though this requires taking a view beyond the current year. The portfolio remains highly concentrated with meaningful cash, patiently waiting for things to get really fun at some point.
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