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 Mar 31, 2026
Focus Capital returned 0.8% net in Q1 2026 versus the S&P 500's -4.3% decline, though this masks significant volatility from the US-Iran war. The portfolio surged 18.1% in January and 5.5% in February before March's conflict erased all gains. The war's closure of the Strait of Hormuz drove oil prices from $65 to over $100 per barrel, significantly benefiting Valeura's Thai production operations. Asian oil prices reached $150-160 per barrel, with Valeura strategically building inventory before selling at elevated prices. The manager expects lasting supply constraints from infrastructure damage. Burford suffered a major setback when the Second Circuit reversed its $16.1 billion YPF award, cutting the stock in half. However, the manager views this as a gross overreaction, quintupling their position based on the core litigation business being undervalued at current prices. International arbitration pathways remain available for YPF recovery, while other large cases like the protein antitrust litigation offer significant upside potential.
Focus Capital maintains concentrated positions in undervalued companies with strong fundamentals, exemplified by their conviction in Burford's core litigation business despite the YPF setback and their strategic positioning in Valeura to benefit from geopolitical oil supply disruptions.
The manager expects the US-Iran conflict to be temporary but anticipates lasting benefits from elevated oil prices due to infrastructure damage and supply constraints. While the YPF litigation setback is significant, the core Burford business remains undervalued with multiple pathways for recovery.
High 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
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Lloyd Capital or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.