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 |
|---|---|---|---|---|---|---|
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.
As of Mar 31, 2026
Lloyd Capital LLC is an independent asset management firm founded in April 2011 and headquartered in Kilchberg, Switzerland, wholly owned by Emerald Wealth Partners AG. The firm is led by CEO Moritz Solèr and CIO Thomas Küpfer, with team members holding CFA designations demonstrating professional excellence. Key partners invest their own wealth alongside clients, creating genuine partnership and alignment of interests. The firm maintains dual regulatory oversight through SEC registration (CRD 158668) and Swiss FINMA licensing as a manager of collective assets. Lloyd Capital has grown significantly, managing approximately USD 863 million in discretionary assets as of December 31, 2025, plus additional assets through their successful UCITS ETF partnership with HANetf. The leadership team brings extensive experience and maintains independence from large financial institutions, allowing them to make investment decisions based solely on client benefit rather than internal product sales requirements.
Lloyd Capital emphasizes avoiding short-term market trends and focusing on lasting value creation through their rigorous 4Ms analytical framework: Moat, Management, Market, and Macro. Every holding must meet stringent financial criteria including a long history of strong performance, high operating margins, consistently positive operating earnings, substantial free cash flow, and compelling returns on invested capital. The firm views stocks as fractional ownership in businesses and cultivates a long-term owner's mindset, focusing on identifying high-quality companies, acquiring deep understanding of their business models, and purchasing them at a discount to their long-term earning power. They treat all clients fairly and put their interests ahead of their own, standing entirely apart from large financial institutions to invest solely in client best interests.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigat...
Growth Outlook
Market outlook remains low conviction: Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigat...
Risk Appetite
Risk appetite posture is above average conviction: Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigat...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigat...
Forward Guidance
Forward guidance signal: Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigat...
Language Signal
Tone analysis indicates low conviction language: Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigat...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigat...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigat...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Focus Capital navigated Q1 2026 volatility from the US-Iran war, benefiting from Valeura's strategic oil positioning while quintupling their Burford stake following the YPF litigat...
Top Conviction Themes
Key Catalysts
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