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 |
|---|---|---|---|---|---|---|
Lloyd Capital's core thesis centers on identifying high-quality, deeply integrated technology and software compounders with strong competitive moats and purchasing them at attractive valuations when short-term market fears create entry points. During the first quarter of 2026, the strategy experienced a challenging period, delivering a net return of -9.4%, which was impacted by widespread volatility, geopolitical tensions surrounding the war in Iran, and an "AI scare trade" that dragged down software and middleman stocks. Despite these headwinds, the portfolio outperformed broader growth benchmarks. Positive performance was driven primarily by holdings in semiconductor equipment manufacturers, which the manager trimmed during January and February rallies. Conversely, enterprise software positions acted as a primary performance drag. In response, Lloyd Capital actively reallocated capital from semiconductor winners into beaten-down, high-quality enterprise software, cybersecurity, and e-commerce names, such as Fortinet, ServiceNow, SAP, and Booking.com, which they believe represent resilient long-term AI beneficiaries.
Investing in high-quality, deeply integrated enterprise software and technology compounders at attractive valuations, particularly capitalizing on the multi-year opportunity of artificial intelligence while remaining resilient to near-term macro volatility.
The manager expects continued short-term volatility driven by geopolitical developments such as the Iran war. However, they maintain that high-quality, cash-generative software and technology businesses are uniquely positioned to navigate these disruptions and benefit from long-term secular AI adoption, making current valuation discounts highly attractive for patient investors.
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.
High Conviction Bullish
Market Conviction
Lloyd Capital demonstrates high conviction (0.80) with a concentrated portfolio where the top 10 holdings represent 52.63% of total assets. The manager provides deep, detailed, and non-hedged fundamental analyses of key positions like Oracle, SAP, and ServiceNow, clearly identifying why they remain buyers of these names during market declines.
Growth Outlook
The manager expresses constructive long-term optimism (0.65) despite acknowledging short-term geopolitical and inflationary headwinds from the Iran war. They view recent tech corrections as healthy, multiple-reducing events that create rare entry opportunities rather than a fundamental threat.
Risk Appetite
Lloyd Capital maintains a high risk appetite (0.70) by keeping an overweight position in AI and redeploying semiconductor gains into software. Cash remains relatively low at 4.88%, signaling that the fund is comfortable staying heavily invested in growth equities despite volatile market conditions.
Capital Deployment
Capital deployment is scored at 0.75, representing active rebalancing and deployment into new ideas. The manager utilized a steep rally in semiconductor equipment stocks to trim top gainers and reallocate those proceeds into beaten-down enterprise software and e-commerce names.
Forward Guidance
The manager exhibits strong forward action bias (0.75) by actively purchasing enterprise software, cybersecurity, and e-commerce names at discounted multiples. They have established a clear play-book to exploit what they see as a temporary valuation dislocation.
Language Signal
The language signal is moderately positive (0.60), balancing enthusiastic terms like 'vast market opportunity', 'best-in-class margins', and 'uniquely advantaged' with cautious words like 'disruption', 'downside volatilities', and 'geopolitical tensions'.
Perceived Risk
Perceived risk is rated at 0.70 as the manager devotes substantial portions of the letter to analyzing major systemic risks, including the AI bubble, AI software disruption fears, and the macroeconomic impacts of the ongoing Iran war on inflation and supply chains.
Opportunity Density
Opportunity density is high at 0.75. The manager explicitly states that valuations across enterprise software have halved, creating a 'rare entry point into high-quality software names' and providing plenty of attractive opportunities to deploy capital.
Time Horizon
The time horizon is scored at 0.80, reflecting a multi-year investment focus. The manager notes that meaningful deployment of Agentic AI is unlikely to be visible before 2027 or 2028, aligning their investment thesis with long-term structural compounding rather than short-term trades.
Top Conviction Themes
Key Catalysts
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