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 Nov 10, 2026
The Lloyd Capital Growth Equity Strategy generated a 24.1% net of fees return year-to-date through September 30, 2026, outpacing the Bloomberg World Growth benchmark's 13.4% return. Software holdings drove positive performance during the third quarter, led by rallies in Microsoft and ServiceNow, while semiconductor capital equipment positions such as Applied Materials, Tokyo Electron, and ASML detracted amid broader sector rotation. Portfolio balance sheet health remains strong, characterized by a negative net debt-to-EBITDA ratio of -0.2x and an 8.61% cash weighting that provides liquidity ahead of potential seasonal and political volatility. The manager observes an aggressive market rotation from high-flying semiconductor names back into software holdings, followed by tightening financial conditions. Surging AI infrastructure debt issuance pushed term premiums and financing rates to uncomfortable levels above 7%, raising questions regarding debt-financed capital intensity. Despite these crosscurrents, fundamental indicators underlying enterprise AI adoption, productivity gains, and workflow integration remain constructive, suggesting that structural technological disruption continues without the speculative excesses of prior historical bubbles. Portfolio management activity centered on taking profits in outperforming cybersecurity and equipment names, including Fortinet, Palo Alto Networks, CrowdStrike, and Advantest. Capital was selectively redeployed into Nvidia and a rebuilt position in Zscaler, while Uber was liquidated entirely due to autonomous robotaxi threats. The strategy maintained core high-conviction positions in Meta Platforms and Oracle, citing differentiated enterprise distribution and non-dilutive customer financing structures as critical durable moats.
The strategy invests in high-quality growth companies featuring resilient balance sheets, robust free cash flow generation, and widening competitive moats capable of capturing structural upside across the expanding artificial intelligence ecosystem.
The manager expects near-term market volatility driven by seasonal trends and the upcoming US midterm elections, which will provide opportunities to deploy cash into durable, high-moat growth businesses.
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
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