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 Jun 30, 2025
In the 2025 Semiannual Letter, the Compound Interest fund reports a strong net return of 16.3% year-to-date, with the NAV standing at €209.99. Over the past five years, the fund achieved a 16.9% annualized net return. The manager provides a holistic overview of all 26 exited investments in the fund's six-year history, noting a volume-weighted annual IRR of 15.6% on these positions. Key reflections include lessons from underperforming positions (such as Rolls-Royce), successful valuation-based exits (such as MercadoLibre), and highly profitable recurring trades in Interactive Brokers. Additionally, the manager has taken an active governance role by joining the Supervisory Board of Tucows, and expresses strong confidence in the portfolio's expected earnings growth for the remainder of 2025.
The fund seeks to maximize long-term returns and manage risk by investing in outstanding, owner-led companies in Europe and North America, prioritizing business resilience, strong balance sheets, and leadership quality over short-term price volatility.
For 2025, the manager expects significant earnings growth across nearly all portfolio companies and a meaningful increase in intrinsic value per share. The fund maintains its long-term objective of delivering annual double-digit net returns after fees over the coming decades.
High Conviction Bullish
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