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 Aug 3, 2026
Long Cast Advisers delivered 20% net returns in Q2 2026 and 19% year-to-date, bringing cumulative returns since November 2015 inception to 343% net (15% CAGR), ahead of small-cap and micro-cap benchmarks. The concentrated portfolio generated returns with minimal exposure to AI, hyperscalers, or other passive-fund themes. Top contributors included PDEX, where the manager quantified substantial EPS upside from Zimmer's mBos robotic surgery system commercialization; PESI, benefiting from expanding Hanford nuclear waste processing with potential for significant volume growth; and MTRX, expected to report record profitability. The manager added to NRC, the newest investment showing strong backlog growth and professional management transition, and to QRHC after negative comps were lapped. A small chemical turnaround position was initiated but not sized larger given manufacturing culture challenges and constrained opportunity. With top five positions representing 62% of assets, the manager emphasizes patience and research intensity while navigating rising rates, geopolitical tensions, and energy constraints through non-consensus positioning without leverage.
Long Cast Advisers pursues concentrated, patient investing in well-researched small- and micro-cap companies, targeting 15% annualized returns through deep fundamental analysis rather than exposure to passive-fund themes.
The manager expects MTRX and RSSS earnings in late August or September to prove better than market expectations, with MTRX likely achieving record profitability. The tone is patient and selective, emphasizing the need to survive and build a durable business rather than chase short-term performance. The manager remains committed to long-term, research-intensive investing in small and micro-cap companies.
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