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 |
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LRT Capital reported an -8.00% return in September 2025 for its LRT Global Opportunities strategy, bringing YTD performance to -0.17%. Portfolio Manager Lukasz Tomicki outlined a cautious view on the broader market, emphasizing that trailing market P/E (>30x) and Shiller PE (>40x) multiples are at extreme historically-risky levels driven by an overvalued group of mega-cap stocks. LRT continues to run a systematic long/short strategy, maintaining high-quality compounding long positions (such as StoneX, Simpson Manufacturing, and Asbury Automotive) paired with significant index hedges (representing a beta-adjusted net exposure of 32.36%) designed to capture long-term alpha and insulate capital from potential macroeconomic shocks.
LRT aims to capture positive returns and control downside risks by systematically pairing a long portfolio of high-quality, high-switching-cost compounding businesses with robust, broad-market index hedges.
The manager expects broad market indexes to experience poor forward returns due to extreme valuation multiples. Conversely, the manager expects a robust recovery for active, systematic strategies focused on high-quality companies with durable moats once the current mega-cap market concentration cycle normalizes.
As of Oct 2, 2025
Lukasz R. Tomicki founded LRT Capital Management in 2012, bringing a unique background combining technology entrepreneurship and finance expertise. He holds an MBA from Washington University's Olin Business School, a degree from Seton Hall University, and the CFA designation. Prior to establishing LRT Capital, he co-founded and successfully sold LobbyAssist, a technology venture that scaled to cover 50 states in four years before being sold in 2010. He also serves as a Lecturer at the University of Texas at Austin, teaching Portfolio Construction and Risk Management.
LRT Capital employs the 'Economic Moat Strategy,' which focuses on concentrated investments in companies with sustainable competitive advantages, proven management teams, and significant growth potential. The strategy emphasizes three primary sources of perpetual inefficiency and mispricing: moats, management, and long growth runways. The firm employs rigorous bottom-up analysis to identify undervalued securities with strong growth prospects while managing risk through prudent short positions and portfolio construction. The approach combines deep fundamental analysis with proprietary portfolio optimization and risk mitigation tools.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Growth Outlook
Market outlook remains low conviction: LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Risk Appetite
Risk appetite posture is moderate conviction: LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Forward Guidance
Forward guidance signal: LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Language Signal
Tone analysis indicates above average conviction language: LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Perceived Risk
Perceived risk level is evaluated as high conviction. LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Time Horizon
Investment time horizon reflects a high conviction orientation. LRT Global Opportunities finished September down -8.00% (-0.17% YTD) amidst extreme mega-cap-led market froth. Manager Lukasz Tomicki warns of historic broad market overvaluations ...
Top Conviction Themes
Key Catalysts
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