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 Jul 28, 2026
LVS Advisory's Event-Driven strategy delivered 4.6% net returns in H1 2026, focusing on special situations with near-term catalysts. The flagship position is Vistance Networks, a distressed telecom infrastructure roll-up that nearly bankrupted itself with $10.5 billion in debt. Following asset sales to Amphenol ($10.5B) and the Ruckus divestiture ($1.8B), Vistance paid down all debt and distributed $10 per share in special dividends. The manager entered at $13.52 and sees $24-28 in total value including future dividends, with the remaining business trading at 4.4x free cash flow and a high likelihood of sale. The Growth portfolio made its first Japan investment in Hikari Tsushin, a Berkshire-style conglomerate with exceptional capital allocation (17% equity CAGR over 15 years). Hikari maintains strict 30% IRR investment hurdles and trades at just 2.0x earnings for its operating businesses after backing out net cash and investments. A recent 15% drawdown creates a buying opportunity. The manager believes all strategies are well positioned for strong forward performance despite Growth underperformance year-to-date.
LVS Advisory pursues event-driven special situations and undervalued growth opportunities with strong capital allocation. The Event-Driven strategy targets distressed or restructuring companies trading at steep discounts to intrinsic value with near-term catalysts, exemplified by Vistance Networks where asset sales and special dividends create a path to $24-28 in total value from a $13.52 entry. The Growth strategy seeks exceptional capital allocators trading cheaply, as demonstrated by Hikari Tsushin, a Japanese conglomerate with a 17% equity CAGR, strict 30% IRR hurdles, and operating businesses valued at just 2.0x earnings.
The manager expresses confidence that all three strategies are well positioned for strong performance going forward. The Event-Driven portfolio holds concentrated positions in special situations with near-term catalysts, particularly the likely sale of Vistance's remaining business. The Growth portfolio's Japan investment in Hikari Tsushin is viewed as attractively priced following a recent drawdown, representing a buying opportunity. The tone is constructive and opportunity-focused.
Moderate 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
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with LVS Advisory - Event Driven or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.