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 |
|---|---|---|---|---|---|---|
Magellan Global Opportunities Fund No. 1 returned 3.0% in the September 2025 quarter, underperforming its benchmark in a risk-on environment led by speculative AI tech. Key positive contributors included Alphabet, which saw regulatory relief, and TSMC. Detractors included SAP and American Tower. The manager initiated a position in Adidas, identifying it as a high-quality global duopolist with strong brand equity and a highly defensive moat. While positive on the long-term potential of GenAI and central bank easing, the manager warns of full market valuations and maintains a cautious stance.
Invest in outstanding companies at attractive prices with sustainable competitive advantages (economic moats) that generate returns on capital above their cost of capital, while using a deep understanding of macroeconomics to manage risk.
US economic activity is expected to remain reasonable in the near term, assisted by rate cuts. However, because global equity markets are at record highs and valuations are full, current prices do not sufficiently discount risks (like softening labor, deficits, and inflation). A cautious market stance is maintained, though opportunities at the stock-specific level remain present.
As of Sep 30, 2025
Following significant leadership changes, Alan Pullen and Casey McLean have been appointed as co-heads of global equities and sole fund managers after Arvid Streimann's resignation in November 2025. Alan Pullen has been with the firm since 2012 and previously managed the Global Opportunities and Global Sustainable strategies, with prior experience at Maple-Brown Abbott and the Reserve Bank of Australia. The fund is supported by Magellan's team of over 130 staff, with a large proportion supporting the 34 strong investment team.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: The fund delivered 3.0% but lagged its benchmark during a highly speculative, AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-qua...
Growth Outlook
Market outlook remains moderate conviction: The fund delivered 3.0% but lagged its benchmark during a highly speculative, AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-qua...
Risk Appetite
Risk appetite posture is moderate conviction: The fund delivered 3.0% but lagged its benchmark during a highly speculative, AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-qua...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund delivered 3.0% but lagged its benchmark during a highly speculative, AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-qua...
Forward Guidance
Forward guidance signal: The fund delivered 3.0% but lagged its benchmark during a highly speculative, AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-qua...
Language Signal
Tone analysis indicates above average conviction language: The fund delivered 3.0% but lagged its benchmark during a highly speculative, AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-qua...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The fund delivered 3.0% but lagged its benchmark during a highly speculative, AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-qua...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The fund delivered 3.0% but lagged its benchmark during a highly speculative, AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-qua...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund delivered 3.0% but lagged its benchmark during a highly speculative, AI-driven quarter. It maintains a cautious posture due to high valuations, selectively buying high-qua...
Top Conviction Themes
Key Catalysts
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