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 Oct 19, 2026
Magellan Global Opportunities Fund No. 1 gained 5.5% net of fees for the September quarter of 2026, outperforming the MSCI World Net Total Return Index benchmark return of 1.5% by 4.0%. Over the calendar year to date, the strategy declined 2.1% net of fees compared to a 7.1% gain for the benchmark. Portfolio cash was held at 3.0%, staying squarely within the fund's mandated 0% to 5% liquidity range, while the top ten positions accounted for a concentrated 56.1% of invested assets. The investment team highlighted an increasingly dangerous macro environment characterized by renewed US-Iran conflict, surging crude oil prices, persistent inflation, and synchronized central bank monetary tightening that pushed sovereign yields to multi-year highs. Management noted that equity markets have diverged from bond markets by narrowly concentrating gains within a speculative artificial intelligence cohort, largely ignoring broad economic deterioration and softening consumer discretionary spending across North America, Europe, and mainland China. Portfolio performance was anchored by strength in hyperscale technology compounders, led by top holdings Microsoft and Meta Platforms alongside enterprise software provider SAP. Conversely, detractions stemmed from short-term retail inventory destocking and cost inflation at Nestlé, wholesale channel softness at Adidas, and legal/AI costs at Universal Music Group. The managers remain committed to compounding high-return franchises outside the AI bubble where valuation multiples offer the most attractive prospective returns seen in over a decade.
Invest in outstanding companies with sustainable competitive advantages and durable returns on capital at attractive prices, while exercising deep macroeconomic risk discipline.
Markets are in a dangerous period marked by speculative AI momentum, but the market's narrow preoccupation has left premier non-tech franchises trading at their most attractive prospective valuations in over a decade.
Moderate Conviction Bullish
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