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 |
|---|---|---|---|---|---|---|
Mar Vista's U.S. Quality strategy returned 12.71% net-of-fees in Q2 2026, underperforming the Russell 1000 Index and S&P 500 Index which returned 15.14% and 15.20% respectively. U.S. equities advanced despite an increasingly complex macroeconomic backdrop, with economic growth remaining resilient and market leadership gradually broadening. Artificial intelligence remained the dominant investment theme, but investor focus shifted from funding AI infrastructure toward identifying businesses capable of converting investments into durable earnings growth and competitive advantages. Top contributors were GE Aerospace, Amphenol, and Taiwan Semiconductor Manufacturing, while Netflix, Intuit, and QXO detracted. The manager initiated positions in ASML Holding and StandardAero, exited Intuit, added to Netflix, and trimmed Alphabet, Amazon, Analog Devices, and TransDigm. Looking ahead, the manager believes earnings growth, disciplined capital allocation, and business execution will become the primary drivers of long-term returns. While geopolitical uncertainty, inflation, and evolving monetary policy remain potential sources of volatility, the manager expects companies with durable competitive advantages, pricing power, and strong balance sheets to distinguish themselves. The investment philosophy remains focused on high-quality businesses with exceptional management teams and the ability to compound intrinsic value over many years.
Mar Vista's U.S. Quality strategy focuses on identifying high-quality companies with durable competitive advantages, exceptional management teams, and the ability to compound intrinsic value over many years while maintaining discipline around valuation and risk.
Looking ahead, the investment environment is becoming increasingly differentiated. While geopolitical uncertainty, inflation, and evolving monetary policy remain potential sources of volatility, earnings growth, disciplined capital allocation, and business execution are expected to become the primary drivers of long-term investment returns. Companies with durable competitive advantages, pricing power, recurring revenue, strong balance sheets, and the ability to reinvest capital at attractive rates of return should continue to distinguish themselves. Artificial intelligence is entering a more productive phase where execution matters more than infrastructure spending alone. Although valuations remain elevated in certain areas, improving earnings breadth and expanding market participation provide reasons for optimism. Periods of uncertainty often create disconnects between price and intrinsic value, allowing disciplined investors to selectively allocate capital into exceptional businesses.
As of Jul 13, 2026
The Mar Vista leadership team brings extensive institutional investment experience with Silas A. Myers serving as CEO with 35 years of experience and Harvard education, Brian L. Massey as President with 34 years of experience and UCLA MBA serving as Managing Member since 2007, Joshua J. Honeycutt as Partner with 25 years of experience and Purdue education, and Jeffrey B. Prestine as Partner with 26 years of investment experience. The firm was founded in 2007 as a minority-led investment management firm headquartered in Los Angeles with additional operations in Minnesota. The team manages approximately $1.5 billion in assets across 268 discretionary accounts serving institutions, foundations, pensions, endowments, and high net worth individuals. The firm employs 17 investment professionals across four offices with a focus on creating value through risk-adjusted returns that exceed passive index opportunities.
Mar Vista's investment philosophy centers on patient ownership of exceptional businesses with durable competitive advantages, disciplined capital allocation, and the ability to compound value through cycles. The firm takes a private equity approach to investing in public markets, seeking high quality growth businesses trading at discounts to fair value. They value companies as private entities, discounting free cash flows to determine intrinsic worth, with required margins of safety varying based on business stability and predictability. The firm emphasizes that stock prices follow intrinsic value over the long term, and intrinsic value is created when returns exceed the cost of capital. Their high conviction, patient framework places equal emphasis on preservation of capital and growth potential.
Lead Portfolio Manager
The Mar Vista Investment Team
Managing Partner
Moderate Conviction Bullish
Market Conviction
The manager runs a concentrated portfolio with 13 named positions and provides detailed, multi-paragraph thesis summaries for top holdings (GE Aerospace, Alphabet, TSM, ASML). Position sizing language is present ('significant contributor,' 'top contributors,' 'added to our holdings,' 'trimmed'). The manager articulates clear, falsifiable catalysts for specific holdings (e.g., GE Aerospace's multi-year aftermarket upcycle, TSM's leadership in leading-edge semiconductors, ASML's EUV monopoly). However, the letter also includes hedging language ('we believe,' 'should remain,' 'expected to') and discusses multiple scenarios. The manager demonstrates high conviction in specific names but maintains a balanced, risk-aware tone. This is not extreme concentration (5 positions or fewer) but reflects moderate-to-high conviction with clear thesis articulation. Score: 0.68.
Growth Outlook
Market outlook remains above average conviction: Mar Vista's U.S. Quality strategy posted a -7.24% return in Q1 2026 amid macro headwinds. The manager is actively executing a significant portfolio transition, shedding SaaS names ...
Risk Appetite
Risk appetite posture is moderate conviction: Mar Vista's U.S. Quality strategy posted a -7.24% return in Q1 2026 amid macro headwinds. The manager is actively executing a significant portfolio transition, shedding SaaS names ...
Capital Deployment
The manager initiated one new position (ASML), exited two positions (Intuit and Ametek), added to two holdings (Broadcom and GE Vernova), and trimmed four positions (Alphabet, Amazon, Danaher, Unilever). This represents capital rotation rather than net deployment or de-risking. The manager sold positions and used proceeds to fund new positions, with no indication that cash levels changed materially. The activity is consistent with active portfolio management and rebalancing rather than aggressive deployment or defensive positioning. Per the rotation rule, this scores near 0.00 to +0.10. Given the initiation of a new position and additions to two holdings, a slight positive bias is warranted. Score: +0.15.
Forward Guidance
Forward guidance signal: Mar Vista's U.S. Quality strategy posted a -7.24% return in Q1 2026 amid macro headwinds. The manager is actively executing a significant portfolio transition, shedding SaaS names ...
Language Signal
The letter contains substantial bullish language: 'advanced,' 'resilient,' 'renewed investor confidence,' 'strong execution,' 'robust demand,' 'attractive long-term earnings growth,' 'well positioned,' 'durable competitive advantages,' 'sustained revenue growth,' 'expanding profitability,' 'healthier investment environment,' and 'reasons for optimism.' Bearish language is present but less dominant: 'increasingly complex macroeconomic backdrop,' 'geopolitical uncertainty,' 'persistent inflation,' 'elevated valuations,' and 'potential sources of volatility.' The balance tilts toward constructive and opportunity-focused language, though risks are acknowledged. Score: +0.60.
Perceived Risk
Perceived risk level is evaluated as above average conviction. Mar Vista's U.S. Quality strategy posted a -7.24% return in Q1 2026 amid macro headwinds. The manager is actively executing a significant portfolio transition, shedding SaaS names ...
Opportunity Density
The manager describes 'a more favorable backdrop for active management' with 'performance increasingly driven by company-specific execution, earnings revisions, capital allocation, and competitive positioning.' The letter states that 'improving earnings breadth and expanding market participation provide reasons for optimism' and that 'periods of uncertainty often create disconnects between price and intrinsic value, allowing disciplined investors to selectively allocate capital into exceptional businesses.' The manager initiated a new position (ASML) and added to two holdings, suggesting they are finding attractive opportunities. However, the language emphasizes selectivity ('selectively allocate capital,' 'disciplined investors') rather than abundance. This suggests a selective but constructive opportunity set. Score: 0.65.
Time Horizon
The manager emphasizes 'long-term investment returns,' 'long-term intrinsic value,' 'multi-year earnings trajectory,' 'multi-year aftermarket upcycle,' 'long-duration growth opportunity throughout the decade,' 'sustained revenue growth,' and 'compound intrinsic value over many years.' The letter describes GE Aerospace's aftermarket cycle as extending 'throughout the decade' and discusses ASML's 'long-term demand for advanced semiconductor manufacturing.' The manager's investment philosophy focuses on 'the ability to compound intrinsic value over many years.' However, the letter also discusses quarterly performance, near-term catalysts (e.g., TSM raising full-year outlook), and quarterly rebalancing activity. The time horizon is clearly multi-year (2-5 years) with some positions expected to compound over a decade, but this is not a permanent capital vehicle with no redemption pressure. Score: 0.70.
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 Mar Vista US Quality 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.