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 Dec 31, 2024
Marlton Partners returned 25.6% net in 2024, driven by a concentrated portfolio of special situations trading at discounts to net asset value with hard catalysts. The fund focuses on asset-covered investments including controlled conglomerates, liquidating REITs, music royalties, ship lessors, and digital assets from bankruptcy estates. Key contributors included a NASDAQ-listed conglomerate, London-listed residential REIT in sale process, and music royalties acquired at 65% premium. The firm systematized research in UK Investment Trusts, capitalizing on growing activist presence that created governance activity and capital return mechanisms. Notable positions include PRS REIT in active sale process with 21-24% NAV discount, and successful engagement with Jupiter Green Investment Trust resulting in voluntary liquidation proposal. Bolloré position was reduced 50% after spin-off results disappointed expectations. The fund is well-positioned for 2025 with full research pipeline tracking over 60 special situations across UK Investment Trusts and planned integration of US Closed-End Funds.
Marlton invests in asset-covered situations trading at discounts to net asset value with hard catalysts to unlock value, focusing on UK Investment Trusts and US Closed-End Funds offering periodic exit opportunities.
The fund is well-positioned to deploy capital and believes the 2025 investment environment will be favorable to the situations and security classes in which they are currently most active and knowledgeable. With a full research funnel tracking over 60 current events and special situations, they enter the New Year with optimism.
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