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 |
|---|---|---|---|---|---|---|
Militia Capital Partners delivered a 5.02% net return in Q2 2026, underperforming all three benchmark indices (SPY +15.12%, IWM +21.44%, EWJ +11.06%). Year-to-date performance stands at +25.5%, bringing since-inception annualized returns to 48.8% since January 2021. The fund's leveraged long-short strategy exhibited higher volatility than SPY but lower than IWM and EWJ, with a maximum drawdown of -8.59% during the quarter. Risk-adjusted metrics showed a quarterly Sharpe ratio of 0.92 and Sortino ratio of 1.47, both significantly below benchmark levels. The fund maintained near-zero correlation with SPY (0.05) and IWM (-0.04), and modest correlation with EWJ (0.22). Since inception, the fund has generated positive returns in 70.77% of months with a maximum drawdown of -15.00%, demonstrating resilience relative to benchmarks. The strategy continues to target absolute returns through active long-short positioning with leverage, though quarterly performance lagged broader market strength.
As of Aug 26, 2026
Orr's investment philosophy centers on contrarian positioning combined with rigorous fundamental analysis, seeking to capitalize on market inefficiencies through independent research. His approach emphasizes finding undervalued opportunities across global markets, with particular focus on companies trading below intrinsic value due to market oversight or temporary challenges. The strategy incorporates tactical geographic allocations, exemplified by significant exposure to undervalued Japanese companies trading at attractive multiples. Risk management remains paramount, with diversified positioning across approximately 200 holdings designed to reduce single-name risk while maintaining concentrated exposure to high-conviction ideas. The philosophy extends beyond traditional value investing to include sophisticated short strategies targeting fundamental deterioration, all while maintaining discipline around expected return thresholds and portfolio construction principles.
Lead Portfolio Manager
High Conviction Bearish
Market Conviction
Conviction cannot be assessed. The document contains zero discussion of individual holdings, position sizing, investment theses, or portfolio construction. It is a performance report with risk metrics and benchmark comparisons only. No positions are named, no sectors discussed, no catalysts identified. The absence of any portfolio commentary makes conviction scoring impossible. Score: 0.00 (not assessable).
Growth Outlook
The market outlook score is 0.50 because the manager does not express any views on the broader stock market, macro economy, or index directions, focusing entirely on internal performance and structural evolution.
Risk Appetite
The risk appetite score is set to 0.50 as the letter provides no details regarding net exposures, leverage, or defensive positioning, maintaining a neutral reporting stance on historical Q1 outcomes.
Capital Deployment
No deployment activity is discussed. The document provides no cash level data, no discussion of position additions or reductions, and no commentary on capital allocation changes during the quarter. Without this information, deployment cannot be assessed. Score: 0.00 (not assessable).
Forward Guidance
Forward guidance is scored at 0.50. While the firm details long-term plans to build a financial services company, there is no near-term guidance or action bias stated regarding portfolio adjustments, cash levels, or trading activity.
Language Signal
The document is purely quantitative with no directional language. There are no bullish terms (opportunity, attractive, undervalued) or bearish terms (risk, overvalued, fragile). The only qualitative language appears in legal disclaimers warning of risk, which is standard boilerplate. Score: 0.00 (neutral/descriptive only).
Perceived Risk
Perceived risk is scored at 0.40, reflecting minimal macro risk discussion. The only hazard mentioned is the potential loss of competitive edge through disclosure in investor letters, with no broader economic threats discussed.
Opportunity Density
The document contains no discussion of the opportunity set, market conditions, or availability of attractive investments. It is purely a performance report. Opportunity density cannot be assessed. Score: 0.00 (not assessable).
Time Horizon
No information is provided about investment time horizons, holding periods, catalyst timelines, or the expected duration of positions. The document is a quarterly performance report with no forward-looking commentary. Time horizon cannot be assessed. Score: 0.00 (not assessable).
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 Militia Capital 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.
