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 Jul 30, 2026
The Mindset Value Wellness Fund gained 17.3% net in Q2 2026 but remains down 8.1% year-to-date. The manager expects adult-use cannabis rescheduling by end of September following the DEA hearing conclusion, which should allow more capital to enter the industry with better debt-financing terms and potential U.S. exchange listings. Portfolio companies are transitioning from investment mode to revenue and cash-flow mode as newly built assets come online. Grown Rogue is ramping cultivation in Illinois, New Jersey, and Minnesota. LEEF is expanding Salisbury Canyon Ranch to become the world's largest cannabis farm and lowest-cost cannabinoid producer, with a processing facility acquisition that will double output and allow the company to keep the entire harvest. Uncle Arnie's is crushing it with dispensary sales tripling since 2023 at a 44% CAGR and just closed an oversubscribed $2 million funding round. The manager believes there is tremendous mispricing within cannabis due to few institutional players doing real due diligence, with portfolio companies trading at two to three times forward cash flow while growing at near-triple-digit rates. Reform is viewed as the beginning, not the end, with a long runway of growth ahead.
The Mindset Value Wellness Fund is invested in high-growth cannabis companies trading at remarkably low valuations ahead of adult-use rescheduling expected by end of September 2026, which should unlock capital access, improve financing terms, and attract sophisticated institutional investors who will recognize the fundamental mispricing in companies with strong unit economics, competitive advantages, and replicable growth platforms.
The manager expects an action-packed second half of 2026 with significant regulatory news including rescheduling and the hemp ban decision. As core investments turn on assets and expand, they should start reporting accelerating growth in an industry that has struggled to show any growth at all. The manager sees a long runway of growth for portfolio companies and believes they are fundamentally mispriced. Reform is viewed as the beginning of the game, not the end, and the manager remains optimistic about both near-term and long-term prospects given meaningful catalysts, strong expected growth, and improving earnings across the portfolio.
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