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 15, 2026
Minot Light Capital Appreciation Fund delivered a net return of -4.7% for the third quarter of 2026, outperforming the Russell 2000 (-7.2%) and iShares Micro-Cap ETF (-7.4%), though trailing the S&P 500 (+2.3%). On a year-to-date basis, the partnership gained 12.6% net of fees, while generating an annualized compound net return of 16.4% since inception. Performance suffered late in the quarter due to sharp company-specific drawdowns alongside macro-driven factor rotations away from small-cap equities into large-cap momentum names. The fund maintains a strictly unleveraged, fully invested posture without dampening short-term volatility. The investment team attributes recent headwinds to a macro environment defined by simultaneously climbing oil prices, rising interest rates, and softening consumer sentiment. This climate catalyzed an aggressive rotation out of consumer-sensitive and anti-momentum small caps into mega-cap artificial intelligence infrastructure beneficiaries. Minot Light views this market behavior as driven by algorithmic factor baskets pushing discounting mechanisms to historic extremes, where capital expenditures in AI-adjacent industrials reach peak margins and multiples while non-AI industrials and consumer companies trade near cyclical trough levels. Portfolio activity centered on deploying capital into deeply discounted, out-of-favor companies with robust balance sheets and resilient unit economics. Notable actions included acquiring non-AI industrials Hayward Holdings and Alliance Laundry at depressed free cash flow multiples, scaling broken-IPO medical device pioneer Mobia Medical, and initiating a sized position in micro-cap MedTech developer Elutia. In addition, the fund successfully navigated volatility in Suja Life by capitalizing on aggressive open-market insider buying before right-sizing the allocation.
Capitalize on market overreactions and algorithmic basket selling by acquiring cash-generative, structurally profitable small and micro-cap businesses trading at trough valuations when extreme negative scenarios are already fully discounted.
Minot Light anticipates that the current market environment, characterized by extreme valuation divergence between AI momentum stocks and the rest of the equity universe, will eventually correct as capital spending in artificial intelligence decelerates. The managers expect out-of-favor companies with stable earnings power, solid balance sheets, and substantial free cash flows to experience strong upward re-ratings as algorithmic correlations unwind, creating substantial multi-year capital appreciation potential across their portfolio holdings.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
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 Minot Light Capital Partners 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.