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 13, 2026
Minotaur Global Opportunities Fund posted a net return of -0.1% in September 2026 and -1.4% net for the third quarter, lagging the MSCI AC World Index by 2.6 percentage points over the three-month period. For the trailing 12 months, the fund delivered +6.6% net of fees, maintaining an annualized net return of +18.5% since inception compared to +16.1% for the benchmark. The portfolio closed September with a high net equity exposure of 91.6%, comprising a 97.9% gross long allocation and a 6.2% gross short exposure across 70 long and six short positions. Capital was fully committed as proceeds from exits were immediately recycled back into the market rather than held in cash. Performance during the period was challenged by a broad macro rate shock following monetary tightening by the Federal Reserve, the ECB, the RBA, and the Bank of Japan, which pushed the US ten-year yield up 54 basis points to 5.29% and punished bank and long-duration data assets. Concurrently, the manager observed a structural transition within artificial intelligence from hardware infrastructure to consumer-facing applications. The emergence of memory compression techniques such as Google's TurboQuant and DeepSeek V4.1 demonstrated that software algorithmic efficiency gains are beginning to counterbalance escalating physical hardware costs, signaling a pivotal shift toward application-layer monetization. In response to this regime shift, portfolio activity surged with 17 trades executed in September, including 14 purchases. Minotaur liquidated its winning position in Micron and halved its exposure to SK hynix, citing diminished risk-adjusted upside following massive multi-quarter gains. The harvested capital was redeployed into software platforms levered to consumer AI agents, establishing Meta Platforms as the fund's single largest holding after testing its newly launched Muse agent. Other activity included initiating a long position in Shopify, adding to Japanese accounting platform Freee, scaling into clinical-stage cardiac AI provider Artrya on price weakness, and successfully covering a profitable short position in Intuit.
Minotaur captures asymmetric global equity returns by dynamically allocating capital to inflection points where fundamental technological progress outpaces prevailing market valuations.
Minotaur views the emergence of consumer AI agents as the next decade-long secular growth wave, marking a transition of economic returns from hardware infrastructure builders to intelligent application platforms. While acknowledging near-term rate volatility and algorithmic efficiency gains in hardware, the manager remains positioned for attractive risk-adjusted returns by backing application gateways and mispriced compounders.
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