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 Aug 14, 2026
The Moerus Worldwide Fund returned 5.37% in H1 2026, lagging benchmarks amid an AI-driven frenzy that saw capital flood into technology stocks while fleeing traditional sectors. The Fund significantly outperformed in Q1 before giving back gains in Q2 as semiconductor stocks soared. Energy holdings were the largest contributors, benefiting from the Iran conflict and oil price surge, with positions in Valaris, Aker ASA, Tidewater, and International Petroleum performing well. Precious metals holdings declined in Q2 on inflation concerns and rate expectations. Manager actively avoids AI-related stocks due to excessive valuations and downside price risk, drawing parallels to the dot-com bubble. The bifurcated market created opportunities in unloved areas, with new positions initiated in UK homebuilding, agricultural equipment, and Indian life insurance and chemicals. Manager eliminated Valaris following Transocean takeover and redeployed proceeds. Despite near-term underperformance, the Fund has significantly outperformed both benchmarks over 3, 5, and 10-year periods. Manager remains committed to patient, contrarian approach focused on discounted prices and long-term value creation.
Moerus maintains disciplined deep value approach, investing in depressed, out-of-favor businesses at significant discounts to intrinsic value with multi-year time horizons, while actively avoiding overvalued areas like AI-related technology stocks despite their market dominance.
Manager expresses cautious optimism about long-term opportunities despite near-term market bifurcation. Views current environment of extreme disparity between hot AI-related areas and unloved sectors as fertile hunting ground for deep value opportunities. Believes reduction in competing value investors due to attrition and style drift bodes well for Fund's approach going forward. Expects portfolio holdings to create enduring shareholder value over long run despite near-term volatility. Remains committed to patient, long-term investment approach focused on discounted prices and fundamental business quality rather than short-term market trends or benchmark performance.
Moderate Conviction Bullish
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