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 19, 2026
Global equity markets sustained solid momentum through the third quarter of 2026, with the MSCI World Index advancing 11.8% year to date and the MSCI EAFE Index rising 10.3% in USD terms, both hovering just below record highs. However, leadership remained heavily concentrated within Information Technology and selected cyclical names, even as the broader AI trade experienced partial quarterly reversals. The strategy maintains downside protection discipline by stress-testing cash flows across diverse macro scenarios rather than chasing narrow market drivers, keeping capital focused on durable cash generation. The global macroeconomic environment faces compounding friction from surging energy benchmarks and tightening financial conditions. Brent crude averaged approximately $94 per barrel before spiking past $100 following Middle Eastern escalations, which threaten critical chokepoints including the Strait of Hormuz and Bab el-Mandeb. In response, global sovereign yields touched multi-decade milestones, with the US 10-Year Treasury yield reaching 5.2% following unanimous Federal Reserve policy tightening, alongside rate increases from the ECB and Bank of Japan that elevate the cost of capital. Market bifurcation has widened the opportunity set in resilient, cash-generative franchises trading outside the AI infrastructure complex. The strategy initiated new high-conviction holdings in Japanese entertainment leader Nintendo and European banking champion BNP Paribas. Capital remains selectively deployed into mispriced businesses with formidable competitive moats, solid balance sheets, and substantial shareholder yield capable of compounding across volatile macroeconomic environments.
Capitalize on market concentration and macro volatility by using disciplined scenario analysis to invest in high-quality, cash-generative global franchises trading at compelling valuations relative to their long-term cash flow potential.
Markets are anticipated to face an extended period of regional volatility and elevated capital costs, favoring securities whose long-term cash flow generation offers compelling value across a wide range of scenarios.
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
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