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 maintained upward momentum through the third quarter of 2026, with the MSCI World advancing 11.8% and MSCI EAFE gaining 10.3% year to date in USD terms. However, performance remained concentrated in a narrow leadership of cyclical and technology shares, while the broader market exhibited heightened vulnerability to tightening financial conditions. Portfolio exposure shifts reflect an active pivot toward resilient, out-of-favor international franchises that trade at attractive valuations across rigorous multi-scenario stress tests. The investment team highlights compounding macroeconomic friction points, led by the protracted Iran conflict driving Brent crude near USD 100 per barrel and threatening critical maritime bottlenecks. Simultaneously, sovereign bond yields reached multi-decade highs, with the 10-year US Treasury touching 5.2% following unanimous central bank rate increases. These elevated discount rates pose pronounced risks to US mega-cap technology valuations and debt-financed infrastructure build-outs, reinforcing the need for defensive, cash-generative portfolio positioning. In response to these market divergences, the strategy initiated new fundamental holdings outside the crowded artificial intelligence trade. Notable portfolio additions include Japanese entertainment leader Nintendo, capitalizing on temporary hardware cycle headwinds, and eurozone banking champion BNP Paribas, which offers high dividend yields and structural benefits from regional capital investment.
Disciplined fundamental stock selection focused on high-quality companies with resilient business models and mispriced long-term cash flows offers superior risk-adjusted returns when market rallies narrow.
Markets are expected to contend with mounting geopolitical volatility, stubborn inflation, and elevated borrowing costs, rewarding value-oriented portfolios tilted toward resilient, cash-generative businesses priced with an attractive margin of safety.
Moderate Conviction Bullish
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