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 27, 2026
Moon Capital Management's equity portfolio gained approximately 4% net of fees in the first nine months of 2026, trailing the S&P 500's 11.8% year-to-date advance. The manager underscores that headline index strength conceals historically narrow market breadth, where stripping out the surging semiconductor sector leaves the broader market up only 2% to 3%. Almost half of S&P 500 components have declined year-to-date, while the median stock rose only 4%. In response, the portfolio maintains a disciplined posture, avoiding direct investments in high-multiple artificial intelligence winners where future cash flow economics cannot be reliably underwritten. Macro analysis focuses on the rapid escalation of hyperscaler capital expenditures, projected to exceed $1.2 trillion in 2027 and $1.4 trillion in 2028. The manager identifies swelling risks in the financing of AI infrastructure, noting that lower-quality data center bond yields have surged above 15% amid signs of overcapacity and open-source model deflation. Drawing parallels to the late-1990s telecommunications buildout, the strategy emphasizes that infrastructure suppliers frequently fail to capture lasting economic surplus. Portfolio activity during the quarter focused on capitalizing on misunderstood, cash-rich global franchises, highlighted by a new position in Tencent Music Entertainment alongside an earlier purchase of Inter&Co.
Invest in competitively advantaged businesses whose long-term economic returns can be underwritten with high conviction, purchasing shares only when prevailing market prices provide a substantial margin of safety.
The manager anticipates that investors will eventually demand concrete proof of economic returns on the massive capital deployed into AI infrastructure, while finding the most attractive risk-adjusted opportunities in asset-light businesses with durable recurring revenue trading at meaningful discounts.
Moderate Conviction Bullish
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