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 26, 2026
During the third quarter of 2026, the NCG Large Cap Growth Strategy declined -3.03% net of fees, trailing the Russell 1000 Growth Index's gain of 0.92%. Year-to-date, the strategy has generated an 11.30% net return, outperforming the benchmark's 6.30% advance. The strategy's underperformance during the quarter was primarily driven by its overweight allocation to industrials and basic materials. At the end of the period, the portfolio maintained active sector tilts, remaining heavily allocated to technology at 57% (underweight relative to the index's 70%), industrials at 22% (overweight), health care at 7%, financials at 5%, consumer discretionary at 3%, and basic materials at 3%, with cash held at 1%. Macroeconomic conditions grew more complicated as the breakdown of the U.S.-Iran ceasefire caused Brent crude to surpass $100 per barrel, reigniting inflation pressures. August headline CPI rose 3.4% year-over-year, prompting the Federal Reserve to implement a 25 basis point rate increase and project sticky inflation through 2029. Consequently, the 10-year Treasury yield surged above 5%, dampening equity market breadth and sparking sharp factor rotations across technology and industrial supply chains. Portfolio activity during the quarter featured seven new entries and seven full exits. New additions included ServiceNow, Snowflake, and Twilio in enterprise technology; Eli Lilly and Mirum Pharmaceuticals in health care; and Deere & Company and Boeing in industrials. Complete exits included Tesla, Roku, AppLovin, DigitalOcean, Bloom Energy, Boeing, and Mirum Pharmaceuticals. Top absolute contributors were Microsoft, NVIDIA, and CrowdStrike, while FTAI Aviation, Applied Materials, and RBC Bearings were the primary detractors.
Emphasize high-quality, research-driven growth companies with durable competitive advantages, healthy balance sheets, and long-term earnings power, supported by a disciplined valuation and sell framework.
The fundamental environment for high-quality growth investing remains constructive as corporate earnings growth outpaces prices, though market leadership will remain selective amid restrictive interest rates and elevated energy costs.
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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