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 Jul 17, 2026
Multiples Capital returned -1.0% in Q2 2026 versus the S&P 500's 14.9% gain, bringing YTD returns to 11.6% versus 9.6% for the index. The manager's cautious positioning around Middle East energy risks proved mistaken as the market rallied narrowly on AI capital expenditure frenzy and strong earnings growth of 23.3%. America's energy independence via Strategic Petroleum Reserves and historic AI capex from mega-caps like Alphabet ($85B equity raise), Meta ($25B bonds), and Amazon ($81B debt) drove the rally. Winners included Velo3D on defense contract wins and South Korea semiconductor exposure, while Occidental Petroleum lagged on falling oil prices. Gold and miners whipsawed on dollar liquidity contraction, yield curve flattening, and China halting liquidity injections under new Fed Chair Kevin Warsh's hawkish stance. Despite near-term rate volatility risks, the manager sees massive $2.5 trillion fiscal deficit preventing recession and expects markets to crash upwards in nominal terms. Strategic additions to regional banks, consumer names, and Asian markets position for broadening beyond AI concentration.
Multi-asset diversification across geographies and sectors will outperform as the bull market broadens beyond the narrow AI/semiconductor rally, supported by massive fiscal stimulus that prevents traditional recession despite near-term rate volatility.
The manager expects near-term market volatility from rate adjustment fears under new Fed Chair Kevin Warsh, but believes the Iran crisis moving to the backburner and falling oil prices provide a counterbalance. The massive government fiscal deficit severely lowers the probability of a traditional recession, and following any near-term pullbacks or rate-driven shocks, the market will likely crash upwards in nominal terms. The manager believes the multi-asset framework will regain the spotlight as the bull market broadens out beyond the narrow AI/semiconductor focus.
Neutral / Balanced
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