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 Aug 19, 2026
Northern International Equity Fund underperformed its benchmark in Q2 2026, returning 7.79% versus 10.22% for the MSCI World ex USA Index. The quarter began with geopolitical tensions from the U.S.-Iran conflict disrupting oil supply through the Strait of Hormuz, but investor sentiment improved as markets priced in eventual resolution. Despite one of history's largest oil supply disruptions, economic activity remained resilient supported by healthy consumer spending, durable labor markets, and continued technology investment strength. AI-linked sectors across semiconductors, emerging markets, and U.S. large-cap technology delivered exceptional performance. The fund's overweight to momentum stocks provided a tailwind, while exposures to quality and value factors detracted. Stock selection added value in Industrials and Utilities but was offset by weaker selection in Materials and Energy. Looking ahead, the manager remains constructive despite potential volatility, believing the portfolio's emphasis on high quality companies with positive sentiment and attractive valuations positions it well to generate excess returns over both near-term and full market cycles.
The fund invests in attractively valued, high quality international stocks with positive market sentiment, maintaining factor exposures to momentum, quality, and value to generate excess returns across market cycles.
The manager remains constructive on the investment environment despite potential for elevated market volatility. They expect the outlook for high-quality, inexpensive securities to remain positive given current valuation levels. The fund's focus on high quality securities is believed to be well positioned as economic conditions shift and markets remain volatile, with the disciplined investment approach expected to generate excess returns over both the near term and full market cycle.
Neutral / Balanced
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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