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 5, 2026
Global markets in the third quarter of 2026 navigated conflicting forces characterized by escalating sovereign bond yields, crude oil price spikes driven by geopolitical turmoil in the Middle East, and ongoing political uncertainty surrounding US midterm elections. Soaring budget deficits and substantial debt rollover schedules across Western governments pushed longer-dated sovereign yields to multi-decade highs, exerting severe pressure on financial conditions. Concurrently, gargantuan capital expenditure by hyperscalers and developers in artificial intelligence has driven tech giants to tap debt markets, creating private sector competition for capital alongside profligate public borrowing. Despite these headwinds, global corporate profitability has demonstrated remarkable resilience, expanding at mid-teens to twenty percent rates as enterprise-wide AI applications enhance productivity and operating efficiencies across sectors such as commercial banking. Equity leadership continues broadening away from US mega-cap technology toward international equities, specifically Emerging Markets and Japan, supported by disciplined fiscal management and compelling starting valuations. The strategy favors commodity-intensive real assets including energy producers, base metals miners, and gold to hedge against structural currency debasement.
Long-term capital appreciates best by anchoring in disciplined real assets, non-US markets, and fundamentally resilient businesses trading at cheap valuations as ballooning Western sovereign deficits and heavy AI infrastructure capex drive bond yields higher.
Financial markets are expected to navigate heightened volatility as elevated bond yields and Middle Eastern geopolitical friction test global economic growth. However, solid corporate earnings growth driven by AI efficiencies provides an underlying floor. Investors with multi-year horizons have compelling entry points in overlooked fundamental equities sold off by passive momentum strategies, as well as structurally supported commodities and non-US equities.
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