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 21, 2026
The NZS Growth Equity strategy delivered a net return of -0.75% for the third quarter of 2026, trailing the Morningstar Global Target Market Exposure Index benchmark net return of +1.62%. Year-to-date, the strategy generated a net return of +12.78%, in line with the index net return of +12.80%. In the third quarter, optionality tail software holdings sharply rebounded, offsetting weakness across resilient semiconductor holdings. The strategy completed the quarter with its largest portfolio overweight position to Information Technology in several years, while retaining modest sector overweights in Healthcare and Industrials and trimming Communication Services, Industrials, and Real Estate. From a macroeconomic and market structure perspective, the manager highlights an environment characterized by heavy volatility driven by algorithmic traders, quant models, and retail sentiment lacking contextual awareness. This volatile background has allowed active stock pickers to exploit market overreactions, creating what the manager terms a contextual edge. While AI infrastructure and semiconductor names cooled during the quarter, software enterprise fundamentals demonstrated accelerating organic growth and pricing resilience rather than displacement, prompting significant portfolio realignment. Portfolio activity was marked by capital additions to enterprise software and selected AI infrastructure enablers following temporary share price pullbacks. The strategy re-initiated positions in Okta and ServiceNow, while trimming Atlassian back into an optionality weighting following strong share price outperformance. Additional capital was deployed into core AI names including NVIDIA, Quanta Services, Cadence, Lumentum, Lam Research, ARM Holdings, Marvell, and new entrant Bloom Energy. Conversely, the manager fully exited positions in Ingersoll Rand, Uber, and CoStar Group.
Navigating an unpredictable world through Complexity Investing by balancing a resilient portfolio head of non-zero-sum compounders with an optionality tail of asymmetric growth opportunities.
The strategy maintains an optimistic outlook for enterprise software and AI infrastructure deployment, anticipating that fundamental stock picking with contextual awareness will generate superior long-term returns as short-term market overreactions correct.
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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