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 |
|---|---|---|---|---|---|---|
For Q1 2026, the Old West All Cap Opportunity fund returned +16.01% (net), vastly outperforming its Russell 3000 Value benchmark (+2.23%). This performance was driven by the fund's timely reallocation into energy stocks, which capitalized on a sudden surge in Brent crude oil prices from $61 to $118 following geopolitical conflicts in the Middle East. Top contributors included Canadian Natural Resources (CNQ), Tidewater (TDW), and Suncor Energy (SU). Detractors included Bruker (BRKR), SS&C Technologies (SSNC), and Trilogy Metals (TMQ), which declined primarily due to funding cuts and valuation multiple compression rather than weak core business performance. Old West remains highly committed to its core thesis of investing in physical assets—such as copper, natural gas, and infrastructure—that power the AI revolution, positioning the portfolio to benefit from structural, physical supply shortages.
Durable wealth in technological revolutions accrues to the owners of the physical infrastructure required by that technology. AI cannot build its own pipelines or lay its own railroads; it runs on physical infrastructure and energy, making depressed physical assets the greatest value opportunity of the decade.
The fund believes that while the marginal cost of intelligence is heading toward zero, the marginal cost of the physical world is not. The owners of physical assets, energy infrastructure, and critical commodities (like copper and natural gas) will capture immense value as the AI transition accelerates.
As of Mar 31, 2026
Old West's investment philosophy centers on alignment with management teams that demonstrate significant ownership stakes and smart compensation structures. The firm believes in a people-first approach to investment selection, seeking companies with strong management track records of compounding shareholder value. They employ a concentrated, contrarian investment approach, focusing on their best ideas through disciplined, long-term strategies. The firm seeks to buy businesses at discounted prices while limiting capital loss, particularly in sectors like metals and mining where they see multi-year bull market potential driven by supply-demand imbalances in essential industrial metals.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Growth Outlook
Market outlook remains above average conviction: Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Risk Appetite
Risk appetite posture is high conviction: Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Forward Guidance
Forward guidance signal: Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Language Signal
Tone analysis indicates high conviction language: Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Time Horizon
Investment time horizon reflects a high conviction orientation. Old West surged +16.01% in Q1 2026, riding a massive geopolitical oil spike after astutely rotating capital into energy, while doubling down on their core thesis of backing the phy...
Top Conviction Themes
Key Catalysts
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