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 |
|---|---|---|---|---|---|---|
Old West All Cap Opportunity returned -0.94% net in Q2 2026 but is up 14.92% year-to-date. The manager believes the US is entering an industrialization period comparable to the 1870s, with AI infrastructure driving a repricing of entire supply chains. Power delivery has emerged as the defining constraint on AI, with hyperscalers spending $700 billion this year alone. The fund is positioned in power semiconductors, natural gas producers, coal, uranium, and optical networking infrastructure. Top contributors included Navitas Semiconductor, whose GaN chips were featured by Nvidia, Bruker Biosciences on new instrument platforms, and Nokia as the market revalued it as critical AI infrastructure. Detractors included Tidewater, Core Natural Resources, and Antero Resources, which declined as oil and gas prices fell after the U.S.-Iran agreement removed war premiums. The manager sees tremendous value in metals, mining, and physical infrastructure, believing natural gas reserves represent crude electricity with immense spread potential. They view coal's death as greatly exaggerated given rising electricity demand from data centers. The portfolio includes companies where investors are overly focused on past end markets rather than future AI-driven demand.
The United States is entering a new industrial revolution driven by AI infrastructure buildout, where power delivery has become the critical constraint and entire supply chains are being repriced, creating opportunities in energy, materials, and physical infrastructure that the market is undervaluing due to excessive focus on legacy end markets.
The manager believes the United States is heading into a period of industrialization similar to the 1870s, with AI determining what should be built and how. They see entire industrial supply chains being repriced and expect central banks will struggle to address inflation with higher rates since demand is concentrated rather than broad-based. The manager is pleased with first half performance and believes they are well positioned for the next few years, with AI automation allowing them to spend more time on higher value activities.
As of Aug 26, 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.
Quality Value / Growth
Lead Portfolio Manager
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
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Old West Capital Management or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.
