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 |
|---|---|---|---|---|---|---|
Oldfield Partners delivered strong performance in Q2 2026 driven by semiconductor holdings that were purchased at extremely low valuations and have since appreciated by a couple of hundred percent as earnings surged. The manager emphasizes that there is no such thing as a 'value' company—only companies with different valuations at different times based on waves of enthusiasm and gloom. The firm maintains flexibility without entrenched sector views, which has proven beneficial. Despite this success, the manager issues extensive warnings about market excess, using bubble and balloon metaphors to describe current conditions. The SpaceX listing is cited as exhibiting hallmarks of a market top, with stratospheric valuations and inexperienced investors pouring in. The manager expresses concern about AI's impact on professional employment while acknowledging its benefits. Nevertheless, the outlook remains constructive for value investing, with the portfolio maintaining an average P/E of around eleven and the manager seeing plenty of upside. The notions of US dollar exorbitant privilege and US exceptionalism have been undermined by geopolitical events. The manager concludes that 'Value' is back with lots of exciting opportunities available despite overvaluation in many market corners.
Oldfield Partners maintains a disciplined value investing approach focused on companies trading at low valuations due to excessive pessimism rather than fundamental deterioration. The firm demonstrates flexibility by holding semiconductor companies that accidentally wandered into value territory and have delivered strong returns. While warning extensively about bubble dynamics and market excess—particularly around AI enthusiasm and the SpaceX listing—the manager sees abundant opportunities in value stocks. The portfolio maintains an average P/E of around eleven with significant upside potential, reflecting conviction that too much pessimism creates opportunity while too much optimism creates risk.
The manager expresses a mixed outlook with strong conviction in value opportunities. Despite extensive warnings about market bubbles and overvaluation in many areas, the manager remains optimistic about finding attractive investments. The tone conveys caution about speculative excess while maintaining confidence in the value approach. The manager believes there is plenty of upside in current holdings and continues to find exciting opportunities even in an environment characterized by alarm and risk.
As of Aug 11, 2026
Samuel Ziff serves as Chief Investment Officer and portfolio manager for the Overstone Global Large Cap Fund. He joined Oldfield Partners in 2013 and brings experience from J.P. Morgan Cazenove along with his Oxford University education. Under his management, the fund has delivered strong recent performance with a 1-year return of +41.1% and 3-year annualized return of 13.4% as of January 2026. The fund maintains attractive valuation metrics with a forward P/E ratio of 11.5 compared to the benchmark MSCI World's 21.7, while offering a higher forward dividend yield of 3.1%. Ziff works within a team-oriented culture described as investment-led, collegiate, supportive, founded on intellectual curiosity and focused on long-term results. He operates within Oldfield Partners' framework of serving endowment funds, pension funds, charities, family offices, and high net worth individuals through their contrarian value investing approach.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The manager expresses clear views on value investing and market excess with declarative statements like 'Value is back' and extensive bubble warnings. The portfolio maintains a concentrated characteristic with an average P/E of eleven, and the manager explicitly states belief in 'plenty of upside.' However, no individual positions are named or sized beyond the generic reference to 'two or three semiconductor companies.' The absence of specific holdings discussion and position sizing prevents a higher score. The conviction is evident in the philosophical stance and portfolio characteristics, but lacks the specificity of named, sized positions that would warrant a score above 0.70.
Growth Outlook
Market outlook remains high conviction: Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Risk Appetite
Risk appetite posture is moderate conviction: Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Capital Deployment
The manager states 'there is always something to do' and sees 'lots of exciting opportunities,' suggesting ongoing activity. The semiconductor holdings were added at some point and have been maintained through substantial appreciation. However, no specific cash level changes are mentioned, no new positions are explicitly described as being added in the current period, and the extensive bubble warnings suggest selectivity. The score reflects modest ongoing activity and monitoring rather than aggressive deployment or meaningful de-risking.
Forward Guidance
Forward guidance signal: Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Language Signal
The letter contains substantial bearish and cautionary language including 'bubble,' 'balloons pop,' 'rubble,' 'overvalued,' 'risky,' 'alarm,' and 'beginning of the end.' The manager questions whether values have truly increased and warns about market excess. This is partially balanced by bullish language including 'exciting opportunities,' 'upside,' 'Value is back,' and positive framing of semiconductor holdings. The net balance tilts slightly negative due to the prominence and repetition of bubble warnings throughout the letter.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Opportunity Density
Despite extensive risk warnings, the manager states 'there is always something to do' and 'we continue to feel this strongly' about finding opportunities. The manager sees 'lots of exciting opportunities' and believes 'Value is back,' indicating a relatively abundant opportunity set within the value investing universe. The portfolio maintains an average P/E of around eleven with 'plenty of upside' expected. The score reflects selective but meaningful opportunity availability—the manager sees good ideas in value territory even while many market areas are overvalued.
Time Horizon
The manager demonstrates a multi-year orientation, holding semiconductor positions through substantial appreciation rather than trading them. The philosophical discussion about companies having 'different valuations at different times' and emphasis on 'waves of enthusiasm and gloom' suggests a patient, cycle-aware approach. The value investing framework inherently implies willingness to wait for valuations to normalize. However, no explicit timeframe is stated for thesis realization, and the discussion of current market conditions suggests active monitoring rather than a truly permanent capital mindset. The score reflects a medium to long-term horizon typical of value investors.
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