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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Oldfield Partners' Overstone Global Equity Fund returned 13.7% in Q2 2026, matching the MSCI World Index and outperforming the MSCI World Value Index which rose 9.2%. The quarter was dominated by AI-related stocks, with Samsung contributing 100% returns while energy holdings ENI and Sanofi detracted. The manager expresses significant skepticism about AI infrastructure spending, noting the six largest spenders are scaling toward $1trn annually by 2026, approaching 30% of all US business investment. This requires revenue in the trillions and profits in the hundreds of billions, which the manager views as unlikely on required time horizons. The worst case is that AI proves transformational but gains accrue to consumers through deflation rather than providers. Despite AI concerns, the manager sees value winter ending and value spring arriving, with opportunities broadening across consumer staples, healthcare, and financials. The portfolio trades at 11x forward earnings with 40% weighted average upside. Portfolio activity included selling Kyocera at 1.5x book value and trimming ENI, NOV, and Samsung as they approached fair value.
The manager pursues a value-oriented strategy focused on identifying mispriced businesses across global markets, particularly in areas overlooked by AI-focused investors, with the portfolio trading at 11x forward earnings and offering approximately 40% weighted average upside.
The manager believes value winter has ended and value spring has arrived, though they still await value summer. With the portfolio trading at around 11 times forward earnings and a weighted average upside of around 40%, the broadening opportunity set remains attractive for patient, value-oriented investors. The manager sees plenty of corners of markets which seem attractive outside those deemed to be AI beneficiaries, spanning consumer staples, healthcare, financials and beyond.
As of Jul 8, 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.
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Moderate Conviction Bullish
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