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 19, 2026
Ophir Asset Management reported divergent performance across its investment strategies in September 2026. The flagship Ophir Opportunities Fund delivered a net return of +3.7% after fees, outpacing its benchmark's -2.3% decline by 6.0%, bringing its annualized net return since inception in August 2012 to +22.7%. The Ophir High Conviction Fund declined -1.2% net of fees, outperforming its -2.9% benchmark, while the Ophir Global Opportunities Fund fell -3.1% net of fees, underperforming the MSCI World SMID Cap Index return of -1.2%. The Ophir Global High Conviction Fund fell -2.1% net of fees. Stock selection in the global strategies was impacted by an isolated sell-down from a large shareholder in a single holding, despite intact operational fundamentals. The broader macroeconomic environment was defined by surging government bond yields, with the US 10-year Treasury yield climbing 54 basis points to 5.29%—its sharpest monthly jump in four years—driven primarily by rising real yields and a 25 basis point Federal Reserve rate hike. While mega-cap indices remained resilient, global small and mid-caps faced pronounced selling pressure, as the Russell 2000 retreated -5.3%. In Europe, French sovereign bond yields surged past 4.5% amid political instability and wide fiscal deficits, widening spreads over German Bunds to levels unseen since 2011. From a positioning standpoint, Ophir maintains strong conviction in small caps, arguing that starting valuations at 14 times forward earnings sit in the cheapest decile since 1995. The management team notes that extreme index concentration, where the top ten AI leaders account for 42% of the US market, historically marks the prelude to multi-year small-cap outperformance. To withstand higher debt service costs, the portfolio intentionally filters out unprofitable businesses and heavily leveraged capital structures, maintaining more than 90% portfolio profitability.
Depressed small-cap valuations at 14 times forward earnings alongside extreme market concentration provide an exceptional historical setup for long-term outperformance once real yield shocks subside.
History demonstrates that spikes in real bond yields are not a signal to exit small caps, particularly when valuations trade at 14 times forward earnings alongside robust corporate earnings growth.
Moderate Conviction Bullish
Market Conviction
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