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 Jan 20, 2026
The OAM European Value Fund delivered a stellar 55.8% return in 2025, significantly outperforming its benchmark (35.3%) and the passive EZU ETF (38.7%). This outstanding result was propelled by the largest outperformance of European value stocks versus growth stocks in 30 years. Key portfolio actions included fully exiting the highly successful car carrier sector (achieving an astounding 110% annualized IRR over 5 years) and Altamir, while trimming top-performing positions like Standard Chartered, VIG, and NN Group to lock in gains. Reallocated capital was deployed into deeply discounted investment trusts (such as RTW Biotech, Pantheon, and HVPE) and a highly cash-generative Norwegian oil services business. Although the fund experienced net redemptions, its net assets closed the year at $331 million due to robust investment returns. The management team remains highly bullish on the medium-term outlook, highlighting cheap valuations and expected FX tailwinds from US dollar weakness.
Buying high-quality operating businesses and investment holding companies at a significant discount to their intrinsic value or NAV, and patiently waiting for the intrinsic value to compound and the valuation discount to shrink.
The manager believes European value investing is at the beginning of a multi-year bull run rather than the end. This positive outlook is supported by historically cheap entry valuations (with top holdings trading at single-digit P/Es or massive NAV discounts), an ongoing reversal of growth stock dominance, and currency tailwinds from an expected long-term weakening of the US dollar.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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