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 |
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Oldfield Partners' Overstone World All Cap Equity Fund operates on the core thesis that extreme valuation dispersion between expensive US equities and neglected international markets offers an exceptional multi-year opportunity for fundamental value investing. During the third quarter of 2026, the fund generated a net return of +6.5%, outperforming the MSCI ACWI benchmark return of +1.6% net of fees. Performance was propelled by strong gains in UK holdings, notably easyJet and Aberdeen, while automotive and leisure holdings Stellantis and Marston's detracted due to EV transition headwinds and UK labor cost inflation. Oldfield Partners views broad market sentiment with caution, identifying a 'Not-Quite-Everything Bubble' concentrated heavily in US mega-caps that make up over 60% of global indices. Consequently, the strategy directs capital toward deeply discounted, cash-generative franchises in the United Kingdom, emerging markets, and select Asian value plays, positioning for an enduring multi-year rotation back toward value equities.
Global equity markets exhibit extreme valuation bifurcation, creating an exceptional multi-year risk-adjusted opportunity in neglected, low-multiple international value equities relative to overvalued US benchmarks.
Oldfield Partners anticipates that the market is at the onset of a multi-year phase of value outperformance, spurred by policy instability in the US and the unsustainability of excessive valuation premiums in tech and domestic US equities. As global investors recognize value outside the US, discounted UK and emerging market equities are expected to re-rate significantly.
As of Oct 12, 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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