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 |
|---|---|---|---|---|---|---|
In the third quarter of 2026, broader equity markets extended their upward trajectory, driven by sharp commodity advances and resilient economic growth against a tightening monetary policy environment. Benchmark performance was spearheaded by large-cap and value equities, with energy advancing substantially as crude oil surpassed key resistance thresholds following geopolitical friction in the Middle East. While headline nominal gross domestic product and labor market indicators demonstrated underlying economic strength, persistent inflation prompted the Federal Reserve to implement a 25 basis point interest rate hike, elevating the policy corridor to 3.75%–4.00%. Consequently, benchmark sovereign yields expanded to multi-decade peaks, placing renewed borrowing pressure on interest-rate-sensitive sectors such as housing and utilities. Fixed income instruments faced widespread quarterly drawdowns as prolonged duration bore the brunt of elevated yield curves. Overall, macroeconomic conditions remain multifaceted, characterized by a dichotomy between sturdy immediate consumer activity and eroding long-term consumer sentiment amid structural inflationary rigidities.
A complex macroeconomic landscape marked by persistent inflation, rising interest rates, and geopolitical disruption favors large-cap value equities and resilient real-asset sectors over rate-sensitive or speculative market segments.
Markets are contending with a complicated macroeconomic environment where persistent inflation and resilient economic activity must be evaluated alongside restrictive borrowing costs and the potential for additional monetary tightening before year-end.
As of Oct 1, 2026
Samantha McLemore, CFA, founded Patient Capital Management LLC in 2020 after over two decades working alongside legendary investor Bill Miller at Miller Value Partners. She serves as Founder and Chief Investment Officer, bringing extensive experience navigating significant market cycles and sentiment changes. McLemore graduated magna cum laude from Washington & Lee University and has held the CFA designation since 2005. Her investment acumen has been recognized through Sauren Gold medals for excellent fund management in 2019, 2020, and 2021, and she was named one of Baltimore's 40 Under 40 in 2017. In 2023, Patient Capital acquired Miller Value Partners' Opportunity Equity strategy, with Miller continuing as senior advisor. McLemore previously served as portfolio manager for equities at Miller Value Partners until early 2023 and at ClearBridge LLC until 2012, with her career beginning as an analyst at Legg Mason Capital Management.
Quality Value / Growth
Lead Portfolio Manager
Moderate Conviction Bearish
Market Conviction
Growth Outlook
Risk Appetite
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Language Signal
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