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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 20, 2026
Pelican Bay Capital Management's Concentrated Value strategy returned -0.9% net of fees in the third quarter of 2026, trailing the Russell 1000 Value Index's 2.6% return, and bringing year-to-date performance to 5.5% net of fees. After a strong 7.8% advance through July and August, relative gains unwound during September amid broader factor-driven momentum selling and a spike in interest rates. The fund maintains a disciplined, fully invested long-only posture with net cash discipline, holding companies characterized by robust free cash flows, defensible business models, and sizable discounts to estimated intrinsic values. From a macroeconomic perspective, the manager points to interest rate pressures pushing 30-year mortgages above 7%, which triggered severe multiple compression across housing and construction supply chains despite steady underlying fundamentals. Concurrently, geopolitical disruptions from the Iran conflict since March have depleted global crude inventories, reinforcing the manager's view that structural oil demand will outstrip supply for several years, sustaining firm commodity pricing. Portfolio activity was highlighted by initiating a new core holding in salvage auction duopolist Copart at a cyclical discount, alongside adding to AECOM following contract-related weakness. Gains were harvested by trimming Corpay and Royalty Pharma near fair value, while energy holdings were consolidated out of Diamondback and EOG Resources into Devon Energy.
Invest with a wide margin of safety in high-quality, wide-moat companies possessing strong balance sheets and durable cash flow streams trading at substantial discounts to intrinsic value.
Global oil demand is anticipated to exceed supply for several years absent a severe global slowdown, while high-quality compounders facing temporary cyclical headwinds offer favorable risk-adjusted returns toward intrinsic fair values.
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