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 15, 2026
Penn Davis McFarland did not disclose specific net quarterly or year-to-date return figures in its October 2026 letter. In terms of portfolio exposure, the firm prioritized liquidity and capital preservation by selectively trimming or exiting holdings across fully invested accounts. This disciplined rebalancing was designed to ensure all clients maintain ample cash reserves and dry powder, allowing the portfolio to benefit from multi-decade high yields on cash while preserving deployment optionality amid expanding market dispersion. The manager's macroeconomic outlook centers on the structural end of cheap money, persistent inflation, and escalating fiscal vulnerabilities. Benchmark Treasury yields have reached multi-decade highs due to stubborn inflation, continued Federal Reserve rate increases, and a national debt exceeding $40 trillion. Simultaneously, Middle East transit disruptions in the Strait of Hormuz have pushed oil near triple digits and sparked severe spikes in refined products like diesel and jet fuel. This tightening financial backdrop is exerting acute pressure on speculative momentum and capital-intensive ventures, notably triggering funding friction across the artificial intelligence infrastructure ecosystem. Portfolio activity remained focused on acquiring durable businesses trading at meaningful discounts. The firm initiated a new position in Celsius Holdings (CELH), anticipating top-line reacceleration and multiple expansion as the beverage maker completes its product rationalization. Additionally, the manager scaled an existing long position in Sprouts Farmers Market (SFM), capitalizing on headline-driven weakness surrounding an orderly CEO succession to back the grocer's small-box store rollout toward its 1,000-location target.
Capitalize on market volatility and the end of cheap money to acquire high-quality, durable businesses at meaningful discounts while maintaining robust cash liquidity.
The manager anticipates ongoing macroeconomic volatility driven by elevated energy prices, sticky inflation, and restrictive long-term interest rates. As speculative capital retracts and high discount rates penalize distant cash flows, the firm intends to leverage its liquidity to capitalize on market-driven mispricings of high-quality, durable businesses.
Neutral / Balanced
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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