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 Mar 31, 2026
Peterson Investment Fund I returned -0.8% net in Q1 2026, outperforming the S&P 500's -4.3% return by 3.5 percentage points. The quarter was shaped by geopolitical escalation involving the United States, Israel, and Iran, creating disruption around the Strait of Hormuz that altered commercial behavior across freight markets, insurance costs, and supply chains. The fund identified mispricing opportunities in energy-related positions, selectively increasing exposure to oil tanker shipping and exploration and production businesses where the market had not fully incorporated secondary disruption effects or the persistence of elevated baseline energy prices. The portfolio remains concentrated in core long-duration compounders including Alphabet, Berkshire Hathaway, Alibaba, Daily Journal, and Naspers. No core equity positions were sold during the quarter. Since inception in October 2011, the fund has delivered 13.4% annualized net returns, turning each $1 million invested into $6.15 million. The quarter reinforced that intrinsic value builds more steadily than market price reactions, with recognition often arriving in bursts rather than on a smooth schedule.
PIFI is a concentrated, long-term, value-based partnership that owns a small number of exceptional businesses purchased at discounts to intrinsic value, holds them long enough for compounding to work, and uses disciplined implementation to improve entry prices.
The quarter reinforced that intrinsic value builds more steadily than market price reactions. Recognition of value is often uneven, and outcomes can arrive in bursts rather than on a smooth schedule. Our task is not to forecast every turn of events, but to remain analytically prepared, valuation-sensitive, and liquid enough to act when the gap between price and value becomes wide.
Moderate Conviction Bullish
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