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 |
|---|---|---|---|---|---|---|
Praetorian Capital declined 4.39% net in Q2 2026 as the Mid-East war temporarily disrupted the fund's core Feudalism thesis by making US industries competitive again when Asian Mercantilists couldn't procure affordable energy. The fund is positioned for Economic Feudalism to continue—where foreign oligarchs underpay workers to produce for US consumption with dollar earnings recycled into overvalued US assets. Core holdings include Emerging Markets positioned for Dollar weakness, refiners benefiting from structural supply tightness, technical colleges positioned for AI-driven reskilling, precious metals for inflation protection, and St. Joe for population migration trends. The Event-Driven book underperformed due to Trump-driven market discontinuities and was cut for summer. Manager views AI capex as a massive bubble comparable to historical infrastructure manias, expecting most capital to be impaired. The buildout supports over 10% of US GDP and its unwind could trigger a deeper recession than the dot-com crash, likely prompting government intervention. Manager maintains lower exposures awaiting bargain entry points.
The fund is positioned for the continuation of Economic Feudalism—a system where foreign oligarchs underpay workers to produce for US consumption, with dollar earnings recycled into overvalued US assets—while hedging with refiners that benefit from supply tightness and economic growth. Manager expects a weak-Dollar policy to catalyze Emerging Markets and views the AI capex buildout as a massive bubble comparable to historical infrastructure manias that will eventually unwind and trigger government intervention.
Manager expects core portfolio positions to resume upward trends as Mid-East war seemingly trails off and Feudalism dynamics reassert themselves. Anticipates continued positive earnings results for Q2. Plans to maintain lower exposures and await potential equity market decline from AI buildout slowdown before deploying capital aggressively at bargain levels. Expects government intervention (Project Zimbabwe phase II) if AI unwind triggers deep recession.
As of Jul 21, 2026
Harris 'Kuppy' Kupperman founded Praetorian Capital and serves as Chief Investment Officer, bringing experience from his role as Chairman, CEO and President of Mongolia Growth Group Ltd. since 2011. He graduated from Tulane University in 2003 with a degree in history and owns 27.2% of Mongolia Growth Group shares. The management team includes experienced professionals: Paul Zavaliy as CFO/CCO with nearly 20 years in public accounting focusing on hedge funds and private equity; Aaron Bubley as COO with nearly 20 years in hedge funds; Nick Cousyn as Director of Client Relations with over 20 years in capital markets; and Wes Cooper as Special Advisor with over 30 years in financial services. The team operates from Puerto Rico with established service provider relationships including CIBC Bank USA as custodian.
Praetorian Capital employs an 'Inflection Investing' strategy seeking non-correlated, asymmetric returns through highly-concentrated investments of 6 to 12 of their best ideas. The fund believes the highest IRR is attained near macro or idiosyncratic inflections and seeks to identify strong tailwinds to avoid value traps. They wait for inflection triggers while tactically trading shorter-duration Event-Driven special situations including busted M&A and bankruptcy exits to self-fund longer-term inflections and provide liquidity during drawdowns. Rather than using traditional hedges, they utilize option strategies for non-correlated, short-term returns to augment core portfolio holdings. The fund remains agnostic about monthly volatility and focuses on absolute returns through hard asset-rich companies in shipping, energy, and real estate sectors.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Manager demonstrates high conviction through concentrated portfolio structure with 5-6 named core positions discussed in detail with specific thesis and sizing language. Recently deployed vast majority of personal capital into fund after liquidating Mongolia Growth Group. Uses declarative language about position sizing and holding through volatility. However, conviction is tempered by explicitly maintaining lower than normal exposures and cutting Event-Driven book, preventing a score above 0.80. The combination of concentrated named positions with clear theses but intentionally reduced overall exposure yields 0.78.
Growth Outlook
Market outlook remains low conviction: Praetorian returned 16.44% in Q1 2026, positioned for an inflationary multipolar world with elevated volatility. Core holdings in emerging markets, refiners, precious metals, and c...
Risk Appetite
Risk appetite posture is very low conviction: Praetorian returned 16.44% in Q1 2026, positioned for an inflationary multipolar world with elevated volatility. Core holdings in emerging markets, refiners, precious metals, and c...
Capital Deployment
Manager cut Event-Driven book for summer after giving back Q1 gains, demonstrating active de-risking in that segment. Maintains lower than normal exposures overall and explicitly awaits market decline to deploy at bargain levels. However, recently deployed significant personal capital into fund (large MGG distribution invested July 1). The combination of personal capital deployment with reduced fund-level positioning and explicit wait-and-see stance yields slightly negative score reflecting net caution.
Forward Guidance
Forward guidance signal: Praetorian returned 16.44% in Q1 2026, positioned for an inflationary multipolar world with elevated volatility. Core holdings in emerging markets, refiners, precious metals, and c...
Language Signal
Language is dominated by risk-focused terms: bubble, malinvestment, impaired capital, bankruptcy, recession, unwind, decline, brutally awful economics. Manager uses historical crash analogies (Panama Canal, railroads, fiber buildout, dot-com) extensively. While some bullish language exists around specific positions (refiners, technical colleges), the overall directional language balance tilts meaningfully bearish with warnings about systemic risks.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Praetorian returned 16.44% in Q1 2026, positioned for an inflationary multipolar world with elevated volatility. Core holdings in emerging markets, refiners, precious metals, and c...
Opportunity Density
Manager describes market as surprisingly devoid of deep and liquid trends to play over past few years, explicitly noting they missed AI supplier trades. Maintains concentrated portfolio in specific areas (EM, refiners, technical colleges) but characterizes broader opportunity set as limited. Plans to await market decline to find bargain entry points rather than deploying at current levels. The selective opportunities in defined areas with explicit acknowledgment of limited broader opportunities yields mid-range score.
Time Horizon
Manager discusses multi-year structural themes including Economic Feudalism dynamics, population migration trends, and AI reskilling over coming years. Describes refiners benefiting from supply dynamics that take many years to change. St. Joe positioned for long-term population migration. However, also maintains Event-Driven book focused on shorter-term catalysts and discusses quarterly earnings expectations. The combination of multi-year structural themes with some near-term catalyst focus yields 0.70, reflecting 2-4 year primary horizon.
Top Conviction Themes
Key Catalysts
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