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, 2025
Plurimi Wealth's Global Macro fund declined 1.7% in March as Trump's 25% tariffs on Mexico and Canada, plus Chinese goods hikes, triggered trade war fears and market volatility. The managers view these tariffs as leverage tactics for better trade balances, expecting April rollbacks following concessions. They maintained equity allocation unchanged, focusing on resilient positioning through healthcare names like Eli Lilly, Roche, and Danone, plus defense beneficiaries Dassault Aviation and Kongsberg Gruppen driven by geopolitical tensions and rising global defense budgets. The fund maintains gold exposure via Franco-Nevada and Kinross while preferring TIPS over Treasuries, with 30-year real yields around 2% offering rare opportunity. Key risks center on inflation and stagflation if protectionist policies persist, rather than recession. The dollar weakened as tariffs shook confidence in U.S. economic stability. Looking ahead, they expect continued U.S. growth in 2025, meaning fewer Fed cuts than markets anticipate, while positioning for structural defense trends and inflation protection.
Multi-asset strategy combining macro allocation with risk management, maintaining defensive positioning through resilient healthcare and consumer staples holdings while capitalizing on structural defense spending trends and inflation protection via TIPS and gold exposure.
The manager expects continued U.S. economic growth in 2025, leading to fewer Fed rate cuts than market expectations. They anticipate tariff rollbacks in April following concessions, viewing current tariff policy as leverage strategy rather than permanent trade war. Inflation and stagflation are seen as primary risks if protectionist policies persist.
Neutral / Balanced
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Forward Guidance
Language Signal
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