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 |
|---|---|---|---|---|---|---|
Prosper Stars & Stripes generated a net return of 30.1% in Q2 2026, outperforming the Russell 2000's 21.5% return and the HFRX Equity Hedge Index's 10.3% return. The fund's long book contributed 43.2% gross return with positive alpha of 20.8%, driven by broad-based performance across the portfolio. Top contributors included Vishay Precision Group, benefiting from robotics opportunities and operational improvements, and Ambiq Micro, which reported 59% revenue growth driven by edge AI applications. The short book contributed 2.3% of alpha despite the strong market rally. The manager's outlook is constructive, supported by ongoing job growth, manageable inflation, and AI-driven infrastructure investments. Key themes include the reinvigoration of U.S. industrial supply chains, with investment in domestic manufacturing capacity tripling between 2021 and 2025, and accelerating defense spending with the U.S. defense budget expected to rise 42% in 2027. The manager is positioned in defense through Park Aerospace, Applied Aerospace & Defense, and Elmet Group, while shorting consumer electronics companies facing cost pressures from AI-driven DRAM inflation. Earnings forecasts call for exceptional growth of 23-25% in 2026 for both large and small caps, though this creates a high hurdle for the market to clear.
Roubaix Capital runs a concentrated long/short small cap equity strategy focused on exploiting structural inefficiencies in smaller companies through fundamental stock selection, maintaining 30-50 long and 30-50 short positions with consistent net exposure around 48% and no leverage.
The manager's outlook is constructive with ongoing job growth, manageable inflation, and AI investments creating healthy economic drivers. Technology and infrastructure buildouts continue to demand attention with extraordinary earnings results projected to continue. Several industries including healthcare, consumer discretionary, and staples have lagged and offer opportunities for recovery. This broadening of the economy leads to strong earnings estimates for 2026 and beyond, with technology driving the majority of growth and other areas following along. However, the bullish forecasts create a high hurdle of expectations, and the market will be contemplating these as focus turns to 2027. The manager notes that earnings leadership from the Mag 7 has waned and is shifting in large caps, adding tension below the surface. A focus on stock picking enables the manager to consider these factors without being overly reliant on macro outcomes.
As of Aug 18, 2026
Patrick Armstrong, CFA, serves as Group Chief Investment Officer at Plurimi Wealth LLP and has managed Prosper Global Macro since its inception on June 11, 2014. He leads a team including Eugen Fostiak as Head of AI & Machine Learning and co-manager of discretionary strategies. The management team has received multiple industry awards including MEA Best Asset Manager and Best use of AI 2024, Citywire Best Small Firm 2024, Global 100 Awards 2019, HFM European Performance Awards 2016, and Institutional Alternative Awards 2016. Plurimi Wealth LLP is authorized by the FCA in the UK with additional regulated offices in Dubai and Monaco, providing international reach and regulatory compliance.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The manager runs a concentrated portfolio of 30-50 long and 30-50 short positions, which is moderately concentrated for a long/short fund. The letter names 13 specific positions with detailed thesis explanations and explicit position sizing language (e.g., 'largest contributor,' 'second-best contributor,' 'largest detractor'). The manager provides specific financial targets for holdings like LightPath ($150 million revenue target, content value shifting from under $50 to $1,000-$500,000) and Park Aerospace (production expected to triple). The manager demonstrates conviction through willingness to reinvest in Procore after a stop-loss exit. However, the manager also shows disciplined profit-taking by exiting Vishay and Ambiq as they met price targets, and uses stop-loss frameworks on both longs and shorts. The thesis is clear and falsifiable with specific catalysts, but the hedged language around macro factors ('the market will be contemplating') and the balanced long/short structure with consistent net exposure prevent this from scoring in the high conviction range. Score: 0.68.
Growth Outlook
Market outlook remains low conviction: Small cap long/short fund delivered -5.6% in volatile Q1 marked by Middle East crisis and AI boom. Exited profitable positions in Modine and nLIGHT at targets while shorts contribu...
Risk Appetite
Risk appetite posture is very low conviction: Small cap long/short fund delivered -5.6% in volatile Q1 marked by Middle East crisis and AI boom. Exited profitable positions in Modine and nLIGHT at targets while shorts contribu...
Capital Deployment
Average daily net exposure was 48% during Q2 compared to 44% since inception, representing a modest 4 percentage point increase in net exposure. However, this appears to be more a function of strong long performance (43.2% gross contribution) relative to short performance (-6.5% gross contribution) rather than aggressive new capital deployment. The manager exited multiple profitable long positions (Vishay, Ambiq) during the quarter, harvesting gains rather than scaling winners. The manager also covered several short positions (Cable One, Innodata). The manager did reinvest in Procore and is invested in defense names, but the overall activity suggests rotation and selective redeployment rather than net new capital being put to work. The 4 percentage point increase in net exposure is modest and could be largely explained by market performance rather than intentional deployment. Score: +0.10.
Forward Guidance
Forward guidance signal: Small cap long/short fund delivered -5.6% in volatile Q1 marked by Middle East crisis and AI boom. Exited profitable positions in Modine and nLIGHT at targets while shorts contribu...
Language Signal
Bullish language includes: 'constructive outlook,' 'healthy economic drivers,' 'extraordinary earnings results,' 'strong earnings estimates,' 'credible corporate goals,' 'earnings power continues to rise,' 'broadening of the economy,' and multiple references to growth opportunities in defense, onshoring, and AI infrastructure. Bearish/cautious language includes: 'high hurdle,' 'tension below the surface,' 'extreme day-to-day market moves,' 'consternation about return on investment,' 'volatility,' 'ongoing pressure,' 'squeeze discretionary purchases,' and references to risks from oil prices, interest rates, and tariffs. The language is more bullish than bearish overall, with specific opportunities identified, but balanced by acknowledgment of risks and high expectations. Score: +0.50.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Small cap long/short fund delivered -5.6% in volatile Q1 marked by Middle East crisis and AI boom. Exited profitable positions in Modine and nLIGHT at targets while shorts contribu...
Opportunity Density
The manager sees opportunities across multiple areas: defense spending with the budget rising 42% in 2027, onshoring with domestic manufacturing investment tripling, AI infrastructure buildout, and recovery opportunities in lagging sectors like healthcare and consumer discretionary. The manager states 'earnings growth trends are broadening beyond tech and the Mag 7' and notes 'several industries have lagged to varying degrees and offer opportunities for recovery.' The manager identifies specific opportunities in space communication (LightPath), defense (Park Aerospace, Applied Aerospace, Elmet), and shorts in consumer electronics facing cost pressures. The manager also notes that 'smaller companies are likely to remain a reliable source of mispriced investment opportunities' due to structural inefficiencies. While the manager acknowledges selectivity is required, the overall characterization is of a broad and growing opportunity set across multiple themes. Score: 0.70.
Time Horizon
The manager uses two-year forward valuations as the primary framework ('Base, bull, and bear case price targets are derived from two-year forward valuations, while also discounting back longer-term trends'). The manager discusses LightPath's 'medium term' revenue target of $150 million and 'long-term' target of double that, suggesting a multi-year view. The manager describes Park Aerospace's earnings power rising as defense spending accelerates over time, and notes Vishay's initiatives are 'expected to lift gross margins and EBITDA margins over the next several years.' The manager also states they 'tend to concentrate in 30-50 long and 30-50 short positions' and maintain 'consistent net exposure,' suggesting a patient, multi-year approach rather than trading around near-term events. However, the manager also uses stop-loss discipline and exits positions as they meet price targets, indicating some catalyst dependency and willingness to harvest gains within shorter timeframes. The two-year valuation framework and multi-year thesis discussions suggest a medium-term horizon. Score: 0.65.
Top Conviction Themes
Key Catalysts
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