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 Jul 29, 2026
The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented.
The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings.
The manager expects periods of extreme concentration to historically resolve in favor of valuation discipline. While acknowledging that AI-driven demand and semiconductor strength may persist, they believe the portfolio is positioned for a reversion where value is found in businesses left behind by the narrow rally. The same normalized earnings process that led them to trim semiconductors on strength is now finding compelling opportunities in consumer businesses, health care, IT services, and other areas where concentration has created valuation dislocations. They remain focused on owning good businesses at prices that do not require historically anomalous conditions to justify valuations.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
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Forward Guidance
Language Signal
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