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 |
|---|---|---|---|---|---|---|
In its Q3 2025 letter, Qualivian Investment Partners outlines the performance of the Qualivian Focus Fund (QFF), achieving 5.9% net returns for the quarter. The fund executed a strategic shift, exiting its position in Copart (CPRT) due to intensifying pricing competition and decelerating growth, and initiated a new position in Brookfield Corp. (BN). The letter presents an in-depth behavioral analysis of the 'favorite/long shot anomaly' to show how and why Quality Compounders systematically outperform lower-priced risk assets. It further details long-term holding Mastercard's outperformance since 2017 and introduces Amphenol (APH) as its top target on its watchlist, citing its high customer switching costs, decentralized corporate structure, and large growth opportunities from AI servers.
Qualivian focuses on owning a concentrated portfolio of 15-25 high quality companies with wide moats, long reinvestment runways, and outstanding capital allocation that can compound capital at mid-teens rates over extended periods.
The manager expects sustainable runway for low-teens revenue and high-teens earnings growth for Amphenol over the next few years, driven by AI data center demand. They anticipate efficiency improvements for Watsco in 2026 following completion of refrigerant transition costs.
As of Dec 1, 2025
Founded in 2017 by Aamer Khan, CFA, and Cyril Malak, both Wharton MBA graduates with extensive institutional investment management experience. Khan brings 16 years of experience from Eaton Vance where he co-managed multiple dividend funds achieving 4-5 star ratings, plus roles at Invista Capital Management and Bain & Company strategy consulting. Malak previously served as VP and Equity Analyst at Putnam Investments leading the Industrials Sector Team, with M&A experience at J.P. Morgan. Both founders have invested significant personal wealth in the fund, demonstrating alignment with client interests. The team maintains a boutique approach with two total employees serving six clients with an average account size of $2.46 million.
QIP takes a 'private equity approach to public markets' by combining the best elements of private equity exemplified by its in-depth research process, concentrated portfolio, and long-term holdings with the flexibility, liquidity, and portfolio/risk management benefits of public equities. The firm exclusively targets 'Quality Compounders' - companies with sustainable competitive moats that generate significant free cash and have management teams that think like owners. The strategy is characterized by four key differentiators: Simplicity through fundamental, bottom-up analysis; Careful Stock Selection targeting companies with sustainable competitive advantages; Concentration in select companies with superior investment theses; and Investor Alignment prioritizing capital preservation and long-term orientation.
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