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 Sep 28, 2026
Quercus Fund seeks long-term capital appreciation by investing in deeply undervalued companies where market mispricings and holding company discounts provide substantial margins of safety. For the year through August 2026, the fund gained 10.3% net of fees despite experiencing historic monthly volatility, achieving an annualized net return of 15.2% since inception. Performance fluctuations were heavily driven by China Sanjiang Fine Chemicals, the fund's largest position, which saw wild price swings before operational results rebounded sharply. Management actively rotated capital during the period, fully exiting long-held positions in Compagnie de l'Odet and Braskem Idesa debt to fund superior risk-reward opportunities in the Philippines, including First Philippine Holdings and Lopez Holdings. The current portfolio is priced at an aggregate recurring price-to-earnings ratio of less than 3.5 times, representing estimated intrinsic value three times prevailing market levels. Macroeconomic risks include regional geopolitical conflicts, volatile chemical commodity spreads, and emerging technological disruptions from artificial intelligence.
Exploiting deep valuation disconnects and complex corporate structures to acquire resilient, cash-generative businesses at substantial discounts to intrinsic value.
Management expects significant upside potential across the portfolio, which trades at an aggregate recurring price-to-earnings ratio below 3.5 times, representing estimated intrinsic value three times prevailing market levels. The fund remains prepared to reallocate capital dynamically as corporate actions, private market bidding, or price shifts unlock embedded value.
High Conviction Bullish
Market Conviction
Growth Outlook
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Forward Guidance
Language Signal
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