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 Aug 6, 2026
Risk assets staged a powerful rebound in Q2 2026, with the S&P 500 rallying 15.2% during the quarter despite accelerating inflation, a more hawkish Federal Reserve, and continued geopolitical uncertainty. The rally was driven primarily by a sharp decline in oil prices from roughly $100 to $70 per barrel as Middle East tensions eased, relieving pressure on inflation expectations. Market participation broadened significantly, with small caps and value stocks outperforming, the Russell 2000 gaining 22.6% year-to-date, and previously unloved sectors contributing meaningfully. Emerging markets led global equity performance, up roughly 24% for the quarter, driven by demand for high-bandwidth memory chips for AI systems. The Federal Reserve held rates unchanged at 3.50% to 3.75% but adopted a more cautious tone. The manager rebalanced portfolios back to long-term targets during the quarter and maintains a moderate gold allocation as a diversifier. While expressing cautious optimism based on resilient growth and supportive earnings, the manager emphasizes the importance of maintaining diversified portfolios given elevated valuations in parts of the market and ongoing geopolitical risks.
The manager advocates for a disciplined, diversified investment approach focused on long-term objectives in an environment where the outlook can change quickly, emphasizing portfolio balance and rebalancing discipline over chasing recent market winners.
The manager expresses cautious optimism while acknowledging ongoing uncertainty. They see reasons for optimism including resilient economic growth, supportive corporate earnings, and potential easing of inflation pressures if energy markets remain stable. However, elevated valuations in parts of the market and ongoing geopolitical risks reinforce the importance of maintaining diversified portfolios. The manager remains focused on the path of inflation, geopolitical developments, and the evolution of the artificial intelligence cycle as key factors that could influence interest rates, market leadership, and overall investor sentiment in the second half of the year.
Moderate Conviction Bearish
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