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 Nov 10, 2026
Balanced multi-asset portfolios recorded modest positive gains through the third quarter, navigating a complex environment characterized by bond market weakness and equity resilience. While rising inflation and shifting interest rate expectations exerted upward pressure on global sovereign yields and led to capital losses in medium- and long-duration fixed income, global equity markets hovered near all-time highs on the back of resilient corporate earnings. In addition, US dollar strength provided an incremental performance tailwind for sterling-denominated investment portfolios. Macroeconomic conditions remain dominated by escalating geopolitical risks, particularly the ongoing war involving Iran and the closure of the Strait of Hormuz, which have disrupted hydrocarbon markets and sent crude oil to $100 per barrel. Higher energy costs have reversed previous disinflationary progress, pushing headline inflation forecasts higher and prompting major central banks, including the Federal Reserve and the European Central Bank, to continue monetary tightening cycles. Concurrently, expanding sovereign fiscal deficits and political friction surrounding the US midterm elections have contributed to benchmark US 10-year Treasury yields reaching 5%. Equity opportunities are anchored by structural capex drivers within the industrial and power infrastructure sectors rather than pure short-cycle manufacturing recoveries. The rapid expansion of artificial intelligence data centres has precipitated acute power bottlenecks, benefiting equipment manufacturers and electrification specialists such as Schneider Electric, GE Vernova, Siemens Energy, and Caterpillar. Similarly, expanding semiconductor fabrication and supply chain re-localization provide sustainable backlogs for precision industrial leaders like Atlas Copco despite broader macro uncertainty.
Broad-based multi-asset diversification paired with targeted exposure to structural capital expenditure themes in power infrastructure, grid electrification, and manufacturing automation offers resilient risk-adjusted capital growth amid inflationary and geopolitical volatility.
Global equity markets should remain supported by durable corporate earnings and secular investments in energy and AI infrastructure, though persistent inflation and elevated bond yields will require strict portfolio diversification.
Neutral / Balanced
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