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 |
|---|---|---|---|---|---|---|
Global equity and bond markets delivered resilient returns in the first half of 2026 despite geopolitical shocks from the Iran conflict and persistent inflation. The outlook is shaped by four key factors: AI-driven capital spending, corporate earnings strength, the Iran conflict, and interest rates. AI investment continues as one of the most powerful capital expenditure booms in history, though hyperscalers increasingly need external financing, raising risks. Second-quarter earnings are expected to be among the strongest in living memory, with US S&P 500 growth forecast at 22% and European earnings at 18% for the year. Strong earnings growth suggests conditions for a sustained downturn are not yet in place. While markets price in interest rate increases due to energy costs and AI-driven inflation, rates may not need to rise if oil prices remain low and tariff effects fade. The UK property market continues to underperform financial assets, with house prices lagging inflation and the forces that fueled the housing boom unlikely to return. Generative AI is transforming media and entertainment, creating licensing opportunities but raising copyright concerns that create uncertainty for intellectual property valuations.
Despite geopolitical shocks and persistent inflation, resilient corporate earnings growth and AI-driven capital expenditure provide fundamental support for equity markets in the second half of 2026.
The outlook for the second half of 2026 remains shaped by four key factors: AI-driven capital spending, corporate earnings strength, the Iran conflict trajectory, and the path of interest rates. While geopolitical shocks and persistent inflation create headwinds, strong earnings growth and continued AI investment provide support for markets. The conditions for a sustained market downturn are not yet in place, though investors should monitor the growing need for technology companies to raise external capital. Rather than reacting to headlines, the focus should remain on long-term fundamentals and maintaining a disciplined, diversified approach. The UK economic outlook remains challenged by weak wage growth, higher borrowing costs, and an unfavorable policy environment, particularly for residential property.
As of Jul 11, 2026
Christopher Cuesta serves as Chief Investment Officer for the THB investment franchise and is in his 20th year with THB, providing significant continuity and institutional knowledge. THB emphasizes diversity within its eight-person investment team, with five members having minority backgrounds, six born and raised outside the U.S., and four being female. The management team averages over two decades of investment experience, indicating a mature and seasoned approach to portfolio management. More than 40% of THB's client assets have been with the firm for 10+ years, reflecting strong client relationships and track record. The firm was founded in 1982 and was acquired by Victory Capital in 2021 while maintaining investment autonomy.
Quality Value / Growth
Lead Portfolio Manager
Neutral / Balanced
Market Conviction
Growth Outlook
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