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 Oct 22, 2026
During the third quarter of 2026, the strategy generated negative returns on an absolute basis and lagged its benchmark. Sector allocation generated positive relative results, driven primarily by an underweight allocation to Real Estate, but an overweight stance in Consumer Discretionary detracted from performance. Geographic positioning ended the period allocated across North America (28.2%), Asia/Pacific (26.6%), Western Europe (24.9%), Central & South America (11.2%), and Middle East & Africa (7.7%), while cash exposure stood at 1.5% after a 0.7% decrease over the quarter. Macroeconomic conditions were characterized by synchronized monetary tightening as the Federal Reserve, European Central Bank, and Bank of Japan raised policy rates simultaneously in September. Escalated geopolitical tensions in the Middle East and renewed energy price pressure introduced market volatility, though broader European economic activity demonstrated resilience with composite PMIs touching three-year highs. Meanwhile, extreme Japanese yen depreciation triggered historic joint currency interventions by the U.S. and Japan, while temporary trade truce extensions between the U.S. and China helped stabilize sentiment despite persistent technological and strategic competition. Portfolio activity was marked by capital reallocations into higher-growth, resilient business models. Top positive quarterly contributors included UK facility manager MITIE Group, which accepted a cash takeover offer, and Canadian miner Ero Copper on strong operational throughput. Detractors included Garrett Motion and Constellium despite positive fundamental updates. Renaissance initiated new positions in Latin American McDonald's operator Arcos Dorados, Corporacion America Airports, and Versigent, while fully exiting Travis Perkins and PagSeguro Digital.
International small-cap equities offer compelling risk-adjusted compounding opportunities supported by strong corporate earnings growth and historically wide valuation discounts relative to U.S. equities.
International equities continue to trade at only a 12.6x forward price-to-earnings ratio, a 34% discount to U.S. equities, setting up the asset class for continued strong relative gains ahead as corporate earnings grow.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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