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 11, 2026
REQ Global Compounders returned -5.0% in H1 2026, bringing since-inception returns to 41.4%, as AI-driven rotation out of software into semiconductors created the single largest performance detractor despite strong underlying business performance. The Constellation Software family delivered healthy recurring organic growth while aerospace holdings HEICO and Diploma benefited from booming demand, with HEICO posting record results on 41% earnings growth. Portfolio companies continued compounding EBITA at mid-teens rates with median Q1 earnings growth of 14% on 6% organic growth. The fund trades at 17.7x NTM EBITA, one of the lowest valuations since inception, creating what management views as one of the most attractive entry points in years. The manager added two new industrial distribution positions—Applied Industrial Technologies and DiscoverIE—both proven acquirers with decade-plus M&A track records, while trimming Amphenol due to AI concentration and demanding valuation. Management emphasizes the gap between fundamental performance and share price performance is as wide as it has been for many years, with conviction in long-term compounding potential only strengthened despite near-term underperformance.
REQ Global Compounders invests in publicly traded companies that compound capital through organic growth and systematic acquisitions of small private niche businesses, combining deep fundamental analysis with qualitative insights to identify exceptional management teams with large reinvestment opportunities, decentralized cultures, and long-term compounding potential.
The manager expects fundamental performance to prevail over time despite near-term price disconnection. With portfolio companies compounding EBITA at roughly 14% annually and trading at depressed multiples, the setup from here looks very attractive. If the market simply holds today's multiple while earnings grow, share prices rise with earnings for around 15% return. Multiple expansion back to historical average combined with continued earnings growth would lift one-year return toward 30%. Over four years, if multiples normalize while companies continue growing earnings at 14% annually, portfolio value could roughly double. The manager views current valuation gap and strong fundamental performance as creating compelling risk-reward for patient investors.
Moderate Conviction Bullish
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