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 19, 2026
In the third quarter of 2026, the RAM Smid composite declined 7.16% net of fees, compared with a 4.36% decline for the Russell 2500 Value Total Return Index. Year-to-date, the strategy returned 21.69% net of fees, maintaining an advantage over the benchmark's 18.75% gain. The portfolio closed the period holding thirty-four positions, with the top ten holdings accounting for 39.4% of total assets and cash reserves at 4.63%. Weighted average market capitalization stood at $4.87 billion, reflecting a pronounced small-cap tilt relative to the benchmark. The broader market backdrop was dominated by a surge in the 10-year Treasury yield to 5.25%, driven by an energy price shock from escalating conflict with Iran alongside persistent Federal deficit funding. Simultaneously, capital expenditures by major cloud hyperscalers surged toward $750 billion annually, prompting record corporate bond issuance that competed directly with government debt. These inflationary and interest rate pressures weighed heavily on equal-weighted equities, despite artificial index buoyancy driven by a narrow cohort of mega-cap technology leaders. Portfolio activity was active, with five new positions established and two completely eliminated. The manager re-established a significant holding in Mayville Engineering Company ($MEC) following balance sheet de-leveraging and improving cyclical demand across trucking and data center infrastructure. Wesdome Gold Mines ($WDOFF) served as the primary performance contributor, surging 44.4% following reserve expansion announcements, while Ultra Clean Holdings ($UCTT) retraced 42.7% amid semiconductor sector weakness, offering an attractive opportunity to add at lower valuations.
Invest in financially sound, cash-generative small- and mid-cap companies where market expectations underestimate structural growth, allowing a disciplined 2-to-3-year horizon to capture valuation re-ratings.
The manager anticipates that a prospective resolution of Middle East hostilities within their multi-year investment horizon will moderate energy prices and inflation, ultimately facilitating an ongoing capital rotation from mega-cap indices toward smaller-capitalization equities.
Moderate Conviction Bullish
Market Conviction
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Language Signal
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Top Conviction Themes
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