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 |
|---|---|---|---|---|---|---|
RGA rebuilt its research process around AI tools in Q1 2026, expanding monitoring capacity without diluting attention quality. The manager is increasingly bullish on AWS as a beneficiary of AI workflow adoption, focusing on profit pools and platforms rather than infrastructure suppliers. They built a SaaS Risk Tracker that identified two new purchases while helping avoid value traps, and see meaningful opportunities in disciplined active management amid market dispersion.
RGA is rebuilding its investment research process around AI tools, particularly Claude Code, to expand the surface area of what can be monitored without diluting attention quality, while focusing on profit pools and platforms built on AI rather than infrastructure suppliers, with AWS positioned as a key beneficiary of the shift toward token-efficient, model-agnostic orchestration at scale.
The manager expects AWS growth to accelerate throughout the year as companies move beyond experimenting with AI to running workflows built by AI, though the market has yet to recognize this reality. They believe this is an environment where disciplined active management matters, with meaningful dispersion and the ability to separate durable fundamentals from temporary enthusiasm remaining critical. The manager is excited about the opportunities in front of them.
As of Mar 31, 2026
Founded in 2009 by Jason Gilbert and re-launched in 2012 with partner Elliot Turner, RGA Investment Advisors LLC is led by two Managing Partners with complementary expertise. Jason Gilbert, CPA/PFS, CFF, CGMA, serves as Managing Partner and President, bringing experience managing high net worth individuals since 2006 along with backgrounds in private equity, investment banking, and tax consulting. Elliot Turner, CFA, serves as Managing Partner and Chief Investment Officer, holding a Juris Doctor degree with expertise in equity trading and financial media. The firm has grown from $12 million in assets in 2013 to $107.3 million by June 2025, serving 298 client accounts exclusively in the United States. The team includes additional investment professionals Ryan King, Bill Brewster, Laura Kelly, and Candice Dickerson, providing comprehensive wealth management and analytical capabilities.
RGA Investment Advisors employs a Growth at Reasonable Price (GARP) strategy rooted in quality, durability, and thoughtful valuation focusing on competitively advantaged businesses with long-term tailwinds. The firm follows Benjamin Graham's principles, emphasizing investments with a margin of safety where fundamental value exceeds cost. They view financial markets as Complex Adaptive Systems rather than efficient markets, enabling them to exploit market inefficiencies through contrarian positioning. The firm invests with a 3-5 year timeframe in businesses that view shareholders, employees, and customers as shared stakeholders in long-term success. Their actively passive approach combines low turnover with fundamental analysis to minimize transaction costs while maintaining strategic active management. Portfolio construction targets 25-30 positions with moderate concentration, maintaining portfolio beta at or below 1.0 to manage volatility-induced behavioral risks.
Lead Portfolio Manager
Jason Gilbert, Elliot Turner, Ryan King
Managing Partner
Moderate Conviction Bullish
Market Conviction
The manager demonstrates moderate conviction through specific named positions (Amazon/AWS discussed extensively with detailed thesis) and clear catalysts (shift from experimenting to running AI workflows, AWS inflection point). They made two new purchases since quarter-end based on their SaaS Risk Tracker. However, the letter does not disclose position sizing, concentration levels, or the total number of portfolio holdings. The thesis is well-articulated with specific evidence (Trainium chip performance, Jassy quotes, Bedrock capabilities) but lacks the portfolio concentration and explicit sizing language that would indicate high conviction. The explanation is detailed but the absence of position sizing caps the score in the moderate range.
Growth Outlook
The manager sees meaningful opportunities and describes being excited about the opportunities in front of them. They characterize this as an environment where disciplined active management matters with meaningful dispersion. However, they also warn that the market is misplacing focus on AI infrastructure suppliers and that an entire class of companies should never have had their earnings capitalized at such high multiples. The outlook is constructive with specific opportunities identified (AWS inflection point) but tempered by concerns about misplaced market enthusiasm in certain areas.
Risk Appetite
The manager made two new purchases since quarter-end using their SaaS Risk Tracker, indicating selective deployment. They describe being increasingly enthusiastic about AWS and see it at a critical inflection point. However, the letter does not indicate aggressive deployment or maximum long exposure. The positioning appears selectively constructive with specific additions in areas where their research identified opportunities, while the SaaS tracker also helped them avoid acting on other watchlist names, suggesting disciplined rather than aggressive risk appetite.
Capital Deployment
The manager made two new purchases since quarter-end in the SaaS space, indicating selective deployment activity. However, no cash level changes are disclosed, and the letter emphasizes that the SaaS tracker also kept them from acting on other watchlist companies, suggesting disciplined rather than aggressive deployment. The purchases appear to be selective additions based on specific research insights rather than broad-based deployment. Without cash level data and given the emphasis on selectivity and avoiding certain opportunities, the deployment appears mildly positive but measured.
Forward Guidance
The manager expects AWS growth to accelerate throughout the year and describes being excited about opportunities, indicating a mild deployment bias. They made two purchases since quarter-end and are watching for opportunities where the market is indiscriminately punishing software companies. However, the letter emphasizes selectivity and discipline rather than aggressive deployment. The forward guidance is constructive but measured, with the manager focusing on specific opportunities identified through their research process rather than broad-based deployment.
Language Signal
The letter contains meaningful bullish language around AWS (inflection point, uniquely positioned, growth accelerating, excited about opportunities) and their AI tools (jaw dropping potential, meaningful change). However, it also contains significant cautionary language about AI infrastructure suppliers (growth will evaporate, margins will compress, should never have had earnings capitalized at such high multiples, value traps). The net balance leans mildly positive given the enthusiasm for specific opportunities, but the warnings about misplaced market focus and supplier risk provide meaningful offset.
Perceived Risk
The manager identifies specific risks with meaningful discussion: AI infrastructure suppliers will see growth evaporate and margins compress when hyperscaler capex levels off, and software companies face varying degrees of AI displacement risk. These are named, sector-specific risks discussed with some detail. However, the risks are framed as creating opportunities for selectivity rather than systemic threats requiring defensive positioning. The manager built tools specifically to navigate these risks (SaaS Risk Tracker) and is deploying capital into areas they view as relatively inoculated. The risk acknowledgment is moderate and balanced rather than alarmed.
Opportunity Density
The manager describes meaningful opportunities in specific areas, making two new purchases since quarter-end and expressing increasing enthusiasm about AWS at a critical inflection point. They characterize this as an environment where disciplined active management matters with meaningful dispersion, suggesting opportunities exist for those who can separate durable fundamentals from temporary enthusiasm. However, the emphasis on selectivity and the SaaS tracker helping them avoid certain opportunities indicates the environment requires careful navigation rather than presenting broad-based opportunities. The opportunity set is characterized as selective but meaningful in defined areas.
Time Horizon
The manager describes a multi-year thesis for AWS, stating that growth is only just beginning and will accelerate throughout the year and beyond as companies move from experimenting to running AI workflows. They note that the orchestration opportunity at Amazon will take time to play out. The fund emphasizes a low turnover, GARP orientation in their core investment worldview. However, they also discuss near-term catalysts (AWS growth accelerating throughout 2026) and made recent purchases based on current positioning. The time horizon appears to be 2-4 years for full thesis realization with some catalyst dependency, placing it in the multi-year range without being explicitly permanent capital.
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with RGA Investment Advisors LLC or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.