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 Jul 8, 2026
Rockwood Strategic delivered 14.6% NAV return in Q2 2026, bringing YTD performance to 7.1% and maintaining its position as the No. 1 UK Small Companies Fund over 3 and 5 years. The fund targets 15% IRR through concentrated value investing in UK small caps under £250m market cap, currently holding 26 positions with 57% in the top ten. Manager Richard Staveley and the Harwood Capital team take influential stakes (often 10-29%) enabling active engagement to enhance outcomes. The portfolio is positioned for significant 2026 earnings growth, with Big 2026 expected holdings Vanquis Banking and Funding Circle representing 20% of NAV and projected to deliver substantial profit inflection. Recent realizations generated 48-221% IRRs while new investments were added at attractive valuations. The fund benefits from structural tailwinds including falling interest rates, improving UK economic optimism, government support initiatives, and compelling valuations relative to frothy US markets. With the private sector deleveraged and pension fund allocation at rock bottom, the manager sees current conditions as highly conducive to capital deployment in this inefficient, specialist market segment.
Rockwood Strategic is a concentrated value investor targeting 15% IRR by taking influential stakes in UK small companies (under £250m market cap) trading at significant discounts to intrinsic value, with the ability to actively engage with management to enhance outcomes over a long-term investment horizon.
The manager expresses high portfolio confidence with market conditions conducive to capital deployment. The combination of falling interest rates, improving economic optimism, government support initiatives, and compelling valuations in UK small caps creates a favorable environment. The fund is positioned for significant earnings growth in 2026, particularly from the Big 2026 expected holdings representing 20% of NAV. The manager views current conditions as offering the best opportunity set in years for value-oriented investors willing to take concentrated positions in quality businesses trading at depressed valuations.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
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 Rockwood Strategic 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.