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 Sep 5, 2025
In the Rome Capital 2025 Interim Report, Chief Investment Officer Alex Feng reviews a turbulent first half of 2025, marked by ongoing geopolitical tensions like the war in Ukraine and new US tariff offensives. Despite macro uncertainty, the firm continues to find compelling bottom-up opportunities in special situations and SMID-cap growth companies in developed markets. The letter highlights four critical lessons from recent portfolio performance to refine their process. First, staying within their circle of competence, as evidenced by success in Cake Box (CBOX.L) but a costly mistake in Gentoo Media (G2M.OL) due to external regulatory and algorithmic factors. Second, identifying market misunderstandings, as seen in the successful spin-off NCR Atleos (NATL), where the market overlooked ATMaaS potential. Third, utilizing derivatives like options strangles to profit from binary regulatory uncertainty, successfully executed with Sable Offshore (SOC). Fourth, ensuring strong underlying business fundamentals in special situations, as multiple expansion is not guaranteed; this was proven by REVG Group's success, Seaport Entertainment's volatility requiring patience, and Samsonite (1910.HK), which they exited due to deteriorating trends and lack of near-term catalysts. Looking ahead, the firm expects elevated US valuations to face headwinds from tariffs, while China exhibits a disconnect between sentiment and fundamentals.
Our in-depth, bottom-up approach allows us to uncover attractive opportunities in special situations and small-to-mid cap growth companies in developed markets.
We expect uncertainty to remain the defining feature of the second half. In the U.S., market valuations are elevated and, in our view, more likely to decline than to climb further, especially as tariffs begin to flow through to consumer prices and corporate costs. Meanwhile in China, optimism about a 'new bull market' contrasts starkly with the growing despair we hear from many entrepreneurs.
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 Rome Capital 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.