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 30, 2023
Rondure Overseas Fund declined 5.66% in Q3 2023, underperforming its benchmark as rising US interest rates continued to attract capital away from riskier international and emerging market assets toward high-yield US Treasuries. The fund's overweight exposure to small-cap stocks, which faced acute liquidity challenges, contributed to underperformance. Chinese consumer stocks struggled as post-Zero Covid recovery disappointed, though valuations may already reflect corporate pessimism. Despite near-term headwinds, the portfolio demonstrates attractive fundamentals compared to US large caps, with higher dividend yields, lower multiples, and stronger balance sheets. The manager maintains conviction that international and emerging market stocks are reasonably priced with potential dual benefits from undervalued currencies and equities. Key catalysts include peak US inflation and interest rates leading to dollar weakness, and potential Chinese stimulus to address economic challenges. The fund's positioning reflects patience for these macro conditions to shift, with cash representing the largest allocation amid current market dynamics.
International and emerging market small-cap stocks are attractively valued with better fundamentals than US large caps, positioned to benefit from eventual peak in US rates and dollar strength, plus potential Chinese stimulus.
The manager believes the catalyst for international and emerging markets will be peak inflation/interest rates leading to a peak dollar, and/or significant stimulus from China. If these conditions materialize, stocks outside US borders are reasonably priced with powerful potential benefits from currencies that also appear undervalued based on purchasing power parity analysis.
Moderate Conviction Bullish
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