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 |
|---|---|---|---|---|---|---|
Fund down 9% on gold weakness despite Iran crisis, but March purchases outperforming. SK hynix leading AI memory despite helium risks. Chinese lenders crushed by rate caps but attractively valued. Iran oil shock larger than 1970s crises yet markets underpricing stagflation risk. Portfolio appears more undervalued than usual across 27 concentrated positions.
The fund maintains a concentrated global portfolio focused on undervalued opportunities across semiconductors, precious metals, and Chinese financials, while navigating significant macro headwinds from the Iran crisis and oil supply disruption.
Manager expects complicated macro environment that could move in multiple directions with few obvious plays. Sees old economy facing higher profit deterioration than currently priced, especially in Europe. However, feels quite comfortable with current sector positioning as collection appears more undervalued than usual, making him optimistic about coming months.
As of Mar 31, 2026
Founded by Joost van der Mandele, who brings 15 years of experience in financial markets at top-tier trading firms including Van der Moolen, Flow Traders, and IMC, where he managed portfolios exceeding €10 million. His expertise spans systematic trading strategies and deep value investing methodologies. Peter Hoogendijk serves as Senior Investment Analyst, contributing over 20 years of trading experience and more than 15 years as managing partner at ORA Traders. This combination of systematic trading background and fundamental analysis expertise forms the foundation of the fund's investment approach. The fund became operational in March 2023 and has demonstrated the ability to identify undervalued opportunities across global markets.
Ross & Van Compernolle
Managing Partner
Moderate Conviction Bullish
Market Conviction
Manager maintains concentrated 27-stock portfolio with named top 5 holdings and specific position sizes. Provides detailed thesis for each major holding including SK hynix technology leadership and Chinese lender valuations. Uses new inflows to expand existing positions showing conviction, though some hedging language around macro uncertainty prevents higher score.
Growth Outlook
Manager describes a very complicated macro environment with significant risks from Iran crisis, oil supply shock, and potential stagflation. Expects old economy to see higher profit deterioration than currently priced, particularly in Europe. However, maintains some optimism about specific sectors and positioning.
Risk Appetite
Portfolio maintains 99.6% equity exposure with only 0.4% cash, showing continued risk appetite. Manager used new inflows to expand positions in SK hynix, Auxly, and gold miners. Despite macro headwinds, maintains concentrated 27-stock portfolio without defensive positioning.
Capital Deployment
Manager used new inflows to expand positions in SK hynix, Auxly, and gold miners, with March purchases performing above buying prices. Cash remains minimal at 0.4%. Represents selective deployment rather than aggressive, as manager describes few obvious plays in current environment.
Forward Guidance
Manager expects few obvious plays in complicated macro environment but expresses optimism about coming months based on portfolio's undervalued positioning. Tone is cautious but not defensive, with willingness to maintain current exposures despite risks.
Language Signal
Language dominated by risk discussions including stagflation threats, supply shocks, earnings pressure, and crisis terminology. While some positive language around technological progress and valuations, overall tone weighted toward caution and risk awareness.
Perceived Risk
Manager identifies multiple systemic risks including largest oil supply shock since 1970s, potential stagflation, helium shortage threatening semiconductor production, and Chinese regulatory pressures. Explicitly compares current crisis to historical precedents and warns of underpriced risks in markets.
Opportunity Density
Manager explicitly states seeing very few obvious plays that cannot turn sour on a whim in the complicated macro environment. However, finds current portfolio collection more undervalued than usual, suggesting selective opportunities in specific areas rather than broad market attractiveness.
Time Horizon
Manager maintains positions through significant volatility and regulatory pressure, particularly in Chinese lenders facing 75% earnings declines. Focuses on multi-year themes like AI memory cycle and structural positioning rather than near-term catalysts. Comfortable holding through current macro disruption suggests patient capital approach.
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 Ross & Van Compernolle 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.
