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 |
|---|---|---|---|---|---|---|
LongRun Equity returned 7.6% in Q2 2026 versus 15.8% for the benchmark, bringing YTD performance to -3.7% versus +14.3% for global equities. The underperformance reflects narrow market breadth concentrated in AI-related stocks, while quality businesses outside this cohort experienced multiple compression despite continued earnings delivery. The fund believes assumptions that AI will erode competitive moats are overly broad, and many quality businesses can actually widen their moats through AI implementation. Top contributors included ASML and GE Aerospace, benefiting from semiconductor capacity buildout and defense momentum. Detractors included Intuit and Tencent, impacted by revenue misses and China macro concerns respectively. The fund added two new positions: Amphenol, a mission-critical interconnect supplier benefiting from AI data center buildout, and Nvidia, which has de-rated despite becoming fundamentally stronger. The portfolio maintains strong financial metrics with 31% operating margins, 63% ROIC, and 10% cross-cycle sales growth. Management expects a market rotation to benefit quality stocks and projects low double-digit forward returns based on attractive valuations and robust business fundamentals.
LongRun Equity invests as long-term business owners in a concentrated portfolio of high-quality companies with sustainable competitive advantages, superior economics, and the ability to compound earnings over time, managed by teams that allocate capital as if it were their own.
The fund expects a rotation from narrow market leadership to broader participation, which would be bullish for markets overall. The current portfolio of quality businesses with compressed multiples but intact moats and continued earnings delivery is positioned to benefit. The fund expects annualized forward returns in the low double digits for LongRun Equity based on a 2.9% free-cash-flow yield and strong underlying business fundamentals including 10% cross-cycle sales growth, 31% operating margins, and 63% ROIC.
As of Aug 24, 2026
Avram Fisher is the founder, portfolio manager, and principal of Long Cast Advisers with nearly two decades of experience in institutional equity research and private equity. Prior to establishing Long Cast Advisers, he worked as a reporter, private investigator, equity analyst covering sectors such as Multi-Industrials, Business Services, Engineering & Construction, Consumer Goods, and Telecommunications. He worked in institutional equity research at CSFB and BMO Capital, and in private equity at Cisneros Group. Fisher holds a BA from Johns Hopkins University and an MBA from Baruch College. He passed the Series 65 examination in 2015 and has no disciplinary history with regulators.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The fund demonstrates high conviction through its concentrated portfolio approach, detailed case study of Amphenol spanning multiple pages, and willingness to add positions despite near-term underperformance. The manager names specific holdings (ASML, GE Aerospace, Intuit, Tencent, Amphenol, Nvidia) and provides detailed rationale for each. The investment philosophy emphasizes 'quality over quantity' and owning fewer companies but understanding them properly. The extensive Amphenol case study with specific financial metrics (26% operating margin, 77% EPS growth, 30%+ ROIC) demonstrates deep research and conviction. However, the portfolio is not extremely concentrated (appears to be 10-25 positions based on discussion), preventing a score above 0.85.
Growth Outlook
Market outlook remains low conviction: Q1 2026 Middle East tensions triggered European equity corrections but restored attractive valuations at 13.9x P/E versus 20.5x US. Energy sector outperformed while value beat grow...
Risk Appetite
Risk appetite posture is low conviction: Q1 2026 Middle East tensions triggered European equity corrections but restored attractive valuations at 13.9x P/E versus 20.5x US. Energy sector outperformed while value beat grow...
Capital Deployment
The fund added two new positions during the quarter (Amphenol and Nvidia), indicating selective deployment activity. However, no specific cash level changes are disclosed, and the letter does not indicate aggressive deployment or significant cash reduction. The additions appear to be funded through rotation or modest incremental deployment rather than a major shift in cash positioning. The activity suggests moderate, selective deployment rather than aggressive capital commitment or de-risking.
Forward Guidance
Forward guidance signal: Q1 2026 Middle East tensions triggered European equity corrections but restored attractive valuations at 13.9x P/E versus 20.5x US. Energy sector outperformed while value beat grow...
Language Signal
The letter contains balanced directional language. Bullish terms include 'attractive valuations,' 'superior economics,' 'robust,' 'outstanding results,' and 'opportunity.' Bearish or cautious language includes 'severely punished,' 'weighed down,' 'compression,' 'sticky inflation,' 'geopolitical tensions,' and 'narrow breadth.' The overall tone is more constructive than negative, with emphasis on finding opportunities in quality businesses, but the language is measured rather than overwhelmingly bullish. The net balance leans mildly positive.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Q1 2026 Middle East tensions triggered European equity corrections but restored attractive valuations at 13.9x P/E versus 20.5x US. Energy sector outperformed while value beat grow...
Opportunity Density
The manager sees selective opportunities in quality businesses that have experienced multiple compression, describing them as having 'attractive valuations' despite continued earnings delivery. The letter states 'there appears to be little consideration given to the possibility that existing moats can be widened through the implementation of AI' and notes that 'within the rest are businesses enjoying earnings upgrades and attractive valuations.' The manager added two new positions and expects 'low double-digit' forward returns. This suggests a moderately rich opportunity set in defined areas (quality stocks with compressed multiples) rather than broad abundance or scarcity.
Time Horizon
The fund explicitly positions itself as 'long-term business owners' and states 'Little do we care about potential moves in short-term stock prices.' The investment philosophy emphasizes 'the ability to compound earnings' over time and avoiding 'constant screening for cheap companies.' The manager discusses Amphenol's 'decades-long runway' and states 'we expect Amphenol to deliver double-digit compounding for years to come.' The focus is clearly multi-year with no urgency around near-term catalysts, though the fund is not structured as permanent capital. The language and approach indicate a 3-5+ year horizon.
Top Conviction Themes
Key Catalysts
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