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 Oct 26, 2026
The Royal London Global Equity Diversified Fund posted a net return of 3.48% for the third quarter of 2026, advancing 19.42% net of fees over the trailing one-year period and generating an annualized net return of 17.88% over three years. Relative performance benefited from positive stock selection across industrial and consumer discretionary holdings, as well as an advantageous underweight stance in cooling semiconductor capital equipment heavyweights. The portfolio remains fully invested with 193 holdings, an active share of 54.8%, and a 2.1% tracking error against the MSCI World Index. Macroeconomic conditions remained resilient despite elevated bond yields and monetary tightening, with US consumer spending and Eurozone GDP showing stability. However, the manager notes that rising discount rates and energy-transmitted geopolitical tensions present headwinds to corporate profitability. Investment strategy emphasizes balance sheet durability, pricing power, and commercial evidence that capital deployment generates sustainable returns, particularly as AI-related infrastructure spending broadens across the industrial and power sectors. Portfolio turnover during the quarter focused on capital redeployment into mispriced quality assets and turnaround opportunities. The fund initiated new positions in ASML following sector valuation de-rating, Nike as an early-stage consumer recovery play, Bloom Energy to capture data center power demand, and Seagate Technology for long-term storage demand. These additions were funded by trimming memory and equipment holdings including SK Hynix, Micron Technology, Applied Materials, and TSMC, alongside taking profits in Goldman Sachs and United Rentals.
The fund seeks capital growth and long-term wealth creation by maintaining a diversified global equity portfolio focused on fundamental stock selection, balance sheet strength, and companies benefiting from sustainable corporate investment cycles.
The base case remains resilient global growth and positive earnings, but with less room for valuation error and a greater premium on disciplined stock selection amid higher discount rates.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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