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 Jul 30, 2025
Rozendal Partners reported very strong absolute and relative performance for the six months ending 30 June 2025. The Rozendal Global Fund gained 23.0% (benchmark 10.2%) and the Hedge Fund gained 13.7% (benchmark 16.7%). Key drivers of performance included significant stock price jumps in SES, Prosus, Naked Wines, and Blue Label Telecoms. Conversely, Kaspi, Noble, and HCI detracted. Over the past six months, the firm completed five investment cycles: fully liquidating its Turkish holdings (Migros, Sabanci, Coca-Cola Icecek), as well as Metro AG, Hargreaves Lansdown, Alphamin, and Astoria. While Hargreaves Lansdown was a highly successful buy-out with a 40% IRR, Metro AG was one of the worst-performing investments in Rozendal's history. The letter concludes with a commentary on trade tariffs, arguing that they present minor long-term risks to global markets, and announces the departure of executive Eugene Taljaard alongside plans to manage a globally unconstrained investment mandate.
Outperforming global markets by combining a disciplined, bottom-up research process with a contrarian willingness to invest in fundamentally strong, out-of-favor companies located in countries experiencing temporary macroeconomic or political turmoil.
The managers maintain a constructive, bottom-up view of markets, noting that although headline-grabbing macro events (like trade tariffs) generate short-term volatility, history demonstrates they exert minor long-term influences on GDP, inflation, and equity markets. They continue to allocate capital based on individual asset values, particularly in out-of-favor jurisdictions.
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