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 15, 2026
The RS Large Cap Value Strategy posted a net return of 4.08% for the third quarter of 2026, advancing 10.35% net year-to-date and outperforming its benchmark, the Russell 1000 Value Index, which gained 2.61% for the quarter. Performance was driven by positive security selection within Industrials and Financials, alongside an advantageous underweight in Consumer Discretionary, though an overweight in Industrials and adverse selection within Communication Services and Health Care created modest performance drags. The portfolio operates as a diversified large-cap strategy focused on high-quality compounders with improving returns on invested capital and deep valuation discounts. The broader macroeconomic backdrop reflected growing crosscurrents as sticky inflation prompted the Federal Reserve to raise short-term interest rates for the first time in three years, driving the 10-year Treasury yield to multi-year highs near 5.3%. Compounding these headwinds, the conflict involving the U.S. and Iran kept Brent crude oil elevated above $100 per barrel, threatening corporate profit margins and consumer discretionary spending. Offsetting these pressures, however, was durable economic resilience anchored by sustained artificial intelligence infrastructure spending, domestic reshoring, electrification trends, and nine consecutive months of expansion in the ISM Manufacturing PMI. Portfolio activity and discussion centered on resilient individual business models capable of compounding value independent of macroeconomic volatility. The strategy highlighted high-conviction positions in Zebra Technologies, which outperformed after second-quarter operational execution and inventory normalization reaffirmed its improving capital returns, and Verisk Analytics, where recent share price weakness driven by softening property and casualty insurance pricing created an attractive entry point into a high-moat, recurring subscription digital infrastructure asset.
Invest in competitively entrenched companies run by strong management teams that generate improving returns on invested capital and trade at substantial discounts to intrinsic value.
The investment team anticipates that performance across domestic equities will become increasingly disjointed as investors weigh structural tailwinds like reshoring, electrification, and AI capex against sticky inflation, higher bond yields, and geopolitical instability. The team plans to maintain a disciplined margin of safety by prioritizing businesses with strong balance sheets, high returns on invested capital, and attractive reinvestment opportunities trading at deep valuation discounts.
Neutral / Balanced
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