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 |
|---|---|---|---|---|---|---|
This letter presents a philosophical framework for investing during periods of technological change, drawing on David Deutsch's theory of knowledge creation. The manager argues that progress occurs when societies protect the freedom to criticize existing ideas and pursue better ones. Businesses create value by applying knowledge to solve customer problems, with durable businesses combining hard-to-replicate advantages (moats) with adaptability. The manager examines how newspapers lost their moats when the internet changed industry economics, while Amazon maintained its position by continually improving its solution to enduring customer wants. On artificial intelligence, the manager acknowledges AI's transformative potential but notes high uncertainty about which business models will endure and how value will be captured. NVIDIA's existing hardware, CUDA ecosystem, and developer relationships represent testable advantages, but any thesis must address competitive threats and valuation. The manager emphasizes that good investment theses use explanation to form expectations without requiring detailed predictions, connecting business advantages to long-term cash generation while remaining open to criticism as new evidence emerges.
Businesses create value by applying knowledge to solve customer problems, and durable businesses combine hard-to-replicate knowledge (moats) with the ability to adapt as conditions change.
The manager emphasizes that dynamic societies allow people to continually create new knowledge, but neither the content of that knowledge nor the changes it will bring can be predicted in detail. Investors must therefore allocate capital without knowing precisely how a business or its industry will evolve. AI does not overturn the investment framework but makes good explanations, attractive prices, and a willingness to correct mistakes all the more important. The tone is measured and philosophical, emphasizing uncertainty while maintaining confidence in the investment process.
As of Aug 24, 2026
Joseph Frankenfield serves as the sole portfolio manager of Saga Partners LLC since early 2019, after the firm was originally founded by Joe Frankenfield and Michael Nowacki in 2016. He is based in Rocky River, Ohio, and has passed the Series 63 regulatory exam, registered to provide advisory services in Ohio. His professional background includes experience at Keybanc Capital Markets Inc and Nowacki Asset Management LLC. Under his management, the Saga Portfolio has delivered impressive long-term performance with an annualized return of 17.3% net of fees since inception in 2017, outperforming the S&P 500's 14.9%. The portfolio achieved exceptional recent performance with a 52.2% net-of-fees increase in the second half of 2024 versus the S&P 500's 9.5%. In 2020, the portfolio's 42.6% annualized net return would have ranked 3rd out of 1,800 U.S. equity mutual funds on Morningstar's database. Frankenfield manages the firm's growth from inception to over 50 investors and approximately $15 million in assets under management. The firm can be reached at (440) 488-6936 for investor inquiries.
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