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 20, 2026
During the third quarter of 2026, the International Growth strategy recorded a net return of -2.6%, trailing the MSCI ACWI ex USA benchmark return of 0.5%, bringing year-to-date net performance to -1.4% net of fees compared to 14.2% for the index. The portfolio remained highly concentrated in 31 holdings, maintaining an active share of 87% and a top-ten concentration of 53.1%. Cash was held at 2.4%, with strategy beta standing at 1.22 against the benchmark over trailing periods. Relative performance was detracted by an underweight posture in outperforming traditional value sectors such as financials, energy, and materials, alongside broad market weakness across Developed Asia. International markets navigated mixed macroeconomic conditions as rising sovereign yields, tighter central bank monetary policy, and Brent crude approaching $100 per barrel reignited inflation concerns. Management observed that passive allocations and sentiment-driven thematic funds have frequently detached asset prices from underlying corporate fundamentals. Concurrently, while investors debated the payback horizon of artificial intelligence capital expenditures, structural monetization trends broadened across non-U.S. software platforms, specialized semiconductor packaging, and industrial automation tools. Quarterly contributors were led by Shopify, which benefited from expanding AI agent conversion, and Lenskart Solutions, supported by international store unit economics. Performance was pressured by SK hynix, ASML, and Taiwan Semiconductor amid momentum pullbacks and geopolitical scrutiny, as well as regulatory timing delays for Galderma. Portfolio activity was highlighted by the complete exit of Stevanato due to persistent negative free cash flow, with proceeds redeployed directly into existing holding Siemens Energy.
International Growth seeks to own leading growth businesses outside the United States characterized by sustainable above-average earnings growth, durable competitive advantages, and strong balance sheets supported by secular change.
The manager expects continued market skittishness driven by passive rebalancing and short-term narratives, presenting attractive opportunities for active, discretionary stock picking focused on individual business cash generation and AI monetization.
High Conviction Bullish
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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