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 6, 2025
Seeking Winners reviews its Q2 2025 performance, delivering an 8.20% net return compared to the S&P 500's 10.94%. The letter contains deep reflections on portfolio position sizing, admitting to an aggressive sizing error in Computer Modelling Group (CMG) where the fund overestimated customer stickiness and execution predictability. Conversely, the manager outlines the strong thesis behind holding core compounders like Constellation Software, HEICO, and Gartner, which possess highly resilient and predictable recurring revenue streams. The letter also addresses and refutes the 'Vertical AI' disruption bear case, demonstrating that workflow integration and distribution moats protect incumbent vertical software leaders like AppFolio, which are successfully leveraging AI tools (e.g. Realm-X) to expand their services.
Maximizing returns through high-conviction, concentrated investments in exceptional recurring revenue business models (Vertical Market Software and niche industrials) managed by excellent capital allocators, optimized through rigorous and disciplined position sizing based on risk/reward profiles.
As the fund enters the latter half of 2025, they remain confident in their portfolio's positioning. They believe their measured and disciplined approach to capital allocation will serve them well in navigating potentially volatile market conditions.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
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Top Conviction Themes
Key Catalysts
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