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 |
|---|---|---|---|---|---|---|
Semper Vic Partners delivered a strong 19.7% return for the first nine months of 2025. The letter details the fund's high portfolio concentration, with the top six holdings representing over 61% of total assets, and the top eight representing roughly 75%. Thomas Russo emphasizes the core investment philosophy of finding companies with the 'capacity to suffer' near-term earnings headwinds to invest in highly lucrative long-term opportunities. Major positions analyzed include Alphabet, which has successfully positioned itself for the AI era; Heineken, which is deeply out of favor but possesses structural advantages like returnable bottle density and strong growth in China and India; Philip Morris, whose long-term investment in smoke-free products (IQOS, ZYN) is yielding massive cash returns; and Berkshire Hathaway, which is undergoing a seamless succession process under Greg Abel while holding a historic $344 billion cash balance.
True wealth is built by holding highly concentrated portfolios of spectacular, cash-generative global brands that possess both the 'capacity to reinvest' and the 'capacity to suffer' short-term operational and market headwinds to achieve long-term compounding growth.
The manager remains committed to concentrated, high-conviction positions in dominant global franchises. They expect near-term volatility and negative market consensus to continue creating attractive buying opportunities in high-quality businesses with strong pricing power and the ability to compound capital over decades.
As of Oct 1, 2025
Founded in 1998 by Christopher P. Bloomstran, CFA, Semper Augustus manages $693 million in discretionary assets for high net worth individuals, charitable organizations, pension plans, and corporations. The firm operates both separately managed accounts and a hedge fund partnership, maintaining concentrated value-oriented portfolios with significant holdings in Berkshire Hathaway, Dollar General, and precious metals mining companies. The investment team combines three decades of experience with deep fundamental analysis and long-term conviction investing.
Semper Augustus employs a disciplined value-driven investment philosophy focused on concentrated equity portfolios of financially strong and well-managed companies whose share prices trade below conservative intrinsic value estimates. The firm's investment process is anchored by a dual margin of safety approach that emphasizes both business quality and price discipline, seeking companies that generate free cash returns exceeding their realistic cost of capital. Risk is defined as permanent loss of capital rather than volatility, with portfolios generally containing fewer than 30 holdings concentrated in high-quality businesses with significant discounts to appraised value.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: Semper Vic Partners highlights a strong 19.7% YTD return, reaffirming its highly concentrated, contrarian approach of backing global compounders like Alphabet, Heineken, and Philip...
Growth Outlook
Market outlook remains above average conviction: Semper Vic Partners highlights a strong 19.7% YTD return, reaffirming its highly concentrated, contrarian approach of backing global compounders like Alphabet, Heineken, and Philip...
Risk Appetite
Risk appetite posture is moderate conviction: Semper Vic Partners highlights a strong 19.7% YTD return, reaffirming its highly concentrated, contrarian approach of backing global compounders like Alphabet, Heineken, and Philip...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Semper Vic Partners highlights a strong 19.7% YTD return, reaffirming its highly concentrated, contrarian approach of backing global compounders like Alphabet, Heineken, and Philip...
Forward Guidance
Forward guidance signal: Semper Vic Partners highlights a strong 19.7% YTD return, reaffirming its highly concentrated, contrarian approach of backing global compounders like Alphabet, Heineken, and Philip...
Language Signal
Tone analysis indicates high conviction language: Semper Vic Partners highlights a strong 19.7% YTD return, reaffirming its highly concentrated, contrarian approach of backing global compounders like Alphabet, Heineken, and Philip...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Semper Vic Partners highlights a strong 19.7% YTD return, reaffirming its highly concentrated, contrarian approach of backing global compounders like Alphabet, Heineken, and Philip...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Semper Vic Partners highlights a strong 19.7% YTD return, reaffirming its highly concentrated, contrarian approach of backing global compounders like Alphabet, Heineken, and Philip...
Time Horizon
Investment time horizon reflects a high conviction orientation. Semper Vic Partners highlights a strong 19.7% YTD return, reaffirming its highly concentrated, contrarian approach of backing global compounders like Alphabet, Heineken, and Philip...
Top Conviction Themes
Key Catalysts
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