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 Dec 31, 2025
Sustainable economic equilibrium depends on balancing full employment with stable inflation, but markets risk structural whiplash by relying on outdated low-rate anchors in an era of surging AI-driven capital expenditures and rising energy constraints. In this quarterly review, Skybound Wealth Management analyzes the factors behind the strong, AI-driven market returns of 2025, where global equities and emerging markets outperformed expectations despite late-year volatility. Looking forward to 2026, the manager cautions that the long end of the yield curve remains dangerously anchored to pre-pandemic assumptions of near-zero neutral rates, which fails to reflect higher national debt levels and sticky services inflation. Furthermore, the massive projected AI capital expenditures by major US hyperscalers—approaching five hundred billion dollars in 2026—will trigger a compounding surge in global energy demand that existing non-hydrocarbon infrastructure cannot easily support. If energy prices pick up as a result, it will feed back into sticky services inflation, forcing bond yields higher and putting pressure on debt-servicing costs globally. Skybound suggests investors maintain vigilance, balancing enthusiasm for technological growth with a realistic assessment of these structural macroeconomic headwinds.
Sustainable economic equilibrium depends on balancing full employment with stable inflation, but markets risk structural whiplash by relying on outdated low-rate anchors in an era of surging AI-driven capital expenditures and rising energy constraints.
The manager expects AI-related capital expenditures to remain a dominant theme driving business investment through 2026, but warns that this growth will clash with substantial energy infrastructure limitations and stickier inflation, potentially forcing a painful upward correction in long-term bond yields.
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