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 Apr 6, 2026
The smallvalue portfolio delivered a 0.30% return in Q1 2026, achieved on the final day of a highly volatile quarter marked by geopolitical tensions, particularly involving Iran and energy markets. The manager maintained discipline by avoiding oil sector exposure despite strong performance, emphasizing the importance of staying within their circle of competence. The portfolio focuses on traditional industries like cement, food, luxury goods, and glass, with Junior Gold Miners ETF as the largest position at 28.56%. Key detractors included Orsero (down 19%) due to shipping costs and Vidrala (down 15%) from natural gas price increases, while Mama's Creations (up 14.6%) and Olvi Oyj (up 8.61%) provided positive contributions. The manager acknowledged an investment mistake with Sprouts Farmers Market, holding too long as it rose from $24 to $170 before declining. Since inception in 2020, the portfolio has generated 112.22% cumulative returns, equivalent to 17.50% annualized. The manager maintains confidence in current positions while acknowledging multiple challenges ahead including private credit stress, geopolitical tensions, elevated valuations, and rising debt levels globally.
Focus on companies outside fashionable sectors, emphasizing businesses with straightforward models operating in traditional industries such as cement, food, luxury goods, and glass, prioritizing investments that offer visibility, robustness, and consistency rather than pursuing higher returns that would necessitate materially higher risk levels.
This year looks set to be volatile, with multiple challenges on the horizon. The manager maintains strong confidence in the portfolio's positions and continues to manage liquidity with discipline and prudence, fully aligned with long-term investment philosophy. The manager looks forward to the remaining quarters of 2026 with optimism and enthusiasm.
Moderate Conviction Bullish
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