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 14, 2026
For the third quarter of 2026, the Smead International Value Fund (Investor Class, SVXLX) returned 6.25% net of fees, generating substantial relative outperformance against its primary benchmarks, the MSCI EAFE Index (which gained 0.81%) and the MSCI ACWI ex-US Index (which rose 0.48%). Year-to-date, the strategy delivered 28.98% net of fees, driven by its disciplined concentration in high-conviction, out-of-consensus opportunities. The fund maintained its fully invested, unhedged posture without structural leverage, capitalizing on an expanding asset base that lowered operational expenses for shareholders while riding sustained momentum in heavy cyclical value assets. The investment team's macroeconomic framework highlights ongoing structural inflationary pressures, which provide substantial operational tailwinds to commodity producers able to pass on rising costs amid widespread institutional under-allocation. In parallel, the fund capitalizes on the sustained higher-interest-rate environment in Europe, which has revitalized banking net interest margins and initiated a multi-year consolidation wave encouraged by the European Central Bank. The managers argue that public market participants continue to systematically miscalculate the compounding runway of capital-intensive industries possessing supply discipline and significant economic moats. Portfolio performance was spearheaded by energy and banking holdings, notably Cenovus Energy, Glencore, and Bankinter, whereas cyclical detractors included Auto Trader Group, Garrett Motion, and Barclays. Management highlighted ongoing consolidation across Canadian oil sands and European banking, praising Cenovus's accretive acquisition of Athabasca Oil and UniCredit's expanding cross-border European banking platform. Meanwhile, the team continues to deploy capital into out-of-favor franchises undergoing near-term cyclical friction or perceived disruption, such as Auto Trader Group, Burberry, and West Fraser Timber.
Maximizing long-term wealth through a disciplined, concentrated value approach that acquires high-ROIC, capital-intensive businesses in consolidating industries trading at steep discounts to replacement value before the broader market recognizes their compounding potential.
Management anticipates continued outperformance from deeply out-of-consensus investments in energy and European banking, where scale and return on invested capital remain underappreciated by market participants. They believe the structural compounding opportunity in commodities will persist for years until oil futures curves shift into contango and passive index strategies build double-digit exposure to the space. Concurrently, the team plans to remain patient with newer investments exhibiting transient cyclical headwinds, awaiting broad market recognition of their intrinsic competitive advantages.
High Conviction Bullish
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