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 Aug 6, 2026
Smoak Capital returned -4.35% net in 1H 2026 versus the S&P 500's 10.2% gain, with underperformance driven by the manager's deliberate avoidance of AI-related stocks that powered most of the index's return. The manager views AI as in the too-hard pile and instead focuses on undervalued small-cap opportunities in South Korea and Japan. South Korea's comprehensive market reforms, including mandatory treasury share cancellation, expanded fiduciary duties, and high dividend tax incentives, are driving meaningful capital allocation improvements, though closing the Korea Discount will take years. Top performers included InBody, a Korean body composition device leader benefiting from GLP-1 adoption, trading at only 7.6x EV/2026e EBIT despite 86% YoY operating income growth, and QEPC, which was sold near fair value. Worst performers included Azeus Systems and PHI Group, though the manager remains comfortable holding both as undervalued with strong fundamentals. The fund has delivered 34% annualized returns since inception versus 15.3% for the S&P 500, turning $100,000 into over $1 million. The manager expects continued focus on undervalued small caps committed to capital allocation improvements.
Smoak Capital focuses on severely undervalued small-cap companies in South Korea and Japan that are committed to improving capital allocation, deliberately avoiding AI-related stocks despite their market dominance.
Manager expects continued focus on undervalued small-cap opportunities in South Korea and Japan, particularly companies committed to capital allocation improvements. While South Korea's market reforms will take years to close the Korea Discount, the manager believes looking for severely undervalued companies focused on improving capital allocation offers the most attractive opportunities. The manager remains confident that with patience, focus, and a process-oriented mindset, portfolio returns will continue to exceed the broader market over the long-term, despite near-term underperformance driven by avoiding AI-related stocks.
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