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 Sep 30, 2024
Spear Alpha ETF declined 3.48% in 3Q24 versus S&P 500's 5.89% gain, navigating macro headwinds including carry trade unwind and election uncertainty. The fund has shifted from defense to offense, positioning for the next technology wave driven by AI. Growth is emerging across three key areas: hardware expansion beyond Nvidia to custom chips and infrastructure, data infrastructure showing positive new business metrics after quarters of decline, and AI applications reaching transformational milestones. The fund expanded its data center hardware exposure to networking and power generation, capitalizing on the 20+ year underinvestment in power infrastructure. Key positions include Nvidia, Tesla as an autonomy play, and data infrastructure leaders like Snowflake and Cloudflare. With election uncertainty removed and business confidence rising, the fund expects the broadening capex cycle to drive performance. They maintain a concentrated portfolio focused on companies benefiting from accelerated computing and the infrastructure required to support next-generation AI systems.
The fund believes we are in the early innings of the next technology cycle amplified by AI, with growth picking up across hardware, data infrastructure, and applications despite macro headwinds.
The fund is optimistic about entering the early innings of the next technology cycle amplified by AI. They expect growth to continue picking up with broadening capex spending, emerging AI applications, and attractive valuations in mid-caps. The tone is confident with a buy any dip strategy.
Moderate Conviction Bullish
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