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 22, 2026
The Spyglass Growth Strategy declined 6.89% net of fees in the third quarter of 2026, underperforming the Bloomberg Midcap Growth Index benchmark decline of 4.81% and the broader Bloomberg 500 Index gain of 2.32%, while outperforming the Bloomberg 2500 Growth Index loss of 7.54%. Portfolio earnings growth remains exceptionally robust, with internally estimated earnings growth rates of 59% in 2026 and 49% in 2027 across the firm's concentrated 25-name holdings. All portfolio holdings were profitable during the past three quarters, and 24 of 25 companies met or exceeded consensus revenue and earnings estimates in the third quarter. The strategy maintains zero energy allocation and holds an asset-light, US-centric tilt. Macroeconomic headwinds and cross-asset volatility were driven by renewed geopolitical conflict between the United States and Iran in July alongside an unexpected 25-basis-point interest rate hike by the Federal Reserve in September, marking its first rate increase since 2023. Higher oil prices and interest rate shifts disproportionately penalized mid-cap growth equities while boosting cyclical sectors like Energy. Management views these macro disruptions as transitory within its five-year horizon and continues to identify artificial intelligence as a generational expansion driver for high-margin software business models capable of substituting for labor. Portfolio turnover reflected strict discipline within the fund's fixed 25-stock framework. Spyglass initiated a 2.20% position in TKO Group Holdings, funded by the complete liquidation of a 4.79% holding in Fair Isaac Corporation due to regulatory scrutiny widening its range of outcomes. The fund capitalized on market dislocations to add to AppLovin, AAON, and QXO, while trimming winners including Snowflake, Illumina, and Medpace Holdings.
Spyglass Growth Strategy invests as value investors in high-growth companies, maintaining a concentrated 25-stock portfolio of profitable, asset-light, market-leading businesses led by talented entrepreneurs that trade at attractive discounts to intrinsic value.
Spyglass expects portfolio companies to continue delivering superior operating results that outpace stock price performance, positioning the strategy for long-term outperformance as macro external disruptions normalize over its five-year investment horizon.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Spyglass Capital Management or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.