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 Jul 30, 2026
Starvine Capital's Flagship and Mild Large Cap strategies returned 2.2% to 3.7% and 2.0% to 3.8% respectively in FY 2025, underperforming the S&P 500's 71.2% gain. This divergence stems from the market's concentration in AI infrastructure, semiconductors, and hyperscaler-driven growth, themes where Starvine maintains minimal exposure. The manager frames this underperformance as a deliberate outcome of their selective, bottom-up approach that prioritizes long-term absolute returns over short-term relative performance. Drawing on Ted Williams' batting philosophy, the letter emphasizes plate discipline and only investing when opportunities meet strict criteria for favorable risk-reward asymmetry. The strategies avoid swinging at every pitch, instead waiting patiently for high-conviction opportunities. With little exposure to the narrow set of AI-driven winners that powered 2025 market gains, Starvine remains committed to their disciplined framework, accepting near-term underperformance as the cost of maintaining investment standards. The manager expresses comfort with this selectivity, viewing it as essential for long-term success despite short-term tracking error.
Starvine Capital employs a highly selective, bottom-up investment approach focused on long-term absolute wealth compounding rather than short-term relative performance, deliberately avoiding crowded themes like AI infrastructure in favor of opportunities with favorable risk-reward asymmetry.
The manager does not provide explicit forward guidance but emphasizes continued commitment to selectivity and discipline. They express comfort with their bottom-up approach and willingness to wait for opportunities that meet their investment criteria, regardless of near-term relative performance.
Moderate Conviction Bullish
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