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 11, 2026
SVN Capital Fund declined 10.3% net in the first half of 2026, with KKR responsible for roughly half the drawdown after falling 28% on private credit fears and AI-related concerns. Manager argues the private credit structure is fundamentally different from 2008, with locked-up capital and no overnight funding risk, while KKR's direct lending represents only 5% of AUM. The firm's operating earnings continue growing at double digits, with insiders buying $15 million of stock near recent lows. Quality stocks suffered one of their worst relative stretches on record, which historically precedes strong performance. Indian holdings remain fundamentally strong despite market underperformance: Bajaj Finance is leveraging AI to expand capacity sixfold while growing twice as fast as the broader credit system; Shilchar Technologies is doubling transformer capacity to meet renewable energy demand; and Triveni Turbine is positioned to benefit from data center combined-cycle power needs. Portfolio holds 12 stocks with 8.7% cash, concentrated in businesses with durable competitive positions, high returns on capital, and meaningful insider ownership.
SVN Capital invests in durable, high-quality businesses with strong returns on incremental capital, honest management teams with skin in the game, and reasonable valuations, holding them for decades rather than years to benefit from the equity yield curve where patience is rewarded and short-term market focus creates opportunity.
Manager expects quality stocks to deliver strong returns following their rare period of underperformance. KKR's operating earnings continue growing at double digits despite lumpy realized gains being deferred to 2027. Indian portfolio companies remain in strong fundamental form despite market weakness, with Bajaj Finance targeting to become one of India's five or six largest financial services firms within five to seven years, Shilchar Technologies expecting 25-30% growth, and Triveni Turbine seeing expanding data center opportunities. The equity yield curve concept suggests patient long-term investors will be rewarded as short-term market participants remain focused on immediate headlines rather than durable business quality.
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