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 30, 2026
For the period ending October 30, 2026, the WS T. Bailey Global Thematic Equity Fund recorded a 3-month net return of 0.38% and a 1-year net return of 10.22%, outperforming the IA Global Sector Mean of -0.04% and 7.33% respectively. Discrete 12-month performance to September 2026 reached 16.89% net of fees compared to 13.36% for the peer group. The fund maintains a balanced portfolio posture, allocating 51.4% to global thematic equities, 11.5% to Japan equities, 9.5% to emerging markets equities, 6.5% to Pacific Basin equities, 5.7% to UK equities, 3.2% to US equities, 3.9% to private equity, 2.7% to commodities, and 5.7% to cash. Macroeconomic focus shifted abruptly from the projected scale of artificial intelligence to the substantial capital expenditure required to fund infrastructure development. This reassessment triggered an acute sell-off in technology and Asian semiconductor manufacturing, while equal-weighted equity benchmarks held up significantly better than market-cap-weighted indices. The managerial framework emphasizes navigating this transition by moderating reliance on pure-play technology leaders and identifying businesses capable of driving earnings expansion independently of mega-cap tech momentum. Performance dispersion across underlying strategies was wide during the month. Significant detractors included Baillie Gifford Pacific (-12.7%) and Polar Capital Artificial Intelligence (-12.3%), alongside cyclical corrections in listed private equity vehicles Chrysalis (-8.6%) and IP Group (-3.2%). Conversely, non-AI correlated allocations provided substantial downside protection, led by Polar Capital Global Insurance (+10.8%), WS Havelock Global Select (+2.6%), and Polar Capital Healthcare Opportunities (+2.5%). Strategy adjustments are actively shifting capital toward operational AI adopters and value-disciplined memory and chip suppliers.
Long-term capital growth is best achieved by blending specialist active managers to capture structural global themes while diversifying across uncorrelated earnings drivers.
Returns are expected to broaden beyond recent mega-cap tech leaders toward businesses with independent earnings drivers, operational AI benefits, and less demanding valuations.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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