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
WS T. Bailey Multi-Asset Growth Fund recorded a net return of -0.30% over the trailing three-month period through October 2026, navigating asset class volatility after broader equity markets reached record highs. Portfolio asset allocation is positioned across global thematic equities at 32.3%, specialist diversifiers at 17.3%, fixed income debt at 11.5%, emerging market equities at 8.3%, commodities at 7.8%, Japanese equities at 7.4%, UK equities at 6.4%, Pacific Basin equities at 2.8%, private equity at 2.1%, and cash at 4.0% including net forward foreign exchange contract exposures. Macroeconomic conditions were marked by an equity retrenchment as investor focus shifted from the potential of artificial intelligence to the substantial capital expenditures needed to finance it. Concurrently, the Federal Reserve maintained target interest rates at 3.75% to 4.00% while Brent crude reached $117 per barrel, reinforcing market views of extended policy tightening. In response to mounting safe-haven demand, US Treasuries rallied and the 10-year yield fell below 5.0%, even as commodity benchmarks like gold and copper retreated. Performance across underlying fund holdings diverged significantly during the month. Polar Capital Global Insurance served as the primary contributor with a 10.8% return, complemented by gains in healthcare, global select equity, and intermediate Treasury bonds. Conversely, Polar Capital Artificial Intelligence, Baillie Gifford Pacific, and physical gold ETC holdings detracted. Management maintains selective exposure in sovereign debt focused on short-to-intermediate maturities while preserving allocations to commodities as long-term portfolio diversifiers.
Delivering long-term real capital growth exceeding UK inflation by four percentage points over five-year rolling periods through a diversified, multi-asset portfolio balancing global equities, selective bonds, commodities, and absolute return diversifiers.
Management remains committed to participating in artificial intelligence development without over-relying on it for growth, while focusing bond allocations on short and intermediate maturities as inflation and government debt issuance remain elevated.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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