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 |
|---|---|---|---|---|---|---|
Tapasya underperformed in H1 2026 (-10.2% vs S&P +10.1%) amid concentrated AI rally but maintains conviction in quality holdings. Established major Amazon position for AWS growth and retail margin expansion. Exited Lululemon and Universal Music Group while adding Adobe and Astera Labs. Portfolio remains concentrated in technology, e-commerce, and payments with global diversification. Manager stays disciplined on AI valuations despite transformative potential.
The fund maintains a concentrated, long-term approach focused on high-quality businesses with strong unit economics and durable competitive advantages, applying an engineering mindset to fundamental analysis while looking past short-term noise to focus on underlying cash flows.
The manager expects inflation to moderate post Iran war and acknowledges operating in one of the most complex macroeconomic conditions in recent history. Despite the challenging environment with prolonged tightening cycles and shifting rate cut expectations, the manager maintains a long-term focus on identifying high-quality businesses with strong unit economics. The tone is cautiously optimistic, emphasizing patience and discipline in valuation methodologies while remaining fully invested in highest-conviction ideas.
As of Jul 11, 2026
Pratik Kodial, Founder and Managing Partner, brings over three decades of investment experience and hands-on experience across various industries. As an engineer by education with experience across several industries in increasing roles of responsibility, he has marketing and pricing experience at JCPenney and Best Buy. Kodial invests a significant portion of his net worth in the fund, demonstrating strong alignment with investors. Arun Singh, Co-Founder and CTO since November 2022, has over 25 years of experience with major corporations including United Health Group and CVS.
The Fund is a global value fund that operates at the intersection of value and emerging markets, employing a long-term value-based strategy with a bottoms-up approach to identify investment opportunities. Each stock is purchased as owning a percentage of the business, using market volatility as an opportunity to take advantage of mispriced securities while employing a margin of safety to limit downside risk. The fund concentrates on best ideas, minimizes leverage use, limits portfolio turnover to reduce costs, and maintains alignment of investor and manager incentives.
Lead Portfolio Manager
Moderate Conviction Bullish
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