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 |
|---|---|---|---|---|---|---|
Q2 2026 delivered one of the most powerful equity recoveries in history with the S&P 500 posting a 9-week winning streak, driven by AI developments and geopolitical de-escalation. Micron Technologies validated the AI thesis with one of the biggest semiconductor beats in history, generating $365 million profit daily and propelling South Korea and Taiwan to the 5th and 7th largest equity markets globally. However, rising DRAM and AI token costs are forcing businesses to migrate away from expensive US cloud platforms, threatening returns on the hyperscalers' projected $800 billion 2027 capex. The US-Iran truce sent oil prices tumbling back to pre-war levels despite inventories at five-year lows. Fed Chairman Warsh signaled a hawkish pivot, removing forward guidance and emphasizing price stability, while the ECB raised rates for the first time since September 2023. Apple's $100-$300 product price increases due to AI chip costs may trigger another inflationary wave. The manager maintains a barbell approach pairing US mega cap technology with Asian memory makers, enters Q3 strongly overweight Japan, and holds elevated cash awaiting better entry points amid rising volatility.
The AI capital expenditure boom is reaching an inflection point where rising costs threaten returns, creating opportunities in Asian semiconductor supply chains while US hyperscalers face margin pressure from expensive memory chips and token costs forcing enterprise migration to cheaper platforms.
Manager anticipates summer months will provide better opportunities to add risk exposure given current elevated volatility and rising correlations. Expects AI theme to potentially shift toward China's emerging capabilities with Z.ai threatening US dominance. Maintains conviction in memory makers and Japanese equities while watching for secondary inflation wave from AI-driven consumer price increases. Views real assets favorably given unsustainable G7 debt dynamics and politicians unwilling to make tough fiscal choices. Believes credit spreads offer limited room for error requiring careful sector selection going forward.
As of Aug 11, 2026
TEAM Asset Management is led by Executive Chairman Mark Clubb, who brings over 40 years of investment experience including 27 years in investment banking at prestigious firms such as UBS Philips and Drew, BZW (Credit Suisse First Boston), and co-founded Altium Capital Partners. Chief Investment Officer Craig Farley has over 20 years of buy-side experience as a portfolio manager and strategist, holds a Chartered Market Technician (CMT) designation, and a master's degree in finance and investment with distinction. The firm was founded in 2001 and has grown from £291 million AUM at IPO in 2021 to over £1.1 billion by 2024. The company is part of publicly listed TEAM plc on the AIM market and operates from Jersey, a leading international finance centre with over 60 years of global finance experience.
TEAM's investment approach is predicated on identifying secular, structural forces that influence the present and future economic landscape, which they call 'Mega Trends'. The six Mega Trends include Shifting Economic Power, Resource Scarcity, Global Demographic Change, Technological Advancement, Environmental, Social and Governance (ESG), and Urbanisation. The company attempts to position investment portfolios to capitalise on the investment opportunities presented by these trends, identifying the sectors and companies who will be prime beneficiaries of the changes that are occurring. Their investment approach is focused, and any asset to which they commit clients' funds is based on stringent and ongoing analysis. They never buy what they consider to be an inferior asset solely because it is a constituent of a particular benchmark index. TEAM provides a unique, innovative and disciplined service designed to consistently grow clients' assets through a data driven, asset class agnostic, systematic investment process which sets them apart from conventional relative return managers.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Manager names specific positions including Samsung Electronics, SK Hynix, and TSMC as part of 'preferred barbell approach' and states entering Q3 'strongly overweight Japan.' Provides clear thesis around memory makers benefiting from AI supply chain and Japanese economic makeover. However, portfolio appears diversified across multiple geographies and asset classes with no explicit position sizing disclosed. Uses hedged language around AI capex sustainability ('may be building') and maintains elevated cash as buffer. Conviction is moderate-high given named positions and clear regional tilts, but diversified approach and cash holdings prevent higher score.
Growth Outlook
Market outlook remains high conviction: TEAM maintained defensive positioning through Q1 geopolitical crisis, keeping multi asset strategies positive year-to-date. Direct oil and soft commodity exposure provided effectiv...
Risk Appetite
Risk appetite posture is high conviction: TEAM maintained defensive positioning through Q1 geopolitical crisis, keeping multi asset strategies positive year-to-date. Direct oil and soft commodity exposure provided effectiv...
Capital Deployment
Manager explicitly states holding 'healthy levels of cash for lower and medium risk mandates' and is 'anticipating that the summer months will provide a better opportunity to layer back into risk assets.' This indicates intentional cash raising and de-risking from prior positioning. No specific cash percentage changes disclosed, but language clearly indicates net reduction in risk exposure and waiting posture. Some rotation evident in maintaining semiconductor and Japan exposure, but overall stance is one of selective trimming and cash accumulation ahead of expected volatility.
Forward Guidance
Forward guidance signal: TEAM maintained defensive positioning through Q1 geopolitical crisis, keeping multi asset strategies positive year-to-date. Direct oil and soft commodity exposure provided effectiv...
Language Signal
Language contains meaningful directional balance. Bullish terms include 'extraordinary quarter,' 'most powerful equity market recoveries in history,' 'stunning return,' 'astonishing,' and 'vindication of AI thesis.' Bearish language includes 'worst misallocations of capital in history,' 'gnawing question,' 'fragile,' 'toxic combination,' 'growing concern,' and 'threatens.' Risk and caution language appears frequently throughout discussion of AI capex sustainability, inflation risks, and debt dynamics. Net balance tilts slightly bearish given prominence of structural concerns around AI returns and inflation.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. TEAM maintained defensive positioning through Q1 geopolitical crisis, keeping multi asset strategies positive year-to-date. Direct oil and soft commodity exposure provided effectiv...
Opportunity Density
Manager sees selective opportunities in defined areas rather than broad-based attractiveness. Identifies Asian semiconductor supply chain as compelling with specific names (Samsung, SK Hynix, TSMC) and characterizes Japan as attractive on economic makeover. However, explicitly waiting for 'better opportunity to layer back into risk assets' in summer months, indicating current environment does not present abundant opportunities at attractive valuations. Describes need for 'careful sector selection' in credit markets given tight spreads. Overall characterization is one of selectivity and patience rather than opportunity abundance.
Time Horizon
Manager discusses themes expected to play out over multi-quarter to multi-year timeframe, including AI capex cycle evolution, government debt dynamics, and Japanese economic makeover. References 'longer-term basis' for China AI development and 'longer-term spot prices' for precious metals. However, also focuses on near-term catalysts including summer entry points, quarterly earnings validation, and upcoming consumption tax changes in Japan (April 2027). No explicit discussion of permanent capital or decade-plus holding periods. Time horizon appears to be medium-term (1-3 years) with milestone watching rather than indefinite patience.
Top Conviction Themes
Key Catalysts
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