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
The Tectonic Opportunities Fund delivered a net return of 25.3% in Q2 2026, driven primarily by a substantial uplift in the valuation of Firmus, which raised additional capital at a pre-money valuation of approximately USD 8.5 billion and is progressing toward an IPO in early October. The Fund's listed equity positions underperformed as the resources rotation executed in Q1 did not deliver the anticipated rally, with capital flowing instead toward US technology and AI-driven themes. The manager deliberately chose not to add further listed AI exposure given the Fund's already substantial concentration in Firmus. Interactive Brokers, Sandfire Resources, and Sea Limited were positive contributors, while BYD declined 32% amid intense domestic EV pricing pressure and escalating US-China trade tensions. Gold positions gave back gains as the gold price corrected 25% from its January peak. The Fund took conservative writedowns on Green Wind Renewables and Sircel. Despite near-term underperformance in resources, the manager retains conviction in businesses with tangible assets and exposure to structurally constrained commodity markets, viewing current weakness as a timing issue rather than a flaw in the underlying thesis.
The Fund maintains very substantial concentrated exposure to AI infrastructure through Firmus, which is progressing toward an IPO at a significantly higher valuation following a partnership with NVIDIA to develop a 170,000-GPU AI factory campus in Indonesia. The manager retains conviction in resources exposure despite near-term underperformance, believing businesses with tangible assets and exposure to structurally constrained commodity markets are well positioned for elevated geopolitical risk and persistent inflation.
The manager expects continued volatility as a natural feature of the concentrated, high-conviction approach taken by the Fund. While the past three and a half years have been an exceptional stretch of positive performance, the manager cautions that this is not the normal experience of investing and should not be extrapolated going forward. The Fund remains heavily concentrated in Firmus ahead of its prospective IPO in early October, with the manager focused on managing concentration risk through this process while capturing further upside. The resources thesis remains intact despite near-term underperformance, with the manager viewing current weakness as a timing issue rather than a flaw in the underlying thesis.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Tectonic Investors or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.