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 Jun 30, 2024
Dr Mathias Saggau's TGV Partners Fund delivered a 6.88% return in H1 2024, slightly underperforming the DAX's 8.86% gain. The concentrated 15-stock portfolio focuses on small and mid-cap companies outside major indices, with market caps ranging from 60 million to 30 billion euros. Saggau highlights a structural market risk from increasing ETF-driven concentration, where just three companies now represent 20% of the S&P 500, creating valuation disparities between mega-caps and smaller companies. The fund's investment philosophy centers on four criteria: reasonable business models, competitive advantages, quality management, and attractive pricing. Recent additions include Midwich Group, an audio-visual distributor trading at less than 10x earnings despite strong fundamentals, and FILA Holdings, a Korean holding company trading below the value of its Acushnet stake alone. The fund faces a management transition as founder Norman Rentrop plans to transfer operations to a new capital management company by year-end, though investment strategy and portfolio composition will remain unchanged. Despite short-term volatility in smaller companies, the concentrated approach has generated 9.3% annualized returns since inception.
The fund employs a concentrated value approach targeting excellent small and mid-cap companies with sustainable competitive advantages, quality management, and attractive valuations, deliberately investing outside major indices to capitalize on market inefficiencies.
The manager expects continued significant deviations from index performance due to the fund's strategy of investing beyond major indices. The structural changes in markets present both challenges and opportunities for the concentrated small-cap approach.
Moderate Conviction Bullish
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