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 Sep 30, 2024
THB Micro Cap Strategy outperformed its benchmark by 201 basis points in Q3 2024, returning 10.30% net of fees versus the Russell Microcap Index's 8.29% return. The strategy maintains 90-125 securities from approximately 1,700 stocks in the Russell Microcap Index, targeting inefficiencies in this under-researched space. Key performance drivers included strong stock selection in Consumer Discretionary and Health Care sectors, with top contributors including Latham Group, Hawkins, and Climb Global Solutions. The portfolio added Ribbon Communications, a communications solutions provider benefiting from network transformation trends and data center interconnect opportunities. The manager remains optimistic about future economic activity and lower interest rates, believing the threat of overly restrictive Fed policy has passed as the easing cycle begins. Rising productivity driven by automation and AI provides a powerful economic tailwind. However, risks include more volatile inflation readings from secular forces like energy transition and geopolitical tensions, potentially leading to frequent monetary policy shifts that could impact markets.
THB believes that the micro-cap universe is inefficient and that a focused portfolio of high-quality securities in the space can offer strong risk-adjusted returns through a disciplined, actively managed approach.
Despite some uncertainty, we remain optimistic about future economic activity and the prospect of lower interest rates. One of our biggest concerns was the possibility of a policy mistake if overly restrictive rates were imposed by the Fed. As we now enter an easing cycle, we believe that threat has largely passed.
Neutral / Balanced
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