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, 2026
The Ceredex Large Cap Value Equity Strategy Composite returned -1.47% net of fees in the third quarter of 2026, underperforming the Russell 1000 Value Index benchmark return of +2.61%. Year-to-date, the strategy posted a net return of 16.76% compared to 19.27% for the benchmark. Relative underperformance during the quarter was primarily driven by stock selection in Information Technology and Industrials, where shifting sentiment around artificial intelligence hardware names caused sharp valuation compression despite stable underlying company fundamentals. Conversely, stock selection in Consumer Staples and Healthcare delivered positive relative alpha. The macroeconomic environment was defined by heightened volatility and tightening financial conditions. Central banks, including the Federal Reserve under new Chairman Warsh, the European Central Bank, and the Bank of Japan, raised interest rates to combat persistent inflation that remains well above target. Macro headwinds were intensified by energy price volatility stemming from the Iran war, which catalyzed global bond selloffs and pressured rate-sensitive sectors such as housing. Market participants rotated away from capital-intensive semiconductor hardware toward hyperscalers and software platforms due to heightened scrutiny over return on investment for artificial intelligence infrastructure. Portfolio activity reflected disciplined rebalancing and selective capital deployment. The manager established new long positions in Amazon to capitalize on cloud growth and disciplined capital allocation, convenience store compounder Casey's General Stores, and specialty materials provider Corning for its proprietary optical platform. Capital was harvested through the full liquidation of Rockwell Automation and GE Aerospace after both holdings reached target valuations, alongside the complete exit of GlobalFoundries. Key individual contributors included Thermo Fisher Scientific, which gained as life sciences demand recovered, and Valero Energy, which benefited from global refining capacity disruptions.
The strategy invests in large-capitalization companies believed to be undervalued relative to their industry peers and historical valuations, focusing on businesses with catalyst-driven earnings recoveries and disciplined capital allocation.
The manager expects pronounced divergence in operating performance across sectors as restrictive monetary policy curbs growth in rate-sensitive industries, while secular AI infrastructure investment continues to drive selective long-term opportunities.
Moderate Conviction Bullish
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