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 Aug 14, 2026
The Gabelli International Small Cap Fund declined 2.15% in Q2 2026, underperforming its benchmark as gold mining holdings detracted following a 14% pullback in gold prices. Despite this, the Fund benefited significantly from AI-related capital expenditures, with semiconductor equipment holdings like Tokyo Electron and ASML appreciating 103% and 53% respectively, while Murata Manufacturing surged 227%. Global equity markets rallied strongly as the Middle East conflict de-escalated and corporate earnings grew sharply, with the S&P 500 up 15.2% and emerging markets gaining 23.3%. The Fund's Japanese holdings performed particularly well, supported by solid earnings growth and corporate reform. Portfolio activity included initiating positions in three mid-sized gold producers trading at discount valuations and adding Japanese technology companies. Looking forward, the managers see equity markets supported by strong earnings growth and broadening participation beyond AI, though risks include persistent inflation, geopolitical tensions, and potential overinvestment in AI infrastructure.
The Fund invests in small capitalization international companies using a research-driven, value-oriented approach based on identifying undervalued stocks trading below their Private Market Value with catalysts to unlock value over time.
Equity markets are currently being supported by strong earnings growth and save for some AI-related companies, valuations are defensible on a historical basis. An opportunity for investors is that equity markets continue to broaden as the benefits of AI such as improved productivity should potentially boost corporate earnings. As usual there are many risks but usually it is something unforeseen that causes a market pullback. What we are all aware of includes more geopolitical tremors, persistent inflation making financing high debt levels a problem and over investment in AI.
Neutral / Balanced
Market Conviction
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Forward Guidance
Language Signal
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