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 Oct 23, 2026
The Osterweis Opportunity Fund returned -8.98% net of fees in the third quarter of 2026, slightly outperforming its benchmark, the Russell 2000 Growth Index, which declined -9.39%. Fund performance was aided by an overweight cash allocation and strong security selection in Health Care and Information Technology. Over the trailing twelve months, the fund delivered 22.39% net of fees compared to 12.05% for the index. The portfolio's overweight exposure to Industrials and zero weighting in Energy detracted from relative performance, while security selection in Health Care generated positive absolute returns against an index sector decline. Macroeconomic crosscurrents dominated small-cap market performance during the quarter, with investor sentiment weighed down by elevated interest rates and concerns over artificial intelligence infrastructure capital expenditures. Despite these headwinds, the managers view the broader economic backdrop as sound. Roughly half of all small-cap companies reported earnings growth exceeding 20%, creating an increasingly attractive valuation disparity relative to large-cap equities, where massive data center investments may begin to constrain free cash flow generation. Portfolio management actively repositioned key sector exposures during the quarter. Within Information Technology, capital was rotated out of Phase I semiconductor infrastructure holdings like MACOM Technology Solutions toward Phase II software beneficiaries such as Twilio and Rubrik. In Health Care, profits were harvested from high-valuation life sciences to fund allocations to medical device makers, including top contributor AtriCure, while exposure to Alignment Healthcare was significantly reduced following margin and regulatory headwinds.
Identify innovative, secular small-cap growth companies with robust business fundamentals and attractive valuations capable of compounding value across full market cycles.
The managers maintain a constructive near-to-medium-term outlook, expecting durable small-cap earnings growth and compelling relative valuations to challenge recent large-cap market dominance.
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
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