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 |
|---|---|---|---|---|---|---|
The Wolf of Harcourt Street portfolio returned 15.9% in Q2 2026 versus 18.2% for the S&P 500, bringing year-to-date performance to -3.9% versus the index's 9.5% gain. The manager doubled his Take-Two Interactive position as the GTA VI thesis began playing out, with pre-orders reportedly generating $4 billion in revenue before the official marketing campaign launched. He added to Microsoft below $400 and Amazon after recent weakness, viewing AWS GPU price increases of 20% as bullish signals for AI demand and hyperscaler returns. ASML's 200%+ rally made it the largest position, overtaking Mercado Libre. Despite year-to-date underperformance, the manager remains optimistic given strong fundamentals at out-of-favor holdings including MELI, SE, NU, and MSFT. The portfolio is concentrated in technology names, with META, MSFT, and AMZN representing 25% of holdings. The manager expects free cash flow acceleration once AI infrastructure spending moderates, though questions remain about normalization timing given persistent strong demand.
The manager maintains conviction in high-quality technology and e-commerce businesses trading at attractive valuations despite near-term underperformance, with particular focus on AI infrastructure beneficiaries and gaming catalysts.
The manager is optimistic about future returns despite trailing the market year-to-date. Several largest positions including MELI, SE, NU, and MSFT remain out of favor despite strong underlying fundamentals, presenting opportunity. The market expects meaningful free cash flow acceleration once heavy AI infrastructure spending moderates. The key question is how much capital expenditure will normalize, as strong AI demand may sustain elevated spending levels beyond 2028.
As of Jul 31, 2026
The Wolf of Harcourt Street is an investment newsletter founded in 2020 that provides analyst-level investment insights on global companies. The publication has grown to over 9,300 subscribers from 134 countries and offers weekly data-driven deep dives, complete portfolio transparency, earnings reviews, and market analysis. The author maintains full transparency of their personal investment portfolio, which has achieved a 16% compounded annual growth rate since inception. The newsletter applies institutional analytical frameworks and emphasizes understanding businesses behind stocks rather than focusing on short-term market movements.
Rooted in the Growth at a Reasonable Price (GARP) approach popularized by Peter Lynch, this strategy balances the pursuit of meaningful growth with disciplined valuation assessments. The GARP philosophy finds a middle ground, looking for companies that are growing meaningfully and valued sensibly relative to their future prospects. The approach treats stocks as ownership stakes in real businesses rather than ticker symbols, applying institutional analytical frameworks to help understand the businesses behind stocks. The key to long-term success is understanding the business behind the stock, focusing on fundamental analysis and long-term value creation.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The manager demonstrates high conviction through concentrated positioning with 10 named holdings and three positions representing 25% of the portfolio. He doubled TTWO position based on specific catalyst thesis and explicitly states target allocation of 6%. Position sizing is discussed for multiple holdings including ASML as largest position and MELI as former largest. The manager provides clear, falsifiable reasoning for additions to MSFT and AMZN with specific valuation metrics and demand signals. However, the portfolio is not extremely concentrated (5 or fewer positions) and some hedging language exists around market forecasts, preventing a score above 0.75.
Growth Outlook
The manager maintains a constructive outlook of 0.65, identifying high-quality opportunities within their existing portfolio heading into 2026. While acknowledging the rollercoaster nature of the market and recent drawdowns, they express strong confidence in the growth trajectories of top holdings like SE and MELI.
Risk Appetite
Assigned a 0.75 risk appetite score as the manager is actively buying into drawdowns, adding to Uber for three consecutive months and Visa for two. They exhibit a strong appetite for growth compounders like Sea Limited despite its 33% drawdown.
Capital Deployment
The manager doubled TTWO position and added to both MSFT and AMZN during the quarter, representing moderate deployment activity. However, no cash level data is provided to quantify the magnitude of deployment. The additions appear selective rather than broad-based, and there is no indication of significant cash reduction or aggressive deployment across multiple new positions. This represents moderate selective deployment without evidence of major cash level changes.
Forward Guidance
A forward guidance score of 0.80 reflects the manager's clear action bias to add to top positions during pullbacks. They explicitly state intentions to monitor Microsoft closely for entry points in 2026 and highlight SE and MELI as top upcoming opportunities.
Language Signal
Language is balanced between opportunity-focused terms (optimistic, attractive, bullish signal, strong fundamentals, excellent quarter) and acknowledgment of underperformance and out-of-favor positions. The manager uses constructive framing around AWS price increases and GTA VI catalysts, but also notes detractors and trailing the market. Net directional language is mildly positive but not overwhelmingly bullish.
Perceived Risk
The perceived risk score is set to 0.50, as the manager acknowledges market drawdowns and the mental fatigue of investing but dismisses structural risks (like AV threats to Uber) as market misconceptions. Risks are noted as opportunities for disciplined buyers.
Opportunity Density
The manager sees multiple attractive opportunities across his portfolio. He identifies TTWO as playing out ahead of catalysts, views MSFT as reasonably valued to cheap at 20x earnings, sees AMZN as attractive after giving back gains, and maintains conviction in out-of-favor names MELI, SE, and NU despite underperformance. The characterization is of selective but meaningful opportunities rather than a sparse environment. He is finding enough compelling ideas to actively deploy capital across multiple positions.
Time Horizon
The manager demonstrates a multi-year investment horizon with emphasis on long-run share price following free cash flow per share. He is willing to hold out-of-favor positions like MELI, SE, NU, and MSFT through underperformance based on strong fundamentals. The TTWO position is built ahead of catalysts expected to play out over coming quarters. However, there is also attention to near-term catalysts like GTA VI marketing campaign and quarterly AWS pricing changes, indicating some catalyst dependency within a 1-3 year timeframe rather than a purely long-term permanent capital approach.
Top Conviction Themes
Key Catalysts
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