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 Dec 31, 2024
TMR Capital operates a long/short equity strategy targeting Technology investments and SMID cap value-oriented special situations. The fund believes the current market environment is ideal for their approach, with the cheapest quartile of stocks at decade lows while expensive stocks trade at elevated multiples. This dispersion stems from capital flows into passive investing and increased dominance of shorter-term quantitative strategies. The fund's differentiated approach focuses on deep fundamental research in the neglected SMID cap space, where they can more easily influence market perception. Key holdings include Zenvia, which is refocusing around its AI-powered Customer Cloud platform with expected 30% revenue growth in 2025, and WM Technology, a dominant cannabis marketplace trading at attractive valuations while facing a lowball acquisition attempt. The fund expects increased M&A activity in 2025 to benefit their special situations focus. Their uncorrelated return stream and flexible global mandate position them to generate strong absolute returns regardless of broader market conditions, with particular optimism around Technology dispersion as the AI cycle progresses.
TMR Capital operates a long/short equity strategy focused on Technology investments and SMID cap value-oriented special situations, capitalizing on extreme valuation dispersions created by passive investing dominance and shorter-term quantitative trading.
The fund feels confident in their ability to continue to generate strong absolute returns regardless of what happens to the markets. They expect M&A activity to pick up in 2025, which should benefit their SMID cap special situations focus. The current market environment with extreme valuation dispersion is viewed as ideal for their long/short strategy.
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