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 May 10, 2026
Tourlite Fund delivered 16.9% net returns in Q1 2026, maintaining its track record of outperformance with negative correlation to major indices. The fund operates with 33% average net exposure and 242% gross exposure, concentrating on aerospace and infrastructure longs while shorting consumer and technology names. Key holdings include Montana Aerospace, trading at 7x 2027E EBITDA despite strong operational performance, and FTAI Aviation, capturing market share in supply-constrained aerospace markets. The manager views current geopolitical volatility and oil price surges from Iran conflict as creating both headwinds for aerospace holdings and opportunities for short positioning. Inflationary pressures have accelerated, increasing probability of higher-for-longer rates, which could benefit the fund's short book as speculative momentum reverses. The anticipated SpaceX IPO is expected to drain liquidity from high-beta stocks, creating favorable conditions for short sellers. Portfolio positioning remains defensive with selective exposure, targeting 20-30% normal net exposure range while maintaining conviction in undervalued industrial assets.
Tourlite Fund operates a long/short equity strategy focused on achieving above-market, risk-adjusted returns with low correlation to equity markets through concentrated positions in undervalued aerospace and infrastructure companies while maintaining selective short exposure in overvalued consumer and technology names.
The manager expects continued macro and geopolitical volatility in the second quarter, with inflationary pressures potentially forcing the Federal Reserve into a more restrictive stance. This environment may create generational opportunities for short sellers as speculative momentum reverses. The anticipated SpaceX IPO is viewed as a catalyst for liquidity drain from high-beta stocks.
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