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 1, 2025
Troy Asset Management marks its 25th anniversary by identifying deep speculative echoes of the 2000 dotcom bubble in today's AI-driven stock market. The managers highlight unprecedented S&P 500 concentration (top 10 stocks over 40% of the index) and an alarming Shiller CAPE ratio near 40x. They express skepticism over massive AI-related capex ($90bn last quarter), warning that unlike the 1990s fiber-optic boom, AI capital is flowing into short-lived semiconductors subject to rapid depreciation and obsolescence. In response, Troy has reduced holdings in Microsoft and Alphabet, increased allocations to unloved defensive sectors (consumer staples and healthcare), and locked in profits on its long-term gold positions at $3,300/oz and $4,000/oz, while maintaining gold as a cornerstone hedge against ongoing global currency dilution and sovereign debt unsustainability.
Protecting capital over the long term requires resisting speculative bubbles and extreme index concentration. When market participation turns highly speculative and concentrated, investors should 'lean out' of overvalued tech giants, increase exposure to unloved defensive compounding sectors (like consumer staples and healthcare) trading at valuation divergences, and hold gold as essential insurance against fiscal dominance and monetary dilution.
The managers view the broader market as highly speculative and overvalued, with valuations testing historical boundaries (CAPE near 40x) and index concentration at record highs. While they anticipate a potential final AI-driven market melt-up, they expect an eventual reappraisal where 'the evidence of returns will inevitably be required' and cash flows will matter. They structurally favor defensive equities and gold, although they expect short-term volatility or corrections in gold after its massive run.
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