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 Aug 18, 2026
Tweedy, Browne's Buybacks . Dividends + Value Fund returned 6.27% in Q2 2026 but trailed its benchmark as AI-driven US technology stocks continued their advance. The fund recently expanded its mandate to emphasize companies engaged in buybacks when shares trade at discounts to intrinsic value, based on proprietary research showing return advantages for such stocks. This enabled new positions in Alliance Resource Partners, Autotrader, Berkeley Group, and others with active buyback programs and cheap valuations. While pleased with absolute returns, the managers express deep concern about rapidly rising equity valuations, comparing current AI enthusiasm to the late 1990s tech bubble. They cite warning signs including 41X Cape Shiller P/E, record margin debt of $1.4 trillion, hyperscaler prisoner's dilemma dynamics, and questions about AI productivity gains. The portfolio remains well-positioned with growing exposure to smaller and mid-cap companies offering more attractive valuations than US tech giants. If market concerns materialize, the fund should hold up better than benchmarks.
The fund invests in undervalued companies paying attractive dividends and/or engaged in share buybacks when trading at discounts to intrinsic value, emphasizing financially strong businesses with growth potential while avoiding overvalued US technology companies despite their market dominance.
The manager expects continued market volatility with risks concentrated in highly valued US technology companies while other sectors, particularly non-US equities and smaller/mid-cap companies, remain reasonably valued. If concerns about AI valuations, elevated market multiples, and persistent inflation materialize, the Funds should hold up better and may gain ground on benchmark indices. If animal spirits continue supporting equity prices, the Funds will likely still participate even if they don't outperform. The team remains cautious but not bearish, maintaining exposure to sensibly valued equities while avoiding the most speculative areas of the market.
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