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 Jul 29, 2026
Tim Gallagher's Unconventional Value portfolio returned 44.2% in H1 2026, extending a multi-year run of exceptional performance with 320% cumulative returns since inception. The portfolio underwent significant repositioning as Gallagher trimmed his largest holding, Planet Labs, due to untenable valuations despite strong business fundamentals. He redeployed proceeds primarily into Pagaya, now his largest position, which he views as a data network positioned to benefit from AI transformation of consumer lending infrastructure over the next decade. At 8-12x earnings for a business expected to compound at 15-20%+ annually, he sees compelling value. He also added to Remitly, a cross-border remittance platform demonstrating strong operating leverage with 45%+ incremental margins, and initiated a position in MNTN, a CTV advertising platform serving SMBs trading at less than 5x EBITDA despite 63% customer growth. The portfolio remains concentrated in small-cap fintech and advertising infrastructure plays with strong unit economics. Gallagher maintains conviction that active stock picking can continue to generate outperformance through identifying mispriced opportunities created by market volatility and differing opinions.
Tim Gallagher runs a concentrated portfolio of small-cap growth companies with strong unit economics and operating leverage, focusing on businesses transforming their industries through technology and data advantages, particularly in fintech and advertising infrastructure.
The manager remains convicted in the opportunity for active investors to outperform the market over the long term through stock picking. While acknowledging that the absolute level of outperformance from recent years will not continue forever and that drawdowns happen, the manager believes that as long as differing opinions about company values cause people to transact, there will always be an opportunity to outperform. The manager does not believe it is getting any harder to find opportunities.
High Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Unconventional Value or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.