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 |
|---|---|---|---|---|---|---|
The Value Line Asset Allocation Fund employs a flexible, multi-asset strategy, currently positioning capital with 65% in equities, 33% in investment-grade bonds, and 2% in cash. During the first quarter of 2026, the fund declined 6.14%, underperforming its Morningstar category average decline of 1.18%. This underperformance was primarily driven by stock selection challenges within the industrials and financials sectors, a broad AI-related correction in technology holdings like ServiceNow and Tyler Technologies, and a lack of exposure to the strongly performing energy sector. In contrast, Costco Wholesale Corp. provided a key positive offset, gaining approximately 14%. The management team actively manages the equity component by avoiding giant-cap names in favor of large- and mid-cap companies, which they believe offer superior relative long-term growth. Consistent with this philosophy, the fund established four new positions in resilient, high-quality franchises during the quarter while exiting three positions, resulting in a total of 28 equity holdings.
Long-term capital growth is best achieved by focusing on high-quality, large- and mid-cap companies with durable business models and consistent earnings, managed within a flexible asset allocation framework that limits exposure to overvalued giant-caps.
The managers view companies outside the giant-cap tier as providing the most attractive long-term growth opportunities, and plan to continue emphasizing large- and mid-cap companies with consistent earnings and stock price growth. The fixed-income portion of the portfolio will remain focused on capital preservation by holding 100% investment-grade ratings.
As of Mar 31, 2026
The Value Line Asset Allocation Fund is managed by Senior Portfolio Managers Stephen E. Grant and Liane Rosenberg under EULAV Asset Management. The fund has been operating since August 24, 1993, and employs a tactical asset allocation approach using Value Line's proprietary market timing model. The management team maintains a concentrated portfolio of typically 25 to 50 companies with a low turnover rate of 14%, focusing on achieving total return through dynamic allocation across asset classes.
The Fund's investment objective is to achieve a high total investment return (current income and capital appreciation) consistent with reasonable risk. The Adviser attempts to achieve this objective by following an asset allocation strategy that enables periodic shifting among common stocks, debt securities, and money market instruments using a proprietary stock market model developed by Value Line, Inc. to determine optimal asset allocation across different market conditions.
Lead Portfolio Manager
Neutral / Balanced
Market Conviction
The score of 0.45 reflects low-to-moderate conviction based on the fund's highly diversified portfolio. With 28 equity positions and a top holding capped at 4.11%, the managers do not run a concentrated portfolio, and they describe holdings underperforming with moderate, non-declarative explanations.
Growth Outlook
The outlook score is 0.50. The managers note macroeconomic concerns and uneven asset class returns due to the Middle East conflict, balanced by constructive comments regarding structural market rotations away from mega-cap growth into mid-cap companies.
Risk Appetite
The score of 0.55 indicates a balanced risk appetite. Although the fund holds 65% in equities, it maintains a significant defensive anchor in investment-grade bonds (33%) and actively avoids highly volatile giant-cap names in favor of steady earnings growth compounders.
Capital Deployment
The score of 0.50 represents net neutral deployment activity. The fund maintains a very steady cash level at 2.0% and balanced portfolio adjustments by executing four new buys and three complete sales, indicating an asset rotation strategy rather than massive directional capital deployment.
Forward Guidance
The score is 0.50 as the managers do not outline specific action biases or prospective directional changes in asset allocations. They indicate a continuation of their existing strategy to focus on quality and mid-caps without providing a detailed forward roadmap.
Language Signal
The score is 0.50, indicating a balanced tone. The managers report disappointing performance (-6.14% return vs. -1.18% category average) and acknowledge multiple detractors across technology, industrials, and financial sectors, while remaining constructive on their long-term compounder philosophy.
Perceived Risk
Perceived risk is rated 0.65 due to explicit warnings regarding Middle East geopolitics, volatility, and negative investor sentiment regarding artificial intelligence in technology stocks, prompting them to keep 33% of the portfolio in defensive investment-grade bonds.
Opportunity Density
A score of 0.60 is assigned due to the manager identifying and deploying capital into four new positions that fit their strict qualitative criteria, showing a reasonable availability of ideas despite uneven market performance.
Time Horizon
The time horizon is scored at 0.75, reflecting a long-term approach. The managers emphasize high-quality business compounders and explicitly state that companies outside the giant-cap tier offer superior 'long-term growth opportunities,' showing a patient, multi-year perspective.
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 Value Line Asset Allocation Fund 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.
