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 |
|---|---|---|---|---|---|---|
In the Q3 2025 investor letter, Charles Lemonides of ValueWorks outlines a highly bullish stance on the market, noting that the current bull market lacks systemic imbalances and has a clear runway to 'let her rip.' Growth is supported by private-sector technological innovation, specifically AI, and bolstered by policy flexibility via high real interest rates. ValueWorks continues to implement its disciplined value strategy, focusing on deeply undervalued, high-growth potential assets (concentrated in Energy, Industrials, and Technology) and maintaining a target portfolio of 25-35 holdings.
Value investing means buying high-quality assets at a significant discount (paying $0.50 to $0.75 for $1.00 of asset value), managing risk through deep security selection rather than over-diversification, and using price drawdowns as buying opportunities.
The US and global economies are poised for several years of aggressive expansion driven by powerful technological waves like Artificial Intelligence. Despite Washington political policy noise, private-sector innovation will drive the market higher, with high real interest rates providing a safety buffer for policymakers.
As of Sep 30, 2025
Charles Lemonides founded ValueWorks in 2001 and serves as Chief Investment Officer with final authority for all investment decisions. He holds a History degree from Vassar College, pursued graduate economics studies at NYU, and earned the CFA designation in 1989. His value investing philosophy was developed at regional brokerage Gruntal & Co. starting in 1986 and later at Sterling Advisors where he served as CIO. The firm operates with six employees, three in investment advisory functions, managing 105 discretionary client accounts. Supporting team includes Mario J Del Pozzo as Managing Director since 2018 handling business development, Linette Lopez as Director since December 2024 for communications, and Mac Campbell as Analyst since 2020 with CFA designation earned in 2024.
ValueWorks employs a deep value investment strategy based on the core belief that 'value investing works because controlling quality assets at a discount to what they are worth earns attractive returns over time.' The firm defines value investing as 'buying the best-quality assets at the best possible prices... paying only $0.50 to $0.75 for $1.00 worth of assets.' Their investment process involves identifying misunderstood securities, appraising underlying assets, assessing market price versus intrinsic value, re-evaluating investments continually, and exiting when full valuation is reached or investment thesis changes. Risk management is achieved through knowledgeable security selection, reasonable diversification and steadfast discipline, with the firm stating they don't view mark-to-market volatility as risk-to-principle.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
High-conviction positioning: ValueWorks remains highly bullish on the US and global economic outlook, expecting years of technology-driven expansion and highlighting that high real interest rates give policyma...
Growth Outlook
Market outlook remains high conviction: ValueWorks remains highly bullish on the US and global economic outlook, expecting years of technology-driven expansion and highlighting that high real interest rates give policyma...
Risk Appetite
Risk appetite posture is high conviction: ValueWorks remains highly bullish on the US and global economic outlook, expecting years of technology-driven expansion and highlighting that high real interest rates give policyma...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. ValueWorks remains highly bullish on the US and global economic outlook, expecting years of technology-driven expansion and highlighting that high real interest rates give policyma...
Forward Guidance
Forward guidance signal: ValueWorks remains highly bullish on the US and global economic outlook, expecting years of technology-driven expansion and highlighting that high real interest rates give policyma...
Language Signal
Tone analysis indicates high conviction language: ValueWorks remains highly bullish on the US and global economic outlook, expecting years of technology-driven expansion and highlighting that high real interest rates give policyma...
Perceived Risk
Perceived risk level is evaluated as low conviction. ValueWorks remains highly bullish on the US and global economic outlook, expecting years of technology-driven expansion and highlighting that high real interest rates give policyma...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. ValueWorks remains highly bullish on the US and global economic outlook, expecting years of technology-driven expansion and highlighting that high real interest rates give policyma...
Time Horizon
Investment time horizon reflects a above average conviction orientation. ValueWorks remains highly bullish on the US and global economic outlook, expecting years of technology-driven expansion and highlighting that high real interest rates give policyma...
Top Conviction Themes
Key Catalysts
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