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 26, 2026
Voss Value Fund returned +22.4% net in Q2 2026, bringing YTD returns to +8.5%, though lagging small-cap benchmarks. The fund maintains concentrated exposure with 178.7% gross and 100.6% net long positioning across four new positions. The manager initiated Rackspace Technology, a high-leverage turnaround with unutilized data center capacity positioned to benefit from AI infrastructure demand through a strategic AMD compute partnership potentially generating $500-600 million in incremental revenue. Versigent, an Aptiv spin-off, offers exposure to automotive electrification with 33% market share in EV wire harnesses trading at 5x EBITDA. Hill & Smith provides US grid infrastructure exposure at an 8.7x EBITDA discount to peers despite 84% US profit generation. De'Longhi represents an underappreciated coffee equipment compounder with its high-growth Professional Coffee segment valued near zero. The manager flags structural AI risks including hyperscaler cash flow consumption, rapid token pricing decay, and lack of productivity gains despite $1.5 trillion in cumulative outlays. Small-cap fundamentals are inflecting positive with SMID earnings revision breadth reaching +10% after troughing at -28%, while valuations remain inverted at deep discounts to large caps, creating fertile ground for active stock selection.
Voss Capital is pursuing a concentrated small and mid-cap value strategy focused on special situations including spin-offs, turnarounds, and mispriced compounders, with particular emphasis on companies benefiting from AI infrastructure buildout, grid modernization, and secular consumer trends, while maintaining significant short exposure to hedge market risk.
The manager expects small-cap fundamentals to continue improving as they emerge from a multi-year industrial recession, with valuations remaining at deep discounts to large caps creating opportunities for active stock selection. They anticipate M&A and corporate action catalysts to accelerate. While disappointed with recent results, they remain focused on their time-tested process and long-term compounding, viewing market volatility as a small toll to pay on their long-term alpha odyssey.
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