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 27, 2026
Voss Value Offshore Fund returned 23.2% net in Q2 2026, bringing year-to-date returns to 9.1%. The manager is capitalizing on improving small-cap fundamentals as earnings revision breadth inflects positive after a three-year downgrade cycle. Three new positions exemplify the strategy: Rackspace Technology, a high-leverage turnaround with unutilized data center capacity positioned for the AI infrastructure wave; Versigent, an Aptiv spin-off trading at 5x EBITDA despite oligopoly positioning in automotive wire harnesses with strong EV tailwinds; and Hill & Smith, a UK-listed industrial generating 84% of profits in the US and trading at a 30% discount to American peers while benefiting from grid modernization and data center growth. The manager also initiated a position in De'Longhi, the global leader in espresso machines, where the high-margin Professional Coffee segment is being valued at near zero despite 30%+ growth. While acknowledging structural risks in the concentrated AI buildout—including hyperscaler cash flow consumption, rapid token pricing decay, and absent productivity gains—the manager sees fertile hunting ground in mispriced SMID caps with strong fundamentals, shareholder-friendly capital allocation, and concrete catalysts for value realization over an 18-24 month horizon.
Voss Capital is deploying capital into undervalued small and mid-cap special situations emerging from a multi-year industrial recession, with particular focus on turnarounds, spin-offs, and mispriced compounders trading at significant discounts to intrinsic value.
The manager expects small-cap fundamentals to continue improving as they emerge from a multi-year industrial recession. With valuations at deep discounts to large caps and M&A activity picking up, the manager sees a fertile environment for active stock selection in SMID caps. The manager remains focused on their time-tested process despite recent disappointing results, viewing market volatility as a small toll to pay on their long-term alpha odyssey. The manager is cautiously optimistic about the broadening of earnings revisions beyond AI infrastructure but remains vigilant about concentration risks in the AI buildout.
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