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 Oct 20, 2026
During the third quarter of 2026, the Voya MidCap Opportunities Fund outperformed its benchmark, the Russell Mid Cap Growth Index, on a net asset value basis, propelled by positive asset allocation effects and strong bottom-up stock selection. Broader equity markets exhibited narrow leadership, with large-cap indices gaining while small- and mid-cap indices declined. Fund outperformance was spearheaded by robust stock selection in healthcare, industrials, and consumer staples, as well as an underweight stance in consumer discretionary, which comfortably offset detractors stemming from stock selection and an underweight position in information technology. The macroeconomic backdrop presented conflicting crosscurrents as resilient economic growth, robust labor markets, and solid corporate earnings coincided with the Federal Reserve raising the target funds rate by 25 basis points to 3.75%-4.00%. Multi-decade highs in Treasury yields and persistent inflation created restrictive financial conditions that penalized rate-sensitive industries such as utilities and real estate. Nonetheless, secular capital investment in artificial intelligence infrastructure remained robust, with market enthusiasm gradually broadening from foundational infrastructure toward agentic AI adoption and enterprise application monetization. Portfolio positioning remained anchored in high-quality secular compounders, led by overweight positions in cloud infrastructure leaders Cloudflare (5.04%) and Snowflake (5.01%), alongside healthcare holding Natera (1.46%), all of which generated strong revenue growth and increased forward guidance. Conversely, performance was hindered by semiconductor holdings MaxLinear and GlobalFoundries amid end-market cyclical softness, leading both positions to be eliminated from the fund, while an underweight position in Atlassian also detracted.
Actively identify mid-cap companies exhibiting superior capital investment, robust core profitability, and attractive risk-reward profiles through rigorous fundamental research.
Management anticipates that resilient corporate earnings and expanding agentic AI adoption will support equity markets, though the path of inflation and interest rates will remain the primary determinants of near-term performance.
Moderate 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
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