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 22, 2026
During the third quarter of 2026, the Wasatch Frontier Emerging Small Countries strategy underperformed its benchmark, the MSCI Frontier Emerging Markets Index, which advanced 0.77%. Relative performance was negatively impacted by the strategy's exposure to the information-technology sector amid a global pullback in artificial intelligence-related names, as well as an off-benchmark exposure to challenging market environments in Turkey and Saudi Arabia. Financials served as the largest relative headwind, as the strategy did not own rallying bank stocks in Colombia, Kenya, and Kazakhstan, while strength was concentrated in holdings located in Georgia, the Philippines, Vietnam, and Romania. The manager's macro outlook evaluates the repercussions of the U.S.-Iran conflict that ignited in February, which elevated global oil prices and pushed the Federal Reserve to implement an interest rate hike in September. While conventional market theory suggests higher U.S. rates and an appreciating dollar create persistent headwinds for frontier and developing economies, the manager argues the historical transmission mechanism is mitigated. Frontier and emerging markets entered this cycle with fortified fiscal balances and sound monetary frameworks, while structural shifts in global trade continue to diminish international reliance on the U.S. dollar. Portfolio attribution highlights strong operating performance across select consumer and industrial compounders, led by Georgia Capital PLC, Mexican discount retailer BBB Foods, Inc., and Philippine terminal operator International Container Terminal Services. Detractors included Turkish equipment manufacturer Astor Enerji due to local market liquidity strains and regulatory inquiries, Israeli semiconductor metrology supplier Nova Ltd. amid broader tech volatility, and Saudi fintech Rasan Information Technology Co.
A disciplined, bottom-up investment process focused on high-quality companies with durable competitive advantages, capable leadership, and long-term earnings growth in frontier and small emerging countries can deliver attractive compounding independent of broader macro volatility.
Rising U.S. interest rates may not translate into historical dollar strength or severe headwinds for frontier markets due to improved sovereign fiscal balances and structural shifts in global trade flows. The strategy expects its bottom-up focus on durable competitive advantages and strong management teams to generate attractive long-term returns.
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