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 Jul 25, 2026
The global economy is transitioning away from the disinflationary architecture of the 1990–2020 era toward a structural, capital-scarce regime where U.S. inflation will settle at a higher equilibrium of 3.5% to 4.5%. This profound structural shift is driven by the reversal of globalization, localized supply chains, persistent labor shortages, and massive, capital-intensive initiatives such as artificial intelligence infrastructure, grid electrification, and national defense. As a consequence, the historical capacity of the global economy to absorb massive debt and central bank liquidity without generating inflation has collapsed. Over the second quarter of 2026, the fund delivered a net return of 0.67%, matching the performance of the Bloomberg US Aggregate Bond Index. In response to these mounting structural inflation risks and projected interest rate volatility, the management team aggressively reduced the fund's portfolio duration to less than one year. This highly defensive positioning aims to shield investor capital from rising long-term Treasury yields and expanding term premiums. Looking forward, the fund maintains a highly cautious posture, anticipating that the Federal Reserve's balance-sheet reduction under Chairman Kevin Warsh will tighten private-market liquidity and elevate real interest rates, rendering long-duration assets highly risky until inflation expectations stabilize.
The global economy is transitioning away from the disinflationary architecture of the 1990–2020 era toward a structural, capital-scarce regime where U.S. inflation will settle at a higher equilibrium of 3.5% to 4.5%.
The post-globalization interest-rate environment is likely to be less stable than the one that prevailed from 1990 to 2020. Absent a sustained recession, a favorable supply-side shock, or a prolonged period of monetary restraint, the broader structural backdrop—larger fiscal deficits, higher capital demands, fragmented supply chains, reduced globalization efficiencies, and greater sensitivity to Treasury supply—suggests that both inflation and long-term Treasury yields will trend upward.
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