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 15, 2026
Wealthspire's third-quarter 2026 review highlights a divergent market environment where broad equity performance remained resilient despite severe headwinds across fixed income and energy markets. While specific proprietary fund net performance was not reported, the firm observed that U.S. large-cap and developed international equities advanced, contrasting with losses in mid-cap and small-cap segments driven by elevated borrowing costs. The Bloomberg U.S. Aggregate Bond Index declined 2.9% and municipal bonds lost 3.1% in Q3 as the 10-year Treasury yield surged past 5.3%, whereas the Bloomberg Commodity Index advanced 5.6% during the quarter and 32.0% year-to-date amid oil reaching $100 per barrel. The macroeconomic narrative was defined by the Federal Reserve's decision under Chair Kevin Warsh to lift interest rates by 25 basis points to a 3.75%–4.00% target range, aiming to preserve institutional credibility amid rising energy costs and 1-year consumer inflation expectations of 4.6%. The firm draws clear distinctions between the current regime and the late 1970s stagflation crisis, emphasizing that the modern U.S. economy benefits from greater energy efficiency, record domestic oil production, well-anchored long-term inflation expectations, and core CPI at 2.4%. From a portfolio construction standpoint, Wealthspire advocates maintaining disciplined balance rather than reacting to short-term political volatility heading into the November midterm elections. With investment-grade bonds yielding approximately 5.5% and forward S&P 500 earnings multiples standing at a reasonable 19x against projected 29% profit growth, the firm advises investors to lock in high Treasury and municipal yields, utilize Treasury Inflation-Protected Securities (TIPS) as an energy hedge, maintain global equity diversification, and exercise scrutiny over heavily debt-financed artificial intelligence capital expenditures.
Long-term investors generate superior risk-adjusted wealth by staying disciplined and balanced, anchoring portfolios in generational fixed income yields, and relying on resilient corporate earnings growth rather than attempting to trade around short-term geopolitical shocks or electoral cycles.
Wealthspire expects a potentially turbulent fourth quarter given an active political and economic calendar, including the October FOMC meeting, the November midterm elections, and the December 11 congressional budget deadline. Nonetheless, the firm emphasizes that corporate earnings, interest rate levels, and investment discipline exert far greater influence on long-term portfolio returns than political control of Congress. Equities remain supported by approximately 29% earnings expansion, while investment-grade fixed income provides a robust yield buffer of around 5.5% that shields total returns against moderate future rate increases.
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