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 14, 2026
Wedgewood Partners Composite generated a net return of +2.5% in the third quarter of 2026 and +5.1% year-to-date, outperforming the S&P 500 Index (+2.3%) and Russell 1000 Growth Index (+0.9%) for the quarter, though lagging the Russell 1000 Value Index (+2.6%). Long-term annualized composite net returns remain sound, logging 14.0% over 10 years and 11.8% over 30 years. Portfolio activity was disciplined and selective, marked by initiating a position in TJX Companies, entirely exiting Copart, scaling allocations in Amazon and Hermès, and taking partial profits in Meta Platforms and Taiwan Semiconductor. The manager’s macro analysis centers on tightening financial conditions, persistent inflationary pressures, and energy spikes exacerbated by geopolitical conflict. Benchmark 10-year and 30-year Treasury yields escalated to 5.35% and 5.70%, respectively, severely punishing interest-rate-sensitive assets. This yield spike triggered acute divergence across equities, creating the widest gap between equal-weighted and market-cap-weighted indices in over two decades. While market breadth deteriorated markedly—with only 30% of individual equities outperforming the broader market—mega-cap technology leaders leveraged to artificial intelligence sustained high-margin earnings growth and productivity enhancements. Portfolio performance was driven by outsized contributions from core technology compounders, including Meta Platforms, Microsoft, Apple, Amazon, and Motorola Solutions. In contrast, cyclical and interest-rate-sensitive holdings faced technical headwinds, with Old Dominion Freight Line, Toll Brothers, Hermès, United Rentals, and TSMC detracting from quarterly returns. Wedgewood views these pullbacks as attractive mispricings driven by macro factor compression rather than structural business impairment, systematically deploying capital into resilient franchises with robust pricing power, entrenched competitive moats, and durable returns on invested capital.
Wedgewood Partners invests in an exceptionally concentrated portfolio of dominant, high-return-on-invested-capital businesses capable of compounding cash flow through economic cycles while exploiting temporary market mispricings.
Wedgewood expects continued market volatility and narrow equity leadership as high benchmark yields and sticky inflation test corporate earnings across rate-sensitive sectors. However, the manager believes the severe divergence between market-cap and equal-weighted indices is setting up attractive buying opportunities in high-ROIC franchises. Wedgewood anticipates substantial long-term returns from its technology compounders as massive capital expenditures translate into realized cash flows, while continuing to actively shop for mispriced industrial, consumer, and infrastructure leaders.
High Conviction Bullish
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