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 28, 2026
The Partners III Opportunity Fund’s Institutional Class returned +3.50% net of fees in the third quarter of 2026, outpacing the benchmark Bloomberg 3000 Index's return of +1.37%. Portfolio net cash was reduced by roughly 3 percentage points during the quarter to end at 9%, reflecting selective net deployment into attractive equities while retaining ample dry powder to act opportunistically during periods of broader market turbulence. Macroeconomic conditions remained volatile over the summer months as escalating Middle East hostilities pushed energy and fuel prices higher. Persistent inflationary pressures prompted the Federal Reserve to hike short-term policy interest rates, following a preceding run-up in borrowing costs driven by bond market participants across all maturities. The fund successfully navigated these crosscurrents by balancing exposure across high-quality technology platforms, life sciences equipment compounders, and value-added distributors. During the quarter, the fund established initial positions in MercadoLibre and Ferguson, financing the Ferguson entry via a complete exit of Pool Corp. Capital was also deployed to scale existing stakes in Aon, Netflix, and Vulcan Materials, which was partially funded by trims in Euronet, Global Payments, and Mastercard. Top performance drivers included Microsoft and Meta Platforms, while Aon and Charter Communications weighed on performance as the fund's largest quarterly detractors.
The fund seeks long-term capital appreciation by maintaining concentrated ownership in high-quality, competitively advantaged businesses while dynamically managing cash reserves to capitalize opportunistically on market dislocations.
The fund maintains plenty of dry powder to move opportunistically in the event of market turmoil driven by interest rate pressures or geopolitical developments.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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Top Conviction Themes
Key Catalysts
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