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 19, 2026
White Brook Capital reported outperformance in its Ethical All-Cap strategy alongside underperformance in its Ethical Small Cap strategy for the third quarter of 2026, though specific net return percentages were reserved for client factsheets and quarterly statements. The manager continues to position the strategies with less AI exposure than standard benchmarks while remaining a cautious and selective buyer across individual equities, emphasizing that holdings in the small-cap portfolio are building fundamental intrinsic value that should materialize over the short-to-medium term. From a macroeconomic perspective, the manager highlights the Federal Reserve's resumption of interest rate increases under Kevin Warsh as the year's defining event, driving 10-year Treasury yields up nearly a full percentage point and mortgage rates to 7.4%. Compounding monetary tightening are self-inflicted fiscal and geopolitical headwinds, including deficit spending on the war with Iran, aggressive domestic immigration enforcement that has constricted skilled labor for homebuilding and data centers, and trade disputes with Canada raising lumber costs. Nevertheless, the broader economy exhibits resilience underpinned by durable AI infrastructure expenditures and rebounding industrial transportation activity. Portfolio activity centered on opportunities in AI enablers, streaming media consolidation, and idiosyncratic small-cap turnarounds. Major holdings discussed include FuboTV following its transformational combination with Hulu + Live TV and integration into Disney's ad network, as well as Netflix following its disciplined avoidance of the Warner Bros. Discovery acquisition. Within small caps, the manager maintains high-conviction positions in Perma-Fix, Rapid Micro Biosystems, Ascent Industries, CareCloud, OptimizeRx, and Codexis, arguing that near-term regulatory, operational, and capital-raising overhangs have created compelling risk/reward entry valuations.
White Brook Capital seeks long-term capital appreciation by investing in structurally advantaged, ethically aligned businesses across all capitalizations where near-term operational delays, regulatory adjustments, or market misunderstandings create significant valuation discounts relative to medium-term cash generation.
The manager expects inflation to potentially wither over the coming quarters as higher energy and financing costs work through the economy on a lag, while AI infrastructure investments remain locked in through 2028. White Brook Capital maintains a selective buying posture, focusing on non-AI companies that trade at historically depressed valuations relative to broader equity indices.
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