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 |
|---|---|---|---|---|---|---|
The WS EkinsGuinness Global Sector Rotation Fund seeks long-term capital growth by executing an active sector rotation strategy implemented via low-cost, liquid global ETFs. The fund’s investment approach objectively blends fundamental value and momentum trends, completely avoiding style bias. Year-to-date, the fund has delivered an 8.9% return, driven by notable shifts in sector leadership. Currently, the manager highlights extreme polarization in equity markets, driven by the historical outperformance of Technology. In response to waning relative momentum, the fund has significantly reduced its Tech exposure, turning it into its largest underweight. Conversely, the fund has built its largest overweight positions in Healthcare, citing highly attractive relative value yields, and Consumer Discretionary, which shows signs of recovery after prolonged underperformance. Additionally, Financials have been increased due to stabilizing bond markets, potential higher interest rates, and regulatory easing. Conversely, the fund maintains zero exposure to Energy and Basic Materials due to continued relative declines.
The fund seeks to generate long-term capital growth through active global sector rotation, objectively combining fundamental value and market trends using low-cost, liquid ETFs.
The manager anticipates further sector rotation as many sectors settle down into new trends. Relative momentum is waning in Technology, which has prompted an underweight stance, while recovery trends in Healthcare, Financials, and Consumer Discretionary are expected to continue if fundamental yields and macro catalysts support them.
As of Jun 30, 2026
Charles Ekins serves as Founder and Chief Executive Officer of Ekins Guinness LLP, bringing leadership experience from the University of Bristol background and serving as Director of Herald Worldwide Technology Fund. Jasper Falk joined as Partner in November 2017, contributing over 20 years of experience from JPMorgan where he established and managed JPMorgan's Global Inflation trading business. At JPMorgan, Falk specialized in trading, market making, and risk management of inflation-linked and interest rate products, assisting government debt agencies across multiple countries in designing inflation-linked bonds.
The investment methodology is based on Value and Price Trends which the firm considers to be the two most important factors for making global investment decisions. The firm implements their process systematically, based on facts and data, thus avoiding the use of opinions, emotion and forecasts. The investment approach is based on a rules-based interpretation of Value and Price Trends, and neither analytic should be used in isolation. The fund adopts a concentrated active sector selection strategy which is implemented using low-cost Exchange Traded Funds. The sector emphasis will change according to varying market conditions, thus avoiding any style bias.
Lead Portfolio Manager
Neutral / Balanced
Market Conviction
Assigned 0.45. This is a highly diversified quantitative sector-rotation ETF fund rather than a concentrated stock-picking fund. The manager acknowledges uncertainty, stating that rallies in underperforming sectors have failed before and must be watched carefully.
Growth Outlook
Assigned 0.40. The manager expresses caution regarding US equity valuations, noting that the S&P 500 forward P/E of 20x is historically high and priced for perfection, with very high earnings growth expectations representing a significant risk of harsh disappointment.
Risk Appetite
Assigned 0.55. The fund maintains a 95% equity exposure, but has defensively repositioned by shifting Technology to its largest underweight while building up defensive or recovering sectors like Healthcare and Consumer Discretionary.
Capital Deployment
Assigned 0.50. The fund's cash level stands at 5.0%, representing a balanced, net-neutral posture with no explicit indication of major cash deployment or massive cash hoarding compared to prior quarters.
Forward Guidance
Assigned 0.60. The manager shows an active action bias, having recently moved Technology to the largest underweight and increased Healthcare and Consumer Discretionary. They anticipate further changes as trends settle.
Language Signal
Assigned 0.50. The language is highly balanced. Promising descriptions of turnarounds in Financials and recoveries in Healthcare are carefully counterbalanced by stark risk warnings regarding tech valuations and waning momentum.
Perceived Risk
Assigned 0.65. The manager highlights significant risks, specifically the 'punchy' earnings expectations of 22% for the S&P 500 and 36% for the Nasdaq, which leaves markets highly vulnerable to harsh disappointment.
Opportunity Density
Assigned 0.55. The opportunity set is seen as selective rather than broad. The manager highlights opportunities specifically emerging from underperforming, overlooked sectors recovering as tech's dominance wanes.
Time Horizon
Assigned 0.60. The fund is explicitly described as a medium to long-term investment, and its sector rotation model reacts to rolling multi-month and multi-year relative performance trends.
Top Conviction Themes
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