Institutional Research Archive

Hedge Fund Letters Archive

Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

Home Letters Funds Account

Resilient Asset Management 2023 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Resilient Asset Management)

Primary Source Intelligence • Q3 2023 Letter Analysis

Resilient Asset Management Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Resilient Asset Management. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Positioning StanceConstructive

GeographyUS, Global

Digest Analysis

Quick Take

"Resilient Asset Management's Christopher Flis defends international diversification despite seven years of underperformance versus US markets."

Executive Summary

Christopher Flis of Resilient Asset Management advocates for financial resilience over economic prediction in his Q3 2023 letter. He criticizes the utility of recession forecasting, noting that even Federal Reserve members missed their own interest rate projections by 350 basis points. The manager acknowledges that international equity allocations have significantly underperformed domestic markets over seven years, with Tweedy Browne International Value returning 41.6% versus the S&P 500's 123.8%. Despite this underperformance, he maintains his diversified approach, arguing that international equities historically outperform US markets 41% of the time, particularly when US returns are in lower single digits. Rather than chasing recent winners, Flis emphasizes building Gibraltar-like financial posture through estate planning, insurance, tax compliance, appropriate savings rates, and long-term investment thinking. He suggests that if valuation matters in investing, looking outside US borders may prove beneficial in coming years, though he acknowledges the difficulty of defending diversification during periods of concentrated outperformance.

Unlock Full Institutional Analysis

Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.

Sign In to Unlock (3 Free Credits)View Pricing Tiers

Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

45%

CautiousHigh

Moderate (45%)

Manager shows moderate conviction in diversification philosophy and mentions specific international fund allocations (Tweedy Browne, Baron Emerging Markets), but acknowledges uncertainty and uses hedged language throughout. No individual stock positions discussed and multiple scenarios presented without strong base case.

Growth Outlook

38%

BearishBullish

Neutral (38%)

The manager expresses caution about widespread recession predictions and acknowledges economic uncertainty, but frames potential downturns as already reflected in prices and possibly creating opportunities. Mixed outlook with slight negative bias due to recession discussion.

Risk Appetite

10%

DefensiveAggressive

Defensive (10%)

Portfolio remains diversified with maintained international allocations despite underperformance. No indication of defensive positioning or cash raising, but also no aggressive deployment. Steady positioning with slight constructive bias.

Capital Deployment

0%

De-riskingDeploying

De-risking (0%)

No indication of cash level changes or significant position adjustments. Manager describes maintaining current international allocations despite underperformance, suggesting stable positioning with no net deployment or reduction activity.

Forward Guidance

0%

CautiousExpansionary

Cautious (0%)

Manager explicitly states he makes no predictions and focuses on maintaining current diversified approach. No clear directional action bias toward deployment or reduction. Neutral stance on future actions.

Language Signal

45%

BearishBullish

Balanced (45%)

Language includes risk-focused terms like recession, calamity, doom, and carnage, but balances with opportunity language around valuation and staying the course. Slightly more cautious than bullish in directional language.

Perceived Risk

55%

Low RiskElevated

Moderate Risk (55%)

Manager discusses recession risks, unpredictable calamities, and interest rate volatility with specific examples of forecasting failures. Moderate risk acknowledgment with named concerns about economic uncertainty, but not alarmed or warning of systemic threats.

Opportunity Density

60%

ScarceAbundant

Selective (60%)

Manager sees selective opportunities in international markets based on valuation arguments and historical patterns, suggesting moderate opportunity density in specific areas. Not describing abundant opportunities but identifies defined areas of potential value.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Strong emphasis on long-term investment thinking and staying the course despite short-term underperformance. Manager discusses multi-year thesis for international equities and explicitly advises against obsessing over one-year performance, indicating multi-year investment horizon.