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 |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Oldfield Partners. This analysis is provided for institutional research purposes only and is not investment advice.
"Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued international opportunities. UK offers value after Brexit-driven outflows, Japan attractive after market descent with weak yen advantage."
Richard Oldfield advocates for geographical diversification away from overvalued US markets in response to Middle East geopolitical crisis and changing world order. The manager highlights concerning US valuation metrics including Shiller PE at historically dangerous levels, market cap to GDP over 150%, and household equity allocation at 30% versus 10% in 1990. In contrast, international markets offer attractive opportunities. The UK has experienced net outflows in 114 of 118 months since Brexit, with domestic pension fund allocations dropping from 50% to 3%, creating moderate valuations. Japan presents compelling value after its long market descent, with companies no longer trading at premium multiples and the weak yen making it a low-cost destination. The portfolio maintains earnings yields between 9-14% compared to the US market's 5.25%, following Ben Graham's principle of seeking earnings yields roughly twice government bond yields. The manager believes low valuations continue to provide favorable investment odds despite macro uncertainties.
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.
Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Growth Outlook
Market outlook remains high conviction: Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Risk Appetite
Risk appetite posture is moderate conviction: Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Forward Guidance
Forward guidance signal: Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Language Signal
Tone analysis indicates very low conviction language: Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Oldfield Partners advocates geographical diversification from overvalued US markets (Shiller PE at dangerous levels, 30% household equity allocation) toward attractively valued int...
