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, Unconventional Value. This analysis is provided for institutional research purposes only and is not investment advice.
"Gallagher repositioned his concentrated small-cap portfolio in H1 2026, trimming Planet Labs on valuation concerns and redeploying into Pagaya at 8-12x earnings, a fintech data network positioned for AI-driven lending transformation. He added to Remitly's high-margin remittance platform and initiated MNTN, a CTV ad platform at 5x EBITDA."
Tim Gallagher's Unconventional Value portfolio returned 44.2% in H1 2026, extending a multi-year run of exceptional performance with 320% cumulative returns since inception. The portfolio underwent significant repositioning as Gallagher trimmed his largest holding, Planet Labs, due to untenable valuations despite strong business fundamentals. He redeployed proceeds primarily into Pagaya, now his largest position, which he views as a data network positioned to benefit from AI transformation of consumer lending infrastructure over the next decade. At 8-12x earnings for a business expected to compound at 15-20%+ annually, he sees compelling value. He also added to Remitly, a cross-border remittance platform demonstrating strong operating leverage with 45%+ incremental margins, and initiated a position in MNTN, a CTV advertising platform serving SMBs trading at less than 5x EBITDA despite 63% customer growth. The portfolio remains concentrated in small-cap fintech and advertising infrastructure plays with strong unit economics. Gallagher maintains conviction that active stock picking can continue to generate outperformance through identifying mispriced opportunities created by market volatility and differing opinions.
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.
