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, Rozendal Global Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Rozendal's Global Fund lagged in H1 2026 by avoiding the AI mania that drove tech 30% higher, while the Iran war disrupted oil and precious metals markets. Three successful investment cycles closed: Meta at 31% annualized, silver at 20%+, and Curro at 22-24%."
The Rozendal Global Fund delivered modest absolute returns of 2.1% in H1 2026 but lagged its benchmark significantly, primarily due to absence of exposure to the artificial intelligence mania that drove Information Technology sector returns of nearly 30%. The Iran war caused major upheaval in global markets, with oil prices surging as approximately 20% of global supply was taken offline, while precious metals sold off sharply as inflation expectations reset higher. The fund completed three investment cycles during the period: Meta delivered a 31% annualized return over its holding period before being sold when momentum turned negative despite trading well above fair value; silver generated over 20% annualized returns as a currency alternative before being sold during a speculative mania; and Curro delivered 22-24% returns through both equity ownership and merger arbitrage. Contributors included Nextage benefiting from a soaring Japanese market, Noble lifted by surging oil prices, and SES caught up in space sector enthusiasm. Detractors included Prosus as Tencent lagged in AI, M Dias Branco facing consumer staples derating, and Reinet disappointing on capital return expectations. The manager maintains their contrarian, valuation-focused approach while acknowledging current market conditions favor speculation and momentum over fundamental 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.
