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, Zelikovic Investments. This analysis is provided for institutional research purposes only and is not investment advice.
"Classic value investor running concentrated compounder portfolio down 3.86% in 2025 but up over 10% excluding currency headwinds from NIS strength. Actively avoiding Magnificent Ten AI bubble while portfolio companies compound FCF at 20% annually versus 3.5% for S&P 500, trading at half the market multiple."
Zelikovic adheres to classic value investing principles, focusing on financially robust compounders trading at substantial discounts while actively avoiding the Magnificent Ten AI giants despite their market dominance. The portfolio returned negative 3.86% in 2025 and is down another 6.69% through Q2 2026, primarily due to NIS strengthening 12.62% against USD. Excluding currency impact, investments recorded over 10% positive return in 2025. Portfolio compounders increased free cash flow per share at 19.95% in 2025 versus 3.48% for S&P 500, yet trade at 26.57x FCF versus 48.34x for the index. Manager believes AI valuations resemble history's greatest manias and will inevitably collapse, citing extreme multiples, unsustainable capex spending, and passive investment flows artificially inflating mega-cap prices. Instead focuses on second-level AI beneficiaries, insurance companies benefiting from new interest rate environment, and small-cap value opportunities globally. Key holdings include EXOR, Brookfield, KKR, Fairfax, Interactive Brokers, and Constellation Software acquired at 50% discount. Manager maintains 100% equity exposure with long-term horizon, confident portfolio companies will double at low risk as market eventually recognizes their superior economics.
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.
