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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Oldfield Partners delivered a strong third quarter with the fund returning +6.5% net of fees, well ahead of the MSCI ACWI's +1.6%. The manager maintains that while US-dominated global indices appear dangerously priced, neglected international assets in the UK and emerging markets trade at significant discounts, marking the early stages of a secular rotation into value."
Oldfield Partners' Overstone World All Cap Equity Fund operates on the core thesis that extreme valuation dispersion between expensive US equities and neglected international markets offers an exceptional multi-year opportunity for fundamental value investing. During the third quarter of 2026, the fund generated a net return of +6.5%, outperforming the MSCI ACWI benchmark return of +1.6% net of fees. Performance was propelled by strong gains in UK holdings, notably easyJet and Aberdeen, while automotive and leisure holdings Stellantis and Marston's detracted due to EV transition headwinds and UK labor cost inflation. Oldfield Partners views broad market sentiment with caution, identifying a 'Not-Quite-Everything Bubble' concentrated heavily in US mega-caps that make up over 60% of global indices. Consequently, the strategy directs capital toward deeply discounted, cash-generative franchises in the United Kingdom, emerging markets, and select Asian value plays, positioning for an enduring multi-year rotation back toward value equities.
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