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, Minot Light Capital Partners. This analysis is provided for institutional research purposes only and is not investment advice.
"Minot Light returned 20.3% net in Q2 2026, demonstrating strong risk-adjusted performance through contrarian positioning in small and micro-cap companies with sustainable business models. The fund is capitalizing on busted IPOs, senior care demographics, and illiquid micro-caps transitioning to institutional status while avoiding speculative AI and semiconductor momentum."
Minot Light Capital Appreciation Fund returned 20.3% net in Q2 2026, bringing year-to-date net returns to 17.1% and cumulative returns since October 2024 inception to 40.9% net. The fund focuses on small and micro-cap companies with sustainable business models, strong balance sheets, and profitability, maintaining a diversified portfolio of approximately 60 holdings with minimal leverage. The managers emphasize risk-adjusted returns, demonstrating a beta of 0.91 and favorable upside/downside capture ratios relative to the Russell 2000. The portfolio has a contrarian anti-momentum bias, avoiding speculative sectors like semiconductors and AI infrastructure while capitalizing on market inefficiencies. Key themes include busted non-tech IPOs where high-quality companies fall after listing due to short-term hedge fund allocations, senior care operators positioned for a multi-year upcycle as baby boomers age, and illiquid micro-caps transitioning to institutional small-cap status through mergers or uplisting. Featured holdings include Sonida Senior Living, Xtract One Technologies, and Rockwell Medical. The managers believe their contrarian positioning will benefit as momentum trends moderate, expressing strong optimism about future performance potential as their process continues to improve.
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.
