Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Manager aggressively bought application software in H1 2026 at 2-3x sales, down from 8-12x, seeing 30-40%+ IRRs as market indiscriminately sold on AI fears. Portfolio focuses on essential utility software like Workiva (SEC reporting near-monopoly at 2.6x sales, 31% IRR) positioned to benefit from AI rather than be disrupted. Conducted 105 expert calls to validate thesis that nuance between winners and losers is being missed.
Full Quick Take
Manager aggressively bought application software in H1 2026 at 2-3x sales, down from 8-12x, seeing 30-40%+ IRRs as market indiscriminately sold on AI fears. Portfolio focuses on essential utility software like Workiva (SEC reporting near-monopoly at 2.6x sales, 31% IRR) positioned to benefit from AI rather than be disrupted. Conducted 105 expert calls to validate thesis that nuance between winners and losers is being missed.
Ophir's +31.8% Global Opportunities Fund return came from pure stock picking across twenty-one winners, not AI exposure. Market breadth finally arrived with small caps outperforming mega caps. Semiconductors and energy infrastructure soared while software applications crashed on AI disruption fears. Ophir holds index weight in AI, betting neither for nor against a bubble. Breadth should continue on falling inflation, Fed easing, and tax cuts.
Full Quick Take
Ophir's +31.8% Global Opportunities Fund return came from pure stock picking across twenty-one winners, not AI exposure. Market breadth finally arrived with small caps outperforming mega caps. Semiconductors and energy infrastructure soared while software applications crashed on AI disruption fears. Ophir holds index weight in AI, betting neither for nor against a bubble. Breadth should continue on falling inflation, Fed easing, and tax cuts.
