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 |
|---|---|---|---|---|---|---|---|
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
| Quarter ↕ | Letter Date ↓ | Fund Name ↕ | QTD ↕ | YTD ↕ | Tickers | Keywords / Themes | Quick Take | Pitches | Current Positioning |
|---|---|---|---|---|---|---|---|---|---|
| +4.9% | - | PM Capital Australian Companies Fund delivered 4.9% in Q2 2026, driven by European banks, Irish homebuilders, and a Capstone Copper recovery. The manager actively trimmed copper holdings on valuation concerns despite strong fundamentals, while initiating CSL at attractive multiples. Persistent inflation, AI investment boom parallels to the dot.com era, and government spending remain key risks. The portfolio targets materially undervalued businesses positioned for valuation normalization. Full Quick Take PM Capital Australian Companies Fund delivered 4.9% in Q2 2026, driven by European banks, Irish homebuilders, and a Capstone Copper recovery. The manager actively trimmed copper holdings on valuation concerns despite strong fundamentals, while initiating CSL at attractive multiples. Persistent inflation, AI investment boom parallels to the dot.com era, and government spending remain key risks. The portfolio targets materially undervalued businesses positioned for valuation normalization. | |||||||
| +1.5% | +2.2% | PM Capital Enhanced Yield Fund delivered 1.5% in Q2 2026, driven by strategic fixed interest rate positioning that capitalized on declining bond yields as inflation fears eased. The fund added high-quality banking and infrastructure exposures at attractive 5.5-6.1% yields during volatility. Holdings in resilient non-discretionary consumer businesses like Woolworths and Tesco outperformed. Significant dry powder remains for deployment as markets consolidate. Full Quick Take PM Capital Enhanced Yield Fund delivered 1.5% in Q2 2026, driven by strategic fixed interest rate positioning that capitalized on declining bond yields as inflation fears eased. The fund added high-quality banking and infrastructure exposures at attractive 5.5-6.1% yields during volatility. Holdings in resilient non-discretionary consumer businesses like Woolworths and Tesco outperformed. Significant dry powder remains for deployment as markets consolidate. | - | ||||||
| +10.7% | - | PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. Full Quick Take PM Capital delivered 10.7% in Q2 2026 led by European banking and copper positions. The manager maintains conviction in persistent inflation and higher-for-longer rates while monitoring AI valuation risks reminiscent of the late 1990s tech bubble. New positions in Schwab and Visa capitalize on valuation dislocations. The portfolio remains concentrated in materially undervalued businesses positioned to benefit as today's valuation extremes normalize. | |||||||
| +3.2% | - | VELA International underperformed by 700 basis points in Q2 2026 as AI mania drove semiconductors higher while the fund's value-oriented technology holdings suffered. The manager sold half of Infineon after it doubled to 64x P/E and refuses to chase AI stocks at current valuations. Three new positions were initiated in undervalued Philippine banking, European ticketing, and airline catering. Healthcare delivered strong results across all holdings as post-pandemic headwinds fade. Full Quick Take VELA International underperformed by 700 basis points in Q2 2026 as AI mania drove semiconductors higher while the fund's value-oriented technology holdings suffered. The manager sold half of Infineon after it doubled to 64x P/E and refuses to chase AI stocks at current valuations. Three new positions were initiated in undervalued Philippine banking, European ticketing, and airline catering. Healthcare delivered strong results across all holdings as post-pandemic headwinds fade. | |||||||
| -2.7% | -2.7% | Bestinver used Q1 geopolitical volatility to buy quality businesses at discounts. Despite Iran tensions, manager sees temporary energy shock against backdrop of improved economic resilience. Strong conviction in semiconductors, European banks, and infrastructure plays. Portfolio companies expected to grow cash flow 90% over four years while trading at 45% discount to indices. Positioned for strong returns when fundamentals reassert over noise. Full Quick Take Bestinver used Q1 geopolitical volatility to buy quality businesses at discounts. Despite Iran tensions, manager sees temporary energy shock against backdrop of improved economic resilience. Strong conviction in semiconductors, European banks, and infrastructure plays. Portfolio companies expected to grow cash flow 90% over four years while trading at 45% discount to indices. Positioned for strong returns when fundamentals reassert over noise. | |||||||
| - | - | Baillie Gifford Global Alpha is repositioning for capital-intensive growth driven by AI infrastructure buildout, adding energy, banking, and materials exposure while maintaining conviction in operational platforms like DoorDash and Shopify despite AI disruption fears. The fund sees opportunity in physical bottlenecks and supply constraints, broadening beyond traditional capital-light technology to capture emerging growth drivers across multiple scenarios. Full Quick Take Baillie Gifford Global Alpha is repositioning for capital-intensive growth driven by AI infrastructure buildout, adding energy, banking, and materials exposure while maintaining conviction in operational platforms like DoorDash and Shopify despite AI disruption fears. The fund sees opportunity in physical bottlenecks and supply constraints, broadening beyond traditional capital-light technology to capture emerging growth drivers across multiple scenarios. | - | ||||||
| +3.7% | +3.7% | BDL Capital Management has shifted to a cautious, defensive stance in Q1 2026, dropping its cyclical exposure to zero and heavily trimming net exposure to protect capital against Middle East recessionary risks. While tactically hedged, the fund maintains highly concentrated long positions in resilient, undervalued European companies. Full Quick Take BDL Capital Management has shifted to a cautious, defensive stance in Q1 2026, dropping its cyclical exposure to zero and heavily trimming net exposure to protect capital against Middle East recessionary risks. While tactically hedged, the fund maintains highly concentrated long positions in resilient, undervalued European companies. | |||||||
| +46.2% | +14.0% | The Third Avenue Small-Cap Value Fund outperformed in Q4 2025 and is actively leveraging its 'owner-operator' framework to pressure UniFirst to accept Cintas' buyout, while initiating a contrarian new position in Flagstar Bank. Full Quick Take The Third Avenue Small-Cap Value Fund outperformed in Q4 2025 and is actively leveraging its 'owner-operator' framework to pressure UniFirst to accept Cintas' buyout, while initiating a contrarian new position in Flagstar Bank. | - | ||||||
| +22.5% | +31.5% | Ariel International Fund recorded a +2.25% gain in Q4, concluding a strong full-year run up +31.48%. The manager actively rotated capital, initiating eleven new positions in mispriced financial/tech firms while exiting eight on valuation. Full Quick Take Ariel International Fund recorded a +2.25% gain in Q4, concluding a strong full-year run up +31.48%. The manager actively rotated capital, initiating eleven new positions in mispriced financial/tech firms while exiting eight on valuation. | |||||||
| +8.2% | +39.1% | Mythos vs. Logos (value vs. Momentum), European Banking & Securities Mispricing, Additional Keywords & Themes | The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and global energy companies while warning of a looming correction in expensive US momentum stocks. Full Quick Take The Smead International Value Fund posted a stellar 39.09% return in 2025, outperforming its benchmark. The managers are capitalizing on unappreciated value in European banks and global energy companies while warning of a looming correction in expensive US momentum stocks. | ||||||
| -12.6% | +30.1% | AI and Memory Semiconductors, Latin American Digital Banking Underpenetration, Additional Keywords & Themes | Despite a brief Q4 correction in leading holdings, Baron Emerging Markets Fund achieved a strong 30.14% return for 2025 and remains highly optimistic about a multi-year EM upcycle entering 2026. Full Quick Take Despite a brief Q4 correction in leading holdings, Baron Emerging Markets Fund achieved a strong 30.14% return for 2025 and remains highly optimistic about a multi-year EM upcycle entering 2026. | ||||||
| +7.8% | +38.3% | US Rail Infrastructure Consolidation, European Banking Structural Transition, Additional Keywords & Themes | PM Capital delivers strong quarterly outperformance driven by structural tailwinds in commodities and European banking, while actively rotating into high-moat industrials and healthcare. Full Quick Take PM Capital delivers strong quarterly outperformance driven by structural tailwinds in commodities and European banking, while actively rotating into high-moat industrials and healthcare. | ||||||
| +7.8% | +38.3% | PM Capital delivered strong returns of 7.8% for the quarter, capitalizing on copper, gold, and European banks, while actively recycling capital into newly-initiated value opportunities like Union Pacific. Full Quick Take PM Capital delivered strong returns of 7.8% for the quarter, capitalizing on copper, gold, and European banks, while actively recycling capital into newly-initiated value opportunities like Union Pacific. | - | ||||||
| +7.8% | +38.3% | PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new opportunities like Union Pacific and Siemens Healthineers. Full Quick Take PM Capital closed out a stellar 2025 by leveraging commodity surges and European bank re-ratings, actively recycling capital from fully-valued names like Fox and Woodside into new opportunities like Union Pacific and Siemens Healthineers. | - | ||||||
| - | - | - | Myrmikan Capital delivers a stark warning that modern central banking mirrors the monetary failures of the Roman Empire, predicting that continuous dollar debasement will lead to hyperinflation or massive default, while framing gold at $4,000/oz as a significant bargain. Full Quick Take Myrmikan Capital delivers a stark warning that modern central banking mirrors the monetary failures of the Roman Empire, predicting that continuous dollar debasement will lead to hyperinflation or massive default, while framing gold at $4,000/oz as a significant bargain. | - | |||||
| - | - | PM Capital's Global Companies Fund rose 10% in Q3 2025, outperforming markets through disciplined exposure to undervalued cyclicals. Gold and copper positions drove returns as commodity fundamentals improved and supply disruptions emerged. European banks continued re-rating on infrastructure spending optimism. Portfolio remains positioned away from consensus in valuation-supported areas after harvesting gains from fully-realised theses. Full Quick Take PM Capital's Global Companies Fund rose 10% in Q3 2025, outperforming markets through disciplined exposure to undervalued cyclicals. Gold and copper positions drove returns as commodity fundamentals improved and supply disruptions emerged. European banks continued re-rating on infrastructure spending optimism. Portfolio remains positioned away from consensus in valuation-supported areas after harvesting gains from fully-realised theses. | - | ||||||
| +10.0% | - | PM Capital's Global Companies Fund rose 10% in Q3 2025, outperforming markets through disciplined value investing in undervalued cyclicals. Strong contributions from gold miners benefiting from record prices and copper producers amid supply disruptions. European banks delivered robust returns despite attractive valuations. Fund maintains differentiated positioning focused on quality businesses trading at bottom-quartile valuations. Full Quick Take PM Capital's Global Companies Fund rose 10% in Q3 2025, outperforming markets through disciplined value investing in undervalued cyclicals. Strong contributions from gold miners benefiting from record prices and copper producers amid supply disruptions. European banks delivered robust returns despite attractive valuations. Fund maintains differentiated positioning focused on quality businesses trading at bottom-quartile valuations. | - | ||||||
| +5.3% | +13.0% | Auxier Focus Fund delivered a 5.35% return in Q3 2025, riding strong tailwinds in AI tech infrastructure and global defense while issuing a stark warning against growing speculative lending and unprofitable stock market excesses. Full Quick Take Auxier Focus Fund delivered a 5.35% return in Q3 2025, riding strong tailwinds in AI tech infrastructure and global defense while issuing a stark warning against growing speculative lending and unprofitable stock market excesses. | - | ||||||
| - | - | PM Capital's Global Companies Fund outperformed in Q1 FY2026 through disciplined exposure to undervalued cyclical sectors. Gold and copper positions drove returns as commodity fundamentals strengthened, while European banks and Macau gaming recovered strongly. The fund maintains contrarian positioning in areas with valuation support, avoiding overvalued megatrend narratives despite market strength extending from April lows. Full Quick Take PM Capital's Global Companies Fund outperformed in Q1 FY2026 through disciplined exposure to undervalued cyclical sectors. Gold and copper positions drove returns as commodity fundamentals strengthened, while European banks and Macau gaming recovered strongly. The fund maintains contrarian positioning in areas with valuation support, avoiding overvalued megatrend narratives despite market strength extending from April lows. | - | ||||||
| +10.0% | - | PM Capital delivered 10% quarterly returns through disciplined value investing in undervalued cyclicals. Strong performance from gold miners Newmont and Northern Star, plus European banks like Caixabank, offset Freeport-McMoRan's Grasberg mine issues. Fund maintains contrarian positioning in commodities and banking while exiting positions where fair value achieved. Manager emphasizes 40-year track record of investing differently from consensus. Full Quick Take PM Capital delivered 10% quarterly returns through disciplined value investing in undervalued cyclicals. Strong performance from gold miners Newmont and Northern Star, plus European banks like Caixabank, offset Freeport-McMoRan's Grasberg mine issues. Fund maintains contrarian positioning in commodities and banking while exiting positions where fair value achieved. Manager emphasizes 40-year track record of investing differently from consensus. | - | ||||||
| +10.0% | - | The PM Capital Global Companies Fund gained 10.0% in Q3 2025, heavily supported by gold, copper, and European financials. The managers are actively taking profits on fair-valued names like Airbus and warning against speculative megatrend valuations. Full Quick Take The PM Capital Global Companies Fund gained 10.0% in Q3 2025, heavily supported by gold, copper, and European financials. The managers are actively taking profits on fair-valued names like Airbus and warning against speculative megatrend valuations. | - | ||||||
| +17.7% | +27.6% | Brokerage and Execution Efficiency, Frontier & Emerging Market Digital Banking, Additional Keywords & Themes | Blue Tower delivered an outstanding 17.66% net return in Q2 2025, led by concentrated exposure to Georgia and Uzbekistan via TBC Bank Group, a high-growth, digitally advanced financial leader trading at an attractive 5.73 forward PE. Full Quick Take Blue Tower delivered an outstanding 17.66% net return in Q2 2025, led by concentrated exposure to Georgia and Uzbekistan via TBC Bank Group, a high-growth, digitally advanced financial leader trading at an attractive 5.73 forward PE. | - | |||||
| - | +6.7% | The VT Holland Advisors Equity Fund returned 6.71% YTD through June 2025, taking advantage of market volatility to add to TSMC and Greenbrick while initiating new positions in PDD and Rosebank. The fund highlights its core investment in Nu Holdings, a high-conviction digital banking disruptor with massive global growth potential. Full Quick Take The VT Holland Advisors Equity Fund returned 6.71% YTD through June 2025, taking advantage of market volatility to add to TSMC and Greenbrick while initiating new positions in PDD and Rosebank. The fund highlights its core investment in Nu Holdings, a high-conviction digital banking disruptor with massive global growth potential. | |||||||
| - | - | BAM remains cautious about inflationary US tariff policies but is highly constructive on bottom-up value positions, highlighting regulatory catalysts for UK banks and strategic preferred stock reallocations. Full Quick Take BAM remains cautious about inflationary US tariff policies but is highly constructive on bottom-up value positions, highlighting regulatory catalysts for UK banks and strategic preferred stock reallocations. | - | ||||||
| - | - | The Airlie Australian Share Fund delivered positive absolute returns but lagged the benchmark in FY25 due to an intentional underweight in highly valued banks. The fund disciplined its portfolio by exiting underperforming positions and adding Goodman Group, Aspen Group, and CSL at attractive entry points. Full Quick Take The Airlie Australian Share Fund delivered positive absolute returns but lagged the benchmark in FY25 due to an intentional underweight in highly valued banks. The fund disciplined its portfolio by exiting underperforming positions and adding Goodman Group, Aspen Group, and CSL at attractive entry points. | - | ||||||
| - | +42.0% | Asian frontier markets showed robust resilience and convincing performance in June 2025, driven by a powerful structural 'economic liberation' in Vietnam, cheap valuations in South Asia, and upcoming privatizations in Uzbekistan. Full Quick Take Asian frontier markets showed robust resilience and convincing performance in June 2025, driven by a powerful structural 'economic liberation' in Vietnam, cheap valuations in South Asia, and upcoming privatizations in Uzbekistan. | - | ||||||
| +0.1% | - | Ariel International Fund surged +11.70% in Q1 2025 as international markets dramatically outperformed struggling U.S. equities amid tariff fears and AI concerns. Strong stock selection across Consumer Discretionary and Technology drove performance, with new positions in utilities and banking while exiting six holdings. Despite ongoing volatility, compelling international valuations support long-term outperformance potential. Full Quick Take Ariel International Fund surged +11.70% in Q1 2025 as international markets dramatically outperformed struggling U.S. equities amid tariff fears and AI concerns. Strong stock selection across Consumer Discretionary and Technology drove performance, with new positions in utilities and banking while exiting six holdings. Despite ongoing volatility, compelling international valuations support long-term outperformance potential. | - | ||||||
| - | - | Asian frontier markets offer compelling diversification as South Asian and Central Asian economies show resilience to U.S. trade policy uncertainty. AFC's 63% regional allocation provides defensive positioning while attractive valuations persist despite recent rallies. Domestic-driven growth in Bangladesh, Pakistan, and Sri Lanka, combined with banking sector transformation, supports the investment thesis amid global volatility. Full Quick Take Asian frontier markets offer compelling diversification as South Asian and Central Asian economies show resilience to U.S. trade policy uncertainty. AFC's 63% regional allocation provides defensive positioning while attractive valuations persist despite recent rallies. Domestic-driven growth in Bangladesh, Pakistan, and Sri Lanka, combined with banking sector transformation, supports the investment thesis amid global volatility. | - | ||||||
| +11.7% | +9.0% | Infuse Partners LP achieved an impressive 89.63% net return in 2024 by executing a concentrated, high-growth strategy focused on premium compounders. Despite strong performance, the manager is actively trimming and exiting names like Axon, Celsius, and Samsara on valuation discipline, while adding to high-potential digital banking and microcap ideas. Full Quick Take Infuse Partners LP achieved an impressive 89.63% net return in 2024 by executing a concentrated, high-growth strategy focused on premium compounders. Despite strong performance, the manager is actively trimming and exiting names like Axon, Celsius, and Samsara on valuation discipline, while adding to high-potential digital banking and microcap ideas. | |||||||
| -10.0% | - | Deep value fund targeting consolidation opportunities and niche growth companies at mid-single digit forward earnings multiples. Portfolio emphasizes distribution, banking, and construction themes with 13.7% earnings yield and growth versus benchmark's 11.4% yield and 7.9% growth. Manager sees highest-quality businesses in fund history with persistent market discounts despite operational improvements. Full Quick Take Deep value fund targeting consolidation opportunities and niche growth companies at mid-single digit forward earnings multiples. Portfolio emphasizes distribution, banking, and construction themes with 13.7% earnings yield and growth versus benchmark's 11.4% yield and 7.9% growth. Manager sees highest-quality businesses in fund history with persistent market discounts despite operational improvements. | - | ||||||
| - | - | Riverwater Partners' Micro Opportunities Strategy seeks to acquire undervalued domestic microcaps at attractive valuations, leveraging structural trends such as reshoring, Federal Reserve rate cuts, and artificial intelligence hardware expansion while avoiding vulnerable international supply chains. Full Quick Take Riverwater Partners' Micro Opportunities Strategy seeks to acquire undervalued domestic microcaps at attractive valuations, leveraging structural trends such as reshoring, Federal Reserve rate cuts, and artificial intelligence hardware expansion while avoiding vulnerable international supply chains. | |||||||
| +2.0% | +15.2% | The fund seeks long-term capital appreciation by taking advantage of market dislocation in legacy sectors, focusing on European financial institutions with improved return on equity and disciplined energy and shipping companies with strong cash flow generation. Full Quick Take The fund seeks long-term capital appreciation by taking advantage of market dislocation in legacy sectors, focusing on European financial institutions with improved return on equity and disciplined energy and shipping companies with strong cash flow generation. | - | ||||||
| +9.3% | +20.2% | Third Avenue Value Fund delivered a strong 20.16% return in 2023 by investing in mispriced global businesses with durable fundamentals. Despite persistent market noise surrounding interest rates and growth stock dominance, the fund maintains a low 8.2x weighted average P/E while actively adding to contrarian positions like S4 Capital and new holdings like Bolsa Mexicana. Full Quick Take Third Avenue Value Fund delivered a strong 20.16% return in 2023 by investing in mispriced global businesses with durable fundamentals. Despite persistent market noise surrounding interest rates and growth stock dominance, the fund maintains a low 8.2x weighted average P/E while actively adding to contrarian positions like S4 Capital and new holdings like Bolsa Mexicana. | |||||||
| - | - | Itus Capital outperformed in 2023 with disciplined investing in Indian businesses with durable franchises. Key themes include power sector supply-demand imbalance and banking sector MSME growth. The manager maintains selective positioning with cash reserves, focusing on consistent long-term performance rather than short-term gains while remaining optimistic about portfolio fundamentals. Full Quick Take Itus Capital outperformed in 2023 with disciplined investing in Indian businesses with durable franchises. Key themes include power sector supply-demand imbalance and banking sector MSME growth. The manager maintains selective positioning with cash reserves, focusing on consistent long-term performance rather than short-term gains while remaining optimistic about portfolio fundamentals. | - | ||||||
| - | +27.1% | - | AFC Asia Frontier Fund posted +3.6% in December, capping a strong +27.1% year driven by Mongolia and Iraq outperformance. The diversified portfolio across 68 frontier Asian companies trades at attractive 6.83x P/E with significant exposure to consumer goods and materials. Manager actively deployed capital into Sri Lankan banking while adding to existing Mongolia positions. Full Quick Take AFC Asia Frontier Fund posted +3.6% in December, capping a strong +27.1% year driven by Mongolia and Iraq outperformance. The diversified portfolio across 68 frontier Asian companies trades at attractive 6.83x P/E with significant exposure to consumer goods and materials. Manager actively deployed capital into Sri Lankan banking while adding to existing Mongolia positions. | - | |||||
| - | -1.7% | European small cap fund delivered 3.0% in September through concentrated long/short strategy. Key focus on undervalued specialist lenders like Secure Trust Bank trading at 3.5x earnings with 200%+ upside potential. Fund benefits from competitor exits in niche markets and regulatory tailwinds reducing capital requirements. Manager maintains conviction despite short-term volatility. Full Quick Take European small cap fund delivered 3.0% in September through concentrated long/short strategy. Key focus on undervalued specialist lenders like Secure Trust Bank trading at 3.5x earnings with 200%+ upside potential. Fund benefits from competitor exits in niche markets and regulatory tailwinds reducing capital requirements. Manager maintains conviction despite short-term volatility. | - | ||||||
| - | +90.4% | AFC funds delivered strong diversification benefits with positive returns while global markets declined. The Asia Frontier Fund gained 3.5% in September, extending year-to-date outperformance to 19.3%. Enhanced U.S.-Vietnam partnership and continued monetary easing across the region support the thesis that Asian frontier markets offer superior risk-adjusted returns through this cycle. Full Quick Take AFC funds delivered strong diversification benefits with positive returns while global markets declined. The Asia Frontier Fund gained 3.5% in September, extending year-to-date outperformance to 19.3%. Enhanced U.S.-Vietnam partnership and continued monetary easing across the region support the thesis that Asian frontier markets offer superior risk-adjusted returns through this cycle. | - | ||||||
| -1.0% | +11.0% | Fund declined 1% in Q3 but up 11% year-to-date, driven by energy sector recovery and UBS special situation following Credit Suisse acquisition. China reversed property policies dramatically. Global markets near 2021 highs despite higher rates while China down 50%. Valuation gaps widening between loved and unloved stocks, fund positioned contrarian to market. Full Quick Take Fund declined 1% in Q3 but up 11% year-to-date, driven by energy sector recovery and UBS special situation following Credit Suisse acquisition. China reversed property policies dramatically. Global markets near 2021 highs despite higher rates while China down 50%. Valuation gaps widening between loved and unloved stocks, fund positioned contrarian to market. | - | ||||||
| - | - | Meditation Capital invests in Bank of Georgia, a dominant Georgian bank trading at 1.1x book despite 25% normalized ROE potential in a consolidated market. Georgia's post-2003 transformation into a pro-Western democracy with 7% growth provides attractive backdrop. Fund maintains high cash levels while selectively adding positions, targeting exceptional IRRs in less liquid opportunities under $30M daily volume. Full Quick Take Meditation Capital invests in Bank of Georgia, a dominant Georgian bank trading at 1.1x book despite 25% normalized ROE potential in a consolidated market. Georgia's post-2003 transformation into a pro-Western democracy with 7% growth provides attractive backdrop. Fund maintains high cash levels while selectively adding positions, targeting exceptional IRRs in less liquid opportunities under $30M daily volume. | - | ||||||
| - | +5.7% | Aegis Value Fund targets deeply discounted, asset-rich small-cap equities, particularly in energy and precious metals, while actively avoiding overvalued mega-cap tech stocks. The manager is defensively positioned with low-debt holdings, anticipating that high interest rates will trigger credit defaults in real estate and private equity, ultimately driving a market regression to the mean. Full Quick Take Aegis Value Fund targets deeply discounted, asset-rich small-cap equities, particularly in energy and precious metals, while actively avoiding overvalued mega-cap tech stocks. The manager is defensively positioned with low-debt holdings, anticipating that high interest rates will trigger credit defaults in real estate and private equity, ultimately driving a market regression to the mean. | |||||||
| - | - | PM Capital's value-driven approach delivered strong Q3 results through exposure to undervalued commodities and European banks. Gold and copper holdings benefited from supply disruptions and record prices while European banks continued re-rating on improving fundamentals. The manager maintains contrarian positioning in quality businesses at attractive valuations, avoiding overvalued growth themes despite market enthusiasm. Full Quick Take PM Capital's value-driven approach delivered strong Q3 results through exposure to undervalued commodities and European banks. Gold and copper holdings benefited from supply disruptions and record prices while European banks continued re-rating on improving fundamentals. The manager maintains contrarian positioning in quality businesses at attractive valuations, avoiding overvalued growth themes despite market enthusiasm. | - | ||||||
| - | - | PM Capital's Global Companies Fund outperformed with 10% quarterly returns, driven by copper and gold positions benefiting from supply disruptions and record prices. European banks gained on yield curve steepening while Macau gaming recovered strongly. The fund maintains contrarian positioning in undervalued cyclicals, exiting fully-valued holdings like Airbus while reducing overall exposure. Full Quick Take PM Capital's Global Companies Fund outperformed with 10% quarterly returns, driven by copper and gold positions benefiting from supply disruptions and record prices. European banks gained on yield curve steepening while Macau gaming recovered strongly. The fund maintains contrarian positioning in undervalued cyclicals, exiting fully-valued holdings like Airbus while reducing overall exposure. | - | ||||||
| +2.8% | - | Moerus delivered positive returns despite Growth stock dominance by avoiding expensive mega-cap names and focusing on undervalued opportunities. Financial Services and select Energy holdings drove performance while Latin America provided new investment opportunities. Manager expects structural inflation pressures to favor fundamental analysis over growth stories, positioning the Fund's disciplined value approach for outperformance. Full Quick Take Moerus delivered positive returns despite Growth stock dominance by avoiding expensive mega-cap names and focusing on undervalued opportunities. Financial Services and select Energy holdings drove performance while Latin America provided new investment opportunities. Manager expects structural inflation pressures to favor fundamental analysis over growth stories, positioning the Fund's disciplined value approach for outperformance. | - | ||||||
| - | - | - | Angelo Gordon sees Q1 2023 banking turmoil and rising rates creating significant stress in commercial real estate markets with over $1 trillion of debt maturing through 2024. Credit tightening from regional banks will intensify distress, creating attractive investment opportunities in stressed real estate and credit markets while the firm maintains disciplined, capital-preservation focused positioning. Full Quick Take Angelo Gordon sees Q1 2023 banking turmoil and rising rates creating significant stress in commercial real estate markets with over $1 trillion of debt maturing through 2024. Credit tightening from regional banks will intensify distress, creating attractive investment opportunities in stressed real estate and credit markets while the firm maintains disciplined, capital-preservation focused positioning. | - | |||||
| +8.1% | +8.1% | LVS Advisory capitalizes on market overreactions to macroeconomic uncertainty by acquiring high-quality businesses at asymmetric entry prices. The manager recently navigated banking system volatility by liquidating vulnerable financials and shifting capital into resilient, high-conviction leaders like Interactive Brokers and Netflix, alongside a new monopoly holding in Gogo, preparing the fund to capture long-term recovery upsides. Full Quick Take LVS Advisory capitalizes on market overreactions to macroeconomic uncertainty by acquiring high-quality businesses at asymmetric entry prices. The manager recently navigated banking system volatility by liquidating vulnerable financials and shifting capital into resilient, high-conviction leaders like Interactive Brokers and Netflix, alongside a new monopoly holding in Gogo, preparing the fund to capture long-term recovery upsides. | |||||||
| +4.8% | +4.8% | Kingdom Capital Advisors delivered a 4.77% net return in Q1 2023 by concentrating capital in deeply undervalued, cash-rich small caps. Despite macroeconomic banking panics and energy sector headwinds, the fund capitalized on surging retail physical bullion demand through its largest position, A-Mark Precious Metals. Full Quick Take Kingdom Capital Advisors delivered a 4.77% net return in Q1 2023 by concentrating capital in deeply undervalued, cash-rich small caps. Despite macroeconomic banking panics and energy sector headwinds, the fund capitalized on surging retail physical bullion demand through its largest position, A-Mark Precious Metals. | |||||||
| +5.0% | +5.0% | Rondure's emerging markets strategy outperformed in Q1 2023 despite banking sector turmoil, benefiting from underweight financials positioning and strong performance in Mexican transportation, Latin American e-commerce, and select Asian technology stocks. The manager maintains cautious positioning due to valuation concerns while staying overweight Mexico and Southeast Asia, positioning for China reopening benefits and post-Covid travel recovery opportunities. Full Quick Take Rondure's emerging markets strategy outperformed in Q1 2023 despite banking sector turmoil, benefiting from underweight financials positioning and strong performance in Mexican transportation, Latin American e-commerce, and select Asian technology stocks. The manager maintains cautious positioning due to valuation concerns while staying overweight Mexico and Southeast Asia, positioning for China reopening benefits and post-Covid travel recovery opportunities. | - | ||||||
| +5.5% | +5.5% | Rondure's cautious positioning paid off during Q1's banking turmoil while benefiting from post-Covid travel recovery and Latin American e-commerce growth. The fund remains conservatively positioned despite market optimism, focusing on quality companies with strong fundamentals. China's reopening and potential U.S.-China relationship improvement represent key catalysts, though rising rates pose structural headwinds for emerging markets. Full Quick Take Rondure's cautious positioning paid off during Q1's banking turmoil while benefiting from post-Covid travel recovery and Latin American e-commerce growth. The fund remains conservatively positioned despite market optimism, focusing on quality companies with strong fundamentals. China's reopening and potential U.S.-China relationship improvement represent key catalysts, though rising rates pose structural headwinds for emerging markets. | - | ||||||
| - | - | EM equity strategy underperformed in Q1 despite banking sector resilience during US/European crisis. Manager initiated fintech position in Kaspi.kz and adjusted bank holdings based on valuations. Core thesis remains focused on disciplined capital allocators like Localiza and Maruti Suzuki that can weather higher rates while capturing structural growth in digital transformation across emerging markets. Full Quick Take EM equity strategy underperformed in Q1 despite banking sector resilience during US/European crisis. Manager initiated fintech position in Kaspi.kz and adjusted bank holdings based on valuations. Core thesis remains focused on disciplined capital allocators like Localiza and Maruti Suzuki that can weather higher rates while capturing structural growth in digital transformation across emerging markets. | - | ||||||
| - | - | Conestoga's small cap growth strategy outperformed significantly in Q1 2023, rising 12.26% versus 6.07% for the Russell 2000 Growth Index. Technology stocks rebounded after 2022 underperformance while banking turmoil highlighted the value of quality companies with strong balance sheets. AAON and Axon Enterprise led performance with record results and strong growth trajectories. Full Quick Take Conestoga's small cap growth strategy outperformed significantly in Q1 2023, rising 12.26% versus 6.07% for the Russell 2000 Growth Index. Technology stocks rebounded after 2022 underperformance while banking turmoil highlighted the value of quality companies with strong balance sheets. AAON and Axon Enterprise led performance with record results and strong growth trajectories. | - |
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