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.
Smead International Value Fund is concentrated in two compelling opportunities: European banks posting record post-crisis returns on equity with 5%+ dividend yields trading at discounts to US peers, and Canadian oil sands producers with SAGD assets generating high-teen returns at $70 oil. The manager sees structural oil price shift to $80 driven by geopolitical premiums and supply constraints, with holdings breaking even at $40 offering significant margin of safety.
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Smead International Value Fund is concentrated in two compelling opportunities: European banks posting record post-crisis returns on equity with 5%+ dividend yields trading at discounts to US peers, and Canadian oil sands producers with SAGD assets generating high-teen returns at $70 oil. The manager sees structural oil price shift to $80 driven by geopolitical premiums and supply constraints, with holdings breaking even at $40 offering significant margin of safety.
