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.
Staude Capital's discount capture strategy delivered 7.7% gross returns in FY2026 despite 4.7% currency drag. Two successful exits completed in June including 150.7% six-year return on Amedeo Air Four Plus. Portfolio concentrated in closed-end funds with active value realisation mechanisms: TRIG with double-digit dividends and buybacks, HarbourVest implementing major tender offers, and RM Infrastructure in managed wind down returning cash.
Full Quick Take
Staude Capital's discount capture strategy delivered 7.7% gross returns in FY2026 despite 4.7% currency drag. Two successful exits completed in June including 150.7% six-year return on Amedeo Air Four Plus. Portfolio concentrated in closed-end funds with active value realisation mechanisms: TRIG with double-digit dividends and buybacks, HarbourVest implementing major tender offers, and RM Infrastructure in managed wind down returning cash.
The Global Value Fund returned 4.4% for the half-year to Dec 2025, deploying a cautious, low-beta strategy that relies on active value unlocking and discount capture to navigate historically overvalued equity markets.
Full Quick Take
The Global Value Fund returned 4.4% for the half-year to Dec 2025, deploying a cautious, low-beta strategy that relies on active value unlocking and discount capture to navigate historically overvalued equity markets.
