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Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Atai Capital delivered 22.2% net returns in Q2 2026, driven by AstroNova's acquisition and continued strength in Trifast. The concentrated microcap portfolio focuses on turnaround situations trading at rock-bottom valuations. Trifast exemplifies the strategy: a UK industrial fastener distributor at 9x free cash flow executing a margin expansion turnaround under new management, with 100% upside potential as it reaches peer-level profitability and resumes growth.
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Atai Capital delivered 22.2% net returns in Q2 2026, driven by AstroNova's acquisition and continued strength in Trifast. The concentrated microcap portfolio focuses on turnaround situations trading at rock-bottom valuations. Trifast exemplifies the strategy: a UK industrial fastener distributor at 9x free cash flow executing a margin expansion turnaround under new management, with 100% upside potential as it reaches peer-level profitability and resumes growth.