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.
Auscap delivered 7.8% in June despite YTD headwinds from consumer discretionary volatility. On-the-ground UK research increased conviction in Nick Scali (32% like-for-like growth, 60+ store potential) and Lovisa (benefiting from Claire's 590-store closure). Manager practices time horizon arbitrage, buying quality growth businesses at attractive valuations during short-term dislocations. Portfolio emphasizes management execution over macro factors, with strong international expansion themes.
Full Quick Take
Auscap delivered 7.8% in June despite YTD headwinds from consumer discretionary volatility. On-the-ground UK research increased conviction in Nick Scali (32% like-for-like growth, 60+ store potential) and Lovisa (benefiting from Claire's 590-store closure). Manager practices time horizon arbitrage, buying quality growth businesses at attractive valuations during short-term dislocations. Portfolio emphasizes management execution over macro factors, with strong international expansion themes.
