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.
Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations.
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Merchant West SCI Value Fund outperformed the JSE All Share by 5.4% in Q2 2026, delivering 3.0% net returns despite oil shock volatility. Underweight gold exposure and strong stock selection in Alphamin, Oceana, and Argent drove performance. New positions in Bid Corp, Kumba Iron Ore, and PPC reflect opportunistic value deployment. The portfolio trades at 7.3x forward earnings with 14.7% ROIC, targeting quality South African businesses at discounted valuations.
LENS fell 15.37% in Q2 2026 as Iran war volatility triggered commodity consolidation, but the manager sees this as a healthy reset within the Return to Tangibles secular bull market. Energy security concerns from the Strait of Hormuz closure will drive strategic oil demand, while unsustainable fiscal deficits and central bank gold buying support precious metals. The commodity super-cycle has only just begun.
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LENS fell 15.37% in Q2 2026 as Iran war volatility triggered commodity consolidation, but the manager sees this as a healthy reset within the Return to Tangibles secular bull market. Energy security concerns from the Strait of Hormuz closure will drive strategic oil demand, while unsustainable fiscal deficits and central bank gold buying support precious metals. The commodity super-cycle has only just begun.
Auscap maintains high conviction in quality Australian growth companies following extensive site visits. Mineral Resources offers multiple organic growth drivers across lithium, iron ore and mining services. Reliance Worldwide executes operational improvements while trading at attractive valuations. Carsales expands internationally with proven technology rollout. Fund focuses on internal business developments over macro conditions.
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Auscap maintains high conviction in quality Australian growth companies following extensive site visits. Mineral Resources offers multiple organic growth drivers across lithium, iron ore and mining services. Reliance Worldwide executes operational improvements while trading at attractive valuations. Carsales expands internationally with proven technology rollout. Fund focuses on internal business developments over macro conditions.
