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.
Troy Global Equity Strategy underperformed significantly in H1 2026 by avoiding overvalued semiconductors and tech hardware despite AI-driven market gains. The portfolio holds quality businesses facing temporary headwinds: Visa navigating payment disruption fears, Alcon executing through product cycle challenges, and Amadeus weathering AI concerns. Trading at meaningful discounts with superior economics, these positions offer compelling risk-reward as market concentration reaches historic extremes.
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Troy Global Equity Strategy underperformed significantly in H1 2026 by avoiding overvalued semiconductors and tech hardware despite AI-driven market gains. The portfolio holds quality businesses facing temporary headwinds: Visa navigating payment disruption fears, Alcon executing through product cycle challenges, and Amadeus weathering AI concerns. Trading at meaningful discounts with superior economics, these positions offer compelling risk-reward as market concentration reaches historic extremes.
