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.
Pangolin Asia Fund is deploying into ASEAN market weakness, particularly Indonesia, where MSCI downgrade fears have created compelling entry points. The portfolio trades at 8.9x forward PE with 20% ROIC and estimated 30% free cash flow yield by 2030. Bottom-up stock selection focuses on quality businesses like Allianz Malaysia that passive ETF strategies miss, with local broker targets averaging 82% upside for Indonesian holdings.
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Pangolin Asia Fund is deploying into ASEAN market weakness, particularly Indonesia, where MSCI downgrade fears have created compelling entry points. The portfolio trades at 8.9x forward PE with 20% ROIC and estimated 30% free cash flow yield by 2030. Bottom-up stock selection focuses on quality businesses like Allianz Malaysia that passive ETF strategies miss, with local broker targets averaging 82% upside for Indonesian holdings.
Arisaig Partners invests in dominant Asian consumer, retail, and quick-service restaurant companies with strong moats and 20-year growth runways. Following a major repositioning toward North Asia and ASEAN, underlying portfolio fundamentals remain robust with double-digit growth, trading at extremely compressed forward valuations compared to historical levels.
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Arisaig Partners invests in dominant Asian consumer, retail, and quick-service restaurant companies with strong moats and 20-year growth runways. Following a major repositioning toward North Asia and ASEAN, underlying portfolio fundamentals remain robust with double-digit growth, trading at extremely compressed forward valuations compared to historical levels.
Vision Capital Fund underperformed in 2025 with +9.8% net returns but remains positive since inception. The fund initiated a conviction position in Sea Limited while avoiding the 'speculative' AI memory and infrastructure buildout.
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Vision Capital Fund underperformed in 2025 with +9.8% net returns but remains positive since inception. The fund initiated a conviction position in Sea Limited while avoiding the 'speculative' AI memory and infrastructure buildout.
