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.
Olesen pursues global value investing, exploiting AI-driven market distortions by buying overlooked physical economy businesses at deep discounts. UK homebuilders are core holdings trading at 66% of book value and half of intrinsic value with strong balance sheets and stable demand. European micro caps in specialty finance and distribution offer 60-80% upside as fundamentals improve. Portfolio concentrated in non-US opportunities where investor psychology creates better value.
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Olesen pursues global value investing, exploiting AI-driven market distortions by buying overlooked physical economy businesses at deep discounts. UK homebuilders are core holdings trading at 66% of book value and half of intrinsic value with strong balance sheets and stable demand. European micro caps in specialty finance and distribution offer 60-80% upside as fundamentals improve. Portfolio concentrated in non-US opportunities where investor psychology creates better value.
SVN Capital delivered 11.8% net returns in 2024 through a concentrated portfolio of 10 high-quality, owner-operated businesses generating 28% weighted average return on capital. The fund added three Indian companies capitalizing on demographic and infrastructure tailwinds while maintaining focus on competent management teams with skin in the game trading at reasonable valuations.
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SVN Capital delivered 11.8% net returns in 2024 through a concentrated portfolio of 10 high-quality, owner-operated businesses generating 28% weighted average return on capital. The fund added three Indian companies capitalizing on demographic and infrastructure tailwinds while maintaining focus on competent management teams with skin in the game trading at reasonable valuations.
Hurdle Rate delivered 21.6% returns in 2024 through concentrated value investing in global small-caps. Manager Waine focuses on absolute returns over market-relative performance, maintaining high portfolio turnover to capitalize on mispriced securities. Key holdings span software, specialty finance, and Australian businesses trading below intrinsic value, targeting 20% compound annual returns despite elevated market valuations.
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Hurdle Rate delivered 21.6% returns in 2024 through concentrated value investing in global small-caps. Manager Waine focuses on absolute returns over market-relative performance, maintaining high portfolio turnover to capitalize on mispriced securities. Key holdings span software, specialty finance, and Australian businesses trading below intrinsic value, targeting 20% compound annual returns despite elevated market valuations.
Greenhaven Road returned 2% in Q1, maintaining concentrated positions in businesses with inevitable growth prospects including PAR Technology's SaaS transition, KKR's asset management expansion, and Cellebrite's law enforcement tools. Despite short-term market volatility from Fed policy and election uncertainty, the manager emphasizes patience and business fundamentals over quarterly trading, expecting long-term value realization.
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Greenhaven Road returned 2% in Q1, maintaining concentrated positions in businesses with inevitable growth prospects including PAR Technology's SaaS transition, KKR's asset management expansion, and Cellebrite's law enforcement tools. Despite short-term market volatility from Fed policy and election uncertainty, the manager emphasizes patience and business fundamentals over quarterly trading, expecting long-term value realization.
