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.
The fund outperformed in Q2 2026 as Hungary and Mexico rate positioning drove gains while Turkey, Brazil, and India detracted. Emerging markets navigated a complex quarter marked by the Iran conflict and less accommodative Fed policy, with central banks delivering increasingly divergent responses. The managers favor fundamentally stronger markets with credible central banks and attractive real yields, viewing recent dislocations as creating improved entry points for selective opportunities.
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The fund outperformed in Q2 2026 as Hungary and Mexico rate positioning drove gains while Turkey, Brazil, and India detracted. Emerging markets navigated a complex quarter marked by the Iran conflict and less accommodative Fed policy, with central banks delivering increasingly divergent responses. The managers favor fundamentally stronger markets with credible central banks and attractive real yields, viewing recent dislocations as creating improved entry points for selective opportunities.
Pabrai Wagons ETF delivered +12.12% YTD through Q2 2026, maintaining zero S&P 500 overlap through concentrated positions in unloved global markets. The fund circles the wagons around six core buckets: offshore drilling, met coal, Indian financials, vertical software compounders, and Turkish infrastructure. Manager Mohnish Pabrai believes these exceptional businesses with wide moats trade at significant discounts and will compound for decades.
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Pabrai Wagons ETF delivered +12.12% YTD through Q2 2026, maintaining zero S&P 500 overlap through concentrated positions in unloved global markets. The fund circles the wagons around six core buckets: offshore drilling, met coal, Indian financials, vertical software compounders, and Turkish infrastructure. Manager Mohnish Pabrai believes these exceptional businesses with wide moats trade at significant discounts and will compound for decades.
Moerus Worldwide Value Fund delivered strong 2024 performance by capitalizing on distressed opportunities in Argentina and Turkey while avoiding overvalued U.S. mega-cap tech stocks. The unconstrained global approach enabled investments in quality businesses at exceptional valuations during periods of macro chaos, with early economic improvements driving significant outperformance versus international benchmarks.
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Moerus Worldwide Value Fund delivered strong 2024 performance by capitalizing on distressed opportunities in Argentina and Turkey while avoiding overvalued U.S. mega-cap tech stocks. The unconstrained global approach enabled investments in quality businesses at exceptional valuations during periods of macro chaos, with early economic improvements driving significant outperformance versus international benchmarks.
Emerging markets showed resilience in Q3 despite Fed's higher for longer driving yields to 4.6%. China faces real estate structural issues but exports remain strong with concrete policy support emerging. Turkey's orthodox policy return and retail boom notable. Portfolio focused on high-quality Chinese exporters. Stronger EM fundamentals and lower valuations create opportunity once China stabilizes and US yields peak.
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Emerging markets showed resilience in Q3 despite Fed's higher for longer driving yields to 4.6%. China faces real estate structural issues but exports remain strong with concrete policy support emerging. Turkey's orthodox policy return and retail boom notable. Portfolio focused on high-quality Chinese exporters. Stronger EM fundamentals and lower valuations create opportunity once China stabilizes and US yields peak.
