Saga Partners
Our archive holds 4 letters from Saga Partners, behind 6 investment theses and positions in 1 company. Every quote below is copied verbatim from the letter it came from.
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Performance
as of Mar 31, 2026 · net of fees · USD · Saga Portfolio (net)
- Inception · total+299%index +240%
Index: S&P 500 Index
| Since inceptiontotal | |
|---|---|
| Saga Portfolio | +299% |
| S&P 500 Index | +240% |
Calendar years
- 2025+44.2%index +17.9%
- 2024+112%index +25.0%
- 2023+205%index +26.3%
- 2022−84.9%index −18.1%
- 2021−10.9%index +28.7%
- 2020+121%index +18.4%
- 2019+63.2%index +31.5%
- 2018+0.6%index −4.4%
- 2017+14.3%index +21.8%
These figures are copied from the manager’s latest letter, as of Mar 31, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What they bought and sold · 1 move
- AddedCarvanaMarch 2026
“In both cases, after I added to each holding, the shares fell further.”
Read the letter
Companies held · 1
Every company Saga Partners has disclosed a position in across our archive, with the letter that last mentioned it.
- CarvanaMar 2026
Theses · 6
- March 2026
The Trade Desk is viewed as the leading independent DSP with structural advantages, long-term growth potential, and a valuation that appears unusually attractive despite recent slowdown and AI/competition concerns.
Read the full thesis - December 2025
Carvana is building a vertically integrated used-car platform with compounding operating leverage and significant scalable capacity that the market undervalues.
Read the full thesis - December 2025
The Trade Desk is a scaled independent DSP aligned with advertisers, positioned to gain share as it optimizes open-internet ad spend despite cyclical headwinds.
Read the full thesis - December 2025
Trupanion offers lifetime-aligned, direct-pay pet insurance with improving unit economics and a long runway from low U.S. penetration.
Read the full thesis - December 2025
Roku is a leading connected TV operating system leveraging engagement, data, and ad inventory to capture the shift of TV viewing and advertising to streaming.
Read the full thesis - December 2025
Wise is a low-cost cross-border payments network with scale-driven cost advantages and platform expansion that support long-term share gains.
Read the full thesis
Letter archive · 4
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