Top funds
No. 6 this year · Hedge fund · Rockville, MD

Bireme

Run by Evan Tindell since 2016. Buys cheap companies outside the U.S., and bets against U.S. stocks it thinks are too expensive.
If you’d given them $1,000 on January 1, by September 30 you’d have
$1,218
21.8% in 2026, through Sep 30
The rose 11.8% over the same months (not counting dividends, the cash some companies pay their owners).
As reported by Bireme fact sheet, for Jan 1 – Sep 30, 2026 · Fundamental Value strategy

Their record

In 2025:
$1,000
$1,330
(+33.0%)
The S&P 500 rose 16.4% in 2025 (not counting dividends, the cash some companies pay their owners).
As reported by Bireme fact sheet, for Jan 1 – Dec 31, 2025 · Fundamental Value strategy
Over 10 years (2016–2026):
$1,000
$7,366
(+21.4% a year)
As reported by Bireme fact sheet, for Jun 14, 2016 – Sep 30, 2026 · Fundamental Value strategy
S&P 500 data: S&P Dow Jones Indices LLC, via FRED.

What they own

From the fund’s own letters. They name these companies but not how much of the fund is in each. Tap a stock to open its page.
— : their letter doesn’t say how much.

Just bought

Their latest letters don’t mention buying anything new.

Sold

1
First reported in the fund’s own letters since April 2026.

Betting against

1
They’re these companies: they profit if the price falls.

Year by year

Each calendar year’s result, after fees, for Bireme’s Fundamental Value strategy. Until October 2023 a model portfolio, since then the average of client accounts. Bireme later restated some early years with a different fee assumption; these are its current figures.
From Jun 14, 2016 to Sep 30, 2026, $1,000 became $7,402: 21.4% a year on average, after fees. Up in 9 of the 11 years shown, down in 2.
2026 · Jan 1 – Sep 30
+21.8%
2025
+33.0%
2024
−16.5%
2023
+21.3%
2022
+34.0%
2021
+44.8%
2020
+27.2%
2019
+27.7%
2018
−0.3%
2017
+24.2%
2016 · Jun 14 – Dec 31
+15.6%
Source: Bireme Capital Fundamental Value tearsheet

Who invests with them

From Form ADV, the form investment firms file with the SEC about their clients, their money and their staff.
About 67 investors
3 in its fund and 64 with an account of their own.
$197 million it manages
All the money it invests for its clients, by its own count.
2 people work there
Both of them pick investments.
$500,000 minimum to join
For Bireme Capital Fundamental Value Master Fund, LP, its only private fund. Its managers and staff own 14% of it.
  • The investor count is approximate.
From the Form ADV filed by Bireme Capital, LLC on Mar 19, 2026.
View it on SEC.gov

At a glance

Stocks their letters name
8
Holdings as of
Jun 30, 2026
Run by
Evan Tindell
Based in
Rockville, MD
Investing since
2016
Their latest letter
Read it ↗︎

Good to know

  • It doesn’t file the government report, so we show what its letters say.
Holdings from Bireme’s own letters to its investors, as of Jun 30, 2026.
Read the letter
Not investment advice. For information and education only. Holdings: SEC Form 13F filings and the funds’ own letters. Returns: as reported by the funds or the press, linked at each number. Investors and money managed: the managers’ Form ADV filings with the SEC. Not affiliated with the SEC or any fund.
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