Kerrisdale Partners, L.P. delivered a net return of +11.7% in April 2026, the hedge fund’s fourth positive month of the year and one of its largest single-month gains since the 2010-2011 stretch that built its reputation. Year-to-date through April, the fund is up +22.9% net, against +5.7% total return for the S&P 500.
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Across more than 200 months since the June 2009 inception, only ten exceeded +11%, most clustered around the 2010-2011 Chinese reverse-merger short campaigns that first put founder and CIO Sahm Adrangi on the map, with single-month standouts in 2018, 2019, and 2022.
April’s drivers: AI, semiconductors, and compounders
The firm attributed YTD performance to positions in artificial intelligence and semiconductor hardware alongside core holdings in quality compounders. Adrangi’s team noted a positive batting average and win/loss ratio across both books, with single-name shorts contributing on the positive side of the ledger. That two-sided alpha matters for a fund whose published positioning has historically leaned long-biased while still publishing detailed short research.
In our Q1 2026 13F roundup, we noted that the firm was among the few buyers of Microsoft against the broader Mag7 consensus exit and added to Instacart alongside Impactive and Miller Value Partners.
Long-term track record vs. the recent stretch
Longer horizons present a more textured picture. Cumulative net return since inception is +5,130.4%, versus +971.9% for the S&P 500. Trailing-one-year is +47.0%, against +31.1% for the index.
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