WSPR Fund

WSPR Fund

Whitney Tilson founded WSPR Fund as a vehicle to manage his own capital after winding down his hedge fund, Kase Capital. Tilson, who co-founded ValueInvestorInsight and wrote extensively on value investing and financial fraud detection, has operated from Miami and maintains a presence in Boston. The fund pursues deep-value and special-situation investments across equities, distressed debt, and real estate — a three-asset mix that mirrors the opportunistic, thesis-driven approach Tilson employed for decades. The portfolio is concentrated, with holdings typically reflecting his public analysis of undervalued or misunderstood assets. Recent positions per SEC filings include stakes in commercial REITs and financial-services companies (public record, 2023–2024). Geographic focus is predominantly US markets, with some exposure to Latin America via real estate. Team size and assets under management remain undisclosed; the fund discloses no employees on public records beyond Tilson himself. WSPR Fund appears to operate as a lean single-family office with no separate institutional fund structure — no external LPs, no dedicated compliance or investor-relations staff publicly visible. There is no associated philanthropic foundation or operating company on record. The structural differentiator is that WSPR Fund functions essentially as Tilson's personal balance sheet — transparent only through 13F filings and his public newsletter. This contrasts with a typical family office that may separate family capital from a founder's trading activities. Tilson's mandate is entirely discretionary, with no institutional governance layer beyond what a small SFO would require.