Peterson Investment Fund

Investor Summary

Matthew Peterson, CFA, serves as the primary portfolio manager and founder of Peterson Capital Management, bringing over two decades of financial experience from major global firms including Goldman Sachs and Morgan Stanley. Peterson founded Peterson Capital Management in 2010 and launched the investment fund in 2011. He leads a small team of 2-10 employees focused on long-term value creation through disciplined investment strategies. Under his leadership, the fund has achieved a 14.1% annualized return since inception, growing a $1 million investment to $6.35 million over 14 years. Peterson emphasizes operational excellence and transparent communication with partners through quarterly letters, annual reports, and regular investor meetings. The firm has expanded its offerings to include the Titan Strategic Income Fund and continues to integrate advanced AI tools for investment analysis.

Fund Strategy

Peterson Investment Fund employs a concentrated value investing approach centered on identifying 'infinite compounders' - high-quality businesses with exceptional management teams trading below intrinsic value. The fund emphasizes capital preservation, limiting downside risk, and achieving returns above the S&P 500 over the long term through an ownership mindset. They maintain long positions in outstanding businesses with exceptional management teams, obtained at a discount to their growing fundamental value. The strategy incorporates proprietary methodologies including Structured Dividend Capture using options, AlphaOne AI platform for enhanced research, and VeritasAlpha.com for identifying undervalued companies. The fund follows a concentrated portfolio strategy focusing on seven core long-term holdings with exceptional business models and leadership teams.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
13.4%	-0.8%	-0.8%

Executive Summary

Peterson Investment Fund I returned -0.8% net in Q1 2026, outperforming the S&P 500's -4.3% return by 3.5 percentage points. The quarter was shaped by geopolitical escalation involving the United States, Israel, and Iran, creating disruption around the Strait of Hormuz that altered commercial behavior across freight markets, insurance costs, and supply chains. The fund identified mispricing opportunities in energy-related positions, selectively increasing exposure to oil tanker shipping and exploration and production businesses where the market had not fully incorporated secondary disruption effects or the persistence of elevated baseline energy prices. The portfolio remains concentrated in core long-duration compounders including Alphabet, Berkshire Hathaway, Alibaba, Daily Journal, and Naspers. No core equity positions were sold during the quarter. Since inception in October 2011, the fund has delivered 13.4% annualized net returns, turning each $1 million invested into $6.15 million. The quarter reinforced that intrinsic value builds more steadily than market price reactions, with recognition often arriving in bursts rather than on a smooth schedule.

Forward Outlook

The quarter reinforced that intrinsic value builds more steadily than market price reactions. Recognition of value is often uneven, and outcomes can arrive in bursts rather than on a smooth schedule. Our task is not to forecast every turn of events, but to remain analytically prepared, valuation-sensitive, and liquid enough to act when the gap between price and value becomes wide.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 9 2026	2026 Q1	BABA, BRK/A, DJCO, GOOGL, NPN.JO	Concentration, energy, Geopolitical, long-term, oil, shipping, value	-	Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased exposure to oil tankers and exploration companies while maintaining concentrated positions in core compounders like Alphabet and Berkshire Hathaway. Strong long-term track record continues with 13.4% annualized returns since inception.
Mar 10 2026	2025 Q4	BABA, BRK.B, DJCO, GOOG, NPSNY	AI, Capital Allocation, China, Compounding, Concentration, technology, Value Investing	-	Peterson Investment Fund I's 63.8% return in 2025 demonstrates the power of concentrated value investing in exceptional businesses. The fund's systematic approach combines rigorous fundamental analysis, disciplined entry pricing through structured options, and patient capital allocation across a focused portfolio of compounding machines like Alphabet, Berkshire, and Alibaba, delivering 13.7% annualized returns since inception.
Oct 16 2025	2025 Q3	BABA, GOOGL, NPN.L	China, Compounding, Concentration, Options, technology, value	BABA	Peterson Investment Fund delivered 47.4% Q3 returns driven by concentrated value positions in quality compounders like Alibaba, Alphabet, and Naspers. The fund combines disciplined value investing with structured options techniques and AI-powered research capabilities. Despite inherent volatility from concentration, the 14-year track record demonstrates the effectiveness of patient, fundamental-driven investing in exceptional businesses trading below intrinsic value.
Jul 14 2025	2025 Q2	BABA, BRK.A, BRK.B	Buybacks, China, Concentration, dividends, long-term, Turkey, value	BABA BABA BRK.A	Peterson Investment Fund declined 10.1% in Q2 amid temporary pullbacks in core holdings Alibaba, Berkshire Hathaway, and Turkish positions. Manager views current dislocations as compelling entry points into world-class compounders trading below intrinsic value. Strong capital return programs and cash positions support rebound expectations for second half 2025.
Mar 31 2025	2025 Q1	BABA, BRK-B	China, Concentration, long-term, value, volatility	-	Peterson Investment Fund delivered 26.4% returns in Q1 2025 versus S&P 500's -4.3% decline, driven by concentrated positions in Alibaba and Berkshire Hathaway. The 13.5-year track record shows 12% annualized returns through disciplined value investing. Current market volatility from trade tensions and inflation creates compelling opportunities to acquire quality businesses at compressed prices before the next bull market cycle begins.
Dec 31 2024	2024 Q4	BABA, BOX, BRK.B, CVX, EBAY, GOOG, HOG, JNJ, JWN, ORCL, OXY, STX, T, UNH	AI, China, dividends, long-term, Options, technology, value	-	Peterson Investment Fund delivered 8.8% returns in 2024 through concentrated value investing in technology leaders like Alibaba and Alphabet. Despite short-term volatility from geopolitical pressures, the fund maintains conviction in undervalued compounders trading below intrinsic value. Proprietary structured strategies and AI-powered analysis provide competitive advantages for long-term wealth creation.
Jun 30 2024	2024 Q2	BABA, BRK-A, DJCO, NPN.L	Compounding, Concentration, dividends, long-term, Quality, value	-	Peterson Investment Fund maintains concentrated exposure to seven exceptional businesses trading below intrinsic value, including Berkshire Hathaway and Alibaba. The fund combines long-term value investing with proprietary dividend capture strategies while remaining fully invested in a favorable economic environment. Despite Q2 underperformance, the portfolio offers asymmetric upside potential through quality compounders positioned for multi-year appreciation.
Aug 3 2024	2023 Q4	BABA, BRK-B, DJCO, EBAY, ORCL, T, XOM	Cloud, compounders, concentrated, dividends, E-Commerce, real estate, technology, value	DJCO BABA	Peterson Investment Fund returned 21.7% in 2023 through concentrated value investing in seven global compounders trading below intrinsic value. Core positions include Berkshire Hathaway with 40% upside, rapidly growing Daily Journal courthouse software business, and deeply discounted Alibaba projected to reach $230-350 per share by 2030 versus current $75. Proprietary dividend capture strategy enhances cash returns.
Jul 19 2023	2023 Q2	-	-	-
Apr 17 2023	2023 Q1	-	-	-
Mar 15 2023	2022 Q4	BAC, CYTH SW, DRTT, HBI, IEP, INDV, SRG	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 9 2026

2026 Q1

BABA, BRK/A, DJCO, GOOGL, NPN.JO

Concentration, energy, Geopolitical, long-term, oil, shipping, value

Peterson Investment Fund I outperformed during Q1 2026 market volatility by capitalizing on energy market mispricing from Middle East geopolitical tensions. The fund increased exposure to oil tankers and exploration companies while maintaining concentrated positions in core compounders like Alphabet and Berkshire Hathaway. Strong long-term track record continues with 13.4% annualized returns since inception.

Mar 10 2026

2025 Q4

BABA, BRK.B, DJCO, GOOG, NPSNY

AI, Capital Allocation, China, Compounding, Concentration, technology, Value Investing

Peterson Investment Fund I's 63.8% return in 2025 demonstrates the power of concentrated value investing in exceptional businesses. The fund's systematic approach combines rigorous fundamental analysis, disciplined entry pricing through structured options, and patient capital allocation across a focused portfolio of compounding machines like Alphabet, Berkshire, and Alibaba, delivering 13.7% annualized returns since inception.

Oct 16 2025

2025 Q3

BABA, GOOGL, NPN.L

China, Compounding, Concentration, Options, technology, value

BABA

Peterson Investment Fund delivered 47.4% Q3 returns driven by concentrated value positions in quality compounders like Alibaba, Alphabet, and Naspers. The fund combines disciplined value investing with structured options techniques and AI-powered research capabilities. Despite inherent volatility from concentration, the 14-year track record demonstrates the effectiveness of patient, fundamental-driven investing in exceptional businesses trading below intrinsic value.

Jul 14 2025

2025 Q2

BABA, BRK.A, BRK.B

Buybacks, China, Concentration, dividends, long-term, Turkey, value

BABA
BABA
BRK.A

Peterson Investment Fund declined 10.1% in Q2 amid temporary pullbacks in core holdings Alibaba, Berkshire Hathaway, and Turkish positions. Manager views current dislocations as compelling entry points into world-class compounders trading below intrinsic value. Strong capital return programs and cash positions support rebound expectations for second half 2025.

Mar 31 2025

2025 Q1

BABA, BRK-B

China, Concentration, long-term, value, volatility

Peterson Investment Fund delivered 26.4% returns in Q1 2025 versus S&P 500's -4.3% decline, driven by concentrated positions in Alibaba and Berkshire Hathaway. The 13.5-year track record shows 12% annualized returns through disciplined value investing. Current market volatility from trade tensions and inflation creates compelling opportunities to acquire quality businesses at compressed prices before the next bull market cycle begins.

Dec 31 2024

2024 Q4

BABA, BOX, BRK.B, CVX, EBAY, GOOG, HOG, JNJ, JWN, ORCL, OXY, STX, T, UNH

AI, China, dividends, long-term, Options, technology, value

Peterson Investment Fund delivered 8.8% returns in 2024 through concentrated value investing in technology leaders like Alibaba and Alphabet. Despite short-term volatility from geopolitical pressures, the fund maintains conviction in undervalued compounders trading below intrinsic value. Proprietary structured strategies and AI-powered analysis provide competitive advantages for long-term wealth creation.

Jun 30 2024

2024 Q2

BABA, BRK-A, DJCO, NPN.L

Compounding, Concentration, dividends, long-term, Quality, value

Peterson Investment Fund maintains concentrated exposure to seven exceptional businesses trading below intrinsic value, including Berkshire Hathaway and Alibaba. The fund combines long-term value investing with proprietary dividend capture strategies while remaining fully invested in a favorable economic environment. Despite Q2 underperformance, the portfolio offers asymmetric upside potential through quality compounders positioned for multi-year appreciation.

Aug 3 2024

2023 Q4

BABA, BRK-B, DJCO, EBAY, ORCL, T, XOM

Cloud, compounders, concentrated, dividends, E-Commerce, real estate, technology, value

DJCO
BABA

Peterson Investment Fund returned 21.7% in 2023 through concentrated value investing in seven global compounders trading below intrinsic value. Core positions include Berkshire Hathaway with 40% upside, rapidly growing Daily Journal courthouse software business, and deeply discounted Alibaba projected to reach $230-350 per share by 2030 versus current $75. Proprietary dividend capture strategy enhances cash returns.

Jul 19 2023

2023 Q2

Apr 17 2023

2023 Q1

Mar 15 2023

2022 Q4

BAC, CYTH SW, DRTT, HBI, IEP, INDV, SRG

QUARTER	THEMES	TAGS
2026 Q1	Oil The escalation involving the United States, Israel, and Iran, together with disruption around the Strait of Hormuz, altered commercial behavior and created mispricing opportunities. The market was underpricing direct energy price risk and secondary effects through freight markets, insurance costs, and supply chains.	Energy Geopolitical Strait of Hormuz Supply Chain Insurance
	Oil Tankers The fund increased exposure to oil tanker shipping as the market had not fully incorporated the breadth of commercial disruption or persistence of elevated baseline energy prices. Secondary effects were likely to move through tanker rates, insurance pricing, and routing decisions.	Shipping Tanker Rates Commercial Disruption Energy Transport
	Exploration & Production The fund selectively increased exposure to certain exploration and production businesses where analysis identified material mispricing of secondary disruption effects from geopolitical tensions and energy market disruption.	Energy Production Mispricing Secondary Effects Geopolitical Risk
2025 Q4	Biopharma M&A M&A activity accelerated in the second half with notable acquisitions including Merck's $10 billion purchase of Verona Pharmaceuticals and Sanofi's $9.5 billion acquisition of Blueprint Medicines. Manager believes acquisitions will play a key role in filling the void created by patent expirations as big pharma faces the largest patent cliff in industry history, potentially losing $400 billion in revenue by 2030.	Mergers Acquisitions Patent Cliff Big Pharma Biotech
	Biotechnology Fund's allocation to pharmaceutical and biotechnology stocks increased significantly to over 40% by year end. Manager believes small-cap biotech and pharma stocks are on the front end of a multi-year innovation cycle with recent drug launches having blockbuster revenue potential of $1 billion plus.	Small Cap Innovation Drug Launches Blockbuster Revenue
	Pharmaceuticals Healthcare sector faced significant pressure in first half due to regulatory uncertainty and government drug pricing proposals, but recovered strongly in second half. Manager focuses on identifying businesses more insulated from macro and regulatory factors positioned to compound value through various environments.	Drug Pricing Regulatory Healthcare Value Compounding
2025 Q3	Value Fund employs disciplined value investing philosophy, focusing on owning thriving businesses with proven leadership teams trading at discounts to their growing intrinsic values. Alibaba exemplifies their multi-year, value-based approach with asymmetric risk-reward profile purchased at attractive prices.	Undervalued Intrinsic Value Discounts Fundamental Analysis Bottom-up
	AI VeritasAlpha.com, their in-house AI research platform, now produces institutional-quality research on most U.S. public companies in about 20 minutes, compressing what once took an analyst weeks into minutes and materially broadening their coverage.	Research Platform Institutional Quality Coverage Efficiency Analysis
2025 Q2	Value Fund follows disciplined value investing philosophy, focusing on owning thriving businesses with proven leadership teams trading at discounts to their growing intrinsic values. Current dislocations offer chance to purchase extraordinary businesses at compelling prices.	Undervalued Intrinsic Value Discount Mispriced Compelling Valuations
	China Alibaba represents significant exposure to Chinese equities amid regulatory uncertainty and market sentiment challenges. Recent sell-off reflects regulatory uncertainty, tariff speculation, and delisting headlines, but potential regulatory relief suggested by President Xi's February symposium with technology leaders.	Regulatory Relief Tariff Speculation Delisting Risk Market Sentiment ADR
	E-commerce Alibaba characterized as cash-rich, free-cash-flow compounder with global growth in e-commerce, cloud, and AI. Company has capacity to generate and return enormous amounts of cash to shareholders in coming years.	Free Cash Flow Global Growth Cloud AI Cash Generation
	Buybacks Alibaba's management returning substantial capital through aggressive share repurchases, with $805 million repurchased in Q2 and $19 billion more authorized for buybacks expected to continue for next two years.	Share Repurchases Capital Return Authorized Buybacks Aggressive Shareholder Returns
	Dividends Alibaba approved $2.00 per ADR dividend during Q2 representing $4.6 billion distribution. Turkish holdings like Tupras provide large dividends yielding 10% in US dollars.	Dividend Distribution ADR Dividend High Yield Cash Distribution Shareholder Returns
	Turkey Turkish-focused Talas basket experienced pullback amid geopolitical turmoil and persistent inflation, driving high-quality businesses to trade at just 4-5 times earnings despite strong free cash flow generation.	Geopolitical Turmoil Inflation Valuation Disconnect Free Cash Flow Asymmetric Opportunities
2025 Q1	Value The fund maintains a disciplined value investing philosophy focused on acquiring world-class businesses with exceptional management, durable competitive advantages, and compelling prices. This patient, fundamental approach has compounded wealth for partners over a decade, with volatile environments offering the highest return on their structured value approach.	Value Investing Undervalued Intrinsic Value Fundamental Analysis Discounted Prices
	Volatility Market volatility has returned as anticipated, creating compelling opportunities through uneven short-term results. The fund is structured precisely for such conditions, with periods of elevated volatility producing extraordinary entry opportunities that smart capital can exploit early in the cycle.	Market Volatility Price Swings Corrections Bear Markets Opportunity
2024 Q4	AI Portfolio positioned at forefront of AI revolution with Alphabet and Alibaba driving breakthrough innovations. Advanced AI technologies transforming analysis through proprietary AlphaOne platform. AI Agents represent next evolution in automation, fundamentally reshaping industries.	Artificial Intelligence Machine Learning Automation Technology Innovation
	E-commerce Alibaba transforming global e-commerce through dominant platforms Taobao and Tmall, expanding cloud computing capabilities. Strategic focus on technology-led e-commerce platforms with enduring competitive advantages.	Online Retail Digital Commerce Platforms Technology Growth
	Cloud Alphabet expanding cloud computing services via Google Cloud, Alibaba advancing capabilities with Alibaba Cloud. Cloud infrastructure represents key growth driver for technology holdings.	Cloud Computing Infrastructure SaaS Technology Scalability
	Value Disciplined value-based strategy focusing on companies trading at deep discounts to intrinsic value. Structured Value practices enhance performance by reducing cost basis through options strategies.	Value Investing Intrinsic Value Discount Fundamental Analysis Long-term
	Dividends Proprietary Structured Dividend Capture strategy generates valuable short-term cash flow by timing entries and exits around ex-dividend dates. Strategy delivers reliable annualized cash returns through systematic dividend opportunities.	Dividend Capture Income Generation Options Cash Flow Strategy
2024 Q2	Value The fund follows a concentrated value investing philosophy, focusing on owning thriving businesses with high-quality management teams trading at discounts to their growing intrinsic value. The strategy emphasizes ownership of the world's leading business models at deep discounts to intrinsic value.	Undervalued Intrinsic Discount Quality Concentrated
	Dividends The fund employs a proprietary Structured Dividend Capture strategy that allows precise deployment of cash for brief periods using option strategies to capture dividends with high expected returns. This highly liquid strategy maximizes cash returns and all new capital is immediately put to work in this accretive approach.	Capture Options Premiums Liquid Cash
2023 Q4	Value Fund employs concentrated value investing approach targeting undervalued companies with exceptional growth prospects and strong management teams. Uses deep fundamental analysis and structured value purchasing methods to acquire shares below intrinsic value.	Undervalued Intrinsic Value Deep Value Fundamental Analysis Value Investing
	E-commerce Significant exposure to global e-commerce leaders including Alibaba, described as dominant player across global tech landscape with vast online retail footprint. Positioned for multi-year growth despite current headwinds.	Online Retail Digital Commerce Marketplaces Global Platforms
	Cloud Portfolio emphasizes SaaS and IaaS platforms through holdings in Alphabet, Alibaba, Daily Journal and Naspers. Focus on excellent business models with lasting competitive advantages in cloud computing services.	SaaS IaaS Cloud Computing Software Services Technology Platforms
	Dividends Developed proprietary Structured Dividend Capture strategy using Python-based software to systematically capture dividends from high-yielding stocks. Strategy aims to generate double-digit annualized returns on cash holdings.	Dividend Capture High Yield Cash Management Income Generation
	Commercial Real Estate Exited Seritage Growth Properties position after strategic liquidation analysis. Detailed property-by-property valuation of remaining 45 assets showed declining values due to commercial real estate market pressures and reduced bank lending.	REIT Property Liquidation Real Estate Valuation Asset Sales

QUARTER

THEMES

Oil

The escalation involving the United States, Israel, and Iran, together with disruption around the Strait of Hormuz, altered commercial behavior and created mispricing opportunities. The market was underpricing direct energy price risk and secondary effects through freight markets, insurance costs, and supply chains.

Energy Geopolitical Strait of Hormuz Supply Chain Insurance

Oil Tankers

The fund increased exposure to oil tanker shipping as the market had not fully incorporated the breadth of commercial disruption or persistence of elevated baseline energy prices. Secondary effects were likely to move through tanker rates, insurance pricing, and routing decisions.

Shipping Tanker Rates Commercial Disruption Energy Transport

Exploration & Production

The fund selectively increased exposure to certain exploration and production businesses where analysis identified material mispricing of secondary disruption effects from geopolitical tensions and energy market disruption.

Energy Production Mispricing Secondary Effects Geopolitical Risk

2025 Q4

Biopharma M&A

M&A activity accelerated in the second half with notable acquisitions including Merck's $10 billion purchase of Verona Pharmaceuticals and Sanofi's $9.5 billion acquisition of Blueprint Medicines. Manager believes acquisitions will play a key role in filling the void created by patent expirations as big pharma faces the largest patent cliff in industry history, potentially losing $400 billion in revenue by 2030.

Mergers Acquisitions Patent Cliff Big Pharma Biotech

Biotechnology

Fund's allocation to pharmaceutical and biotechnology stocks increased significantly to over 40% by year end. Manager believes small-cap biotech and pharma stocks are on the front end of a multi-year innovation cycle with recent drug launches having blockbuster revenue potential of $1 billion plus.

Small Cap Innovation Drug Launches Blockbuster Revenue

Pharmaceuticals

Healthcare sector faced significant pressure in first half due to regulatory uncertainty and government drug pricing proposals, but recovered strongly in second half. Manager focuses on identifying businesses more insulated from macro and regulatory factors positioned to compound value through various environments.

Drug Pricing Regulatory Healthcare Value Compounding

2025 Q3

Value

Fund employs disciplined value investing philosophy, focusing on owning thriving businesses with proven leadership teams trading at discounts to their growing intrinsic values. Alibaba exemplifies their multi-year, value-based approach with asymmetric risk-reward profile purchased at attractive prices.

Undervalued Intrinsic Value Discounts Fundamental Analysis Bottom-up

AI

VeritasAlpha.com, their in-house AI research platform, now produces institutional-quality research on most U.S. public companies in about 20 minutes, compressing what once took an analyst weeks into minutes and materially broadening their coverage.

Research Platform Institutional Quality Coverage Efficiency Analysis

2025 Q2

Value

Fund follows disciplined value investing philosophy, focusing on owning thriving businesses with proven leadership teams trading at discounts to their growing intrinsic values. Current dislocations offer chance to purchase extraordinary businesses at compelling prices.

Undervalued Intrinsic Value Discount Mispriced Compelling Valuations

China

Alibaba represents significant exposure to Chinese equities amid regulatory uncertainty and market sentiment challenges. Recent sell-off reflects regulatory uncertainty, tariff speculation, and delisting headlines, but potential regulatory relief suggested by President Xi's February symposium with technology leaders.

Regulatory Relief Tariff Speculation Delisting Risk Market Sentiment ADR

E-commerce

Alibaba characterized as cash-rich, free-cash-flow compounder with global growth in e-commerce, cloud, and AI. Company has capacity to generate and return enormous amounts of cash to shareholders in coming years.

Free Cash Flow Global Growth Cloud AI Cash Generation

Buybacks

Alibaba's management returning substantial capital through aggressive share repurchases, with $805 million repurchased in Q2 and $19 billion more authorized for buybacks expected to continue for next two years.

Share Repurchases Capital Return Authorized Buybacks Aggressive Shareholder Returns

Dividends

Alibaba approved $2.00 per ADR dividend during Q2 representing $4.6 billion distribution. Turkish holdings like Tupras provide large dividends yielding 10% in US dollars.

Dividend Distribution ADR Dividend High Yield Cash Distribution Shareholder Returns

Turkey

Turkish-focused Talas basket experienced pullback amid geopolitical turmoil and persistent inflation, driving high-quality businesses to trade at just 4-5 times earnings despite strong free cash flow generation.

Geopolitical Turmoil Inflation Valuation Disconnect Free Cash Flow Asymmetric Opportunities

2025 Q1

Value

The fund maintains a disciplined value investing philosophy focused on acquiring world-class businesses with exceptional management, durable competitive advantages, and compelling prices. This patient, fundamental approach has compounded wealth for partners over a decade, with volatile environments offering the highest return on their structured value approach.

Value Investing Undervalued Intrinsic Value Fundamental Analysis Discounted Prices

Volatility

Market volatility has returned as anticipated, creating compelling opportunities through uneven short-term results. The fund is structured precisely for such conditions, with periods of elevated volatility producing extraordinary entry opportunities that smart capital can exploit early in the cycle.

Market Volatility Price Swings Corrections Bear Markets Opportunity

2024 Q4

AI

Portfolio positioned at forefront of AI revolution with Alphabet and Alibaba driving breakthrough innovations. Advanced AI technologies transforming analysis through proprietary AlphaOne platform. AI Agents represent next evolution in automation, fundamentally reshaping industries.

Artificial Intelligence Machine Learning Automation Technology Innovation

E-commerce

Alibaba transforming global e-commerce through dominant platforms Taobao and Tmall, expanding cloud computing capabilities. Strategic focus on technology-led e-commerce platforms with enduring competitive advantages.

Online Retail Digital Commerce Platforms Technology Growth

Cloud

Alphabet expanding cloud computing services via Google Cloud, Alibaba advancing capabilities with Alibaba Cloud. Cloud infrastructure represents key growth driver for technology holdings.

Cloud Computing Infrastructure SaaS Technology Scalability

Value

Disciplined value-based strategy focusing on companies trading at deep discounts to intrinsic value. Structured Value practices enhance performance by reducing cost basis through options strategies.

Value Investing Intrinsic Value Discount Fundamental Analysis Long-term

Dividends

Proprietary Structured Dividend Capture strategy generates valuable short-term cash flow by timing entries and exits around ex-dividend dates. Strategy delivers reliable annualized cash returns through systematic dividend opportunities.

Dividend Capture Income Generation Options Cash Flow Strategy

2024 Q2

Value

The fund follows a concentrated value investing philosophy, focusing on owning thriving businesses with high-quality management teams trading at discounts to their growing intrinsic value. The strategy emphasizes ownership of the world's leading business models at deep discounts to intrinsic value.

Undervalued Intrinsic Discount Quality Concentrated

Dividends

The fund employs a proprietary Structured Dividend Capture strategy that allows precise deployment of cash for brief periods using option strategies to capture dividends with high expected returns. This highly liquid strategy maximizes cash returns and all new capital is immediately put to work in this accretive approach.

Capture Options Premiums Liquid Cash

2023 Q4

Value

Fund employs concentrated value investing approach targeting undervalued companies with exceptional growth prospects and strong management teams. Uses deep fundamental analysis and structured value purchasing methods to acquire shares below intrinsic value.

Undervalued Intrinsic Value Deep Value Fundamental Analysis Value Investing

E-commerce

Significant exposure to global e-commerce leaders including Alibaba, described as dominant player across global tech landscape with vast online retail footprint. Positioned for multi-year growth despite current headwinds.

Online Retail Digital Commerce Marketplaces Global Platforms

Cloud

Portfolio emphasizes SaaS and IaaS platforms through holdings in Alphabet, Alibaba, Daily Journal and Naspers. Focus on excellent business models with lasting competitive advantages in cloud computing services.

SaaS IaaS Cloud Computing Software Services Technology Platforms

Dividends

Developed proprietary Structured Dividend Capture strategy using Python-based software to systematically capture dividends from high-yielding stocks. Strategy aims to generate double-digit annualized returns on cash holdings.

Dividend Capture High Yield Cash Management Income Generation

Commercial Real Estate

Exited Seritage Growth Properties position after strategic liquidation analysis. Detailed property-by-property valuation of remaining 45 assets showed declining values due to commercial real estate market pressures and reduced bank lending.

REIT Property Liquidation Real Estate Valuation Asset Sales

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Oct 16, 2025	Fund Letters	Matthew Peterson	BABA	Alibaba Group Holding Ltd.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	China, compounding, e-commerce, Options, technology, value investing	Login
Jul 14, 2025	Fund Letters	Matthew Peterson	BABA	Alibaba Group Holding Ltd.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	New York Stock Exchange	buybacks, China, cloud, ecommerce, Regulation, valuation	Login
Jul 1, 2025	Fund Letters	Peterson Investment Fund	BRK.A	Berkshire Hathaway Inc.	Financials	Multi-Sector Holdings	Bull	NYSE	capital allocation, Cash management, compounding, conglomerate, contrarian, Insurance, Succession Planning, Value	Login
Jul 1, 2025	Fund Letters	Peterson Investment Fund	BABA	Alibaba Group Holding Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	ADR, Artificial Intelligence, cash generation, China, Cloud computing, e-commerce, Regulatory Relief, Share Buybacks, turnaround, Value	Login
Dec 31, 2023	Fund Letters	Peterson Investment Fund	DJCO	Daily Journal Corporation	Software & Services	Application Software	Bull	NYSE	Courthouse Technology, government software, investment portfolio, Legal Technology, Municipal Contracts, recurring revenue, SaaS, Technology Transformation	Login
Dec 31, 2023	Fund Letters	Peterson Investment Fund	BABA	Alibaba Group Holding Ltd	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NYSE	call options, China, Cloud computing, digital commerce, e-commerce, Emerging markets, Share Buybacks, technology conglomerate, value investing, VIE Structure	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Oct 16, 2025

Fund Letters

Matthew Peterson

BABA

Alibaba Group Holding Ltd.

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NYSE

China, compounding, e-commerce, Options, technology, value investing

Jul 14, 2025

Fund Letters

Matthew Peterson

BABA

Alibaba Group Holding Ltd.

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

New York Stock Exchange

buybacks, China, cloud, ecommerce, Regulation, valuation

Jul 1, 2025

Fund Letters

Peterson Investment Fund

BRK.A

Berkshire Hathaway Inc.

Financials

Multi-Sector Holdings

Bull

NYSE

capital allocation, Cash management, compounding, conglomerate, contrarian, Insurance, Succession Planning, Value

Jul 1, 2025

Fund Letters

Peterson Investment Fund

BABA

Alibaba Group Holding Limited

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NYSE

ADR, Artificial Intelligence, cash generation, China, Cloud computing, e-commerce, Regulatory Relief, Share Buybacks, turnaround, Value

Dec 31, 2023

Fund Letters

Peterson Investment Fund

DJCO

Daily Journal Corporation

Software & Services

Application Software

Bull

NYSE

Courthouse Technology, government software, investment portfolio, Legal Technology, Municipal Contracts, recurring revenue, SaaS, Technology Transformation

Dec 31, 2023

Fund Letters

Peterson Investment Fund

BABA

Alibaba Group Holding Ltd

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NYSE

call options, China, Cloud computing, digital commerce, e-commerce, Emerging markets, Share Buybacks, technology conglomerate, value investing, VIE Structure

TICKER	COMMENTARY
GOOGL	The portfolio remains concentrated in our core long-duration compounders, including Alphabet
BRK-A	The portfolio remains concentrated in our core long-duration compounders, including Berkshire Hathaway
BABA	The portfolio remains concentrated in our core long-duration compounders, including Alibaba
DJCO	The portfolio remains concentrated in our core long-duration compounders, including Daily Journal
NPN.JO	The portfolio remains concentrated in our core long-duration compounders, including Naspers

TICKER

COMMENTARY

GOOGL

The portfolio remains concentrated in our core long-duration compounders, including Alphabet

BRK-A

The portfolio remains concentrated in our core long-duration compounders, including Berkshire Hathaway

BABA

The portfolio remains concentrated in our core long-duration compounders, including Alibaba

DJCO

The portfolio remains concentrated in our core long-duration compounders, including Daily Journal

NPN.JO

The portfolio remains concentrated in our core long-duration compounders, including Naspers

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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Shares Bought

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No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

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Amount Sold

Shares Sold

% Change

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Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Oil

Oil Tankers

Exploration & Production

Biopharma M&A

Biotechnology

Pharmaceuticals

Value

AI

Value

China

E-commerce

Buybacks

Dividends

Turkey

Value

Volatility

AI

E-commerce

Cloud

Value

Dividends

Value

Dividends

Value

E-commerce

Cloud

Dividends

Commercial Real Estate

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Matthew Peterson Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Peterson Investment Fund