| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.08% | 5.12% | - |
Bronte Capital's Amalthea Fund returned 5.12% in Q2 2026, driven primarily by alpha from shorts in materials and energy, though underperforming the broader AI-fueled bull market. The manager views the AI boom as the central market force, with 2026 CapEx estimates of $700 billion to $1 trillion representing spending comparable only to 19th-century railway booms. They express profound uncertainty about outcomes, calculating that $5 trillion in cumulative AI spending would require $1.8 trillion in annual revenue to justify returns, likely necessitating displacement of 10% of OECD wage bills and potentially 10-20% unemployment. Google exemplifies the dilemma: management is described as possibly the best in capitalism's history for pivoting aggressively into AI, yet the stock faces existential risk as AI-powered search could eliminate the ad-supported model entirely. The fund is trimming both Google and profitable Japanese semiconductor positions. Memory chip companies have become extraordinarily profitable, with Samsung, SK Hynix, and Micron generating combined operating income exceeding Microsoft, Amazon, and Alphabet. As market leadership narrows and non-AI junky stocks decline, the manager sees improving conditions for their long/short strategy, expecting AI-powered scammers to create additional shorting opportunities.
The fund maintains a global long/short strategy focused on generating alpha through a highly diversified short book while holding high-quality longs, currently navigating the largest capital expenditure boom in modern history centered on AI infrastructure, where the manager sees profound uncertainty about returns and beneficiaries despite acknowledging AI's transformative potential.
The manager expresses profound uncertainty about the AI boom's resolution, stating they have no idea how it ends. They expect either AI companies will fail to achieve returns on trillions in capital spending, or they will succeed but cause very large short-term unemployment (10-20%), or most likely a combination of both. Over the long term, they anticipate massive productivity gains once society finds new uses for displaced labor, though they acknowledge a nightmare scenario where AI becomes so superior and cheap that humans become redundant. The narrowing of market leadership and decline of non-AI-adjacent junky stocks is creating a more favorable environment for their long/short strategy. The manager believes super-intelligent AI assistants will change the world in ways beyond imagination, and expects this will increase opportunities for short-sellers as scammers improve their capabilities using AI.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 31 2026 | 2026 Q2 | 000660 KS, 005930 KS, AAPL, AMZN, BXB.AX, GOOG, GOOGL, META, MSFT, MU, NVDA, ORCL, TSLA | AI, Capital Expenditure, Google, Labor Displacement, Long/Short, Market Concentration, semiconductors, technology | GOOGL | Bronte returned 5.12% in Q2 2026 but lagged the AI-driven bull market. The manager sees the $700 billion to $1 trillion annual AI CapEx boom as unprecedented, requiring massive labor displacement to justify returns, with profound uncertainty about outcomes. Google faces existential disruption despite brilliant management. Memory chip profits have exploded. The fund is trimming winners and finding better shorting opportunities as market leadership narrows to AI infrastructure. |
| Apr 21 2026 | 2026 Q1 | 5016.T, COF, CTVA, GOOGL, IBKR, IHG, KO, LLY, NVO, SPX.L, V, VNP.TO | energy, Europe, Geopolitical, global, Long/Short, Quality, valuation | - | Bronte's quality minus junk strategy faced Q1 headwinds as geopolitical energy shocks hurt European and Asian quality holdings, though the short book provided effective hedging. The manager acknowledges valuation mistakes but sees improved positioning with quality premiums compressed and a short portfolio of fundamentally weak companies poised to underperform over time. |
| Feb 16 2026 | 2025 Q4 | AMZN, COST, GOOGL, MSFT, REGN | AI, Bubble, global, Long/Short, risk management, technology, valuation | - | Bronte's global long/short fund posted 0.95% quarterly gains driven by large-cap longs like Regeneron and Alphabet, while shorts in Biotech and Materials created headwinds. The team extensively analyzes AI bubble risks, comparing current conditions to 1990s internet mania, while expanding their analyst team to strengthen research capabilities across both long and short positioning. |
| Nov 16 2025 | 2025 Q3 | AMZN, CSCO, DSM.AS, GIVN.SW, GOOGL, IFF, MSFT, NVDA, ORCL, REGN, SPX.L, UL | AI, ETFs, European Stocks, Long/Short, Meme Stocks, risk management, Specialty Chemicals | - | Amalthea Fund down 7.67% in September due to intense meme stock mania challenging long quality/short junk strategy. Second such event in five years driven by retail and institutional speculation amplified by ETFs and derivatives. Despite hostile environment, opportunity set excellent on both sides with European quality stocks at attractive valuations. Developing hedging solutions for future performance. |
| Jul 22 2025 | 2025 Q2 | GOOGL, HCMLY, MLM | Building Materials, Europe, global, Long/Short, Market Mania, tariffs, valuation |
MLM HCMLY |
Amalthea Fund navigates extreme market frothiness while finding value in unfashionable European companies trading at discounts to American peers. New position in Holcim benefits from improved focus and potential tariff protection for American cement operations. Current market mania exceeds dot-com bubble due to social media coordination and 40 million new trading accounts. |
| Apr 8 2025 | 2025 Q1 | BRK-B, GOOGL, PM, REGN | diversification, global, Long/Short, risk management | - | Bronte Amalthea delivered 4.56% quarterly returns versus MSCI ACWI's -2.21% loss through global long/short positioning. Shorts drove gains while longs detracted, with Phillip Morris and Berkshire leading long contributors and energy storage shorts performing well. The diversified approach targets risk-adjusted returns while reducing permanent capital loss through systematic short positioning. |
| Dec 31 2024 | 2024 Q4 | AVTR, GOOGL, IBKR, QSI, REGN, SAR.DE, SPX.L, VRTX | Biotechnology, global, Long/Short, Quality, risk management, Shorts, value | - | Bronte Capital's global long/short fund struggled in Q4 with -3.33% returns as questionable companies surged while quality names lagged. The fund is addressing trading and analytical mistakes in their short book while building better monitoring systems. Management sees current challenges as temporary, similar to early 2021, with strong recovery expected once market normalizes. |
| Sep 30 2024 | 2024 Q3 | AXP, BAC, BMY, BRK-B, C, COF, DFS, GOOGL, JPM, KRTX, REGN, SMMT, V | Antitrust, Biotechnology, Hedge Fund, Long/Short, payments, Short Selling |
REGN V DFS |
Bronte's long/short fund struggled in Q3 as markets hit new highs, with key longs like Berkshire, Regeneron, and Visa underperforming while short book faced expected headwinds. Major short losses in Summit Therapeutics and Karuna highlighted biotech misjudgments. Fund trimmed positions and added Capital One ahead of Discover merger, maintaining conviction in dominant business model despite near-term challenges. |
| Jun 30 2024 | 2024 Q2 | AMZN, CRDA.L, GOOGL, MRK.DE, REGN | diversification, global, Long/Short, risk management | - | Bronte Amalthea Fund returned 1.20% in June, driven by profitable short positions while European longs declined. The global long/short strategy delivered 19.95% annual returns through diversified positioning designed to reduce permanent capital loss risk and market drawdowns typical of long-only funds. |
| May 23 2024 | 2024 Q1 | FL, GOOGL, HIBB, META, NKE, SPXS.L, UBS | Advertising, global, Long/Short, retail, Shorts, technology |
HIBB GOOGL |
Bronte's long/short fund navigated a challenging squeeze period with flat April performance as shorts finally worked. Alphabet remains their largest position despite exceptional results that exceed all projections, while Hibbett's surprise takeover questions their retail thesis. The fund maintains 700 shorts and continues systematic improvements. |
| Feb 20 2024 | 2023 Q4 | AFRM, BMY, CVNA, FL, HIBB, KRTX, NKE | Footwear, Long/Short, retail, risk management, Short Selling, Social Media |
CVNA KRTX HIBB |
Amalthea Fund's long/short strategy faced severe headwinds in Q4 with widespread short squeezes, yet delivered 15.6% annual returns through disciplined risk management and proprietary research across 600+ short positions. Key long position Hibbett benefits from Nike's retailer consolidation. Manager expects current squeeze in worthless stocks to deflate, creating future opportunities. |
| Oct 31 2023 | 2023 Q3 | GOOGL | Biotechnology, Electric Vehicles, global, Lithium, Long/Short, Short Selling | - | Amalthea's long/short strategy delivered 2.40% gains in October despite market declines, with shorts falling 9.49% offsetting long underperformance. Biotech, lithium, and EV shorts drove performance while Google position weighed on results. The diversified approach continues validating the thesis of risk reduction and profit generation through market cycles. |
| Aug 16 2023 | 2023 Q2 | BRK-B, GNS.L, GOOGL, NVDA, REGN | Agriculture, AI, Biotechnology, global, Long/Short, risk management, Speculation |
GNS.L REGN |
Amalthea Fund's long/short strategy faced headwinds in June despite strong short book performance. Holdings in animal genetics and biotechnology suffered cyclical pressures, while managers warn of dangerous speculative excess returning to markets. They remain confident in core thesis around engineered goods companies and expect opportunities as current bubble dynamics eventually reverse. |
| Mar 31 2023 | 2023 Q1 | FCNCA, UBS | Banking, credit, global, Long/Short, risk management |
HUBS FCNCA |
Amalthea Fund returned 7.55% in Q1 2023 amid banking sector turmoil, with three major bank failures creating opportunities in successor institutions UBS and First Citizens Bank. Despite credit stress concerns, markets showed resilience with distressed companies receiving refinancing rather than facing bankruptcy. Management optimistic about finding quality businesses at reasonable prices while overvaluation persists elsewhere. |
| Feb 24 2023 | 2022 Q4 | GAM SW, HLF | - | - | |
| Oct 10 2022 | 2022 Q3 | REGN | - | - | |
| Jun 30 2022 | 2022 Q2 | META | - | - | |
| Mar 31 2022 | 2022 Q1 | GME, KWS GR | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIThe manager views AI as the central force driving markets, with capital expenditure estimates for 2026 ranging from $700 billion to $1 trillion. They acknowledge AI's transformative potential but express deep uncertainty about returns on this massive investment. The letter extensively discusses whether AI companies can generate sufficient revenue ($1.8 trillion annually) to justify the spending, likely requiring displacement of 10% of OECD wage bills. |
Capital Expenditure Labor Displacement Superintelligence Data Centers Productivity |
SemiconductorsMemory chip companies (Samsung, SK Hynix, Micron) have become extraordinarily profitable, with combined operating income exceeding $380 billion annualized, surpassing Microsoft, Amazon, and Alphabet combined. The fund holds many small positions in the AI semiconductor supply chain, mostly Japanese small-caps, many of which have been multi-baggers. The manager is actively trimming these positions as they have run hard. |
Memory Micron SK Hynix Samsung Japan | |
|
The manager describes Google as possibly the best-managed company they have ever seen, praising its forward-thinking pivot from search to AI over more than a decade. However, Google faces an existential threat as AI-powered voice search could eliminate the ad-supported search business entirely. Google is spending $180-190 billion in 2026 alone, exceeding cumulative profits from the entire 2010s, with no certainty about outcomes. |
Alphabet Search DeepMind TPU Existential Risk | |
Market ConcentrationThe Magnificent Seven era appears to be ending, with mixed performance across the group. Leadership has shifted from AI buyers (Google, Microsoft, Meta) to AI equipment sellers, particularly memory companies. The manager notes the market is narrowing, with junky stocks declining unless they are AI-adjacent, creating a better environment for their long/short strategy. |
Magnificent Seven Market Leadership Rotation Concentration | |
Short SellingThe fund generated alpha in June primarily through successful short positioning in materials and energy sectors. The manager notes that as the hot part of the market narrows, their junky shorts (provided they are not AI-adjacent) are declining. They expect AI-powered scammers to create more opportunities for short-sellers going forward. |
Alpha Generation Materials Energy Fraud | |
Labor DisplacementThe manager calculates that for AI companies to achieve necessary returns on $5 trillion in cumulative CapEx, they would need to displace approximately 10% of the OECD's $40 trillion wage bill within 4-5 years. Anthropic CEO Dario Amodei previously warned AI could eliminate half of entry-level white-collar jobs, potentially driving unemployment to 10-20%. The manager views this as the most likely near-term path to AI profitability. |
Unemployment White Collar Productivity Wages | |
Capital ExpenditureAI CapEx for 2026 alone is estimated at $700 billion to $1 trillion, with total spending through 2028 potentially exceeding $3 trillion for infrastructure alone and $6 trillion including implementation. As a percentage of GDP, this exceeds all historical periods except the 19th-century railway boom, though the growth rate is faster. Google, one of history's most cash-generative businesses, has had to raise capital to fund this spending. |
Infrastructure Data Centers Historical Comparison Railway Boom | |
| 2026 Q1 |
QualityManager runs a quality minus junk strategy, buying high-quality businesses with strong fundamentals while shorting low-quality companies. Quality stocks underperformed during the quarter due to geopolitical shocks and energy price volatility, particularly affecting European and North Asian holdings. |
Quality Value Fundamentals Business Quality Long Term |
EnergyEnergy shocks from geopolitical tensions significantly impacted portfolio performance, particularly hurting European and North Asian holdings which are substantial energy importers. The manager notes similar patterns occurred during the start of the Ukraine-Russia war in 2022. |
Energy Geopolitical Europe Asia Commodities | |
EuropeEuropean quality stocks have been a macro mistake for the fund, suffering from negative interest rates reversal and energy import dependency. The manager acknowledges overweight positioning in Europe hurt performance during geopolitical shocks but maintains long-term conviction in European quality businesses. |
Europe Quality Geography Rates Energy | |
| 2025 Q4 |
AIThe fund extensively analyzes whether current AI markets represent a bubble, comparing it to the late 1990s internet bubble. They question AI equipment depreciation schedules, datacenter power demands, and whether promised returns will materialize, while noting the market's shift in viewing Google from AI laggard to leader. |
Artificial Intelligence Bubble Valuations Technology Infrastructure |
BiotechnologyThe short book faced headwinds in biotech this quarter. The fund maintains their approach of shorting biotech companies that go public via reverse mergers and spend capital on stock promotion rather than lab research. |
Biotech Short Selling Reverse Mergers Stock Promotion | |
| 2025 Q3 |
Long/ShortFund operates a global long/short strategy targeting attractive risk-adjusted returns. Currently experiencing challenges as the strategy faces a hostile market environment where quality stocks are sold to buy speculative investments, causing losses on both sides of the book. |
Hedging Risk Management Quality Speculation |
Meme StocksMarket experiencing intense meme stock squeeze similar to 2020 but now with institutional participation. Retail and institutional investors are aggressively buying high-short-interest and random stocks, creating extreme volatility and challenging traditional long/short strategies. |
Retail Trading Volatility Short Squeeze Speculation | |
ETFsETFs have evolved into leveraged, inverse, and single-stock instruments that amplify exposure to volatile themes. Over 10,000 ETFs exist globally with 1,300 launched in first half of 2025, creating market distortions and enabling complex derivative strategies. |
Leverage Derivatives Market Structure Volatility | |
AIAI theme driving significant market activity including data center operations and chip demand. Coreweave example shows how crypto-mining companies pivoted to AI infrastructure, creating massive valuations and lending opportunities for Wall Street. |
Data Centers Nvidia Infrastructure Speculation | |
Specialty ChemicalsFlavors and fragrances industry represents attractive business model with small but essential components of big products, high switching costs, and consumable nature. DSM-Firmenich positioned as technical leader in fragrances with strong competitive moat. |
Switching Costs Moats Consumables Technical Leadership | |
| 2025 Q2 |
Building MaterialsThe fund invested in Holcim and sees opportunity in the concrete business, particularly gravel operations which have superior logistics advantages and local monopoly characteristics. American building materials companies like Martin Marietta have significantly outperformed European counterparts due to management focus on profitable segments. |
Cement Gravel Quarries Logistics Construction |
Trade PolicyTrump's tariff announcements created initial market volatility but were viewed as negotiating positions rather than final policy. The market consensus that Trump Always Chickens Out may be too sanguine, though tariffs on Vietnamese cement could benefit American domestic margins. |
Tariffs Trade Policy Vietnam Cement | |
Risk AppetiteThe current market environment shows extreme frothiness with speculative stocks taking out all-time highs. The manager compares it to early 2021 when fraud became an asset class, noting this mania is bigger than dot-com due to 40 million new trading accounts and social media coordination. |
Speculation Mania Frothy Robinhood Social Media | |
| 2024 Q4 |
BiotechnologyThe fund discusses bioprocessing as a growth industry experiencing post-COVID cyclical challenges. Watson Marlow's peristaltic pumps are ubiquitous in biotech labs and bioreactors, with management asserting 10% growth rates despite market skepticism. The bioprocessing market fundamentals remain strong with shifts to single-use systems and personalized medicines. |
Bioprocessing Peristaltic Single-use Bioreactors Labs |
ValueThe manager emphasizes being long reliability and short questionable companies. Spirax Engineering represents a high-quality business trading at attractive valuations due to UK market weakness. The fund seeks companies with magical margins and sustainable competitive advantages trading below intrinsic value. |
Quality Margins Undervalued Reliability Competitive | |
Risk AppetiteThe letter describes a strange market environment where questionable companies are going vertical while dependable companies trade in doldrums. The manager notes this dash for trash environment has been particularly challenging for their short book and risk management approach. |
Speculation Quality Risk-on Momentum Volatility | |
| 2024 Q3 |
BiotechnologyFund discusses multiple biotech investments including Regeneron's platform for drug development using genetically modified mice and genetic databases. Also covers failed short position in Karuna Therapeutics which was acquired by Bristol-Myers Squibb for $14 billion, and Summit Therapeutics which developed a bispecific cancer drug targeting PD1 and VEGF pathways. |
Drug Development Oncology Immunology Gene Therapy Clinical Trials |
PaymentsSignificant focus on payments networks through Visa holdings and new Capital One/Discover merger analysis. Discussion centers on network effects, competitive positioning against Visa's near-monopoly, and regulatory antitrust pressures facing dominant payment processors. |
Credit Cards Networks FinTech Merchant Acquiring Financial Services | |
Long/ShortFund operates with 700 short positions averaging 10 basis points each, following bad actors and overvalued companies. Strategy involves maintaining positive beta while using short book as hedge, though September performance showed mismatch between long and short books during market rally. |
Hedge Fund Short Selling Risk Management Alpha Generation Market Neutral | |
| 2024 Q1 |
AdvertisingGoogle Search is a $280 billion business growing over 10% annually and accelerating. The manager underestimated how large global advertising spend could become, particularly online advertising which can be measured and creates new advertisers. Google's advertising revenue alone is now about a quarter percent of global GDP. |
Google Search Digital Revenue Growth |
Specialty RetailHibbett received a takeover bid from JD Sports at 10x earnings, which surprised the manager and brought their thesis into question. The manager believed Hibbett would benefit from Nike's strategy of favoring retailers additive to their brand, particularly in underserved communities through the City Gear franchise. |
Hibbett Nike Footwear Takeover Distribution | |
| 2023 Q4 |
Short SellingFund operates with over 600 short positions experiencing significant squeeze pressure in December. Manager discusses challenges of maintaining large short book during market rallies and emphasizes importance of proprietary research versus following popular short ideas. |
Squeeze Risk Management Positioning Leverage Selection |
Social MediaManager analyzes how social media creates cult-like followings around nonsense stocks, enabling mass delusions that would fail the pub test. Notes increased intensity of stock rallies since 2015 due to social media influence and removal of diverse viewpoints during COVID lockdowns. |
Cults Misinformation Volatility Speculation Influence | |
FootwearDetailed analysis of athletic footwear industry dynamics, focusing on Nike's strategy shift and retailer consolidation. Manager explains how sneaker marketing works through influencers and cultural pathways from basketball to various demographics globally. |
Nike Retail Culture Marketing Distribution | |
| 2023 Q3 |
Electric VehiclesElectric vehicle stocks were prominent on the short side, contributing to positive performance as these positions declined during the month. |
Electric Vehicles Short Selling Performance |
LithiumLithium stocks were prominent contributors on the short side, generating positive returns as these positions fell during October. |
Lithium Battery Metals Short Selling | |
BiotechnologyBiotech stocks delivered a 2% contribution on the short side, providing meaningful positive performance during the month. |
Biotechnology Short Selling Healthcare | |
| 2023 Q2 |
AIThe fund acknowledges AI as the hottest service driving markets, with ChatGPT and broader AI benefiting companies like NVIDIA. However, they express concern about irrational exuberance around garbage companies touting AI capabilities with clearly irrational pricing. |
ChatGPT NVIDIA Technology Speculation |
LivestockThe fund owns companies in animal genetics and feed additives that improve grain-to-meat conversion, including Genus which sells pig genetics. Chinese pork market downturn has suppressed demand, but they believe Chinese pig demand will increase over time. |
Genus Genetics China Pork Agriculture | |
BiotechnologyRegeneron represents a significant holding focused on monoclonal antibodies and genomic medicine. Despite FDA rejection of high-dose EYLEA due to manufacturing issues, the fund remains confident in the company's pipeline and profit growth from Dupixent. |
Regeneron EYLEA Dupixent FDA Pharmaceuticals | |
Risk AppetiteThe fund observes the complete re-emergence of speculative urges in 2023, with irrational exuberance returning and retail investors piling into stocks with limited substance. They compare current conditions to mid-2021 bubble behavior. |
Speculation Bubble Retail Exuberance | |
| 2023 Q1 |
Regional BanksThree major bank failures occurred during the quarter - Credit Suisse, Silicon Valley Bank, and Signature Bank. The fund held short positions in all three but traded them poorly with smaller profits than expected. They initiated new long positions in successor banks UBS and First Citizens Bank, viewing these as attractively priced following the acquisitions. |
Banking Credit Failures Acquisitions Switzerland |
Credit StressDespite banking crisis and highest fed funds rate in 15 years, credit markets show surprising resilience. Several shorts tripped debt covenants but received waivers and extensions rather than facing bankruptcy. WeWork successfully refinanced debt despite being described as a cash inferno, indicating loose credit conditions persist. |
Credit Covenants Refinancing Stress Markets |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 31, 2026 | Fund Letters | Bronte Capital Amalthea Fund | GOOGL | Alphabet Inc. | Internet Content & Information | Interactive Media & Services | Neutral | NASDAQ | Artificial Intelligence, capital expenditure, DeepMind, Disruption Risk, Equity, Existential Threat, Interactive Media, Management Quality, search engine, technology, TPU Chips, Trimming Position, Voice Search | Login |
| Jun 30, 2025 | Fund Letters | Bronte Capital Amalthea Fund | MLM | Martin Marietta Materials | Materials | Construction Materials | Bull | NYSE | aggregates, construction materials, Gravel, Local Monopoly, Logistics Advantage, management incentives, Quarries, regulatory barriers, Roll-up, Stock Options | Login |
| Jun 30, 2025 | Fund Letters | Bronte Capital Amalthea Fund | HCMLY | Holcim Ltd | Materials | Construction Materials | Bull | OTC | Asset Divestiture, capital allocation, Cement, Corporate Turnaround, European Environmental Standards, Latin America, Mexico, spinoff, Tariff Protection, Value trap | Login |
| Sep 1, 2024 | Fund Letters | Bronte Capital Amalthea Fund | REGN | Regeneron Pharmaceuticals Inc | Health Care | Biotechnology | Bull | NASDAQ | Antibodies, biotechnology, drug development, Genetic Research, Inflammatory Diseases, Mouse Models, patent protection, pharmaceuticals, Platform Technology, VEGF Inhibitor | Login |
| Sep 1, 2024 | Fund Letters | Bronte Capital Amalthea Fund | V | Visa Inc | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Antitrust Risk, Contactless Technology, Debit Cards, digital payments, duopoly, market dominance, Monopolization, network effects, Payments Network, regulatory scrutiny | Login |
| Sep 1, 2024 | Fund Letters | Bronte Capital Amalthea Fund | DFS | Discover Financial Services | Financials | Consumer Finance | Bull | NYSE | Cash-Back Rewards, credit cards, Disintermediation, financial services, Lower-Middle Class, Merger Arbitrage, network effects, Payment Network, synergies, Visa Competition | Login |
| Apr 1, 2024 | Fund Letters | Bronte Capital Amalthea Fund | HIBB | Hibbett Inc | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | acquisition target, Athletic Retail, Brand Distribution, Consumer Discretionary, Nike Partnership, Sneakers, Specialty retail, Underserved Communities | Login |
| Apr 1, 2024 | Fund Letters | Bronte Capital Amalthea Fund | GOOGL | Alphabet Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI development, digital advertising, Global GDP Share, growth, Large-cap tech, Online Advertising, search engine, technology | Login |
| Dec 31, 2023 | Fund Letters | Bronte Capital Amalthea Fund | CVNA | Carvana Co. | Consumer Discretionary | Specialty Retail | Bear | NYSE | bankruptcy risk, Bear, Distressed, e-commerce, Equity Stub, leverage, used car retail | Login |
| Dec 31, 2023 | Fund Letters | Bronte Capital Amalthea Fund | KRTX | Karuna Therapeutics Inc. | Health Care | Biotechnology | Bear | NASDAQ | Bear, biotechnology, clinical trial, drug development, FDA approval, M&A, Schizophrenia | Login |
| Dec 31, 2023 | Fund Letters | Bronte Capital Amalthea Fund | HIBB | Hibbett Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | African American Market, Bull, Nike Partnership, Share Buybacks, small-cap, Sneakers, Specialty retail, Streetwear | Login |
| Jun 30, 2023 | Fund Letters | Bronte Capital Amalthea Fund | GNS.L | Genus | Consumer Staples | Agricultural Products | Bull | London Stock Exchange | Agricultural Genetics, Animal Protein, biotechnology, China, CRISPR, Cyclical, Gene Editing, Livestock, pork production, royalty model | Login |
| Jun 30, 2023 | Fund Letters | Bronte Capital Amalthea Fund | REGN | Regeneron Pharmaceuticals | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Copd, drug development, FDA approval, Inflammatory Diseases, manufacturing, Monoclonal Antibodies, Oncology, Ophthalmology, patent expiration | Login |
| Mar 31, 2023 | Fund Letters | Bronte Capital Amalthea Fund | HUBS | UBS Group AG | Financials | Investment Banking & Brokerage | Bull | SIX Swiss Exchange | Bank, cost-cutting, merger, Monopoly, regulatory support, risk management, Swiss, wealth management | Login |
| Mar 31, 2023 | Fund Letters | Bronte Capital Amalthea Fund | FCNCA | First Citizens BancShares Inc | Financials | Regional Banks | Bull | NASDAQ | Asset Acquisition, Bank Failure, discount, loan portfolio, regional bank, Silicon Valley Bank, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| GOOGL | Google has dealt with the existential threat brilliantly, by pivoting to meet it head-on. Alas, the threat remains. John's son is a computer science graduate and more sophisticated than the average person. He hardly uses Google search any more. His default search is Claude, and a typical question might be to work out different ways of getting from Lyon to Geneva (on holidays) when he needs to be there around 6pm tomorrow. This is much faster than Google search, produces a nuanced answer (giving options at various price points), and denies Google a high-value revenue search. Google's spending is truly breathtaking: they announced $180-190 billion for 2026 and guided for a substantial increase in 2027. The 2026 spend exceeds their cumulative profits over the entire 2010s. Their total AI spend will be larger than their cumulative profits throughout history. The whole application of Google's achievements, at least in a financial sense, has been to fund a push into AI. Google has even raised cash in 2026. We repeat: one of the most cash-generative businesses in history has had to raise cash. This presents us with a difficult decision. We love Google as a company and think its management team may be amongst the best assembled in the history of capitalism. But the stock is abnormally risky. The core business is being disrupted, and that disruption may be total. The company's reaction is to spend its entire accumulated profits on disrupting itself with no certainty about the outcome, or even whether there is any profit at the end. We keep trimming the stock. And we know in the end we will be squeamish about the outcome. At the one end Google is the provider of the world's finest superintelligence, and is the central company in displacing a good slice of the world's labor (while privatising the profits). At the other end, the company will have its core business destroyed and will have wasted all of the money it made during the good years. We own it. We genuinely have no idea what it is worth. If somebody tells you that they do, they are pretending to know more about the future than they do about the past or present. |
| AMZN | On the long side, we recognized strong contributions from DSM-Firmenich and Brambles, while our positions in Amazon and Alphabet detracted from the month's gains. In Q1 2026, Meta, Alphabet, Microsoft, Amazon, and Oracle spent over $100B more in CapEx than they recognised in depreciation. |
| BXB.AX | On the long side, we recognized strong contributions from DSM-Firmenich and Brambles, while our positions in Amazon and Alphabet detracted from the month's gains. |
| NVDA | For years we have lived in a market dominated by the Magnificent Seven: Google, Apple, Amazon, Facebook/Meta, Microsoft, Nvidia and Tesla. By 2016 they had designed and built working tensor processing units (TPUs) that made them a genuine competitor to Nvidia. |
| AAPL | For years we have lived in a market dominated by the Magnificent Seven: Google, Apple, Amazon, Facebook/Meta, Microsoft, Nvidia and Tesla. That era appears to be over. The Mag 7 have been mixed this year: Google is up 14% year to date, and Apple is up over 6%, but Facebook/Meta is down, and Microsoft has dropped nearly 20%. |
| META | For years we have lived in a market dominated by the Magnificent Seven: Google, Apple, Amazon, Facebook/Meta, Microsoft, Nvidia and Tesla. That era appears to be over. The Mag 7 have been mixed this year: Google is up 14% year to date, and Apple is up over 6%, but Facebook/Meta is down, and Microsoft has dropped nearly 20%. In Q1 2026, Meta, Alphabet, Microsoft, Amazon, and Oracle spent over $100B more in CapEx than they recognised in depreciation. |
| MSFT | For years we have lived in a market dominated by the Magnificent Seven: Google, Apple, Amazon, Facebook/Meta, Microsoft, Nvidia and Tesla. That era appears to be over. The Mag 7 have been mixed this year: Google is up 14% year to date, and Apple is up over 6%, but Facebook/Meta is down, and Microsoft has dropped nearly 20%. Hassabis remains the key developer of AI at Alphabet. Shane Legg remains at Alphabet, but Mustafa Suleyman is the head of AI at Microsoft. In Q1 2026, Meta, Alphabet, Microsoft, Amazon, and Oracle spent over $100B more in CapEx than they recognised in depreciation. Annualising their most recent quarterly filings, the three major memory companies, Samsung, SK Hynix and Micron, have combined operating income of over US$380 billion. That exceeds last year's combined operating income for Microsoft, Amazon and Alphabet. |
| TSLA | For years we have lived in a market dominated by the Magnificent Seven: Google, Apple, Amazon, Facebook/Meta, Microsoft, Nvidia and Tesla. |
| MU | Year to date Micron has tripled. Annualising their most recent quarterly filings, the three major memory companies, Samsung, SK Hynix and Micron, have combined operating income of over US$380 billion. That exceeds last year's combined operating income for Microsoft, Amazon and Alphabet. These three memory companies, loss-making in 2023, are now amongst the most profitable companies in history. |
| 005930.KS | Annualising their most recent quarterly filings, the three major memory companies, Samsung, SK Hynix and Micron, have combined operating income of over US$380 billion. That exceeds last year's combined operating income for Microsoft, Amazon and Alphabet. These three memory companies, loss-making in 2023, are now amongst the most profitable companies in history. |
| 000660.KS | Annualising their most recent quarterly filings, the three major memory companies, Samsung, SK Hynix and Micron, have combined operating income of over US$380 billion. That exceeds last year's combined operating income for Microsoft, Amazon and Alphabet. These three memory companies, loss-making in 2023, are now amongst the most profitable companies in history. |
| ORCL | In Q1 2026, Meta, Alphabet, Microsoft, Amazon, and Oracle spent over $100B more in CapEx than they recognised in depreciation. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
