| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Manole Capital Management maintains exclusive focus on emerging FINTECH investments, emphasizing long-term compounding over short-term market predictions. The fund sees significant opportunities as the Fed leadership transition approaches, with President Trump expected to nominate Kevin Warsh as the new Fed Chair in January. Trading volumes continue rising at platforms like Schwab, Interactive Brokers, and Robinhood, while predictive markets emerge as a new revenue stream. The payments landscape is evolving with stablecoins offering faster settlement and real-time funding capabilities. Digital assets are maturing with improved regulatory clarity, though regulatory asymmetry between traditional banks and FINTECH firms creates competitive advantages for nonbanks. The manager expects the IPO market to thaw, benefiting late-stage private FINTECH companies, while meaningful pent-up M&A activity should be supported by lower interest rates. Key risks include Fed policy uncertainty, inflation above target levels, and concentrated market leadership in technology. The firm ends 2025 with another high-water mark in assets under management, positioning for continued growth in the constructive environment ahead.
Manole Capital maintains exclusive focus on the emerging FINTECH space, positioning for long-term compounding through disciplined investing in fundamentals and valuation while navigating regulatory changes and technological disruption across payments, trading, and digital assets.
The manager expresses optimism about the opportunities and portfolios they manage, believing continued hard work will translate into strong results. They see an enormously constructive environment for growth and transformation, with the IPO market thawing and meaningful pent-up M&A activity supported by lower interest rates.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 6 2026 | 2025 Q4 | - | Compounding, Fintech, payments, regulation, Tokenization | - | The commentary outlines core fintech themes shaping markets into 2026, including payments innovation, predictive markets, digital assets, and regulatory asymmetry versus traditional banks. The fund emphasizes discipline, fundamentals, and long-term compounding over macro forecasting, viewing volatility as inherent rather than destructive. Fintech remains positioned as a structural disruptor as software, tokenization, and real-time payments reshape financial infrastructure. |
| Oct 1 2025 | 2025 Q3 | - | AI, cash flow, Fintech, inflation, tariffs | - | The letter emphasizes long-term growth opportunities within financial technology driven by digital payments, data analytics, and software-enabled efficiency gains across financial services. Regulatory complexity and short-term volatility are viewed as noise relative to multi-year adoption trends. Fintech leaders with strong balance sheets and recurring revenue are positioned as durable compounders. |
| Jul 8 2025 | 2025 Q2 | - | Digital, Fintech, Network Effects, payments, Recurring Revenue | - | The letter centers on secular growth in electronic payments and financial technology infrastructure. Management highlights operating leverage, recurring revenue, and network effects as key drivers. Digital payments are viewed as a multi-year compounding theme despite cyclical noise. |
| Apr 5 2025 | 2025 Q1 | - | - | - | |
| Jan 1 2025 | 2024 Q4 | FI, RBA, VIRT | - | - | |
| Oct 8 2024 | 2024 Q3 | NVDA | - | - | |
| Jul 8 2024 | 2024 Q2 | MA, V | - | - | |
| Apr 15 2024 | 2024 Q1 | - | - | - | |
| Jan 31 2024 | 2023 Q4 | - | - | - | |
| Sep 30 2023 | 2023 Q3 | PYPL | - | - | |
| Jan 7 2023 | 2023 Q2 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
FinTechThe fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. |
Payments Digital Banking Financial Technology Data Analytics Financial Software |
| 2025 Q3 |
FinTechThe fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. |
Payments Digital Banking Financial Technology Data Analytics Financial Software |
InflationInflation has continued to be a persistent feature in Japan and has prompted changes in both corporate and consumer behavior. Importantly, inflation has fed through to corporate earnings and equity performance. Companies that have successfully passed on higher costs to consumers have benefited from improved operating margins. |
Inflation Corporate Earnings Operating Margins Consumer Behavior Cost Pass-through | |
Innovation |
||
| 2025 Q2 |
PaymentsWise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. |
Cross-border Fintech Infrastructure Platform SME |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
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| No ticker commentary found. | |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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