Crossroads Capital

Investor Summary

Ryan O'Connor founded Crossroads Capital in 2016, bringing expertise in asymmetric idea generation focused on emerging franchises and catalyst-driven special situations. His investment approach is deeply influenced by his grandfather Bill O'Connor, who was an early investor in Warren Buffett's original partnership. Ryan's research has been featured in Bloomberg and The Wall Street Journal, and he maintains active membership in prestigious investment communities including Joel Greenblatt's Value Investors Club and MOI Global. The team has expanded to include Managing Partner Cole Lysaught (2023), who brings operational expertise from successfully founding and selling Bloom Health Partners, along with experienced professionals Adam Brass CFA, Justin Weiss CFA JD, George Thornton, and Ed Harelik as Director of Client Services.

Fund Strategy

Crossroads Capital operates on the principle that securities represent ownership in businesses whose intrinsic value equals the discounted sum of expected future cash flows. Despite generally efficient markets, they identify significant mispricings caused by non-economic selling, career risk, psychological biases, and informational inefficiencies. Their strategy focuses on purchasing securities at substantial discounts to intrinsic value, particularly those with clear catalysts driving price convergence within definable timeframes. They target securities prone to mispricing including value plays, special situations, event-driven investments, emerging franchises, and catalyst-driven shorts. The firm emphasizes concentration in 10-15 superior ideas, leveraging patience and discipline while considering volatility as opportunity rather than risk.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
17.1%	2.7%	37.7%

Executive Summary

Crossroads Capital delivered exceptional performance in 2025, returning 37.7% net versus 17.9% for the S&P 500, driven by strong execution across core holdings. The fund's approach of finding high-quality growth businesses at discounts proved effective as market breadth improved and small-cap value began outperforming mega-cap growth. Key contributors included Nintendo, which became the fastest-selling console in history with Switch 2, AST SpaceMobile's transition to commercial operations with the largest satellite antenna ever deployed, Nebius Group's AI infrastructure platform securing major hyperscaler contracts, and FTAI Aviation's transformation into a capital-light MRO franchise. The portfolio benefited from the gradual rehabilitation of small-cap and value-oriented equities, with the Russell 2000 outperforming in the second half. Looking ahead, the manager remains focused on allowing winners to compound while selectively adding new positions. Key risks include potential memory cost pressures for Nintendo and broader market volatility, though the fund's idiosyncratic positioning provides downside protection.

Forward Outlook

We are cautiously optimistic that improved market breadth and an appetite for small caps will continue into 2026. Our focus remains unchanged: patiently underwriting businesses where we believe the future will look meaningfully different from the past and allowing our winners the time and space to compound.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Feb 26 2026	2025 Q4	ASTS, CLMT, FTAI, META, MSFT, NBIS, NTDOY, NVDA, ORCL, PLTR	aerospace, AI, gaming, growth, small cap, Space, technology, value	NTDOY ASTS NBIS FTAI	Crossroads delivered 37.7% net returns in 2025 versus 17.9% for the S&P 500, driven by exceptional performance from Nintendo's record-breaking Switch 2 launch, AST SpaceMobile's commercial transition, and Nebius Group's AI infrastructure scaling. The fund benefited from improving small-cap market dynamics and remains positioned for continued outperformance through high-conviction, idiosyncratic growth businesses trading at discounts to intrinsic value.
Dec 9 2025	2025 Q3	^SP500TR, BUFIX, IWN, ZPRS.DE	catalysts, concentrated, long-term, Outperformance, Quality, small caps, special situations, value	-	Crossroads Capital is a concentrated small-cap value fund delivering 17.3% net annualized returns since 2016 inception, significantly outperforming benchmarks. The fund exploits structural inefficiencies in small-cap markets through catalyst-driven investing in high-quality businesses trading at deep discounts to intrinsic value, maintaining 10-15 concentrated positions with strong risk management and patient capital approach.
Sep 30 2025	2025 Q2	ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY	Concentration, gaming, Satellite, small caps, technology, Trade Policy, value	NTDOY ASTS	Crossroads delivered 36.9% net returns in Q2 2025, led by Nintendo's record-breaking Switch 2 launch and AST SpaceMobile's space-based broadband execution. The concentrated small-cap value strategy continues substantial outperformance without owning mega-cap tech. Markets proved resilient to tariff uncertainty. Manager maintains high conviction in core positions as 'coiled springs' with value-unlocking catalysts ahead.
Apr 25 2025	2025 Q1	AAPL, CLMT, DAR, FTAI, GOOGL, MGNI, NFLX, NTDOY, NVR, VTY.L	Advertising, aerospace, gaming, Homebuilders, small caps, tariffs, Trade Policy, value	FTAI CLMT NTDOY VTY.L MGNI	Crossroads navigated Q1 tariff volatility by shifting to trade-war-resilient holdings while maintaining cash for opportunities. Key positions include Nintendo's Switch 2 transformation, FTAI's aerospace pivot, and Magnite's advertising platform benefits. Despite -7.6% quarterly decline, the fund recovered to -1.6% YTD and continues outperforming with 13.3% annualized returns since inception through disciplined value investing.
Mar 2 2025	2024 Q4	-	Concentration, Long/Short, small caps, special situations, value	-	Crossroads Capital runs a concentrated small-cap value strategy targeting underfollowed companies undergoing value-unlocking change. Since 2016 inception, the fund has delivered 14.8% net annualized returns, significantly outperforming benchmarks through catalyst-driven investing and extensive primary research. Current market dispersion and wide valuation spreads create favorable conditions for their approach.
Nov 15 2024	2024 Q3	ABR, CLMT, MGNI, NFLX, NTDOY, VTY.L, ZIP	Advertising, aerospace, catalysts, concentrated, gaming, Long/Short, value	NTDOY VTY.L MGNI	Crossroads Capital's concentrated value strategy delivered 4.2% in Q3 despite market volatility from Japanese carry trade unwinding. Core positions including Nintendo, Magnite, and Calumet represent catalyst-rich opportunities with significant upside potential. Manager deployed cash opportunistically during August selloff while maintaining conviction in long-term thesis. Fund emphasizes patience and multi-year investment horizons for maximizing risk-adjusted returns.
Aug 31 2024	2024 Q2	NTDOY, VTY.L	Concentration, gaming, Homebuilders, Long/Short, small caps, value	NTDOY VTY.L	Concentrated value fund targeting catalyst-driven special situations and underfollowed growth companies. Key positions include Nintendo ahead of Switch 2 launch and UK homebuilder Vistry transforming to asset-light model with massive buyback program. Strong 15.9% net returns since 2016 through patient capital approach and superior risk management in inefficient market segments.
Apr 30 2024	2023 Q4	AAPL, AMZN, AWE.L, CLMT, GOOGL, META, MSFT, NTDOY, NVDA, NVR, THC, TSLA, VTY.L, XLK	AI, China, Energy Transition, gaming, Homebuilders, small caps, technology, value	-	Crossroads delivered 25.4% net returns in 2023 through concentrated positions in mispriced assets with catalysts. The fund's four key holdings span UK housing transformation, sustainable aviation fuel, AI networking infrastructure, and gaming platform evolution. Manager warns of systemic risks from mega-cap tech concentration while Chinese competitors gain share, positioning for dispersion-driven outperformance ahead.
Aug 31 2023	2022 Q4	CLMT, RCM	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Feb 26 2026

2025 Q4

ASTS, CLMT, FTAI, META, MSFT, NBIS, NTDOY, NVDA, ORCL, PLTR

aerospace, AI, gaming, growth, small cap, Space, technology, value

NTDOY
ASTS
NBIS
FTAI

Crossroads delivered 37.7% net returns in 2025 versus 17.9% for the S&P 500, driven by exceptional performance from Nintendo's record-breaking Switch 2 launch, AST SpaceMobile's commercial transition, and Nebius Group's AI infrastructure scaling. The fund benefited from improving small-cap market dynamics and remains positioned for continued outperformance through high-conviction, idiosyncratic growth businesses trading at discounts to intrinsic value.

Dec 9 2025

2025 Q3

^SP500TR, BUFIX, IWN, ZPRS.DE

catalysts, concentrated, long-term, Outperformance, Quality, small caps, special situations, value

Crossroads Capital is a concentrated small-cap value fund delivering 17.3% net annualized returns since 2016 inception, significantly outperforming benchmarks. The fund exploits structural inefficiencies in small-cap markets through catalyst-driven investing in high-quality businesses trading at deep discounts to intrinsic value, maintaining 10-15 concentrated positions with strong risk management and patient capital approach.

Sep 30 2025

2025 Q2

ASTS, ET, FTAI, GOOGL, META, MGNI, MRO, NBIS, NTDOY

Concentration, gaming, Satellite, small caps, technology, Trade Policy, value

NTDOY
ASTS

Crossroads delivered 36.9% net returns in Q2 2025, led by Nintendo's record-breaking Switch 2 launch and AST SpaceMobile's space-based broadband execution. The concentrated small-cap value strategy continues substantial outperformance without owning mega-cap tech. Markets proved resilient to tariff uncertainty. Manager maintains high conviction in core positions as 'coiled springs' with value-unlocking catalysts ahead.

Apr 25 2025

2025 Q1

AAPL, CLMT, DAR, FTAI, GOOGL, MGNI, NFLX, NTDOY, NVR, VTY.L

Advertising, aerospace, gaming, Homebuilders, small caps, tariffs, Trade Policy, value

FTAI
CLMT
NTDOY
VTY.L
MGNI

Crossroads navigated Q1 tariff volatility by shifting to trade-war-resilient holdings while maintaining cash for opportunities. Key positions include Nintendo's Switch 2 transformation, FTAI's aerospace pivot, and Magnite's advertising platform benefits. Despite -7.6% quarterly decline, the fund recovered to -1.6% YTD and continues outperforming with 13.3% annualized returns since inception through disciplined value investing.

Mar 2 2025

2024 Q4

Concentration, Long/Short, small caps, special situations, value

Crossroads Capital runs a concentrated small-cap value strategy targeting underfollowed companies undergoing value-unlocking change. Since 2016 inception, the fund has delivered 14.8% net annualized returns, significantly outperforming benchmarks through catalyst-driven investing and extensive primary research. Current market dispersion and wide valuation spreads create favorable conditions for their approach.

Nov 15 2024

2024 Q3

ABR, CLMT, MGNI, NFLX, NTDOY, VTY.L, ZIP

Advertising, aerospace, catalysts, concentrated, gaming, Long/Short, value

NTDOY
VTY.L
MGNI

Crossroads Capital's concentrated value strategy delivered 4.2% in Q3 despite market volatility from Japanese carry trade unwinding. Core positions including Nintendo, Magnite, and Calumet represent catalyst-rich opportunities with significant upside potential. Manager deployed cash opportunistically during August selloff while maintaining conviction in long-term thesis. Fund emphasizes patience and multi-year investment horizons for maximizing risk-adjusted returns.

Aug 31 2024

2024 Q2

NTDOY, VTY.L

Concentration, gaming, Homebuilders, Long/Short, small caps, value

NTDOY
VTY.L

Concentrated value fund targeting catalyst-driven special situations and underfollowed growth companies. Key positions include Nintendo ahead of Switch 2 launch and UK homebuilder Vistry transforming to asset-light model with massive buyback program. Strong 15.9% net returns since 2016 through patient capital approach and superior risk management in inefficient market segments.

Apr 30 2024

2023 Q4

AAPL, AMZN, AWE.L, CLMT, GOOGL, META, MSFT, NTDOY, NVDA, NVR, THC, TSLA, VTY.L, XLK

AI, China, Energy Transition, gaming, Homebuilders, small caps, technology, value

Crossroads delivered 25.4% net returns in 2023 through concentrated positions in mispriced assets with catalysts. The fund's four key holdings span UK housing transformation, sustainable aviation fuel, AI networking infrastructure, and gaming platform evolution. Manager warns of systemic risks from mega-cap tech concentration while Chinese competitors gain share, positioning for dispersion-driven outperformance ahead.

Aug 31 2023

2022 Q4

CLMT, RCM

QUARTER	THEMES	TAGS
2025 Q4	AI AI infrastructure plays dominated 2025 returns, with 65% of Russell 2000's return coming from AI infrastructure. The manager views this as a concentrated market levered to a singular theme - essentially a bet on how much CAPEX five companies will spend building data centers. Questions whether the AI trade will persist given its concentration.	Infrastructure Data Centers CAPEX
	Small Caps Small caps continued to underperform large caps in 2025. The Russell 2000's returns were dominated by AI infrastructure plays and speculative unprofitable companies. The manager notes extreme bifurcation between unprofitable stocks and quality stocks, with quality businesses trading at historically cheap multiples.	Russell 2000 Quality Valuation
	Value Quality businesses today trade at historically cheap multiples due to extreme valuation disparities between winners and losers. The manager believes if earnings are the long-term driver of stock prices, the current market dynamics will ultimately reverse in favor of quality value stocks.	Quality Multiples Earnings
2025 Q3	Value Crossroads focuses on value-based investing, seeking businesses trading at large discounts to intrinsic value with clear catalysts. The fund emphasizes purchasing securities at the largest possible discount to conservative estimates of fair value, with a margin of safety approach that has driven consistent outperformance since inception.	Intrinsic Value Margin of Safety Discount Catalysts Undervalued
	Small Caps The fund primarily targets small-cap companies with market caps of $100 million to $5 billion, believing this segment offers structural inefficiencies due to limited institutional coverage. Small companies allow for more thorough due diligence and higher conviction levels while benefiting from the law of large numbers for growth potential.	Market Cap Institutional Coverage Due Diligence Growth Potential Inefficiencies
	Quality Crossroads emphasizes high-quality businesses with strong fundamentals including shareholder-oriented management, high barriers to entry, strong returns on capital, and limited debt dependence. The fund seeks companies with defensive operating models, staying power, and cash flow inflection points.	Management Quality Barriers to Entry Returns on Capital Cash Flow Defensive
2025 Q2	Gaming Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling 5.82 million units in 25 days and becoming the fastest-selling console in industry history. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and expanding digital entertainment ecosystem.	Console Switch Hardware Software Digital
	Satellite Broadband AST SpaceMobile is pioneering space-based cellular broadband to eliminate coverage gaps and bring affordable broadband to billions. The company is transitioning from narrative to execution with manufacturing cadence ramping to 6 satellites per month and commercial service beginning in 2026.	LEO Direct-to-device Connectivity Infrastructure Global
	Trade Policy Markets demonstrated resilience to tariff uncertainty in Q2, with the S&P 500 recovering from 20% declines to post fresh highs. The administration's negotiating patterns became clearer, with markets learning to distinguish between meaningful policy changes and negotiating theater.	Tariffs Negotiations Uncertainty Policy Recovery
	Small Caps Small company stocks continue to offer an unusually fertile hunting ground for outsized risk-adjusted wealth creation despite ongoing underperformance versus large caps. The fund has substantially outperformed benchmarks without owning any S&P 500 names or mega-cap tech growth darlings.	Value Underperformance Opportunities Inefficiency Outperformance
2025 Q1	Trade Policy The administration announced reciprocal tariffs creating market uncertainty and forcing businesses into a holding pattern. Tariffs are viewed as regressive taxes that inject uncertainty rather than fix trade deficits. The fund positioned defensively against tariff-related disruption while maintaining conviction in long-term value creation.	Tariffs Reciprocal Uncertainty Policy China
	Gaming Nintendo's Switch 2 launch represents a transformational catalyst with pre-orders starting April 24th. The console enters an existing software ecosystem for the first time, enabling profit growth from a $4 billion base rather than starting from zero. Enhanced hardware allows comprehensive AAA third-party support including Call of Duty and GTA 6.	Nintendo Switch Console Software AAA
	Advertising Magnite benefits from Netflix's programmatic advertising adoption and potential Google ad tech breakup. Netflix's ad tier could deliver $6 billion in spend with half flowing through Magnite at low-single-digit take rates. DOJ ruling found Google monopolized supply-side display advertising, creating market share opportunities.	Programmatic Netflix Google AdTech CTV
	Aerospace FTAI Aviation transformed into a pure-play aerospace platform focused on CFM56 engine modules. The company built network effects through the largest pool of modules and internalized MRO capabilities. The $4 billion Strategic Capital Initiative provides growth capital for recurring earnings generation.	CFM56 MRO Modules Aftermarket Aviation
	Homebuilders Vistry Group transitions to a partnerships model combining resources of local authorities and housing associations for capital-light construction. The model pre-sells over 50% of homes at affordable prices, reducing cyclicality and interest rate sensitivity while improving return on capital.	Partnerships Affordable Capital-light UK Housing
2024 Q4	Value Fund focuses on value-based investing with concentrated, catalyst-driven approach targeting businesses trading at significant discounts to intrinsic value. Emphasizes purchasing securities at largest possible discount to conservative estimate of fair value with margin of safety.	Undervalued Intrinsic Value Margin of Safety Discount Fair Value
	Small Caps Primary focus on small-cap companies with market caps of $100 million to $5 billion. Strategy targets underfollowed growth companies with limited institutional ownership that are underappreciated by the market.	Small Cap Underfollowed Limited Institutional Emerging Growth
2024 Q3	Gaming Nintendo represents a major position with the Switch 2 launch expected early 2025, opening the ecosystem to third-party AAA games and higher-spending gamers. The company is building a Nintendo Cinematic Universe with one movie per year planned over five years. Strong earnings growth expected from new console cycle and expanded monetization.	Console Switch Entertainment IP Hardware
	Advertising Magnite is positioned as the largest independent programmatic sell-side platform, with significant exposure to Connected TV advertising growth. Netflix contract win validates differentiation, with potential for $70 million EBITDA increase from Netflix alone. Google ad tech breakup could provide 5-10x upside opportunity.	Programmatic CTV Netflix Google AdTech
	Sustainable Aviation Fuel Calumet's Montana Renewables facility received DoE conditional approval in October, validating the thesis. MaxSAF scenario could generate over $800 million EBITDA medium-term. Company positioned as first-mover in SAF market with multiple value-unlocking catalysts ahead.	SAF DoE Refineries Biofuels Energy
	Homebuilders Vistry Group is transitioning to pure-play partnerships model, pre-selling over 50% of homes to reduce cyclicality. Labour government provides tailwinds for affordable housing development. Company targets 30k+ home completions long-term versus current 20k goal, trading at significant discount to peers.	Partnerships Affordable Labour UK Housing
	Aerospace New position in aftermarket supplier benefits from flight hours at all-time highs and defense spending increases. Company has earnings visibility through 2040 representing 90% of current market cap. Majority of earnings from aftermarket with guaranteed cash flows for aircraft life spanning 30+ years.	Aftermarket Defense Visibility Contracts Aviation
2024 Q2	Gaming Nintendo represents a leading integrated hardware/software videogame platform business with popular franchises. The Switch platform aims to become indefinitely-lived like Apple's iPhone, with a growing user base rather than resetting with each console generation. Nintendo is aggressively leveraging world-class IP via movies, licensing, theme parks, and other sources of latent optionality.	Console Platform IP Entertainment Ecosystem
	Homebuilders Vistry Group is a UK-based homebuilder pivoting to an economically resilient, asset-light, high-ROIC partnerships business model. The transition involves moving from traditional capital-intensive homebuilding to partnerships where local housing authorities contribute land and Vistry provides construction expertise. This model offers 60-70% presold homes, dramatically reducing revenue volatility and limiting capital outlays.	Asset-light Partnerships ROIC Buybacks Transformation
2023 Q4	AI Manager discusses AI as a revolutionary technology driving data center infrastructure investment and creating bottlenecks in networking. Highlights Alphawave Semi's exposure to AI-driven demand with 60% of pipeline tied to AI applications.	Data Centers Networking Infrastructure Semiconductors Hyperscalers
	Gaming Extensive analysis of Nintendo's transformation from cyclical hardware business to platform ecosystem similar to Apple's iPhone model. Switch platform creating evergreen software library with recurring revenue streams.	Nintendo Platform Ecosystem Digital Entertainment
	Homebuilders Deep dive into UK housing supply shortage and Vistry Group's transition to capital-light partnerships model. UK needs 4-6 million additional homes representing 20-25% supply deficit.	Housing Partnerships Capital Light UK Supply Shortage
	Sustainable Aviation Fuel Discussion of Calumet's Montana Renewables SAF refinery and potential DOE loan. SAF market nowhere near supply/demand equilibrium with significant growth runway ahead.	SAF Refining DOE Loan Energy Transition Aviation
	China Extensive analysis of Chinese competition threat to Magnificent Seven companies. Chinese firms like Huawei and BYD gaining market share with government backing and willingness to compete at lower margins.	Competition Huawei BYD Market Share Geopolitical
	Value Manager advocates for value investing approach focused on mispriced assets with catalysts. Emphasizes importance of margin of safety and catalyst-driven event paths for value recognition.	Mispriced Catalysts Margin of Safety Event Driven Undervalued

QUARTER

THEMES

AI

AI infrastructure plays dominated 2025 returns, with 65% of Russell 2000's return coming from AI infrastructure. The manager views this as a concentrated market levered to a singular theme - essentially a bet on how much CAPEX five companies will spend building data centers. Questions whether the AI trade will persist given its concentration.

Infrastructure Data Centers CAPEX

Small Caps

Small caps continued to underperform large caps in 2025. The Russell 2000's returns were dominated by AI infrastructure plays and speculative unprofitable companies. The manager notes extreme bifurcation between unprofitable stocks and quality stocks, with quality businesses trading at historically cheap multiples.

Russell 2000 Quality Valuation

Value

Quality businesses today trade at historically cheap multiples due to extreme valuation disparities between winners and losers. The manager believes if earnings are the long-term driver of stock prices, the current market dynamics will ultimately reverse in favor of quality value stocks.

Quality Multiples Earnings

2025 Q3

Value

Crossroads focuses on value-based investing, seeking businesses trading at large discounts to intrinsic value with clear catalysts. The fund emphasizes purchasing securities at the largest possible discount to conservative estimates of fair value, with a margin of safety approach that has driven consistent outperformance since inception.

Intrinsic Value Margin of Safety Discount Catalysts Undervalued

Small Caps

The fund primarily targets small-cap companies with market caps of $100 million to $5 billion, believing this segment offers structural inefficiencies due to limited institutional coverage. Small companies allow for more thorough due diligence and higher conviction levels while benefiting from the law of large numbers for growth potential.

Market Cap Institutional Coverage Due Diligence Growth Potential Inefficiencies

Quality

Crossroads emphasizes high-quality businesses with strong fundamentals including shareholder-oriented management, high barriers to entry, strong returns on capital, and limited debt dependence. The fund seeks companies with defensive operating models, staying power, and cash flow inflection points.

Management Quality Barriers to Entry Returns on Capital Cash Flow Defensive

2025 Q2

Gaming

Nintendo delivered a blockbuster quarter with the Switch 2's record-breaking launch, selling 5.82 million units in 25 days and becoming the fastest-selling console in industry history. The company is transforming from cyclical earnings to secular growth with its Apple-like iterative hardware model and expanding digital entertainment ecosystem.

Console Switch Hardware Software Digital

Satellite Broadband

AST SpaceMobile is pioneering space-based cellular broadband to eliminate coverage gaps and bring affordable broadband to billions. The company is transitioning from narrative to execution with manufacturing cadence ramping to 6 satellites per month and commercial service beginning in 2026.

LEO Direct-to-device Connectivity Infrastructure Global

Trade Policy

Markets demonstrated resilience to tariff uncertainty in Q2, with the S&P 500 recovering from 20% declines to post fresh highs. The administration's negotiating patterns became clearer, with markets learning to distinguish between meaningful policy changes and negotiating theater.

Tariffs Negotiations Uncertainty Policy Recovery

Small Caps

Small company stocks continue to offer an unusually fertile hunting ground for outsized risk-adjusted wealth creation despite ongoing underperformance versus large caps. The fund has substantially outperformed benchmarks without owning any S&P 500 names or mega-cap tech growth darlings.

Value Underperformance Opportunities Inefficiency Outperformance

2025 Q1

Trade Policy

The administration announced reciprocal tariffs creating market uncertainty and forcing businesses into a holding pattern. Tariffs are viewed as regressive taxes that inject uncertainty rather than fix trade deficits. The fund positioned defensively against tariff-related disruption while maintaining conviction in long-term value creation.

Tariffs Reciprocal Uncertainty Policy China

Gaming

Nintendo's Switch 2 launch represents a transformational catalyst with pre-orders starting April 24th. The console enters an existing software ecosystem for the first time, enabling profit growth from a $4 billion base rather than starting from zero. Enhanced hardware allows comprehensive AAA third-party support including Call of Duty and GTA 6.

Nintendo Switch Console Software AAA

Advertising

Magnite benefits from Netflix's programmatic advertising adoption and potential Google ad tech breakup. Netflix's ad tier could deliver $6 billion in spend with half flowing through Magnite at low-single-digit take rates. DOJ ruling found Google monopolized supply-side display advertising, creating market share opportunities.

Programmatic Netflix Google AdTech CTV

Aerospace

FTAI Aviation transformed into a pure-play aerospace platform focused on CFM56 engine modules. The company built network effects through the largest pool of modules and internalized MRO capabilities. The $4 billion Strategic Capital Initiative provides growth capital for recurring earnings generation.

CFM56 MRO Modules Aftermarket Aviation

Homebuilders

Vistry Group transitions to a partnerships model combining resources of local authorities and housing associations for capital-light construction. The model pre-sells over 50% of homes at affordable prices, reducing cyclicality and interest rate sensitivity while improving return on capital.

Partnerships Affordable Capital-light UK Housing

2024 Q4

Value

Fund focuses on value-based investing with concentrated, catalyst-driven approach targeting businesses trading at significant discounts to intrinsic value. Emphasizes purchasing securities at largest possible discount to conservative estimate of fair value with margin of safety.

Undervalued Intrinsic Value Margin of Safety Discount Fair Value

Small Caps

Primary focus on small-cap companies with market caps of $100 million to $5 billion. Strategy targets underfollowed growth companies with limited institutional ownership that are underappreciated by the market.

Small Cap Underfollowed Limited Institutional Emerging Growth

2024 Q3

Gaming

Nintendo represents a major position with the Switch 2 launch expected early 2025, opening the ecosystem to third-party AAA games and higher-spending gamers. The company is building a Nintendo Cinematic Universe with one movie per year planned over five years. Strong earnings growth expected from new console cycle and expanded monetization.

Console Switch Entertainment IP Hardware

Advertising

Magnite is positioned as the largest independent programmatic sell-side platform, with significant exposure to Connected TV advertising growth. Netflix contract win validates differentiation, with potential for $70 million EBITDA increase from Netflix alone. Google ad tech breakup could provide 5-10x upside opportunity.

Programmatic CTV Netflix Google AdTech

Sustainable Aviation Fuel

Calumet's Montana Renewables facility received DoE conditional approval in October, validating the thesis. MaxSAF scenario could generate over $800 million EBITDA medium-term. Company positioned as first-mover in SAF market with multiple value-unlocking catalysts ahead.

SAF DoE Refineries Biofuels Energy

Homebuilders

Vistry Group is transitioning to pure-play partnerships model, pre-selling over 50% of homes to reduce cyclicality. Labour government provides tailwinds for affordable housing development. Company targets 30k+ home completions long-term versus current 20k goal, trading at significant discount to peers.

Partnerships Affordable Labour UK Housing

Aerospace

New position in aftermarket supplier benefits from flight hours at all-time highs and defense spending increases. Company has earnings visibility through 2040 representing 90% of current market cap. Majority of earnings from aftermarket with guaranteed cash flows for aircraft life spanning 30+ years.

Aftermarket Defense Visibility Contracts Aviation

2024 Q2

Gaming

Nintendo represents a leading integrated hardware/software videogame platform business with popular franchises. The Switch platform aims to become indefinitely-lived like Apple's iPhone, with a growing user base rather than resetting with each console generation. Nintendo is aggressively leveraging world-class IP via movies, licensing, theme parks, and other sources of latent optionality.

Console Platform IP Entertainment Ecosystem

Homebuilders

Vistry Group is a UK-based homebuilder pivoting to an economically resilient, asset-light, high-ROIC partnerships business model. The transition involves moving from traditional capital-intensive homebuilding to partnerships where local housing authorities contribute land and Vistry provides construction expertise. This model offers 60-70% presold homes, dramatically reducing revenue volatility and limiting capital outlays.

Asset-light Partnerships ROIC Buybacks Transformation

2023 Q4

AI

Manager discusses AI as a revolutionary technology driving data center infrastructure investment and creating bottlenecks in networking. Highlights Alphawave Semi's exposure to AI-driven demand with 60% of pipeline tied to AI applications.

Data Centers Networking Infrastructure Semiconductors Hyperscalers

Gaming

Extensive analysis of Nintendo's transformation from cyclical hardware business to platform ecosystem similar to Apple's iPhone model. Switch platform creating evergreen software library with recurring revenue streams.

Nintendo Platform Ecosystem Digital Entertainment

Homebuilders

Deep dive into UK housing supply shortage and Vistry Group's transition to capital-light partnerships model. UK needs 4-6 million additional homes representing 20-25% supply deficit.

Housing Partnerships Capital Light UK Supply Shortage

Sustainable Aviation Fuel

Discussion of Calumet's Montana Renewables SAF refinery and potential DOE loan. SAF market nowhere near supply/demand equilibrium with significant growth runway ahead.

SAF Refining DOE Loan Energy Transition Aviation

China

Extensive analysis of Chinese competition threat to Magnificent Seven companies. Chinese firms like Huawei and BYD gaining market share with government backing and willingness to compete at lower margins.

Competition Huawei BYD Market Share Geopolitical

Value

Manager advocates for value investing approach focused on mispriced assets with catalysts. Emphasizes importance of margin of safety and catalyst-driven event paths for value recognition.

Mispriced Catalysts Margin of Safety Event Driven Undervalued

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Feb 26, 2026	Fund Letters	Ryan O'Connor	NTDOY	Nintendo Co., Ltd.	Communication Services	Interactive Home Entertainment	Bull	Dubai Financial Market	Ecosystem Monetization, Installed base, IP Licensing, Margin Misperception, Pricing power, recurring revenue, Software Attach Rate	Login
Feb 26, 2026	Fund Letters	Ryan O'Connor	ASTS	AST SpaceMobile, Inc.	Communication Services	Alternative Carriers	Bull	NASDAQ	Commercial Agreements, Convertible Financing, defense contracts, Launch Cadence, LEO Constellation, Manufacturing Scale, Spectrum Allocation	Login
Feb 26, 2026	Fund Letters	Ryan O'Connor	NBIS	Nebius Group N.V.	Information Technology	Data Processing & Outsourced Services	Bull	NASDAQ	AI infrastructure, Capacity Buildout, Capital Markets Access, cloud platform, contracted power, hyperscaler contracts, Inference Demand, Utilization Ramp	Login
Feb 26, 2026	Fund Letters	Ryan O'Connor	FTAI	FTAI Aviation Ltd.	Industrials	Trading Companies & Distributors	Bull	NASDAQ	Aftermarket Margins, Asset Management Fees, capital-light model, Engine Exchanges, Green Time, Key Concepts Include MRO Franchise, operating leverage, PMA Parts	Login
Sep 1, 2025	Fund Letters	Crossroads Capital	ASTS	AST SpaceMobile, Inc.	Communication Services	Wireless Telecommunication Services	Bull	NASDAQ	Cellular, Direct-to-Device, Emerging markets, growth, infrastructure, LEO, Satellite, Space Technology, telecommunications	Login
Sep 1, 2025	Fund Letters	Crossroads Capital	NTDOY	Nintendo Co., Ltd.	Communication Services	Interactive Media & Services	Bull	OTC	Console, Digital Ecosystem, entertainment, Gaming, growth, Hardware, Intellectual Property, Japan, Software	Login
Sep 30, 2024	Fund Letters	Crossroads Capital	VTY.L	Vistry Group PLC	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	affordable housing, Capital-light, government contracts, homebuilding, Partnerships, transformation, UK, Value	Login
Sep 30, 2024	Fund Letters	Crossroads Capital	NTDOY	Nintendo Co., Ltd.	Communication Services	Interactive Media & Services	Bull	OTC	Console, digital sales, Ecosystem, entertainment, Gaming, IP monetization, Japan, Movies, theme parks	Login
Sep 30, 2024	Fund Letters	Crossroads Capital	MGNI	Magnite, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	adtech, Connected tv, digital advertising, Google Antitrust, Netflix, programmatic advertising, SSP, Streaming	Login
Aug 1, 2024	Fund Letters	Crossroads Capital	VTY.L	Vistry Group PLC	Consumer Discretionary	Homebuilding	Bull	London Stock Exchange	asset-light, buybacks, defensive, homebuilding, JV, Partnerships, Real Estate, transformation, UK, Value	Login
Aug 1, 2024	Fund Letters	Crossroads Capital	NTDOY	Nintendo Co., Ltd.	Communication Services	Interactive Media & Services	Bull	NASDAQ	digital distribution, Ecosystem, entertainment, Gaming, growth, Hardware, Ip, Japan, platform, Software	Login
-	Fund Letters	Crossroads Capital	FTAI	FTAI Aviation	Industrials	Aerospace & Defense	Bull	NASDAQ	Aerospace, aftermarket, Aviation, Capital-light, CFM56, Modules, MRO, network effects	Login
-	Fund Letters	Crossroads Capital	NTDOY	Nintendo	Communication Services	Interactive Media & Services	Bull	OTC	AAA Games, Console, Ecosystem, Gaming, Ip, Microtransactions, Movies, Switch 2, theme parks	Login
-	Fund Letters	Crossroads Capital	CLMT	Calumet Specialty Products	Energy	Oil, Gas & Consumable Fuels	Bear	NASDAQ	Biofuels, EPA, management issues, Renewable diesel, SAF, specialty chemicals, strategic sale, turnaround	Login
-	Fund Letters	Crossroads Capital	MGNI	Magnite	Communication Services	Interactive Media & Services	Bull	NASDAQ	adtech, antitrust, CTV, Google Breakup, Netflix, Programmatic, SSP, Streaming	Login
-	Fund Letters	Crossroads Capital	VTY.L	Vistry PLC	Consumer Discretionary	Homebuilding	Bull	LSE	affordable housing, Capital-light, Government, homebuilding, Partnerships, Roce, UK, Value	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Feb 26, 2026

Fund Letters

Ryan O'Connor

NTDOY

Nintendo Co., Ltd.

Communication Services

Interactive Home Entertainment

Bull

Dubai Financial Market

Ecosystem Monetization, Installed base, IP Licensing, Margin Misperception, Pricing power, recurring revenue, Software Attach Rate

Feb 26, 2026

Fund Letters

Ryan O'Connor

ASTS

AST SpaceMobile, Inc.

Communication Services

Alternative Carriers

Bull

NASDAQ

Commercial Agreements, Convertible Financing, defense contracts, Launch Cadence, LEO Constellation, Manufacturing Scale, Spectrum Allocation

Feb 26, 2026

Fund Letters

Ryan O'Connor

NBIS

Nebius Group N.V.

Information Technology

Data Processing & Outsourced Services

Bull

NASDAQ

AI infrastructure, Capacity Buildout, Capital Markets Access, cloud platform, contracted power, hyperscaler contracts, Inference Demand, Utilization Ramp

Feb 26, 2026

Fund Letters

Ryan O'Connor

FTAI

FTAI Aviation Ltd.

Industrials

Trading Companies & Distributors

Bull

NASDAQ

Aftermarket Margins, Asset Management Fees, capital-light model, Engine Exchanges, Green Time, Key Concepts Include MRO Franchise, operating leverage, PMA Parts

Sep 1, 2025

Fund Letters

Crossroads Capital

ASTS

AST SpaceMobile, Inc.

Communication Services

Wireless Telecommunication Services

Bull

NASDAQ

Cellular, Direct-to-Device, Emerging markets, growth, infrastructure, LEO, Satellite, Space Technology, telecommunications

Sep 1, 2025

Fund Letters

Crossroads Capital

NTDOY

Nintendo Co., Ltd.

Communication Services

Interactive Media & Services

Bull

OTC

Console, Digital Ecosystem, entertainment, Gaming, growth, Hardware, Intellectual Property, Japan, Software

Sep 30, 2024

Fund Letters

Crossroads Capital

VTY.L

Vistry Group PLC

Consumer Discretionary

Homebuilding

Bull

London Stock Exchange

affordable housing, Capital-light, government contracts, homebuilding, Partnerships, transformation, UK, Value

Sep 30, 2024

Fund Letters

Crossroads Capital

NTDOY

Nintendo Co., Ltd.

Communication Services

Interactive Media & Services

Bull

OTC

Console, digital sales, Ecosystem, entertainment, Gaming, IP monetization, Japan, Movies, theme parks

Sep 30, 2024

Fund Letters

Crossroads Capital

MGNI

Magnite, Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

adtech, Connected tv, digital advertising, Google Antitrust, Netflix, programmatic advertising, SSP, Streaming

Aug 1, 2024

Fund Letters

Crossroads Capital

VTY.L

Vistry Group PLC

Consumer Discretionary

Homebuilding

Bull

London Stock Exchange

asset-light, buybacks, defensive, homebuilding, JV, Partnerships, Real Estate, transformation, UK, Value

Aug 1, 2024

Fund Letters

Crossroads Capital

NTDOY

Nintendo Co., Ltd.

Communication Services

Interactive Media & Services

Bull

NASDAQ

digital distribution, Ecosystem, entertainment, Gaming, growth, Hardware, Ip, Japan, platform, Software

Fund Letters

Crossroads Capital

FTAI

FTAI Aviation

Industrials

Aerospace & Defense

Bull

NASDAQ

Aerospace, aftermarket, Aviation, Capital-light, CFM56, Modules, MRO, network effects

Fund Letters

Crossroads Capital

NTDOY

Nintendo

Communication Services

Interactive Media & Services

Bull

OTC

AAA Games, Console, Ecosystem, Gaming, Ip, Microtransactions, Movies, Switch 2, theme parks

Fund Letters

Crossroads Capital

CLMT

Calumet Specialty Products

Energy

Oil, Gas & Consumable Fuels

Bear

NASDAQ

Biofuels, EPA, management issues, Renewable diesel, SAF, specialty chemicals, strategic sale, turnaround

Fund Letters

Crossroads Capital

MGNI

Magnite

Communication Services

Interactive Media & Services

Bull

NASDAQ

adtech, antitrust, CTV, Google Breakup, Netflix, Programmatic, SSP, Streaming

Fund Letters

Crossroads Capital

VTY.L

Vistry PLC

Consumer Discretionary

Homebuilding

Bull

LSE

affordable housing, Capital-light, Government, homebuilding, Partnerships, Roce, UK, Value

TICKER	COMMENTARY
ASTS	During the quarter AST continued its transition from an R&D-oriented startup to a scaleup — a company that has validated its core technology and is now laser-focused on execution: expanding revenue, headcount, and market reach, all in compounding fashion. The milestone horizon has shifted accordingly, away from technological feasibility and toward launch cadence, manufacturing throughput, and expanded commercial agreements — each of which saw meaningful progress through the end of 2025 and into early 2026.
CLMT	Our only meaningful detractor was Calumet (CLMT), which we sold following the company's disastrous DOE loan announcement and an unnecessary and, frankly, baffling ATM offering that destroyed our confidence in management.
FTAI	FTAI Aviation is a leading MRO franchise for the CFM56 and is in the midst of transforming into a capital-light, high-visibility model with its Strategic Capital Initiative (SCI), protected by an irreplaceable competitive advantage in PMA parts. And yet, the market has continued to value the company as a cyclical lessor despite clear operating leverage and a qualitative shift toward a more scalable, capital-efficient industrial model.
META	On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States.
MSFT	MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand.
NBIS	Nebius continues to be viewed more like an AI infrastructure 'off-take' platform than an emerging AI-first cloud platform. The Microsoft agreement signed in September 2025 is a five-year commitment worth ~$17.4B (with options taking total value to ~$19.4B) for internal workloads and is anchored by dedicated capacity delivered from Nebius' new Vineland, New Jersey data center.
NTDOY	Nintendo delivered yet another solid quarter — this time despite a swirl of concerns around the Switch 2's holiday performance. The noise began with questionable 'third-party data' suggesting U.S. holiday sales were running roughly 35% below the original Switch's comparable 2017 period, spooking 'investors' and raising questions about whether the $449 price point was capping demand. Those fears only intensified after Walmart ran Cyber Monday promotional markdowns that were widely — and incorrectly — interpreted as company-led price cuts (Nintendo doesn't discount its hardware). We've decided to save our thoughts on recent concerns on memory pricing for a separate piece, but suffice it to say, the proximate causes behind the latest rounds of false panic in Nintendo's equity almost defy description.
NVDA	AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results.
ORCL	Investor enthusiasm for Oracle's stock in calendar year 2025 was initially driven by several multi-billion-dollar contracts it signed with leading AI companies, including OpenAI and Meta. However, in Q4 sentiment for ORCL's growth prospects shifted to skepticism, as investors began to scrutinize the return profile of the substantial capital investments required to support the approximately $500 billion of contracts signed by Oracle. Given the widening range of potential outcomes associated with Oracle's elevated capital needs, we reduced our position in ORCL during Q4.
PLTR	The top three contributors to this outperformance came from Palantir Technologies (US Defense)

TICKER

COMMENTARY

ASTS

During the quarter AST continued its transition from an R&D-oriented startup to a scaleup — a company that has validated its core technology and is now laser-focused on execution: expanding revenue, headcount, and market reach, all in compounding fashion. The milestone horizon has shifted accordingly, away from technological feasibility and toward launch cadence, manufacturing throughput, and expanded commercial agreements — each of which saw meaningful progress through the end of 2025 and into early 2026.

CLMT

Our only meaningful detractor was Calumet (CLMT), which we sold following the company's disastrous DOE loan announcement and an unnecessary and, frankly, baffling ATM offering that destroyed our confidence in management.

FTAI

FTAI Aviation is a leading MRO franchise for the CFM56 and is in the midst of transforming into a capital-light, high-visibility model with its Strategic Capital Initiative (SCI), protected by an irreplaceable competitive advantage in PMA parts. And yet, the market has continued to value the company as a cyclical lessor despite clear operating leverage and a qualitative shift toward a more scalable, capital-efficient industrial model.

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st December 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Small Caps

Value

Value

Small Caps

Quality

Gaming

Satellite Broadband

Trade Policy

Small Caps

Trade Policy

Gaming

Advertising

Aerospace

Homebuilders

Value

Small Caps

Gaming

Advertising

Sustainable Aviation Fuel

Homebuilders

Aerospace

Gaming

Homebuilders

AI

Gaming

Homebuilders

Sustainable Aviation Fuel

China

Value

Investor Pitches

Current Portfolio as of ( 31st December 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Ryan O'Connor Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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