| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | 15.7% |
TMR Capital operates a long/short strategy focused on Technology investments and SMID cap value-oriented special situations, taking advantage of market dislocations where the cheapest quartile of stocks is at decade lows while expensive stocks trade at elevated multiples. The fund's differentiated approach targets an increasingly neglected area of the market where they can more easily influence market perception. Key holdings include Zenvia, which is refocusing around its AI-driven Customer Cloud platform with expected 30% revenue growth in 2025, and WM Technology, a dominant cannabis marketplace trading at attractive valuations while facing a lowball acquisition attempt from co-founders. The manager expects increased dispersion in Technology as the AI cycle progresses, creating opportunities to pick winners and losers. They anticipate M&A activity to increase in 2025, positioning their special situations focus favorably. With virtually no correlation to the S&P 500, the fund has generated an uncorrelated return stream and the manager feels confident in their ability to continue delivering strong absolute returns regardless of market conditions.
TMR Capital operates a long/short strategy focused on Technology investments and SMID cap value-oriented special situations, taking advantage of market dislocations where the cheapest quartile of stocks is at decade lows while expensive stocks trade at elevated multiples.
The fund expects to see more dispersion in Technology as the AI cycle progresses, which should create opportunities for picking winners and losers. They anticipate M&A activity to increase in 2025 after several years of subdued activity, positioning their SMID cap special situations focus favorably. The manager feels confident in their ability to continue generating strong absolute returns regardless of market conditions.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 31 2024 | 2024 Q4 | CRM, HUBS, MAPS, NOW, TWLO, ZENV | dispersion, Long/Short, M&A, SMID Cap, special situations, technology, value |
ZENV MAPS |
TMR Capital runs a long/short strategy targeting Technology and SMID cap special situations, exploiting market dislocations where cheap stocks are at decade lows. Key positions include AI-focused Zenvia expecting 30% growth and undervalued cannabis platform WM Technology. The fund anticipates increased Tech dispersion from AI progression and rising M&A activity benefiting their special situations approach. |
| Sep 30 2024 | 2024 Q3 | AAPL, AMZN, CLS.TO, GOOGL, META, MSFT | AI, Cloud, Data centers, Hyperscalers, semiconductors, technology | - | TMR Partners focuses on uncorrelated, company-specific returns through smaller investments. The fund's primary thesis centers on Celestica as an AI infrastructure beneficiary, serving top hyperscalers in a massive capex boom. With tech giants in an AI arms race spending $91B incrementally on data centers, Celestica's specialized hardware platform solutions position it for sustained growth and margin expansion. |
| Jun 30 2024 | 2024 Q2 | 7518.T, HOLX | AI, deployment, energy, private equity, Take-privates, value creation | - | BXPE delivered 3.9% Q3 returns through record $1.3B deployment across high-conviction themes including AI, energy transition, and large-scale take-privates. Strong operating fundamentals drove broad-based portfolio appreciation with 80% of investments gaining value. The young portfolio and improving market conditions position the fund for continued scaled deployment and value creation. |
| Mar 31 2024 | 2024 Q1 | ALV.DE, CS.PA, GEN.MI, KER.PA, SAP, ZAL.DE | insurance, portfolio, private equity, SME, Switzerland | - | MPD Partners operates a specialized SME-focused private equity vehicle with La Centrale de Prévoyance as its main holding, a Swiss insurance broker facing broker replacement challenges but maintaining positive cash flow. The firm develops proprietary lead generation technology while managing operational improvements across portfolio companies with limited current funding for expansion. |
| Dec 31 2023 | 2023 Q4 | AMD, BABA, BIDU, PLTR, SNOW | AI, China, growth, infrastructure, semiconductors, technology |
AMD SNOW BABA BIDU |
WestEnd Capital maintains concentrated AI infrastructure exposure through established positions in Palantir and Snowflake plus new catch-up trades in AMD, Alibaba, and Baidu. Technology remains largest allocation while diversifying into international markets and industrials. The firm positions for long-term growth driven by AI adoption and global technology investment despite Q3 underperformance. |
| Sep 30 2023 | 2023 Q3 | AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA | AI, international, Quality, small caps, technology, Valuations, value | - | Regency Wealth advocates value investing amid AI concentration risk. While Magnificent 7 stocks show strong AI-driven earnings, elevated valuations create systemic risk. The firm targets quality companies at discounts: small caps 25% below S&P 500, international equities 34% below, equal-weight S&P 43% below mega-cap tech. Diversified approach captures opportunities beyond overvalued AI theme. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2024 Q4 |
AIThe fund expects increased dispersion in Technology as the AI cycle progresses, creating opportunities to pick winners and losers. Zenvia's Customer Cloud platform is powered by AI-driven solutions that minimize reliance on human agents and enhance efficiency for clients through volume-based pricing models. |
AI-driven Technology Automation Efficiency Volume-based |
Small CapsThe fund focuses on SMID cap value-oriented special situations, viewing this as an increasingly neglected area of the market. They believe it's easier to influence market perception in microcaps and small caps, positioning them well for opportunities in 2025. |
SMID Microcaps Neglected Value Special situations | |
| 2024 Q3 |
AIThe fund views AI as driving a massive capex boom with hyperscalers investing heavily in data center infrastructure. Tech giants are demonstrating unwavering commitment to AI investments despite uncertain short-term returns, creating a competitive arms race. The AI investment cycle is viewed as durable with inference demand expected to be much larger than training demand. |
Data Centers Hyperscalers Capex Infrastructure Inference |
Data CentersData center investments are experiencing unprecedented growth driven by AI infrastructure buildout. Accelerated computing has only 2.7% penetration rate, positioning the market for one of the biggest data center refreshes in two decades. Hyperscaler revenue growth and specialized hardware requirements are creating significant opportunities. |
Infrastructure Hardware Refresh Accelerated Computing Growth | |
| 2024 Q2 |
AIBlackstone continues to focus on the picks and shovels of AI through infrastructure investments such as chips and data centers, while the market's maturation has opened the door for measured exposure to the application layer. BXPE invested in OpenAI and Anthropic — two category-defining AI research labs with complementary strategies in consumer and enterprise use cases. |
Data Centers OpenAI Anthropic Infrastructure Applications |
Energy TransitionAfter two decades of stagnation, US electricity demand is projected to rise by 40% over the next 10 years. One key reason is data centers, where over 80% of hyperscalers and operators cite power availability as their top growth constraint. Electrification and reshoring of manufacturing are also fueling this secular trend. |
Electricity Demand Data Centers Electrification Power Grid | |
DigitizationDigitization — investments tied to the global shift online — was a top contributor, accounting for 21% of Q3 performance. This theme represents the ongoing digital transformation across various industries and business models. |
Digital Transformation Online Technology Software Digital | |
| 2024 Q1 |
InsuranceThe fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker operating in social security and healthcare insurance. The company maintained partnerships with major insurers including Groupe Mutuel, Generali, Allianz, and Axa while working to onboard new brokers after the main broker's resignation. |
Insurance Brokers Healthcare Switzerland FINMA Brokers |
| 2023 Q4 |
AIWestEnd maintains concentrated exposure to AI infrastructure through established positions in Palantir and Snowflake, while opening new positions in AMD, Alibaba, and Baidu as catch-up trades. The firm views these companies as beneficiaries of enterprise AI adoption and global AI infrastructure investment. |
Infrastructure Enterprise Semiconductors Cloud Data Centers |
SemiconductorsAMD positioned as strategic inflection point company competing head-to-head with NVIDIA for major infrastructure contracts. The firm sees AMD as diversified exposure to both hardware and software sides of AI growth with significant share gains projected in server CPUs and data-center GPUs. |
Data Centers CPUs GPUs Infrastructure Competition | |
ChinaAlibaba and Baidu represent strategic exposures to Asian technology platforms. Alibaba investing $50 billion in AI development while Baidu operates fully driverless taxis with breakthrough economics. Both companies align with China's goal of integrating AI into majority of economy by 2030. |
Technology E-commerce Autonomous Infrastructure Government | |
| 2023 Q3 |
AIAI continues to dominate the landscape with companies in the Magnificent 7 reporting significant earnings growth attributed to AI adoption. However, elevated valuations in AI stocks may be inconsistent with an economy positioned for slowing growth, creating concentration risk in the broader market. |
Technology Valuations Concentration Earnings Growth |
ValueThe firm identifies compelling opportunities in quality companies trading at discounts, particularly in small caps at 25% discount to S&P 500, international equities at 34% discount, and equal-weighted S&P 500 companies at 43% discount to Magnificent 7 valuations. |
Discount Small Caps International Quality Fundamentals |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 22, 2025 | Fund Letters | TMR Long Short Opportunities | BABA | Alibaba Group Holding | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI investment, Asia Infrastructure, cash flow generation, Chinese Technology, Cloud computing, Digital transformation, e-commerce, high-performance computing, regional expansion | Login |
| Oct 22, 2025 | Fund Letters | TMR Long Short Opportunities | SNOW | Snowflake | Information Technology | Software | Bull | NYSE | Cloud Data Platform, Data Analytics, Enterprise AI, machine learning, Multi Cloud, product innovation, Revenue Generation, SaaS, unstructured data | Login |
| Oct 22, 2025 | Fund Letters | TMR Long Short Opportunities | BIDU | Baidu | Communication Services | Interactive Media & Services | Bull | NASDAQ | autonomous vehicles, Chinese AI, cloud services, Commercial Autonomy, Enterprise software, Language Models, robotaxis, Southeast Asia Expansion, technology platform | Login |
| Oct 22, 2025 | Fund Letters | TMR Long Short Opportunities | AMD | Advanced Micro Devices | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Cloud computing, data center, GPUs, market share gains, Partnerships, semiconductors, Server CPUs, Technology Transformation | Login |
| - | Fund Letters | TMR Long Short Opportunities | MAPS | WM Technology Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | activist, Cannabis, Dominant Position, high margins, Management Buyout, marketplace, network effects, Special Situation, technology platform, undervalued | Login |
| - | Fund Letters | TMR Long Short Opportunities | ZENV | Zenvia Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI-driven, Asset Divestiture, Brazil, Communication platform, Cpaas, Customer Engagement, SaaS, turnaround, Value, Volume-based pricing | Login |
| TICKER | COMMENTARY |
|---|---|
| ZENV | Zenvia has announced a strategic refocus along with the potential for an opportunistic divestment of non-core assets to optimize their capital structure. Zenvia Customer Cloud (ZCC) was officially launched in October 2024 and will become Zenvia's core business moving forward. ZCC is powered by AI-driven solutions and robust data analytics and is designed to adapt similarly to business of all sizes and across diverse industries. Clients already using it report enhanced customer engagement, increased sales, and reduced costs. Zenvia's business will further shift to a volume-based pricing model, where clients pay based on the number of interactions they have with their clients and prospects rather than the traditional per-seat SaaS model. This approach is enabled by the extensive use of AI in their software, which minimizes the reliance of human agents, enhances efficiency for clients, and unlocks greater revenue generation potential with much less complexity. The ZCC customer base is a mix of existing clients who transitioned and new customers. ZCC is expected to grow revenue 30% in 2025 with 70% gross margins and positive EBITDA. Anything in the SaaS and CPaaS business that is not ZCC is counted as non-core and may be divested in the near future. |
| MAPS | The company is an online marketplace/classifieds business for cannabis - it's a picks & shovel play. $180M revenue, 95% gross margins, 17% EBITDA margins, FCF generative. $45M cash, no debt but they do have operating leases. They have become the dominant platform in the industry. Given the company's lead in traffic, active users, and retailers/brands on the platform, WM Technology benefits from strong network effects. Dispensaries have to be on the platform if they want to drive sales. They trade at 1x revenue and 6x EBITDA. They had no sell side analysts or investors on their latest earnings call. The co-founders are trying to acquire the company at 1.7, effectively stealing the company from shareholders. The stock currently trades at 1.3 per share. We sent a letter to the Board urging them to reject the low ball acquisition and instead pursue a novel capital allocation approach that can improve their balance sheet and instantly get them attention from the capital markets. |
| TWLO | Twilio, Zenvia's closest comparable in CPaaS, has seen its stock triple in the past three month and now trades at 3.4x NTM Revenue vs. Zenvia at 0.7x NTM Revenue. |
| CRM | SaaS comparables such as CRM (7.3x Revenue), NOW (14.2x Revenue), and HUBS (12.2x Revenue) have also seen their multiples expand. |
| NOW | SaaS comparables such as CRM (7.3x Revenue), NOW (14.2x Revenue), and HUBS (12.2x Revenue) have also seen their multiples expand. |
| HUBS | SaaS comparables such as CRM (7.3x Revenue), NOW (14.2x Revenue), and HUBS (12.2x Revenue) have also seen their multiples expand. |
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