Spree Capital Advisers

Investor Summary

Thatcher Warren Martin serves as Managing Partner of Spree Capital Advisers and brings significant investment management experience to the firm. Martin holds the Chartered Financial Analyst (CFA) professional designation and has maintained a clean regulatory record since his registration in January 2019, with no disciplinary events, criminal charges, or customer disputes. His professional background includes serving as Senior Research Analyst at Wolf Hill Capital Management from May 2017 to September 2018, followed by independent consulting work and a consulting role at Bishop Rock Capital. Martin founded Spree Capital Advisers in September 2018, transitioning from his research analyst role to establish his own investment management firm focused on high-quality business investing. His experience spans fundamental analysis, investment research, and portfolio management across multiple investment management organizations.

Fund Strategy

Spree Capital Advisers believes that highly successful investments share just a few common attributes and invests specifically in businesses that exhibit these characteristics. The firm focuses on companies with repeatable business models showing predictability in their path to value creation, operating in growing end markets with increasing returns to scale. They seek businesses with long runways of high return on invested capital opportunities, meaningful catalysts driving changing dynamics over multi-year periods, and growing competitive advantages. The investment approach emphasizes purchasing these high-quality businesses at valuations representing meaningful discounts to their future earnings power. The firm maintains that this disciplined approach to identifying and investing in businesses with these specific fundamental characteristics will generate superior long-term returns for investors.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

Dollar General operates 20,000 discount retail stores serving 75% of the US population within five miles, generating $41 billion in sales with 40% price advantages versus competitors. The company trades at all-time low valuation multiples due to pandemic-era missteps including excess inventory, temporary warehouse costs, and elevated shrink from self-checkout rollouts that compressed margins from 8% to 5%. The manager identifies four value creation paths: fixing operational issues by exiting temporary warehouses and removing self-checkout; implementing efficiency improvements through SKU rationalization from six to three per product, distribution center automation, and improved store management; expanding DG Media digital capabilities with home delivery to half the footprint by 2025; and benefiting from economic slowdown through customer trade-down dynamics. The 82% consumable sales mix provides recession resilience while attracting higher-income customers during economic stress. Recent trade-down acceleration beginning in Q4 2024 supports the thesis. The manager sees credible paths for Dollar General to return to historical shareholder value creation through these interconnected operational improvements and favorable economic positioning.

Forward Outlook

The manager expects Dollar General to benefit from ongoing self-help initiatives including fixing pandemic-era operational issues, implementing efficiency improvements across SKUs and logistics, and expanding digital capabilities. The company is positioned to benefit disproportionately from any economic slowdown through customer trade-down dynamics.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Mar 31 2025	2025 Q1	DG	Automation, Discount Retail, E-Commerce, efficiency, Logistics, Margins, Trade Down	DG	Dollar General trades at all-time low valuations despite a proven discount retail model due to fixable pandemic-era operational issues. The company is implementing efficiency improvements across SKUs, logistics, and digital capabilities while positioned to benefit from economic slowdown through customer trade-down dynamics, creating multiple paths to value creation and margin expansion.
Dec 31 2024	2024 Q4	BLND	Banking, Fintech, Mortgage, Platform, Recovery, technology	BLND	Concentrated bet on Blend Labs as a financial services technology platform positioned for significant operating leverage when mortgage markets recover. Company has transitioned from point solutions to horizontal banking infrastructure, doubled market share to 20.2%, achieved free cash flow positivity at trough volumes, and built network effects supporting multiple long-term value creation paths including pricing power and international expansion.
Sep 30 2024	2024 Q3	AMT, CCI, SBAC	5G, AI, infrastructure, Telecom Infrastructure, Towers, value	AMT CCI SBAC	Invested in tower companies at historic low valuations during Q3 2024, betting on capex recovery from accelerating data consumption, industry consolidation benefits from four-player structure, and AI optionality. These infrastructure toll roads offer 10+ year contracts with 3% annual escalators and significant operating leverage, positioned for multiple value creation catalysts.
Jun 30 2024	2024 Q2	-	AI, Capital Cycle, Data, Platform Shifts, semiconductors, technology, value	-	Spree Capital views the current AI boom as a capital cycle on steroids, with massive infrastructure investment lacking proven real-world applications. While acknowledging AI's transformative potential, they remain skeptical of current valuations and investment levels. Their portfolio companies are positioned to benefit from AI through superior data assets and market positions without depending on AI for core value creation.
Mar 31 2024	2024 Q1	WCC	Consolidation, Electrification, Industrial Distribution, infrastructure, technology, value	WCC	Wesco International trades at a significant discount as the scale player in fragmented electrical distribution, positioned to benefit from electrification, broadband infrastructure, and manufacturing renaissance. The successful Anixter integration, improved pricing algorithms, technology investments, and industry consolidation opportunities support sustainable earnings growth backed by $1.6 trillion in approved infrastructure spending.
Dec 31 2023	2023 Q4	ADBE, ADC, CRM, CRWD, GOOGL, PYPL, TEAM, TTD, VEEV, WDAY	AI, Cloud, cybersecurity, Enterprise Software, Quality, SaaS, technology, Value Investing	AVGO\|BYD\|CRWD\|MELI\|MSFT\|NFLX\|NVDA\|NVO\|ORLY\|SPOT GOOGL ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING ADBE ADC VEEV WDAY CRM PYPL TEAM	Torre Financial sees AI disruption creating temporary headwinds but long-term opportunities in enterprise software. Top performers like Crowdstrike and Alphabet demonstrate strong AI execution, while SaaS selloffs create attractive valuations in quality names. The concentrated portfolio of 30 high-quality companies trades at significant discount to S&P 500 while maintaining superior fundamentals and margins.
Sep 30 2023	2023 Q3	PSTG	AI, Cloud infrastructure, Data Storage, Enterprise Software, semiconductors, technology	PSTG	Pure Storage is positioned to capitalize on AI-driven data infrastructure demand through its purpose-built flash storage platform. The company's storage-as-a-service model generates recurring revenue while addressing speed and reliability constraints of traditional storage. With partnerships across major tech companies and 11,550 customers, Pure is creating an emerging standard in enterprise data management.
Jun 30 2023	2023 Q2	DHR	Biotechnology, Diagnostics, growth, Life Sciences, Recurring Revenue, Transformation, value	DHR	Spree Capital initiated Danaher based on an underappreciated transformation into a life sciences powerhouse with 80% recurring revenues. COVID expanded the molecular diagnostics installed base by 250%, creating a strengthened razor-and-blade model. Secular shifts to biologics, where Danaher has designed-in presence in 90% of approved monoclonal antibodies, drive long-term growth.
Apr 14 2023	2023 Q1	CP	Industrial, infrastructure, Onshoring, Railroads, Transportation, value	ACP.WA	Canadian Pacific Kansas City merger creates North America's only single-line rail network connecting three countries. The manager sees seven value creation paths including revenue synergy outperformance, cost savings, and positioning to benefit from US industrial production growth and nearshoring trends. Views it as a long-term compounder with structural competitive advantages and high-return reinvestment opportunities.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Mar 31 2025

2025 Q1

Automation, Discount Retail, E-Commerce, efficiency, Logistics, Margins, Trade Down

Dollar General trades at all-time low valuations despite a proven discount retail model due to fixable pandemic-era operational issues. The company is implementing efficiency improvements across SKUs, logistics, and digital capabilities while positioned to benefit from economic slowdown through customer trade-down dynamics, creating multiple paths to value creation and margin expansion.

Dec 31 2024

2024 Q4

BLND

Banking, Fintech, Mortgage, Platform, Recovery, technology

BLND

Concentrated bet on Blend Labs as a financial services technology platform positioned for significant operating leverage when mortgage markets recover. Company has transitioned from point solutions to horizontal banking infrastructure, doubled market share to 20.2%, achieved free cash flow positivity at trough volumes, and built network effects supporting multiple long-term value creation paths including pricing power and international expansion.

Sep 30 2024

2024 Q3

AMT, CCI, SBAC

5G, AI, infrastructure, Telecom Infrastructure, Towers, value

AMT
CCI
SBAC

Invested in tower companies at historic low valuations during Q3 2024, betting on capex recovery from accelerating data consumption, industry consolidation benefits from four-player structure, and AI optionality. These infrastructure toll roads offer 10+ year contracts with 3% annual escalators and significant operating leverage, positioned for multiple value creation catalysts.

Jun 30 2024

2024 Q2

AI, Capital Cycle, Data, Platform Shifts, semiconductors, technology, value

Spree Capital views the current AI boom as a capital cycle on steroids, with massive infrastructure investment lacking proven real-world applications. While acknowledging AI's transformative potential, they remain skeptical of current valuations and investment levels. Their portfolio companies are positioned to benefit from AI through superior data assets and market positions without depending on AI for core value creation.

Mar 31 2024

2024 Q1

WCC

Consolidation, Electrification, Industrial Distribution, infrastructure, technology, value

WCC

Wesco International trades at a significant discount as the scale player in fragmented electrical distribution, positioned to benefit from electrification, broadband infrastructure, and manufacturing renaissance. The successful Anixter integration, improved pricing algorithms, technology investments, and industry consolidation opportunities support sustainable earnings growth backed by $1.6 trillion in approved infrastructure spending.

Dec 31 2023

2023 Q4

ADBE, ADC, CRM, CRWD, GOOGL, PYPL, TEAM, TTD, VEEV, WDAY

AI, Cloud, cybersecurity, Enterprise Software, Quality, SaaS, technology, Value Investing

Torre Financial sees AI disruption creating temporary headwinds but long-term opportunities in enterprise software. Top performers like Crowdstrike and Alphabet demonstrate strong AI execution, while SaaS selloffs create attractive valuations in quality names. The concentrated portfolio of 30 high-quality companies trades at significant discount to S&P 500 while maintaining superior fundamentals and margins.

Sep 30 2023

2023 Q3

PSTG

AI, Cloud infrastructure, Data Storage, Enterprise Software, semiconductors, technology

PSTG

Pure Storage is positioned to capitalize on AI-driven data infrastructure demand through its purpose-built flash storage platform. The company's storage-as-a-service model generates recurring revenue while addressing speed and reliability constraints of traditional storage. With partnerships across major tech companies and 11,550 customers, Pure is creating an emerging standard in enterprise data management.

Jun 30 2023

2023 Q2

DHR

Biotechnology, Diagnostics, growth, Life Sciences, Recurring Revenue, Transformation, value

DHR

Spree Capital initiated Danaher based on an underappreciated transformation into a life sciences powerhouse with 80% recurring revenues. COVID expanded the molecular diagnostics installed base by 250%, creating a strengthened razor-and-blade model. Secular shifts to biologics, where Danaher has designed-in presence in 90% of approved monoclonal antibodies, drive long-term growth.

Apr 14 2023

2023 Q1

Industrial, infrastructure, Onshoring, Railroads, Transportation, value

ACP.WA

Canadian Pacific Kansas City merger creates North America's only single-line rail network connecting three countries. The manager sees seven value creation paths including revenue synergy outperformance, cost savings, and positioning to benefit from US industrial production growth and nearshoring trends. Views it as a long-term compounder with structural competitive advantages and high-return reinvestment opportunities.

QUARTER	THEMES	TAGS
2025 Q1	Discount Retail Dollar General operates as a discount retailer with 20,000 stores serving 75% of the US population within five miles, providing 40% discounts versus competitors. The company is fixing pandemic-era missteps including excess inventory and elevated shrink while implementing efficiency improvements.	Dollar Stores Trade Down Retail Efficiency Margins
	Logistics Dollar General is implementing significant logistics optimization including SKU rationalization from six to three per product, distribution center automation and redesigns, and improved product flow from distribution to shelves. These changes are expected to drive margin expansion past historical highs.	Automation Distribution SKU Efficiency Warehousing
	E-commerce DG Media represents an underutilized digital channel leveraging first-party data to connect with customers. Home delivery rollout to half the store footprint by end of 2025 enables one-hour delivery to small town America and drives digital engagement with higher-income consumers.	Digital Delivery Media Data Traffic
2024 Q4	FinTech Blend Labs represents a platform transformation in financial services technology, transitioning from point solutions to horizontal integration across banking infrastructure. The company has built an ecosystem enabling financial institutions to deploy white-label products without managing back-end processes, creating network effects as more participants join the platform.	Platform Banking Infrastructure Integration Ecosystem
	Mortgage Despite fourteen consecutive quarters of contracting mortgage origination volumes, Blend has increased market share to 20.2% in 2024. The company has positioned itself for recovery with usage-based revenue agreements and operational leverage, expecting significant benefits when mortgage markets normalize from current trough levels.	Origination Market Share Recovery Cyclical Volumes
2024 Q3	Telecom Infrastructure Tower companies own and operate telecommunication towers with long-term contracts and annual price escalators, benefiting from operating leverage and local politics making new builds difficult. The manager sees three paths to value creation: reversal of wireless carrier capex pullback, industry consolidation from four to three back to four players, and potential AI-driven data usage explosion requiring network upgrades.	Towers 5G Wireless Infrastructure Leasing
	AI Tower companies offer a free option on widespread AI adoption as large technology companies increase capital expenditures for AI infrastructure. The manager expects AI applications to shift from text/photo to real-time video, creating explosive data usage that will necessitate lower latency, higher bandwidth wireless networks and mobile edge computing capabilities.	Data Usage Edge Computing Bandwidth Latency Video
2024 Q2	AI The manager provides extensive analysis of artificial intelligence as a potential platform shift, comparing it to historical technology cycles. They express skepticism about the current AI capital cycle, viewing it as potentially overinvested with unclear real-world applications. The manager positions their portfolio companies to benefit from AI developments through their data advantages while not being dependent on AI for value creation.	Platform Shifts Capital Cycle Data Applications Infrastructure
2024 Q1	Industrial Distribution Wesco operates as the scale player in electrical, communications, and utilities distribution with 150,000 customers accessing 1.5 million products from 50,000 suppliers. The company adds value by lowering cost of ownership and increasing supply chain resilience, with over 70% of sales attached to services including technical support and logistics.	Distribution Supply Chain Services Scale Fragmentation
	Electrification Electrification is affecting transportation, home heat pumps, data centers, and renewable power generation, straining an electric grid needing maintenance and modernization. Wesco touches every part of the electrical value chain from generating stations to house meters, collecting a toll when products are upgraded.	Grid Upgrade Electric Vehicles Data Centers Infrastructure Renewable
	Infrastructure Spending Wesco benefits from $1.6 trillion in approved fiscal spending including the Infrastructure Investment & Jobs Act, Inflation Reduction Act, CHIPS and Science Act, and Rural Digital Opportunity Fund. This provides a backdrop for sustained demand across electrical, communications, and utilities infrastructure.	Infrastructure Government Spending Grid Broadband Modernization
	Broadband Increased bandwidth demand from higher data and mobile usage drives infrastructure upgrades throughout the broadband value chain. Wesco touches every part from data centers to last mile connectivity, accruing a royalty when this infrastructure is upgraded.	Data Centers Connectivity Bandwidth Infrastructure Communications
2023 Q4	AI AI is transforming enterprise software with companies like Google demonstrating quick execution through Gemini AI integration and Google Search gen-AI answers. Adobe's FireFly is being deeply integrated across their product suite, showing enterprises need tailored AI solutions rather than consumer-facing generative AI. AI usage in the workplace remains limited to chatbots, enterprise search, copilots, and content summarization, but has potential to increase global output rather than reduce employment.	Artificial Intelligence Machine Learning Generative AI Enterprise AI AI Integration
	Enterprise Software Enterprise SaaS companies faced pressure in Q2 due to concerns about AI reducing employee counts and elongated sales cycles from AI-driven strategic uncertainty. Companies are consolidating vendors, benefiting larger platforms like Salesforce. Despite near-term headwinds, the manager views these concerns as transient and sees attractive valuations in companies like Veeva, Workday, and Atlassian.	SaaS Enterprise Software Software Platforms B2B Software Cloud Software
	Cybersecurity Cybersecurity is viewed as mission-critical for enterprises of all sizes, with Crowdstrike emerging as the next-generation leader through their cloud-native solutions and expanding platform offerings. The company has been a consistent top performer for three consecutive quarters, supported by strong fundamentals including consistent revenue growth and high profitability.	Cybersecurity Cloud Security Enterprise Security Security Platforms
	Cloud Google Cloud Platform is highlighted as offering differentiated solutions for large data sets and machine learning model development, with Google potentially having the largest and most robust AI infrastructure. The cloud computing platform represents a key investment area for Alphabet as they compete in the AI era.	Cloud Computing Cloud Infrastructure Cloud Platforms Machine Learning Infrastructure
2023 Q3	AI The launch of OpenAI's GPT has triggered an AI arms race requiring massive data infrastructure upgrades. Enterprise data architectures designed for cold storage must transition to warm, accessible storage for AI training and inference. This creates an inflection point where data management becomes a high-value technology driver rather than a cost center.	Data Infrastructure Machine Learning Enterprise Storage GPU Computing Data Access
	Data Centers Pure Storage is positioned to benefit from the shift toward all-flash data center architectures. The company's purpose-built platform addresses the speed, reliability, and cost constraints of traditional hard disk and solid-state drives. Growing partnerships with hyperscalers and large telecom operators represent expansion opportunities.	Flash Storage Data Management Enterprise Infrastructure Cloud Storage Storage Architecture
	Cloud Pure's storage-as-a-service model provides recurring revenue streams and eliminates hardware obsolescence burdens for customers. The subscription model offers higher margins and creates sustainable growth through net expansion in their 11,550 global customer base. Partnerships with cloud leaders like Microsoft and Meta drive additional opportunities.	Storage as a Service Subscription Revenue Cloud Infrastructure Recurring Revenue Enterprise Cloud
2023 Q2	Biotechnology Danaher has transformed into a life sciences and biotechnology powerhouse with 80% recurring revenues. The company benefits from the secular shift from traditional pharmaceuticals to biologically produced medicines, which require complex production workflows where Danaher has established designed-in presence in over 90% of approved monoclonal antibodies.	Biologics Bioprocessing Monoclonal Antibodies Single Use Consumables
	Diagnostics Danaher expanded its molecular diagnostics installed base by 250% during COVID, placing over 50,000 additional workstations. This creates a razor-and-blade model with recurring revenue from servicing and high-margin tests, positioning the company for sustained growth as demand normalizes.	Molecular Diagnostics Point of Care Workstations Testing Healthcare
	Life Science Tools The company provides picks and shovels to the life sciences industry through its comprehensive platform of research and development tools. Danaher's 4,000 field service agents work onsite with customers globally, creating deep customer relationships and enabling continuous innovation in product development.	Research Tools Field Service Customer Partnerships Innovation Laboratory
2023 Q1	Railroads Canadian Pacific Kansas City represents the first single-line rail network connecting US, Mexico and Canada. The merger creates unique competitive advantages through Precision Scheduled Railroading capabilities and direct access to eleven ports across North America.	Rail Transportation Infrastructure Network Logistics
	Onshoring Secular shift toward nearshoring supply chains disproportionately benefits Mexico given its cost-competitive labor force and proximity to end markets. This trend supports scalable volume growth for the transnational rail network.	Nearshoring Supply Chain Mexico Manufacturing Trade
	Infrastructure Spending Trillions of dollars in fiscal stimulus including CHIPS Act, Inflation Reduction Act, and Infrastructure Investment and Jobs Act are driving a factory building boom and return to industrial production growth in the United States.	CHIPS Act Fiscal Stimulus Manufacturing Industrial Investment

QUARTER

THEMES

Discount Retail

Dollar General operates as a discount retailer with 20,000 stores serving 75% of the US population within five miles, providing 40% discounts versus competitors. The company is fixing pandemic-era missteps including excess inventory and elevated shrink while implementing efficiency improvements.

Dollar Stores Trade Down Retail Efficiency Margins

Logistics

Dollar General is implementing significant logistics optimization including SKU rationalization from six to three per product, distribution center automation and redesigns, and improved product flow from distribution to shelves. These changes are expected to drive margin expansion past historical highs.

Automation Distribution SKU Efficiency Warehousing

E-commerce

DG Media represents an underutilized digital channel leveraging first-party data to connect with customers. Home delivery rollout to half the store footprint by end of 2025 enables one-hour delivery to small town America and drives digital engagement with higher-income consumers.

Digital Delivery Media Data Traffic

2024 Q4

FinTech

Blend Labs represents a platform transformation in financial services technology, transitioning from point solutions to horizontal integration across banking infrastructure. The company has built an ecosystem enabling financial institutions to deploy white-label products without managing back-end processes, creating network effects as more participants join the platform.

Platform Banking Infrastructure Integration Ecosystem

Mortgage

Despite fourteen consecutive quarters of contracting mortgage origination volumes, Blend has increased market share to 20.2% in 2024. The company has positioned itself for recovery with usage-based revenue agreements and operational leverage, expecting significant benefits when mortgage markets normalize from current trough levels.

Origination Market Share Recovery Cyclical Volumes

2024 Q3

Telecom Infrastructure

Tower companies own and operate telecommunication towers with long-term contracts and annual price escalators, benefiting from operating leverage and local politics making new builds difficult. The manager sees three paths to value creation: reversal of wireless carrier capex pullback, industry consolidation from four to three back to four players, and potential AI-driven data usage explosion requiring network upgrades.

Towers 5G Wireless Infrastructure Leasing

AI

Tower companies offer a free option on widespread AI adoption as large technology companies increase capital expenditures for AI infrastructure. The manager expects AI applications to shift from text/photo to real-time video, creating explosive data usage that will necessitate lower latency, higher bandwidth wireless networks and mobile edge computing capabilities.

Data Usage Edge Computing Bandwidth Latency Video

2024 Q2

AI

The manager provides extensive analysis of artificial intelligence as a potential platform shift, comparing it to historical technology cycles. They express skepticism about the current AI capital cycle, viewing it as potentially overinvested with unclear real-world applications. The manager positions their portfolio companies to benefit from AI developments through their data advantages while not being dependent on AI for value creation.

Platform Shifts Capital Cycle Data Applications Infrastructure

2024 Q1

Industrial Distribution

Wesco operates as the scale player in electrical, communications, and utilities distribution with 150,000 customers accessing 1.5 million products from 50,000 suppliers. The company adds value by lowering cost of ownership and increasing supply chain resilience, with over 70% of sales attached to services including technical support and logistics.

Distribution Supply Chain Services Scale Fragmentation

Electrification

Electrification is affecting transportation, home heat pumps, data centers, and renewable power generation, straining an electric grid needing maintenance and modernization. Wesco touches every part of the electrical value chain from generating stations to house meters, collecting a toll when products are upgraded.

Grid Upgrade Electric Vehicles Data Centers Infrastructure Renewable

Infrastructure Spending

Wesco benefits from $1.6 trillion in approved fiscal spending including the Infrastructure Investment & Jobs Act, Inflation Reduction Act, CHIPS and Science Act, and Rural Digital Opportunity Fund. This provides a backdrop for sustained demand across electrical, communications, and utilities infrastructure.

Infrastructure Government Spending Grid Broadband Modernization

Broadband

Increased bandwidth demand from higher data and mobile usage drives infrastructure upgrades throughout the broadband value chain. Wesco touches every part from data centers to last mile connectivity, accruing a royalty when this infrastructure is upgraded.

Data Centers Connectivity Bandwidth Infrastructure Communications

2023 Q4

AI

AI is transforming enterprise software with companies like Google demonstrating quick execution through Gemini AI integration and Google Search gen-AI answers. Adobe's FireFly is being deeply integrated across their product suite, showing enterprises need tailored AI solutions rather than consumer-facing generative AI. AI usage in the workplace remains limited to chatbots, enterprise search, copilots, and content summarization, but has potential to increase global output rather than reduce employment.

Artificial Intelligence Machine Learning Generative AI Enterprise AI AI Integration

Enterprise Software

Enterprise SaaS companies faced pressure in Q2 due to concerns about AI reducing employee counts and elongated sales cycles from AI-driven strategic uncertainty. Companies are consolidating vendors, benefiting larger platforms like Salesforce. Despite near-term headwinds, the manager views these concerns as transient and sees attractive valuations in companies like Veeva, Workday, and Atlassian.

SaaS Enterprise Software Software Platforms B2B Software Cloud Software

Cybersecurity

Cybersecurity is viewed as mission-critical for enterprises of all sizes, with Crowdstrike emerging as the next-generation leader through their cloud-native solutions and expanding platform offerings. The company has been a consistent top performer for three consecutive quarters, supported by strong fundamentals including consistent revenue growth and high profitability.

Cybersecurity Cloud Security Enterprise Security Security Platforms

Cloud

Google Cloud Platform is highlighted as offering differentiated solutions for large data sets and machine learning model development, with Google potentially having the largest and most robust AI infrastructure. The cloud computing platform represents a key investment area for Alphabet as they compete in the AI era.

Cloud Computing Cloud Infrastructure Cloud Platforms Machine Learning Infrastructure

2023 Q3

AI

The launch of OpenAI's GPT has triggered an AI arms race requiring massive data infrastructure upgrades. Enterprise data architectures designed for cold storage must transition to warm, accessible storage for AI training and inference. This creates an inflection point where data management becomes a high-value technology driver rather than a cost center.

Data Infrastructure Machine Learning Enterprise Storage GPU Computing Data Access

Data Centers

Pure Storage is positioned to benefit from the shift toward all-flash data center architectures. The company's purpose-built platform addresses the speed, reliability, and cost constraints of traditional hard disk and solid-state drives. Growing partnerships with hyperscalers and large telecom operators represent expansion opportunities.

Flash Storage Data Management Enterprise Infrastructure Cloud Storage Storage Architecture

Cloud

Pure's storage-as-a-service model provides recurring revenue streams and eliminates hardware obsolescence burdens for customers. The subscription model offers higher margins and creates sustainable growth through net expansion in their 11,550 global customer base. Partnerships with cloud leaders like Microsoft and Meta drive additional opportunities.

Storage as a Service Subscription Revenue Cloud Infrastructure Recurring Revenue Enterprise Cloud

2023 Q2

Biotechnology

Danaher has transformed into a life sciences and biotechnology powerhouse with 80% recurring revenues. The company benefits from the secular shift from traditional pharmaceuticals to biologically produced medicines, which require complex production workflows where Danaher has established designed-in presence in over 90% of approved monoclonal antibodies.

Biologics Bioprocessing Monoclonal Antibodies Single Use Consumables

Diagnostics

Danaher expanded its molecular diagnostics installed base by 250% during COVID, placing over 50,000 additional workstations. This creates a razor-and-blade model with recurring revenue from servicing and high-margin tests, positioning the company for sustained growth as demand normalizes.

Molecular Diagnostics Point of Care Workstations Testing Healthcare

Life Science Tools

The company provides picks and shovels to the life sciences industry through its comprehensive platform of research and development tools. Danaher's 4,000 field service agents work onsite with customers globally, creating deep customer relationships and enabling continuous innovation in product development.

Research Tools Field Service Customer Partnerships Innovation Laboratory

2023 Q1

Railroads

Canadian Pacific Kansas City represents the first single-line rail network connecting US, Mexico and Canada. The merger creates unique competitive advantages through Precision Scheduled Railroading capabilities and direct access to eleven ports across North America.

Rail Transportation Infrastructure Network Logistics

Onshoring

Secular shift toward nearshoring supply chains disproportionately benefits Mexico given its cost-competitive labor force and proximity to end markets. This trend supports scalable volume growth for the transnational rail network.

Nearshoring Supply Chain Mexico Manufacturing Trade

Infrastructure Spending

Trillions of dollars in fiscal stimulus including CHIPS Act, Inflation Reduction Act, and Infrastructure Investment and Jobs Act are driving a factory building boom and return to industrial production growth in the United States.

CHIPS Act Fiscal Stimulus Manufacturing Industrial Investment

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 6, 2024	Fund Letters	Spree Capital Advisers	TEAM	Atlassian Corporation	Software & Services	Application Software	Bull	NASDAQ	Artificial Intelligence, Customer Data, Enterprise software, SaaS, team collaboration, Value, Workflow Software	Login
Jul 6, 2024	Fund Letters	Spree Capital Advisers	VEEV	Veeva Systems Inc	Software & Services	Application Software	Bull	NYSE	Clinical trials, CRM, Healthcare Technology, Life Sciences Software, Pharmaceutical, SaaS, Value	Login
Jul 6, 2024	Fund Letters	Spree Capital Advisers	GOOGL	Alphabet Inc	Software & Services	Internet Software & Services	Bull	NASDAQ	Artificial Intelligence, autonomous vehicles, Cloud computing, machine learning, search engine, semiconductors, technology, Value	Login
Jul 6, 2024	Fund Letters	Spree Capital Advisers	WDAY	Workday Inc	Software & Services	Application Software	Bull	NASDAQ	Enterprise software, financial planning, HCM, Human Resources, SaaS, technology, Value	Login
Jul 6, 2024	Fund Letters	Spree Capital Advisers	ARIS\|BAB LN\|GDDY\|GXI\|III LN\|IOT\|IRTC\|MIPS SS\|RBC\|SAIA\|SPOT\|SRT GR\|TTD\|WING	The Trade Desk Inc	Software & Services	Internet Software & Services	Bull	NASDAQ	Ad Tech, digital advertising, Election Year, growth, platform, Programmatic, technology	Login
Jul 6, 2024	Fund Letters	Spree Capital Advisers	PYPL	PayPal Holdings Inc	Software & Services	Data Processing & Outsourced Services	Neutral	NASDAQ	Apple Pay Competition, Braintree, Checkout, digital payments, Fintech, turnaround, Value	Login
Jul 6, 2024	Fund Letters	Spree Capital Advisers	ADBE	Adobe Inc	Software & Services	Application Software	Bull	NASDAQ	Artificial Intelligence, Brand management, creative software, digital marketing, Enterprise software, Firefly, SaaS	Login
Jul 6, 2024	Fund Letters	Spree Capital Advisers	CRM	Salesforce Inc	Software & Services	Application Software	Bull	NYSE	Artificial Intelligence, CRM, Customer Data, Enterprise software, platform, SaaS, Value	Login
Jul 6, 2024	Fund Letters	Spree Capital Advisers	ADC	Agree Realty Corporation	Real Estate	Retail REITs	Bull	NYSE	dividend, Interest rates, REIT, Retail real estate, triple net lease, Value, Walmart	Login
Jul 6, 2024	Fund Letters	Spree Capital Advisers	AVGO\|BYD\|CRWD\|MELI\|MSFT\|NFLX\|NVDA\|NVO\|ORLY\|SPOT	CrowdStrike Holdings Inc	Software & Services	Systems Software	Bull	NASDAQ	cloud-native, cybersecurity, Enterprise software, growth, platform, SaaS, technology	Login
Apr 14, 2023	Fund Letters	Spree Capital Advisers	ACP.WA	Canadian Pacific Kansas City	Industrials	Railroads	Bull	NYSE	Canada, capital allocation, Equity, Industrial, infrastructure, merger, Mexico, Nearshoring, North America, oligopoly, operating leverage, railroads, synergies, Transportation	Login
-	Fund Letters	Spree Capital Advisers	AMT	American Tower Corp	Real Estate	Specialized REITs	Bull	NYSE	5G Networks, Artificial Intelligence, Data Consumption, Edge computing, operating leverage, REITs, telecommunications infrastructure, Wireless Carriers	Login
-	Fund Letters	Spree Capital Advisers	PSTG	Pure Storage	Information Technology	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	Artificial Intelligence, cloud infrastructure, Data Management, data storage, Enterprise software, Flash Memory, recurring revenue, SaaS, subscription revenue, technology hardware	Login
-	Fund Letters	Spree Capital Advisers	CCI	Crown Castle Inc	Real Estate	Specialized REITs	Bull	NYSE	5G Networks, Artificial Intelligence, Data Consumption, Edge computing, operating leverage, REITs, telecommunications infrastructure, Wireless Carriers	Login
-	Fund Letters	Spree Capital Advisers	SBAC	SBA Communications Corp	Real Estate	Specialized REITs	Bull	NASDAQ	5G Networks, Artificial Intelligence, Data Consumption, Edge computing, operating leverage, REITs, telecommunications infrastructure, Wireless Carriers	Login
-	Fund Letters	Spree Capital Advisers	DHR	Danaher Corporation	Health Care	Health Care Equipment	Bull	NYSE	biologics, Bioprocessing, biotechnology, diagnostics, Healthcare Equipment, life sciences, Molecular Diagnostics, Monoclonal Antibodies, Razor-Blade Model, recurring revenue, Single-use Consumables, Spin-offs, transformation	Login
-	Fund Letters	Spree Capital Advisers	BLND	Blend Labs Inc	Software & Services	Application Software	Bull	NYSE	Banking Infrastructure, financial services, Fintech, market share gains, Mortgage Technology, operating leverage, platform, Pricing power, SaaS, Usage-Based Revenue	Login
-	Fund Letters	Spree Capital Advisers	DG	Dollar General Corporation	Consumer Discretionary	General Merchandise Stores	Bull	NYSE	Consumables, defensive, digital commerce, Discount Retailer, Distribution Automation, Margin recovery, Rural Markets, Sku-rationalization, turnaround, Value	Login
-	Fund Letters	Spree Capital Advisers	WCC	Wesco International	Capital Goods	Trading Companies & Distributors	Bull	NYSE	B2b, broadband, Communications, Distributor, Electrical, Electrification, infrastructure, Manufacturing Renaissance, market consolidation, Scale Player, secular growth, supply chain, Technology investment, utilities, Value-based pricing	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 6, 2024

Fund Letters

Spree Capital Advisers

TEAM

Atlassian Corporation

Software & Services

Application Software

Bull

NASDAQ

Artificial Intelligence, Customer Data, Enterprise software, SaaS, team collaboration, Value, Workflow Software

Jul 6, 2024

Fund Letters

Spree Capital Advisers

VEEV

Veeva Systems Inc

Software & Services

Application Software

Bull

NYSE

Clinical trials, CRM, Healthcare Technology, Life Sciences Software, Pharmaceutical, SaaS, Value

Jul 6, 2024

Fund Letters

Spree Capital Advisers

GOOGL

Alphabet Inc

Software & Services

Internet Software & Services

Bull

NASDAQ

Artificial Intelligence, autonomous vehicles, Cloud computing, machine learning, search engine, semiconductors, technology, Value

Jul 6, 2024

Fund Letters

Spree Capital Advisers

WDAY

Workday Inc

Software & Services

Application Software

Bull

NASDAQ

Enterprise software, financial planning, HCM, Human Resources, SaaS, technology, Value

Jul 6, 2024

Fund Letters

Spree Capital Advisers

The Trade Desk Inc

Software & Services

Internet Software & Services

Bull

NASDAQ

Ad Tech, digital advertising, Election Year, growth, platform, Programmatic, technology

Jul 6, 2024

Fund Letters

Spree Capital Advisers

PYPL

PayPal Holdings Inc

Software & Services

Data Processing & Outsourced Services

Neutral

NASDAQ

Apple Pay Competition, Braintree, Checkout, digital payments, Fintech, turnaround, Value

Jul 6, 2024

Fund Letters

Spree Capital Advisers

ADBE

Adobe Inc

Software & Services

Application Software

Bull

NASDAQ

Artificial Intelligence, Brand management, creative software, digital marketing, Enterprise software, Firefly, SaaS

Jul 6, 2024

Fund Letters

Spree Capital Advisers

CRM

Salesforce Inc

Software & Services

Application Software

Bull

NYSE

Artificial Intelligence, CRM, Customer Data, Enterprise software, platform, SaaS, Value

Jul 6, 2024

Fund Letters

Spree Capital Advisers

ADC

Agree Realty Corporation

Real Estate

Retail REITs

Bull

NYSE

dividend, Interest rates, REIT, Retail real estate, triple net lease, Value, Walmart

Jul 6, 2024

Fund Letters

Spree Capital Advisers

CrowdStrike Holdings Inc

Software & Services

Systems Software

Bull

NASDAQ

cloud-native, cybersecurity, Enterprise software, growth, platform, SaaS, technology

Apr 14, 2023

Fund Letters

Spree Capital Advisers

ACP.WA

Canadian Pacific Kansas City

Industrials

Railroads

Bull

NYSE

Canada, capital allocation, Equity, Industrial, infrastructure, merger, Mexico, Nearshoring, North America, oligopoly, operating leverage, railroads, synergies, Transportation

Fund Letters

Spree Capital Advisers

AMT

American Tower Corp

Real Estate

Specialized REITs

Bull

NYSE

5G Networks, Artificial Intelligence, Data Consumption, Edge computing, operating leverage, REITs, telecommunications infrastructure, Wireless Carriers

Fund Letters

Spree Capital Advisers

PSTG

Pure Storage

Information Technology

Technology Hardware, Storage & Peripherals

Bull

NASDAQ

Artificial Intelligence, cloud infrastructure, Data Management, data storage, Enterprise software, Flash Memory, recurring revenue, SaaS, subscription revenue, technology hardware

Fund Letters

Spree Capital Advisers

CCI

Crown Castle Inc

Real Estate

Specialized REITs

Bull

NYSE

5G Networks, Artificial Intelligence, Data Consumption, Edge computing, operating leverage, REITs, telecommunications infrastructure, Wireless Carriers

Fund Letters

Spree Capital Advisers

SBAC

SBA Communications Corp

Real Estate

Specialized REITs

Bull

NASDAQ

5G Networks, Artificial Intelligence, Data Consumption, Edge computing, operating leverage, REITs, telecommunications infrastructure, Wireless Carriers

Fund Letters

Spree Capital Advisers

DHR

Danaher Corporation

Health Care

Health Care Equipment

Bull

NYSE

biologics, Bioprocessing, biotechnology, diagnostics, Healthcare Equipment, life sciences, Molecular Diagnostics, Monoclonal Antibodies, Razor-Blade Model, recurring revenue, Single-use Consumables, Spin-offs, transformation

Fund Letters

Spree Capital Advisers

BLND

Blend Labs Inc

Software & Services

Application Software

Bull

NYSE

Banking Infrastructure, financial services, Fintech, market share gains, Mortgage Technology, operating leverage, platform, Pricing power, SaaS, Usage-Based Revenue

Fund Letters

Spree Capital Advisers

Dollar General Corporation

Consumer Discretionary

General Merchandise Stores

Bull

NYSE

Consumables, defensive, digital commerce, Discount Retailer, Distribution Automation, Margin recovery, Rural Markets, Sku-rationalization, turnaround, Value

Fund Letters

Spree Capital Advisers

WCC

Wesco International

Capital Goods

Trading Companies & Distributors

Bull

NYSE

B2b, broadband, Communications, Distributor, Electrical, Electrification, infrastructure, Manufacturing Renaissance, market consolidation, Scale Player, secular growth, supply chain, Technology investment, utilities, Value-based pricing

TICKER	COMMENTARY
DG	Dollar General is a discount retailer with a 20,000 store footprint that lies within five miles of 75% of the US population. Sales of $41 billion provide the scale and the expansive store footprint provides the network density that enables Dollar General to serve its rural customers with discounts of upwards of 40% compared to competitors. Despite a proven business model and a track record of profitable growth stretching back to 1939, Dollar General is trading near an all-time low valuation multiple due to several fixable missteps. Dollar General's missteps took root during the global pandemic. After a stimulus-fueled boom in consumer spending met with procurement challenges from supply chain disorder in 2021, Dollar General took on excess inventory to rectify what was then its largest out of stocks in over fifteen years. As consumer demand pulled back following the pandemic, Dollar General was stuck leasing expensive temporary warehouse space to house this inventory. Excess inventory was pushed to the stores to alleviate the pressure on temporary distribution centers, and stores had too much of the non-consumable inventory that customers did not want (18% of mix), and not enough of the high velocity consumable inventory (82% of mix) that customers did want. As store managers became bogged down with managing and stocking excess inventory, recent rollouts of self-checkout counters created the perfect storm for elevated shrink. Operating margins went from normalized levels of over eight percent to five percent, the multiple went from a premium to the market to a meaningful discount, and the board brought back the proven former CEO for a second act. With Dollar General, we see four paths to value creation.

TICKER

COMMENTARY

Dollar General is a discount retailer with a 20,000 store footprint that lies within five miles of 75% of the US population. Sales of $41 billion provide the scale and the expansive store footprint provides the network density that enables Dollar General to serve its rural customers with discounts of upwards of 40% compared to competitors. Despite a proven business model and a track record of profitable growth stretching back to 1939, Dollar General is trading near an all-time low valuation multiple due to several fixable missteps. Dollar General's missteps took root during the global pandemic. After a stimulus-fueled boom in consumer spending met with procurement challenges from supply chain disorder in 2021, Dollar General took on excess inventory to rectify what was then its largest out of stocks in over fifteen years. As consumer demand pulled back following the pandemic, Dollar General was stuck leasing expensive temporary warehouse space to house this inventory. Excess inventory was pushed to the stores to alleviate the pressure on temporary distribution centers, and stores had too much of the non-consumable inventory that customers did not want (18% of mix), and not enough of the high velocity consumable inventory (82% of mix) that customers did want. As store managers became bogged down with managing and stocking excess inventory, recent rollouts of self-checkout counters created the perfect storm for elevated shrink. Operating margins went from normalized levels of over eight percent to five percent, the multiple went from a premium to the market to a meaningful discount, and the board brought back the proven former CEO for a second act. With Dollar General, we see four paths to value creation.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Discount Retail

Logistics

E-commerce

FinTech

Mortgage

Telecom Infrastructure

AI

AI

Industrial Distribution

Electrification

Infrastructure Spending

Broadband

AI

Enterprise Software

Cybersecurity

Cloud

AI

Data Centers

Cloud

Biotechnology

Diagnostics

Life Science Tools

Railroads

Onshoring

Infrastructure Spending

Investor Pitches

Current Portfolio as of ( 31st March 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Thatcher Martin Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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