| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 4% | -4% |
| 2025 | 2024 | 2023 |
|---|---|---|
| 16.0% | 16.0% | 34.0% |
The Wolf of Harcourt Street delivered 16% returns in 2025, slightly underperforming the S&P 500's 17.2% but following strong performance of 34% in 2023 and 16% in 2024. The manager employs a contrarian approach, adding to high-quality companies during drawdowns. Key contributors included NU (+63%), ASML (+54%), and UBER (+36%). The portfolio experienced a weaker Q4 (-6.0% vs S&P +3.1%) after a strong start to the year. The manager added to Visa for the second consecutive month at 25x forward earnings, viewing it as reasonable for the quality. Uber was added to for the third month despite a 20% drawdown, with the manager disagreeing with market concerns about autonomous vehicle threats. Sea Limited is viewed as one of the most compelling opportunities, having delivered strong revenue growth and improved marketing efficiency with 5x ROI on incremental spending. Looking ahead to 2026, the manager sees the best opportunities in existing positions, particularly Sea Limited and MELI.
The manager focuses on high-quality companies trading at reasonable valuations, particularly during temporary drawdowns, with a contrarian approach to identifying opportunities when market sentiment diverges from fundamental strength.
Looking ahead to 2026, the manager continues to believe that some of the best opportunities in the market are already among the portfolio's largest positions, particularly SE and MELI.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 31 2025 | 2025 Q4 | MSFT, SE, UBER, V | drawdowns, growth, Quality, Reinvestment, valuation |
UBER SE |
Wolf of Harcourt Street delivered 16% returns in 2025, employing a contrarian approach by adding to quality companies during drawdowns. Despite Q4 weakness, the manager remains optimistic about Visa, Uber, and Sea Limited, viewing current valuations as attractive. The focus remains on high-quality businesses with strong fundamentals trading at reasonable multiples. |
| Oct 1 2025 | 2025 Q3 | AMZN, INPST, MELI, NIO, NU, RBRK, SE, TXN, UBER, V | E-Commerce, growth, Latin America, payments, Platforms, software, technology | - | Strong YTD outperformance of +23.4% vs S&P +13.7% driven by platform businesses with structural advantages. Added to InPost, MELI, and RBRK during selloffs. Portfolio focused on profitable, fast-growing companies benefiting from operating leverage. Cautiously optimistic outlook with plans to increase cash position and reduce holdings to 15 positions. |
| Jul 2 2025 | 2025 Q2 | ASML, HD, INPST.L, MELI, META, NIO, NU, SE, UBER | E-Commerce, Electric Vehicles, global, growth, semiconductors, technology |
UBER INPST.L SE ASML |
Portfolio delivered +20.4% in Q2 versus +10.4% for S&P 500, led by Uber, MercadoLibre, and Sea Limited. Manager added to Uber and InPost despite strong performance, citing continued undervaluation. Maintaining 4%+ cash due to caution from strong returns. Focus remains on undervalued growth companies with strong execution in technology and e-commerce sectors. |
| Jan 8 2025 | 2024 Q4 | 7203.T | commodities, fixed income, FX, Long/Short, Multi-Strategy, Systematic | - | Brummer Multi-Strategy gained 1.5% in September as systematic trend following and long/short equity strategies capitalized on global monetary easing. US TMT longs and European financials drove equity performance while systematic macro remained flat. China's massive stimulus package triggered double-digit gains in Chinese indices, supporting the broader risk-on environment. |
| Oct 1 2024 | 2024 Q3 | - | Debt, Fiscal, Geopolitical, inflation, productivity, tariffs, technology | - | Markets delivered strong YTD performance despite Q2 geopolitical tensions, but structural headwinds mount. US debt burden and tariff impacts create inflationary pressures while easy money era ends. Technology productivity gains offer solutions but risk reflation. Regional opportunities emerge in Germany's fiscal stimulus and China's property stabilization, though recession and inflation risks persist. |
| Jun 30 2024 | 2024 Q2 | FBTC, IEMG, IVE, IVW, IWM, IYZ, QQQ, SPY, VXUS, XLB, XLC, XLE, XLF, XLI, XLK, XLP, XLRE, XLU, XLV, XLY | diversification, Dollar, international, IPOs, tariffs, volatility | - | Mountain Vista emphasizes volatility as the price for superior returns after Q2's Liberation Day tariff shock and recovery. International stocks significantly outperformed U.S. markets while IPO activity surged. The manager maintains neutral positioning given elevated valuations but expects support from tax reform and potential rate cuts, favoring diversified portfolios including international exposure and alternative assets. |
| Apr 2 2024 | 2024 Q1 | AAPL, ADBE, AMZN, BSX, CRM, CSCO, ELUT, GOOGL, MDT, MDXH, META, MSFT, NVDA, ORCL, XERS, ZETA | AI, growth, healthcare, Pharmaceuticals, Rate Cuts, small caps, technology |
MDXH XERS ZETA ELUT |
Small-cap growth fund delivered +18-25% Q3 returns, outperforming benchmarks by focusing on healthcare overweight and high-growth companies. Portfolio includes prostate diagnostics leader MDxHealth, specialty pharma Xeris, and AI marketing platform Zeta Global. Manager sees attractive small-cap valuations at 16x earnings versus elevated mega-cap multiples, positioning for continued rate cuts benefiting smaller companies. |
| Jan 9 2024 | 2023 Q4 | 1211.HK, 8035.T, AMAT, AMZN, ASML, AVGO, BABA, BLK, CB, GOOGL, HUYA, ICE, LMT, LSEG.L, MDT, META, MSFT, NVDA, ORCL | AI, Bubble, China, Electric Vehicles, infrastructure, technology, Valuations |
BABA AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT HTHT MDT |
Emerald delivered 4.7% net returns in Q3 by capitalizing on undervalued Chinese companies like Alibaba while avoiding overpriced AI speculation. Technology valuations at 93rd percentile create dangerous conditions with little room for error. Manager maintains conservative discipline, viewing missed speculative gains as capital preservation premium, positioning for superior long-term returns through global value investing approach. |
| Sep 30 2023 | 2023 Q3 | ACOG, ACTU, AESI, ALMU, AXSM, BWAY, CVRX, DCTH, ELUT, FANG, GENI, GHM, KRT, MYO, NPCE, ODD, ORN, PESI, RNTX, UNIT | Biotechnology, defense, energy, healthcare, nuclear, SmallCap, Trade Policy | - | Small-cap healthcare-focused fund with 22 concentrated positions targeting recession-resistant companies with new products. Key themes include biotechnology with FDA approvals, medical devices awaiting reimbursement catalysts, defense contractors benefiting from Pacific Deterrence Initiative, and energy companies positioned for increased domestic production. Manager expects policy changes to drive real growth despite near-term tariff volatility. |
| Jul 1 2023 | 2023 Q2 | AGX, AXSM, GHM, ZETA | Advertising, AI, defense, energy, growth, small caps, technology |
AGX AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ ZETA AXSM |
Growth manager delivered 26-31% returns in 2024 versus 15% for Russell 2000 Growth, driven by AI power infrastructure, defense, and advertising technology themes. Optimistic on Trump policies creating ideal growth environment through lower taxes and regulation. Rebalancing large winners into new ideas while maintaining conviction in structural growth opportunities ahead. |
| Mar 31 2023 | 2023 Q1 | AGX, ZETA | Advertising, AI, growth, Natural Gas, small caps, technology, value |
ZETA AGX |
GROW Funds outperformed with 22% YTD returns by concentrating in small-cap growth stocks like Zeta Global and Argan, benefiting from AI infrastructure and advertising technology trends. The manager avoids overvalued large caps, focusing on attractive small-cap valuations while positioning for Fed rate cuts to drive business expansion and continued outperformance. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
PaymentsManager added to Visa position for second consecutive month, viewing 25x forward earnings as reasonable for a high-quality business. The multiple has already expanded to 28x in a short period, demonstrating the quality premium investors are willing to pay. |
Visa Valuation Quality |
E-commerceUber positioned as beneficiary of autonomous vehicle fragmentation rather than victim. Manager believes AV market will be fragmented with multiple winners, allowing Uber to leverage its global distribution network. Recent Baidu partnership in London validates this thesis. |
Uber Autonomous Distribution | |
GamingSea Limited highlighted as compelling opportunity despite 33% drawdown from September highs. Company delivered strong revenue growth and margin expansion across all three business segments, with particularly impressive sales and marketing efficiency improvements. |
Sea Limited Revenue Growth Efficiency | |
| 2025 Q3 |
E-commercePortfolio includes major e-commerce platforms like Mercado Libre expanding across Latin America with new wholesale platform and digital health services. InPost continues UK expansion with Aldi partnerships and Post Office trials for parcel lockers. |
Platforms Logistics Digital Expansion Lockers |
PaymentsMercado Pago hits 1M POS terminals in Mexico, doubling since September 2024 and rivaling traditional banking ecosystem. The network drives financial inclusion in a country where 40% remain unbanked. |
FinTech Inclusion POS Banking Mexico | |
CloudRubrik represents high-growth software business with accelerating revenue growth and positive free cash flow. Despite minor subscription ARR deceleration, the company posted fantastic quarter beating guidance and raising full-year expectations. |
Software SaaS Growth Subscription Infrastructure | |
| 2025 Q2 |
E-commerceInPost is disrupting European e-commerce logistics with its locker network expansion. The UK expansion is showing strong execution with major partnerships like Debenhams Group, handling up to £1.8 billion in gross merchandise volume. |
Logistics Europe Lockers Delivery Partnerships |
Electric VehiclesUber is positioned to benefit from autonomous vehicle industry fragmentation through partnerships with manufacturers like Volkswagen. The company serves as the operating layer connecting various robotaxi suppliers with its distribution network and infrastructure advantage. |
Autonomous Robotaxi Distribution Infrastructure Partnerships | |
SemiconductorsASML is positioned for an AI-fueled rebound with surging demand for EUV and High-NA tools. S&P Global projects revenue growth from €32 billion in 2025 to €52 billion by 2030, potentially reaching EPS of over €50. |
EUV High-NA AI Revenue Growth Valuation | |
| 2024 Q4 |
RatesCentral banks globally eased monetary policy with the ECB cutting rates and the Fed delivering a steeper than expected 50 basis point cut, signaling the beginning of the end of the high interest rate regime. This drove sovereign bond yields lower overall and supported risky asset rallies. |
Central Banks Fed ECB Monetary Policy Bond Yields |
ChinaThe PBOC and Politburo unveiled China's largest stimulus package since the pandemic, consisting of rate cuts and lowered reserve requirement ratios for banks. This caused the Hang Seng and Shanghai composite indices to skyrocket into double-digit territory in a matter of days. |
PBOC Stimulus Hang Seng Shanghai Composite Reserve Requirements | |
| 2024 Q3 |
TariffsEffective tariff rate around 15% based on negotiations. Tax Foundation study shows negative GDP impact with conventional, dynamic, and tit-for-tat scenarios. Tariffs are inflationary and will pressure supply-side economics. |
Trade Policy Inflation GDP |
DebtUS debt reaching 125-130% of GDP, well above the 90% threshold considered sustainable. Debt servicing costs now over 3% of US GDP. Rising hurdle rates as easy money era ends pose systemic risks. |
Fiscal Policy Interest Rates GDP | |
AITechnology applications improving productivity across healthcare, defense, agriculture and industry. AI-productivity surge could create Goldilocks scenario but also reignite inflation. China developing AI and robotics exceptionalism. |
Productivity Technology Innovation | |
InflationKey risk from trade-driven supply shocks plus fiscal loosening. Oil price collapse helps reverse inflationary concerns. Resurgent inflation identified as major risk alongside potential AI-driven reflation. |
Supply Shocks Fiscal Policy Energy | |
| 2024 Q2 |
VolatilityThe manager emphasizes that volatility is the price of admission for superior long-term returns, citing the extreme market swings in April when the S&P 500 and Nasdaq 100 dropped 11% before recovering. Historical analysis shows strong returns following rapid market declines and near bear markets. |
VIX Market Swings Corrections Recovery Risk Management |
Trade PolicyPresident Trump's announcement of reciprocal tariffs on Liberation Day triggered significant market volatility, with the subsequent 90-day pause providing relief. The manager views this as a self-inflicted policy wound that could be quickly reversed and notes the impact on dollar weakness and international outperformance. |
Tariffs Liberation Day Policy Risk Dollar Weakness International | |
Capital MarketsIPO activity is showing strong momentum with 100 IPOs in the first half of 2025, potentially making it the most prolific year since 2021. Notable IPO performances include CoreWeave rising 359% and Circle gaining nearly 900% from offering prices, signaling healthy capital market conditions. |
IPOs Public Markets CoreWeave Circle Issuance | |
| 2024 Q1 |
HealthcareThe fund has shifted portfolios towards an overweight in healthcare which is both offensive and defensive. These companies have new products addressing large market opportunities and are nondiscretionary and less economically sensitive. Pharmaceuticals are positioned to take advantage of novel therapies addressing large market opportunities. |
Pharmaceuticals Diagnostics Medical Devices Biotechnology Healthcare |
AIThe magnificent 7 stocks have invested hundreds of billions into AI infrastructure and training models hoping to win the AI race. The outcome remains unknown with no killer app demonstrating high ROI yet. Recent partnerships remind of the dot com era with vendor financing creating false revenue growth. |
Artificial Intelligence Infrastructure Technology Software Cloud | |
Small CapsSmall and mid-cap stocks are trading for 16x earnings, considerably less than large and mega-cap stocks. Small companies have typically outperformed during rate cutting cycles. The fund focuses on small-cap growth opportunities with strong fundamentals. |
Small Cap Value Growth Outperformance Fundamentals | |
| 2023 Q4 |
AIThe dominant narrative driving markets is the transformative potential of artificial intelligence, leading to massive infrastructure investments by cloud computing leaders and enterprises developing large language models. However, the gap between infrastructure spending and revenue-generating applications remains concerning, with current fundamentals at risk of rapid deterioration if practical, monetizable end-uses don't materialize quickly enough. The manager owns AI infrastructure companies like ASML, Tokyo Electron, and Applied Materials, while also investing in Alibaba's Qwen LLM platform integrated with cloud infrastructure. |
Data Centers Cloud Semiconductors Infrastructure LLM |
ChinaThe manager initiated positions in three Chinese companies during the quarter, reflecting attractive valuations after years of market consolidation while underlying businesses developed their franchises and expanded profitability. The regulatory environment has shifted dramatically since 2023, with Beijing moving from crackdown to active support, creating a more conducive framework. Meanwhile, 15 years of US market outperformance has left valuations at record levels, making China an attractive alternative for compelling investment ideas. |
Regulatory Valuations E-commerce Hotels Electric Vehicles | |
Electric VehiclesBYD has emerged as the global leader in electric and hybrid vehicles, delivering 4.3 million units in 2024 through deep vertical integration that provides a 15-25% cost advantage over legacy automakers. The company commands 35% of China's EV market and 30% of its battery market, with successful expansion underway in South Asia and Latin America. The stock trades at over 7% normalized earnings yield despite double-digit growth potential, as price competition temporarily pressures margins. |
Battery Supply Chain Vertical Integration Cost Advantage Market Share | |
ValuationsTechnology sector valuations have reached nosebleed levels, with the S&P 500's price-to-earnings multiple now ranking at the 93rd historical percentile. This creates a dangerous situation with little room for error, as much of the anticipated value is already priced in, meaning even modest disappointments could trigger significant corrections. The manager remains deliberately cautious with forecasts and valuations, accepting that their conservative approach will not keep pace with stocks propelled by speculative fervor. |
Risk Appetite Bubble Technology Speculation | |
| 2023 Q3 |
BiotechnologyThe fund holds multiple biotech positions including Alpha Cognition with FDA-approved Alzheimer's drug ZUNVEYL, Actuate Therapeutics in Phase 2 trials for pancreatic cancer, Axsome with CNS treatments, and Rein Therapeutics developing pulmonary fibrosis therapies. These companies target large addressable markets with significant revenue potential. |
Alzheimer's Oncology CNS FDA Approval Clinical Trials |
Medical DevicesStrong positioning in medical device companies including CVRx's heart failure device Barostim awaiting permanent reimbursement, NeuroPace's epilepsy neurostimulation system, Myomo's powered arm braces, and TELA Bio's hernia repair mesh. These companies address large markets with innovative solutions and potential for market share gains. |
Heart Failure Epilepsy Neurostimulation Hernia Repair Reimbursement | |
EnergyThe fund benefits from increased US energy production through positions in Diamondback Energy (top 3 Permian producer) and Atlas Energy Solutions (largest proppant provider in Permian). Both companies would benefit from the administration's affordable energy policies and increased domestic fossil fuel production. |
Permian Basin Oil Production Proppant Energy Policy | |
DefenseGraham Corporation supplies critical propulsion equipment exclusively to US Navy nuclear submarines under the Pacific Deterrence Initiative. The company has transformed from cyclical to predictable with $385 million backlog and projected $1.2-1.4 billion revenue from submarine buildouts through 2050. Orion Group won $435 million Pearl Harbor contract with additional multi-billion Navy RFPs pending. |
Nuclear Submarines Navy Contracts Pacific Deterrence Defense Infrastructure | |
Trade PolicyThe manager disagrees with tariffs from an economic freedom perspective, citing Henry Hazlitt's analysis of unintended consequences including higher consumer costs and reduced efficiency. However, acknowledges current tariff proposals aim to strengthen supply chain sovereignty and negotiate fair trade globally, particularly to balance trade with China. |
Tariffs Supply Chain China Trade Economic Freedom | |
NuclearPerma-Fix Environmental Services is positioned for transformative growth from nuclear waste cleanup opportunities including the Hanford site cleanup beginning August 2025, which should add $70 million annual revenue for minimum 10 years. The company also won subcontractor position on $3 billion West Valley cleanup contract. |
Nuclear Waste Hanford Cleanup Environmental Services DOE Contracts | |
| 2023 Q2 |
AIAI is driving demand for power infrastructure as companies like Microsoft and Meta build new data centers that consume extreme amounts of power. Investment in Artificial Intelligence is creating demand in the supply chain including chips, software, and electricity, while ultimately improving efficiency as a deflationary force. |
Data Centers Power Infrastructure Efficiency |
DefenseThe U.S. has created the Pacific Deterrence Initiative specifically aimed at deterring potential aggression from China by bolstering military presence and infrastructure. The U.S. is growing and upgrading its fleet of Columbia and Virginia Class Nuclear Submarines with buildouts expected to last through 2050. |
Submarines China Military Infrastructure | |
Energy TransitionThe retirement of coal-fired power plants is driving a multi-year cycle of new natural gas fired power plant construction. Tightening environmental regulation and favorable economics are propelling this transition in the power generation sector. |
Natural Gas Coal Power Plants Environmental | |
AdvertisingMarketing technology companies are benefiting from multiple market tailwinds in the advertising industry. AI-powered platforms help companies market more efficiently by targeting ads based on specific demographics across all channels including email, social media, web, chat, connected TV and video. |
Marketing Technology Demographics Channels | |
| 2023 Q1 |
AIAI is driving power demand for data centers, creating opportunities for companies like Argan that build natural gas power plants. Microsoft and Meta are building new AI data centers that consume extreme amounts of power, straining current grid capacity. |
Data Centers Power Grid Infrastructure |
AdvertisingZeta Global benefits from multiple tailwinds in the advertising industry through their AI-powered marketing technology platform. They help companies target ads more efficiently and are taking market share from competitors like Adobe, Salesforce, and Oracle. |
Marketing Technology Software Targeting | |
Natural GasNatural gas power plant construction is driven by coal plant retirements and AI data center power needs. Argan builds these plants for utilities, with a project backlog of $800 million and visibility to $2 billion. |
Power Plants Construction Utilities Infrastructure | |
Small CapsThe manager focuses on small and mid-cap stocks where valuations are most attractive and below historical averages. They believe these stocks have room to outperform large caps given valuation differences. |
Valuations Outperform Growth Opportunity |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | Fund Letters | Wolf of Harcourt Street | UBER | Uber Technologies, Inc. | Consumer Discretionary | Ride Sharing & Delivery | Bull | New York Stock Exchange | Autonomy, network, Platforms, profitability, Ridesharing | Login |
| Dec 31, 2025 | Fund Letters | Wolf of Harcourt Street | SE | Sea Limited | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | ecommerce, efficiency, Fintech, Margins, Reinvestment | Login |
| Sep 30, 2025 | Fund Letters | The Wolf of Harcourt Street | ELUT | Elutia Inc. | Health Care | Health Care Equipment & Supplies | Bear | NASDAQ | Asset Sale, Cardiac Devices, exit, Management Disappointment, Medical devices, Poor Execution | Login |
| Sep 30, 2025 | Fund Letters | The Wolf of Harcourt Street | ZETA | Zeta Global Holdings Corp. | Communication Services | Interactive Media & Services | Bull | NYSE | advertising technology, AI, Cookie-free, market share gains, Martech, Software, undervalued | Login |
| Sep 30, 2025 | Fund Letters | The Wolf of Harcourt Street | MDXH | MDxHealth | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, diagnostics, growth, healthcare, Medical devices, Prostate Cancer, undervalued | Login |
| Sep 30, 2025 | Fund Letters | The Wolf of Harcourt Street | XERS | Xeris Pharmaceuticals Inc. | Health Care | Pharmaceuticals | Bull | NASDAQ | commercial execution, Cushing's Syndrome, growth, high margins, pharmaceuticals, rare disease, Specialty pharma | Login |
| Jul 2, 2025 | Fund Letters | The Wolf of Harcourt Street | UBER | Uber Technologies Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | autonomous vehicles, Distribution, infrastructure, network effects, platform, ride-hailing, robotaxi, technology | Login |
| Jul 2, 2025 | Fund Letters | The Wolf of Harcourt Street | ASML | ASML Holding NV | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Chip Manufacturing, Euv, High-NA tools, Lithography, Netherlands, semiconductors, Technology equipment | Login |
| Jul 2, 2025 | Fund Letters | The Wolf of Harcourt Street | SE | Sea Limited | Communication Services | Interactive Media & Services | Bull | NYSE | e-commerce, Emerging markets, Fintech, Gaming, Growth investing, margin expansion, revenue acceleration, Southeast Asia | Login |
| Jul 2, 2025 | Fund Letters | The Wolf of Harcourt Street | INPST.L | InPost SA | Industrials | Air Freight & Logistics | Bull | LSE | Automated, Disruptor, E-commerce logistics, European expansion, Last-mile Delivery, Network expansion, Parcel Lockers, UK market | Login |
| Sep 30, 2025 | Fund Letters | The Wolf of Harcourt Street | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Artificial Intelligence, China, Cloud computing, digital infrastructure, e-commerce, LLM, regulatory support, Value | Login |
| Sep 30, 2025 | Fund Letters | The Wolf of Harcourt Street | AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT | BYD Company Limited | Consumer Discretionary | Automobiles | Bull | HKEX | automotive, battery technology, China, Cost advantage, Electric Vehicles, growth, Value, vertical integration | Login |
| Sep 30, 2025 | Fund Letters | The Wolf of Harcourt Street | HTHT | H World Group Limited | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | China, Franchising, Hotels, market share, Middle Class, technology, Unit economics, Value | Login |
| Sep 30, 2025 | Fund Letters | The Wolf of Harcourt Street | MDT | Medtronic plc | Health Care | Health Care Equipment & Supplies | Bull | NYSE | healthcare, innovation, Medical devices, operating leverage, R&D, spin-off, turnaround, Value | Login |
| Feb 10, 2024 | Fund Letters | The Wolf of Harcourt Street | AGX | Argan Inc. | Industrials | Construction & Engineering | Bull | NYSE | AI data centers, dividend, energy transition, Industrial Construction, infrastructure, natural gas, Power Plants, utilities | Login |
| Feb 10, 2024 | Fund Letters | The Wolf of Harcourt Street | AEO|ASH|ASUR|AZZ|DCO|FA|FBIN|GHM|LEU|NSP|RRR|UTZ | Graham Corp. | Industrials | Machinery | Bull | NYSE | backlog, Defense Contractor, Industrial Equipment, Monopoly, Navy, Nuclear Submarines, Pacific Deterrence, transformation | Login |
| Feb 10, 2024 | Fund Letters | The Wolf of Harcourt Street | ZETA | Zeta Global Holdings Corp. | Communication Services | Interactive Media & Services | Bull | NYSE | advertising, AI, buyback, Cookie-less, market share, Marketing Technology, SaaS, Short Attack | Login |
| Feb 10, 2024 | Fund Letters | The Wolf of Harcourt Street | AXSM | Axsome Therapeutics Inc. | Health Care | Biotechnology | Bull | NASDAQ | acquisition target, Alzheimer’s, biotechnology, CNS, Depression, FDA approval, Migraine, pipeline | Login |
| Oct 1, 2024 | Fund Letters | The Wolf of Harcourt Street | ZETA | Zeta Global Holdings Corp. | Information Technology | Application Software | Bull | NASDAQ | advertising technology, Artificial Intelligence, Cookie-free Platform, market share gains, Martech, Revenue Growth, SaaS, valuation discount | Login |
| Oct 1, 2024 | Fund Letters | The Wolf of Harcourt Street | AGX | Argan Inc. | Industrials | Construction & Engineering | Bull | NYSE | AI infrastructure, Coal Retirement, construction, data centers, dividend, energy transition, Natural Gas Power Plants, Power Grid, Zero Debt | Login |
| TICKER | COMMENTARY |
|---|---|
| MSFT | I highlighted Microsoft last month but did not take action, as I felt Visa and Uber offered more attractive opportunities at the time. Microsoft continues to trade at around 29x forward earnings, a level that has historically provided reasonable entry points since the stock re rated higher. I remain underweight Microsoft in the portfolio despite significant appreciation from my original cost basis, and it is a name I am watching closely as we head into 2026. |
| SE | 2025 has been a rollercoaster year for Sea Limited. At one point in September, the stock was up 85% YTD. At the time of writing, it sits in a 33% drawdown, yet still shows gains of 22% for the year, comfortably outperforming the broader market. I believe SE is one of the more compelling opportunities within the existing portfolio. The company delivered strong revenue growth and meaningful margin expansion in 2025, with all three business segments accelerating key performance indicators. The metric that stood out most to me was Sales and Marketing efficiency. Historically, SE was often criticised for subsidising growth, with incremental S&M spend exceeding incremental revenue. Over the past five quarters, that dynamic has flipped decisively. In Q3 alone, SE invested an additional $141 million in S&M and generated $727 million in incremental revenue, a roughly 5x return on investment. When I see a business with a reinvestment runway like this, I want management to reinvest aggressively. |
| UBER | I went a step further with Uber and added to my position for the third consecutive month. For much of 2025, I regretted the size of my initial position, which I opened in December 2024 shortly before the stock moved sharply higher. While Uber is now in a roughly 20% drawdown over the past two months, the fundamentals remain as strong as ever. The narrative that autonomous vehicles pose an existential threat to Uber has resurfaced, and this is where my view diverges from the market. I believe autonomous vehicles will evolve into a highly fragmented market with multiple winners rather than a single dominant player. In that scenario, Uber is well positioned to leverage its global distribution network and infrastructure. We saw further evidence of this fragmentation recently, as Baidu announced plans to launch driverless taxi trials in the UK next year in partnership with Uber and Lyft. As part of the agreement, Baidu's Apollo Go RT6 vehicles will join the London networks of both platforms in 2026. This marks the first direct competition between U.S. and Chinese autonomous players in a European capital, following Waymo's recent supervised testing in the city. UBER was listed as +36% among top contributors YTD. |
| V | I added to my position in Visa for the second month in a row. Paying 25x forward earnings for a business of this quality feels very reasonable. The multiple has already expanded to almost 28x in a relatively short period. With stable, high quality businesses like this, I try to add near the lower end of their historical valuation range. Sometimes there is no need to overcomplicate things. |
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