| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 8.43% | 0.75% |
The Insiders Fund returned 8.43% in Q2 2026 but underperformed the S&P 500's 15.2% quarterly gain, primarily due to a 30% concentration in Alphabet that backfired when the company announced an $80 billion dilutive capital raise to fund data center expansion. The manager believes hyperscaler claims of limitless AI compute demand are false, evidenced by Meta selling excess capacity and SpaceX leasing surplus infrastructure. The fund sold major semiconductor positions (AMD, Intel, Micron, Applied Materials, Lam Research) too early, missing significant appreciation. Capital has been reallocated toward companies with active insider buying across healthcare, energy, and industrial automation. Energy Transfer remains the largest position, benefiting from natural gas demand for AI data centers and favorable LNG export dynamics. The portfolio is positioned for anticipated interest rate cuts and a rotation away from concentrated AI infrastructure plays. The manager acknowledges mistakes but emphasizes risk management to prevent permanent capital impairment, with 38% now allocated to smaller growth opportunities backed by insider conviction.
The Insiders Fund follows corporate insider buying as a primary signal that insiders possess knowledge the efficient market hypothesis hasn't fully priced in, while actively managing concentration risk to ensure no single mistake permanently impairs partner capital.
The manager expects a two-speed market to persist until interest rates ease enough to allow consumer-driven sectors to capitalize on lower input costs from declining oil prices. The structural relief that cheaper energy should provide is currently trapped in the gridlock of restrictive monetary policy. Fighting the hyperscaler capex trend has proven futile as it remains the only true engine of growth, but relying entirely on a single supply chain leaves portfolios heavily exposed to capital spend fatigue. The fund has reallocated to broader market participation, reducing exposure to the anticipated AI bubble while positioning for a rotation into healthcare, energy, and other sectors when macro conditions improve. The manager believes silicon will continue to reign supreme in the near term, but everything else waits for cross-currents to settle.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 15 2026 | 2026 Q2 | AAPL, ABT, AMAT, AMD, COR, ET, GEHC, GOOG, IBB, INTC, LLY, LRCX, META, MU, NVDA, PODD, POOL, ROK, TSLA, TSM | AI, energy, healthcare, insider buying, Onshoring, semiconductors, value | - | The Insiders Fund underperformed in Q2 2026 after Alphabet's $80 billion dilutive capital raise torpedoed a 30% position. The manager believes AI compute demand is overstated and sold semiconductor holdings to redeploy into insider-buying opportunities across healthcare, energy, and industrials. Energy Transfer leads as the top holding for data center natural gas exposure. Portfolio repositioned for rate cuts and rotation beyond AI infrastructure concentration. |
| Apr 10 2026 | 2026 Q1 | ABT, ADPT, AMAT, BA, BSM, CME, DXCM, ET, GOOG, INTC, KKR, LSCC, MSCI, NVDA, PODD, POOL, ROK, TPC, TREX, TTD | AI, Automation, defense, energy, Geopolitical, healthcare, Onshoring, semiconductors | - | The Insiders Fund targets insider-validated opportunities across five structural themes: semiconductors, AI automation, onshoring, defense, and healthcare demographics. Despite Q1 losses from Iran war volatility, the fund maintains conviction in positions like Alphabet, Energy Transfer, and Rockwell Automation. Successful Intel trade generated 133% returns. Portfolio remains fully invested with defensive positioning through covered calls and selective additions. |
| Jan 30 2026 | 2025 Q4 | AMAT, AMD, APPF, AXON, ET, GOOGL, INTC, LLY, LRCX, MRVL, NKE, NSC, NUE, ROK | AI, Automation, Industrial, Manufacturing, Onshoring, semiconductors, technology |
GOOG ET APPF AMAT ROK NUE MRVL INTC NSC |
The Insiders Fund returned 30.83% in 2025, outperforming the S&P 500 by 13 percentage points. The strategy focuses on three interconnected themes: semiconductor onshoring, Physical AI/robotics, and domestic manufacturing reshoring. Major positions include Alphabet (30%), semiconductor equipment companies, and industrial automation plays. The manager expects increased volatility in 2026 but remains confident in the long-term structural themes. |
| Oct 20 2025 | 2025 Q3 | AMAT, AMD, APPF, AXON, ET, GOOG, INTC, LLY, LRCX, MRVL, ROK | AI, energy, growth, healthcare, insider buying, semiconductors, technology, value |
GOOG ET AXON ROK APPF LLY AMAT INTC AMD MRVL GOOG ET AXON ROK APPF LLY AMAT INTC AMD MRVL |
The Insiders Fund capitalized on AI semiconductor boom with 21.37% YTD returns, led by Alphabet's 28% quarterly outperformance and strong semiconductor positions. Heavy insider buying validated AI infrastructure thesis while government industrial policy supports domestic chip production. Manager expects modest gains ahead in late-cycle environment, favoring quality names with insider conviction over stretched momentum plays. |
| Aug 4 2025 | 2025 Q2 | AMAT, AMD, AMZN, APPF, BRKR, ET, GOOG, GRAL, INBX, LULU, MRVI, ROK, SBGI, ZBRA | AI, Automation, energy, healthcare, insider buying, technology, value |
GOOG ET ROK GRAL APPF LULU AMZN AMD ZBRA SBGI |
The Insiders Fund posted strong Q2 returns of 5.27% while outperforming during market volatility. Heavy technology concentration driven by AI opportunities and insider buying conviction, particularly in Alphabet and AMD. Reduced healthcare exposure due to regulatory headwinds. Portfolio 95% invested despite tariff concerns, positioned for continued strength with declining rates and favorable market conditions. |
| Apr 12 2025 | 2025 Q1 | ADBE, APPF, COP, CYH, DVN, ET, GRAL, INBX, LLY, LULU, LUV, MPLX, MSCI, MSFT, ROK, SNBR, ZBRA | Automation, concentrated, energy, healthcare, insider buying, tariffs, technology |
GRAL ET MSCI ADBE APPF ZBRA ROK INBX |
The Insiders Fund navigates tariff-driven market volatility with 16% cash and concentrated positions in healthcare innovation, energy infrastructure, and automation. After reducing China exposure and harvesting Grail gains, the manager awaits insider buying signals to deploy capital, expecting Fed rate cuts and market recovery driven by historical insider buying patterns that mark bear market bottoms. |
| Jan 20 2025 | 2024 Q4 | BIOHAVEN, CARR, COP, CRK, DVN, EQT, ET, GRAL, INBX, LBRT, LLY, LULU, LUV, MSFT, RXST, SEDG, SMCI, SNBR, TMCI | AI, Biotechnology, Concentration, energy, Insider Trading, Long/Short, value | - | Concentrated insider-focused fund underperformed in 2024 with 7.55% returns versus S&P's 23.3%. Energy Transfer led gains on Trump LNG policies. Portfolio spans energy infrastructure, biotechnology, and AI themes. Manager sees stretched valuations at 30% premium to historical averages with anemic insider buying. Expects increased trading given speculative market conditions while seeking long-term opportunities. |
| Sep 30 2024 | 2024 Q3 | - | Insider Trading, Long/Short, small caps, value | - | Long-short equity fund tracking insider buying and selling via SEC Form 4 filings. Strong long-term track record with 11.06% annualized returns since inception, but significantly underperforming in 2024 with 1.24% YTD versus S&P 500's 22.08%. Strategy assumes management knows best when to invest their own money. |
| Jul 31 2024 | 2024 Q2 | - | Equity, Insider Trading, Long/Short, small caps, value | - | Long-short equity fund investing alongside management using SEC insider trading filings as primary screen. Strong long-term track record with 11.21% annualized returns since 2001, but significantly underperforming in 2024 with 1.88% YTD versus S&P 500's 15.29%. Strategy historically excels in bear markets. |
| Apr 20 2024 | 2024 Q1 | AAPL, AMZN, AXON, CRK, DELL, DVN, ET, GOOGL, HR, ILMN, INTC, MSFT, MU, NVDA, ORCL, PEAK, QCOM, RXRX, SEDG, XOM | AI, energy, insider buying, Natural Gas, semiconductors, technology | - | The Insiders Fund underperformed in Q1 but positions aggressively around AI transformation, with Microsoft as the top holding. Manager believes companies must invest in AI or face obsolescence, driving massive technology capex. Maintains energy exposure betting hydrocarbons remain irreplaceable for decades. High conviction in current portfolio despite global political risks and speculative market conditions. |
| Dec 31 2023 | 2023 Q4 | - | Equity, Insider Trading, Long/Short, value | - | Long-short equity fund investing alongside corporate insiders using SEC Form 4 filings as primary screen. Generated 3.42% in 2023, underperforming S&P 500 by 22.87%. Since 2001 inception, delivered 11.38% annualized returns versus S&P 500's 7.79%, with particular strength during market stress periods. |
| Sep 30 2023 | 2023 Q3 | - | Equity, Insider Trading, Long/Short, value | - | The Insiders Fund tracks SEC insider trading filings to invest alongside management, believing executives know their businesses best. Despite Q3 2023 underperformance (-2.60% vs S&P 500), the strategy has delivered 11.38% annualized returns since 2001 inception versus 7.36% for the benchmark, validating the long-term insider following approach. |
| Mar 31 2023 | 2023 Q1 | - | - | - | |
| Nov 1 2023 | 2022 Q4 | ALB, CF, CME, CRK, ET, MOS, NSA, RKT, SD, UAL, UPLD | - | - | |
| Dec 11 2022 | 2022 Q3 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIManager believes hyperscaler claims of near-limitless demand for AI compute are false narratives. Meta is discussing selling excess computing capacity and SpaceX leased surplus AI data center capacity to Anthropic and Alphabet. The fund sold major positions in AI semiconductor plays (AMD, Intel, Micron, Marvel, Applied Materials, Lam Research) for a fraction of today's prices and is actively reducing exposure to what they view as an impending AI bubble. |
Data Centers Semiconductors Cloud Hyperscalers |
SemiconductorsThe semiconductor index (SOX) recorded its strongest quarter since inception. Manager acknowledges technological transitions often lead to overcapacity and believes peak valuation is approaching. Despite this, Intel is held as a strategic reshoring play given TSMC's dominance and geopolitical risks around Taiwan. The fund previously owned major semiconductor positions but sold them early. |
Chip Manufacturing Foundries Semi Equipment Taiwan | |
Insider BuyingThe fund's core strategy focuses on companies with active insider buying, believing corporate insiders possess knowledge the efficient market hypothesis hasn't fully priced in. Significant insider purchases are highlighted across multiple holdings including Abbott, GE Healthcare, Insulet, Cencora, and Pool Corp. The manager views insider buying as a key signal for capital allocation decisions. |
Corporate Insiders Capital Allocation Value | |
EnergyEnergy Transfer is the fund's largest position, benefiting from record throughput and a strategic shift to provide natural gas for AI-focused data centers. Management is reviewing requests to connect approximately 200 data centers across 14 states. The war with Iran and disruption of LNG flows from Qatar has positioned U.S. LNG supplies favorably for new contracts globally. |
Natural Gas Pipelines LNG Midstream | |
OnshoringRockwell Automation was identified early as a primary beneficiary of the administration's desire to bring manufacturing jobs back to the U.S. through intense automation to compete against lower wages abroad. Intel represents a critical entity in domestic semiconductor fabrication, making reshoring of semiconductor manufacturing an essential priority. The fund views automation and domestic chip production as secular tailwinds. |
Manufacturing Automation Reshoring Industrial Policy | |
HealthcareThe fund holds multiple healthcare positions including Abbott (Dividend King with 50+ years of dividend increases), Insulet (wearable drug delivery platform), GE Healthcare (imaging and diagnostics with AI capabilities), and Cencora (pharmaceutical distribution monopoly). Manager believes the market will rotate into broader sectors beyond AI infrastructure, with healthcare positioned as a beneficiary. Biotech drug discovery is expected to be a main beneficiary of AI capital investment. |
Medical Devices Pharmaceuticals Diagnostics Biotechnology | |
Interest RatesElevated interest rates are acting as a persistent headwind that neutralizes the benefits of cheaper oil prices. This financial friction dampens consumer enthusiasm and tightens credit conditions, leaving the broader economy unable to find its footing. The manager expects that when oil prices drop as the Iran war winds down and inflation cools, Trump will pivot toward the domestic economy and the housing sector will take off when the market anticipates a drop in interest rates. |
Monetary Policy Housing Consumer Spending | |
DividendsThe fund emphasizes dividend-paying quality companies, particularly Abbott Laboratories as a Dividend King with over 50 consecutive years of dividend increases. Energy Transfer offers a 6.98% dividend yield with inflation-protected cash flows. Pool Corp recently increased its quarterly dividend by 4% to $1.30 per share alongside expanding its share repurchase program. |
Income Dividend Growth Cash Flow | |
| 2026 Q1 |
AIThe fund targets AI-enabled automated factories and physical AI as a core structural theme. Applied Materials benefits from AI chip manufacturing demand, while Rockwell Automation integrates NVIDIA's technology for industrial intelligence and factory digitization. |
Automation Semiconductors Industrial Manufacturing Physical AI |
DefenseThe US as primary global arms manufacturer due to increased geopolitical risk represents a new structural theme. Boeing won the Air Force's Next Generation Air Dominance program, and the Iran war is driving defense spending opportunities. |
Aerospace Defense Spending Geopolitical Military Government | |
OnshoringEconomic onshoring of vital industries including semiconductors, pharmaceuticals, and energy is a core structural theme. Intel's role as sole US defense silicon chip foundry exemplifies this trend, supported by national security considerations. |
Manufacturing National Security Supply Chain Domestic Reshoring | |
SemiconductorsDomestic semiconductor capacity is a foundational theme driving investments in Applied Materials and Intel. The fund sees secular demand from AI chips, advanced packaging, and foundry upgrades despite trade restrictions. |
Chip Manufacturing Foundries Equipment Technology National Security | |
Energy TransitionEnergy Transfer benefits from AI infrastructure buildout through natural gas supply to power-hungry data centers. The company is reviewing requests to connect approximately 200 data centers across 14 states. |
Natural Gas Data Centers Infrastructure Power AI | |
DiabetesDiabetes care represents a golden healthcare opportunity with aging demographics. DexCom and Insulet target expanding markets including Type 2 diabetes and Medicare coverage expansion for continuous glucose monitoring. |
Medical Devices Healthcare Aging Technology Monitoring | |
| 2025 Q4 |
E-commerceCarvana was the top performer as a vertically integrated e-commerce platform for used cars. The company eliminates traditional dealerships and provides a haggle-free experience with vast nationwide inventory. With less than 2% market share, Carvana has a long runway of profitable growth ahead. |
Used Cars Digital Platform Market Share |
Energy TransitionTalen Energy was a major contributor for the third consecutive year as an independent power producer owning nuclear facilities. The company expanded its relationship with Amazon Web Services to provide carbon-free energy for data centers and acquired gas-fired power plants for $3.8 billion. |
Nuclear Power Data Centers Carbon-free Energy | |
AIAI was mentioned as a major market theme driving performance, with South Korea's semiconductor industry benefiting from the AI boom. The manager notes market crowding around the tech/AI theme as a challenge for active managers in 2025. |
Semiconductors Market Theme | |
| 2025 Q3 |
AIThe fund attributes its biggest gains to heavy concentration in the AI technology investment boom. Several key positions were supported by insider buying in semiconductor companies like AMD, Applied Materials, and Marvell Technologies. The manager views AI as driving secular demand for chips, advanced packaging, and memory capex globally. |
Semiconductors Data Centers GPUs Cloud Chips |
SemiconductorsMultiple semiconductor holdings including Applied Materials, AMD, Intel, and Marvell Technologies form core positions. The manager sees these as leveraged plays on AI and data center growth, with secular tailwinds from advanced packaging, memory upgrades, and foundry expansion despite near-term export control headwinds. |
Semi Equipment Memory Foundries AI Export Controls | |
Industrial PolicyThe fund benefits from U.S. government industrial policy, particularly the CHIPS Act and government investment in Intel. The manager notes Intel's national importance preventing its demise, reinforced by the U.S. Government's golden share investment and strategic positioning for U.S. semiconductor leadership. |
CHIPS Act Government Investment Onshoring National Security | |
EnergyEnergy Transfer represents the second-largest holding as a midstream energy infrastructure play. The manager views it as a tollbooth on America's energy highways with regulated contracts, inflation-protected cash flows, and growing interest from tech companies planning AI data centers requiring reliable energy infrastructure. |
Midstream Pipelines Natural Gas Infrastructure Data Centers | |
| 2025 Q2 |
AIThe fund views AI as a transformative force driving investment opportunities, particularly in semiconductors and cloud computing. Google's AI capabilities and AMD's GPU processors are positioned to benefit from the generative AI revolution. The manager sees AI disruption fears around search as overblown, creating value opportunities. |
Machine Learning GPUs Search Cloud Semiconductors |
AutomationIndustrial automation is viewed as essential for bringing manufacturing back to the United States. Rockwell Automation is positioned to benefit from factory automation and robotics trends as companies seek to enhance efficiency and reduce reliance on foreign production through reshoring initiatives. |
Factory Automation Robotics Reshoring Manufacturing Industrial | |
LNGEnergy Transfer is expanding its LNG export capabilities with new supply agreements including deals with Chevron and Kyushu Electric Power. However, the manager notes potential risks from trade war dynamics and tariffs that could limit upside potential in this geopolitically sensitive sector. |
Export Natural Gas Midstream Trade Infrastructure | |
OncologyGrail's cancer screening technology represents a significant opportunity in early detection across 50+ cancer types. The Galleri test is undergoing population-scale testing with positive results from PATHFINDER 2 study. FDA approval or NHS adoption could generate billions in recurring revenue. |
Cancer Screening Early Detection Diagnostics Healthcare Biotechnology | |
| 2025 Q1 |
Trade PolicyThe fund is significantly impacted by Trump tariff policies, with the manager reducing exposure to manufacturing or sales in China. The tariff regime is described as expansive with few places to hide, forcing portfolio adjustments across multiple positions. |
Tariffs China Manufacturing Trade War Reciprocal |
OncologyGrail's Galleri test screens for over 50 cancer types and is undergoing population-scale testing. The manager believes cancer will soon be the world's largest killer and early detection improves survival odds, positioning this as a multibillion recurring revenue opportunity. |
Cancer Screening Early Detection Diagnostics Galleri | |
AutomationThe manager views factory automation and robots as the only way companies can bring industrial production back to the United States. Rockwell Automation is positioned to benefit from reshoring trends as manufacturers seek efficiency and reduced foreign production reliance. |
Factory Automation Robots Reshoring Manufacturing Industrial | |
AIAdobe faces disruption from generative AI tools like Canva Magic, Runway ML, and Midjourney that create graphics and videos from prompts. However, the manager believes these tools only get users 90% of the way, with Adobe's expertise needed for the final 10% refinement. |
Generative AI Creative Tools Disruption Graphics Prompts | |
| 2024 Q4 |
OilEnergy Transfer is positioned as a prime beneficiary of Trump administration's LNG export growth plans. Devon Energy holds substantial natural gas reserves that appear undervalued despite recent sector price increases. ConocoPhillips offers diversified energy exposure with strong shareholder returns. |
LNG Natural Gas Pipelines Energy Infrastructure Oil Production |
BiotechnologyGrail represents early cancer detection technology with significant addressable market potential in private pay segment. Inhibrx focuses on novel biologic therapeutics with strong cash position. Eli Lilly benefits from successful diabetes/obesity drugs and strategic oncology acquisitions. |
Cancer Detection Biologic Therapeutics Oncology Diabetes Clinical Development | |
AIMicrosoft represents the most compelling AI opportunity at reasonable valuation despite uncertainty around OpenAI ownership. The company is developing AI-integrated Windows and making substantial data center investments based on demand signals. |
Data Centers Cloud Computing Operating Systems Search Disruption Capital Investment | |
| 2024 Q1 |
AIManager believes we are at an internet game-changing moment with AI, describing it as profound and transformational. Companies are stampeding to embrace AI or risk being disrupted by chatbots, robots, or machine learning. A massive uptick in capex spending is underway directly attributable to AI adoption. |
Artificial Intelligence Machine Learning Capex Disruption Automation |
SemiconductorsFocus on memory and GPU suppliers benefiting from AI demand. Micron is sold out of High-Bandwidth Memory for 2024 and most of 2025 as AI training models require orders of magnitude more memory than traditional CPU architecture. Data centers are becoming the factories of tomorrow with memory at the epicenter. |
Memory GPUs Data Centers High-Bandwidth Memory Nvidia | |
OilManager maintains there are no viable substitutes for hydrocarbons in the near or intermediate term. The transition from hydrocarbons may take decades if even possible. Long-term demand for oil is not rolling over, supporting investments in Devon Energy and Exxon Mobil. |
Hydrocarbons Energy Transition Permian Basin Oil Demand | |
Natural GasNatural gas is trading at levels below what most US producers can profitably operate. The Biden administration has compounded supply issues by slow-walking LNG export projects. Prices are expected to recover driven by rising gas demand from new US LNG export plants. |
LNG Export Projects Natural Gas Prices Supply Demand |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 30, 2026 | Fund Letters | Harvey Warren Sax | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, Artificial Intelligence, Cloud computing, Moonshots, Search | Login |
| Jan 30, 2026 | Fund Letters | Harvey Warren Sax | ET | Energy Transfer L.P. | Energy | Oil & Gas Storage & Transportation | Bull | New York Stock Exchange | data centers, dividends, midstream, Pipelines, Power-Demand | Login |
| Jan 30, 2026 | Fund Letters | Harvey Warren Sax | APPF | AppFolio Inc. | Information Technology | Application Software | Bull | NASDAQ | Automation, Fintech, Payments, property management, SaaS | Login |
| Jan 30, 2026 | Fund Letters | Harvey Warren Sax | AMAT | Applied Materials Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI capex, buybacks, Foundries, manufacturing, semiconductor equipment | Login |
| Jan 30, 2026 | Fund Letters | Harvey Warren Sax | ROK | Rockwell Automation Inc. | Industrials | Industrial Automation | Bull | New York Stock Exchange | AI, Digitization, Industrial automation, Reshoring, robotics | Login |
| Jan 30, 2026 | Fund Letters | Harvey Warren Sax | NUE | Nucor Corporation | Materials | Steel | Bull | New York Stock Exchange | Defense spending, infrastructure, manufacturing, Steel, tariffs | Login |
| Jan 30, 2026 | Fund Letters | Harvey Warren Sax | MRVL | Marvell Technology Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI infrastructure, buybacks, custom silicon, data centers, semiconductors | Login |
| Jan 30, 2026 | Fund Letters | Harvey Warren Sax | INTC | Intel Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI chips, Foundry, national security, Semiconductor manufacturing, turnaround | Login |
| Jan 30, 2026 | Fund Letters | Harvey Warren Sax | NSC | Norfolk Southern Corporation | Industrials | Railroads | Bull | New York Stock Exchange | infrastructure, insider buying, Logistics, mergers, railroads | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, buybacks, cloud, Dominance, Margins, recurring revenue | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | ET | Energy Transfer LP | Energy | Oil & Gas Midstream | Bull | NYSE | cash flow, energy infrastructure, inflation hedge, Pipelines, stability, yield | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | AXON | Axon Enterprise Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | AI, cloud, growth, Public safety, recurring revenue, SaaS, Transparency | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | ROK | Rockwell Automation Inc. | Industrials | Electrical Equipment | Bull | NYSE | AI, Automation, Digitization, efficiency, Industrials, Margins, Reshoring | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | APPF | AppFolio Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Fintech, growth, Payments, Real Estate, SaaS, Software | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | LLY | Eli Lilly and Co. | Health Care | Pharmaceuticals | Bull | NYSE | Alzheimer’s, Diabetes, GLP-1, growth, innovation, Obesity, pharma | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | AMAT | Applied Materials Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Capital equipment, Fabrication, FCF, growth, Margins, semiconductors | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | INTC | Intel Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Foundry, Margins, Policy, restructuring, semiconductors, turnaround | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | AMD | Advanced Micro Devices Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, cloud, datacenters, GPUs, growth, Margins, semiconductors | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | MRVL | Marvell Technology Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, buybacks, growth, hyperscalers, Margins, Networking, semiconductors | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, buybacks, cloud, Dominance, Margins, recurring revenue | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | ET | Energy Transfer LP | Energy | Oil & Gas Midstream | Bull | NYSE | cash flow, energy infrastructure, inflation hedge, Pipelines, stability, yield | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | AXON | Axon Enterprise Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | AI, cloud, growth, Public safety, recurring revenue, SaaS, Transparency | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | ROK | Rockwell Automation Inc. | Industrials | Electrical Equipment | Bull | NYSE | AI, Automation, Digitization, efficiency, Industrials, Margins, Reshoring | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | APPF | AppFolio Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, Fintech, growth, Payments, Real Estate, SaaS, Software | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | LLY | Eli Lilly and Co. | Health Care | Pharmaceuticals | Bull | NYSE | Alzheimer’s, Diabetes, GLP-1, growth, innovation, Obesity, pharma | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | AMAT | Applied Materials Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Capital equipment, Fabrication, FCF, growth, Margins, semiconductors | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | INTC | Intel Corp. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Foundry, Margins, Policy, restructuring, semiconductors, turnaround | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | AMD | Advanced Micro Devices Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, cloud, datacenters, GPUs, growth, Margins, semiconductors | Login |
| Oct 20, 2025 | Fund Letters | Harvey Warren Sax | MRVL | Marvell Technology Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, buybacks, growth, hyperscalers, Margins, Networking, semiconductors | Login |
| Aug 4, 2025 | Fund Letters | Harvey Warren Sax | GOOG | Alphabet, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, buybacks, cloud, Free Cash Flow | Login |
| Aug 4, 2025 | Fund Letters | Harvey Warren Sax | ET | Energy Transfer L.P. | Energy | Oil & Gas Storage & Transportation | Bull | NYSE | Contracts, dividends, LNG, midstream, tariffs | Login |
| Aug 4, 2025 | Fund Letters | Harvey Warren Sax | ROK | Rockwell Automation, Inc. | Industrials | Industrial Machinery | Bull | NYSE | Automation, Industrial, Margins, Reshoring, Software | Login |
| Aug 4, 2025 | Fund Letters | Harvey Warren Sax | GRAL | Grail, Inc. | Health Care | Biotechnology | Bull | NASDAQ | diagnostics, Oncology, recurring revenue, Regulation, Screening | Login |
| Aug 4, 2025 | Fund Letters | Harvey Warren Sax | APPF | AppFolio, Inc. | Information Technology | Application Software | Bull | NASDAQ | growth, Margins, property management, recurring revenue, SaaS | Login |
| Aug 4, 2025 | Fund Letters | Harvey Warren Sax | LULU | Lululemon Athletica Inc. | Consumer Discretionary | Apparel, Accessories & Luxury Goods | Bull | NASDAQ | Activewear, Brand, International, Margins, tariffs | Login |
| Aug 4, 2025 | Fund Letters | Harvey Warren Sax | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AI, cloud, e-commerce, Margins, scale | Login |
| Aug 4, 2025 | Fund Letters | Harvey Warren Sax | AMD | Advanced Micro Devices, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, data center, GPUs, growth, semiconductors | Login |
| Aug 4, 2025 | Fund Letters | Harvey Warren Sax | ZBRA | Zebra Technologies Corporation | Information Technology | Electronic Equipment & Instruments | Bull | NASDAQ | CapEx, Digitization, Logistics, RFID, tariffs | Login |
| Aug 4, 2025 | Fund Letters | Harvey Warren Sax | SBGI | Sinclair Broadcast Group, Inc. | Communication Services | Broadcasting | Bull | NASDAQ | Atsc 3.0, broadcasting, cash flow, dividends, insider buying | Login |
| Apr 1, 2025 | Fund Letters | Alpha Wealth Funds - The Insiders Fund | GRAL | Grail Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Blood Testing, Cancer Screening, diagnostics, Early Detection, FDA approval, Healthcare Technology, Methylation Technology | Login |
| Apr 1, 2025 | Fund Letters | Alpha Wealth Funds - The Insiders Fund | ET | Energy Transfer | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | dividend yield, energy infrastructure, LNG Exports, midstream energy, natural gas, Oil & Gas, Pipelines, Toll Road Model | Login |
| Apr 1, 2025 | Fund Letters | Alpha Wealth Funds - The Insiders Fund | MSCI | MSCI Inc | Financials | Capital Markets | Bull | NYSE | competitive moat, Emerging markets, ETF Benchmarks, financial data, global diversification, Index Provider, international markets, Investment Analytics | Login |
| Apr 1, 2025 | Fund Letters | Alpha Wealth Funds - The Insiders Fund | ADBE | Adobe Inc | Information Technology | Software | Bull | NASDAQ | AI integration, Creative Cloud, creative software, digital media, generative AI, Professional Tools, SaaS, subscription revenue | Login |
| Apr 1, 2025 | Fund Letters | Alpha Wealth Funds - The Insiders Fund | APPF | AppFolio Inc | Information Technology | Software | Bull | NASDAQ | Cloud software, market leader, Multi-Tenant Residential, property management, real estate technology, recurring revenue, SaaS, Tariff Immune | Login |
| Apr 1, 2025 | Fund Letters | Alpha Wealth Funds - The Insiders Fund | ZBRA | Zebra Technologies Corporation | Information Technology | Technology Hardware, Storage & Peripherals | Neutral | NASDAQ | Automatic Identification, Barcode Scanners, data capture, Digitization, Industrial technology, RFID Technology, supply chain, tariff impact | Login |
| Apr 1, 2025 | Fund Letters | Alpha Wealth Funds - The Insiders Fund | ROK | Rockwell Automation Inc | Information Technology | Electronic Equipment, Instruments & Components | Bull | NYSE | Control Systems, Digital transformation, Factory Automation, Industrial automation, manufacturing, PLCs, Reshoring, robotics | Login |
| Apr 1, 2025 | Fund Letters | Alpha Wealth Funds - The Insiders Fund | INBX | Inhibrx Inc | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, cancer treatment, China Risk Free, clinical stage, insider buying, Oncology, Phase 2 Trials, Single-Domain Antibodies | Login |
| TICKER | COMMENTARY |
|---|---|
| ET | Energy Transfer owns and operates one of the largest and most diversified portfolios of energy assets in the United States, managing approximately 140,000 miles of pipeline and associated infrastructure across 44 states. Revenue skyrocketed 32% YoY in Q1 2026 to $27.77 billion, driven by record throughput. In a major strategic shift, Energy Transfer announced a long-term agreement with Cloudburst Data Centers to provide natural gas for a flagship AI-focused data center in Central Texas. Management noted they are currently reviewing requests to connect to ~200 data centers across 14 states. The story just continues to get better with ET even if the stock is a relative laggard in performance. Energy Transport is a tollbooth on the energy highway—mission-critical pipelines moving natural gas to power-hungry regions. With regulated contracts, inflation-protected cash flows, and an ~7% yield, ET offers steady income and optionality from the AI infrastructure build out. The war with Iran and the disruption of stable LNG flows from Qatar has put the U.S. LNG supplies in the pole position around the world for new contracts. |
| ROK | Rockwell Automation (NYSE: ROK) is a leading provider of industrial automation and digital transformation solutions. Rockwell reported: Revenue up 12% year-over-year. Organic sales up 9% Adjusted EPS of $3.30, well above expectations. Raised full-year guidance for: Organic sales growth to 5–9%, Adjusted EPS to $12.50–$13.10. Management highlighted particularly strong demand from: Data center, Semiconductor manufacturing, Warehouse automation, and Energy projects. We identified Rockwell early on as a primary beneficiary of the current administration's desire to bring back manufacturing jobs back to the U.S. We believe the only way this could happen is with intense automation to compete against lower wages abroad. Rockwell is the beneficiary of two secular tailwinds, reshoring and AI automation. It's been a steady winner for us and a long term hold. It's expensive, though and I like Rockwell as a business more than as a stock at today's valuation. |
| ABT | Abbott Laboratories is a global healthcare leader focused on life-changing technologies. Founded in 1888, the company operates across four primary segments: Diagnostics, Medical Devices, Established Pharmaceuticals, and Nutrition. Abbott is widely recognized for its Dividend King status, having increased its dividend for over 50 consecutive years. In late June 2026, the U.S. Department of Justice officially closed its criminal probe into Abbott's Sturgis, Michigan infant formula plant (tied to the 2022 bacterial contamination and nationwide shortages). The DOJ opted to pursue civil penalties under the False Claims Act instead. This removes a massive legal and criminal overhang that has suppressed the stock for years, offering investors much clearer visibility on Abbott's remaining legal liabilities. The purchase of Exact Sciences provides them a Grail-like MCED cancer diagnostic to test their already robust product line. Abbott Laboratories is a dividend king so whenever we have an opportunity to buy a blue chip confirmed by insider buying, it's almost an automatic buy. We are underwater by about 7% and have been adding to this position. |
| IBB | The iShares Biotechnology ETF seeks to track the investment results of an index composed of U.S.-listed equities in the biotechnology sector. Biotech drug discovery and innovation will have to be one of the main beneficiaries to justify the massive capital investment in AI. Broad exposure to this theme is a good way to diversify and reduce risk in lieu of specific equity ideas. For instance, Isomorphic Labs—a Google DeepMind spin-off led by Nobel laureate Demis Hassabis—commercializes AI-driven drug discovery using AlphaFold technology. Backed by Alphabet and Thrive Capital, it recently secured $2.1 billion in funding. Through partnerships with Eli Lilly and Novartis, the firm is advancing AI-designed medicines toward clinical trials. |
| PODD | Insulet Corporation (NASDAQ: PODD) is a leader in medical technology, primarily known for its Omnipod Insulin Management System. Unlike traditional insulin pumps that require plastic tubing, the Omnipod is a wearable, waterproof pod that delivers insulin continuously. On May 26, 2026, Insulet had to initiate another voluntary medical device correction for specific lots of Omnipod 5, Dash, and Eros pods due to a cannula (tubing) tear that could lead to dangerous insulin under-delivery. This sent the stock price tumbling over 5% down to ~$146. On July 2, 2026, the FDA officially classified this issue as a Class I Recall, the most serious type of recall, noting it could cause serious injury or death. Despite the manufacturing overhang, the underlying business is performing exceptionally well. On May 6, 2026, Insulet reported Q1 2026 Results with massive revenue of $761.7 million (up 33.9%), easily beating estimates. Management also raised their full-year revenue guidance to 21% - 23% growth. Insulet created the category but patent protection is also expiring. They are aggressively targeting the Type 2 basal-only market, where the simplicity of a patch has much higher adoption potential. The razor-and-blade business model drives consistent recurring revenue. Insulet is not just an insulin pump company; it is a wearable drug-delivery platform. Their success with Amgen's Neulasta proves that their tubeless patch design is highly effective for oncology and could easily be adapted for other large-molecule biologics, autoimmune therapies, and targeted cancer treatments in the future. |
| GEHC | GE HealthCare operates as a leading global medical technology, pharmaceutical diagnostics, and digital solutions innovator. The company received FDA clearance for its MIM Contour ProtégéAI+ 2.0 software, heavily advancing its AI-driven radiation therapy planning capabilities. Progression into Phase 2/3 of its LUMINA trial for a manganese-based MRI contrast agent under FDA Fast Track designation has further de-risked its future pharmaceutical diagnostics pipeline. The introduction of new Allia upgrade pathways aimed at retrofitting existing clinical interventional suites has boosted the company's outlook on recurring services and equipment modernization revenue. Strong position in imaging and ultrasound markets. I believe the market will rotate into a broader sector other than AI infrastructure names. Healthcare in general should be a beneficiary and in particular GE Healthcare as it has been a laggard and significant insider buying may indicate management confidence. |
| GOOG | Alphabet dominates search engine (90%+), browser (70%+ Chrome), and mobile OS (70%+ Android) markets. Also a leader in AI (Gemini), Cloud, and autonomous driving (Waymo). On June 1st, Alphabet announced an $80 billion stock offering to fund its massive data center build-out. Berkshire Hathaway anchored Alphabet's massive equity capital raise in June with a below market $10 billion private placement. Below market spot secondaries are usually reserved for cash bleeding biotechs, second tier companies, or industries in distress. Worse yet, the second half of the offering, $40 Billion, is to be at an ATM (at the money) offering during the 3rd quarter. In other words, whenever Alphabet gets some positive price momentum, the Company will be selling into it to raise the additional funds for their unprecedented Capex data center push. Alphabet went from a cash cow to a capital-intensive company overnight. We estimate Alphabet was one of the largest contributors to relative underperformance during the quarter. Alphabet has been our favorite name but I believe the market is telling Google and other hyperscalers that spending all of your free cash flow for the next two years building out datacenters because you believe there is a shortage of compute is not going to be tolerated. Until Alphabet gets that message or the market is proved wrong by insatiable demand for compute, we prefer to keep a smaller position. I believe the upcoming quarter will be strong and we may sell into it. We don't like to bet against Google but we aren't writing blank checks either. |
| INTC | Global leader in semiconductor design and manufacturing. The primary driver behind Intel's massive year-to-date stock rally (surging over 240% in H1 2026) was an announcement on June 18, 2026, when President Donald Trump stated on social media that Apple (AAPL) agreed to partner with Intel to design and manufacture chips domestically in the U.S. While neither Apple nor Intel has formally signed or finalized details, Wall Street viewed this as a monumental validation of Intel's 18A and 18A-P manufacturing nodes. SpaceX unveiled Terafab in March 2026, a semiconductor venture with Tesla, xAI, and Intel to build chips for orbital AI data centers, with initial investment of $55 billion and total investment of $119 billion, where Intel contributes 14A manufacturing process. Intel stock surged 425% over the past year under CEO Lip-Bu Tan, with the company mastering 18A manufacturing for 1.8 nanometer chips to compete with TSMC and AMD. Intel represents a critical entity in domestic semiconductor fabrication, making the reshoring of semiconductor manufacturing an essential priority for the United States. It is improbable that TSMC will relocate most of its critical manufacturing infrastructure to the United States, as this capacity serves as a strategic deterrent against potential intervention by China. Although an investment in Intel may appear inconsistent with prior observations regarding an impending data center bubble, a strategic rationale supports the decision. The success of Intel appears to be a necessary outcome. If capital spending slows, Intel will not be spared but it might go on longer than most. At any case we are small and agile and can exit easily if needed. |
| COR | Cencora, formerly known as AmerisourceBergen, is a top-tier global pharmaceutical solutions leader and a top 10 Fortune 500 company. Generating over $300 billion in annual revenue, Cencora anchors the global healthcare supply chain by facilitating secure, reliable distribution of pharmaceuticals and health products. The company partners with manufacturers, care providers, and pharmacies across the value chain to optimize market access to critical medical therapies. Cencora recently expanded its clinical reach by completing the major acquisition of OneOncology, boosting its specialized U.S. Healthcare Solutions infrastructure. A near monopoly in pharmaceutical distribution and a keyway to play healthcare in a value-oriented name. Cencora is a high-quality healthcare distributor with a mission-critical role in the pharmaceutical supply chain. Demand is driven by aging demographics, rising specialty drug usage, and resilient healthcare spending rather than economic cycles. The company generates strong free cash flow, consistently buys back shares, and has a long runway from high-margin specialty pharmaceuticals and oncology distribution. Scale creates competitive advantages and customer stickiness, while valuation remains reasonable versus its earnings growth. It isn't flashy, but it compounds capital steadily—exactly the type of business that can outperform over long periods by quietly benefiting from healthcare's secular growth and the expected efficiency and scientific gains from AI. |
| POOL | POOL (Pool Corp.) is the world's largest wholesale distributor of swimming pool supplies, equipment, outdoor living products, and irrigation systems. It benefits from a dominant distribution network, recurring maintenance demand, and strong relationships with professional contractors. A major near-term catalyst is the recent announcement that Pool Corp is being removed from the S&P 500 and transitioning to the S&P SmallCap 600 index. This move generally creates downward pressure on a stock's valuation multiple as large passive S&P 500 index funds are forced to sell their shares to rebalance their portfolios. In May 2026, the company announced a sudden CEO change, with John B. Watwood taking over as President and CEO to replace Peter D. Arvan. To help support the stock price amidst the management changes and softer macroeconomic demand, Pool Corp recently: Expanded its share repurchase program to $600 million. Increased its quarterly dividend by 4% to $1.30 per share. Oil prices will drop dramatically as the IRAN war winds down. As oil comes down, inflation numbers will cool. Trump will pivot toward the domestic economy. The moribund housing sector will take off when the market anticipates a drop in interest rates. We believe Pool could be a way to play this theme backed up by strong insider buying conviction. |
| AMD | Most annoying to me is that we owned major positions in the hottest AI semiconductor plays—including AMD, Intel, Micron, Marvel, Applied Materials, Lam Research, and more—but sold them for a fraction of today's prices. We didn't miss the wave; we missed the water. |
| MU | Most annoying to me is that we owned major positions in the hottest AI semiconductor plays—including AMD, Intel, Micron, Marvel, Applied Materials, Lam Research, and more—but sold them for a fraction of today's prices. We didn't miss the wave; we missed the water. |
| AMAT | Most annoying to me is that we owned major positions in the hottest AI semiconductor plays—including AMD, Intel, Micron, Marvel, Applied Materials, Lam Research, and more—but sold them for a fraction of today's prices. We didn't miss the wave; we missed the water. |
| LRCX | Most annoying to me is that we owned major positions in the hottest AI semiconductor plays—including AMD, Intel, Micron, Marvel, Applied Materials, Lam Research, and more—but sold them for a fraction of today's prices. We didn't miss the wave; we missed the water. |
| META | Meta is already discussing selling its 'excess' computing capacity, and SpaceX recently leased surplus AI data center capacity to Anthropic and Alphabet. |
| TSM | The primary alternative provider in this sector is TSMC, which commands the vast majority of advanced nodes globally, with estimates indicating a market share of 80% to 90% for high-volume, cutting-edge artificial intelligence silicon. It is improbable that TSMC will relocate most of its critical manufacturing infrastructure to the United States, as this capacity serves as a strategic deterrent against potential intervention by China. TSMC functions as a vital protective asset for Taiwan, and the nation is unlikely to establish sufficient capacity within the United States to diminish the strategic necessity of its external defense. |
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