| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.55% | - | -9% |
The Amalthea Fund is a global long/short strategy managed by Bronte Capital that finished December up 0.95% quarterly despite underperforming the MSCI ACWI. Performance was driven by strength in large-cap longs including Regeneron and Alphabet, while DSM-Firmenich underperformed expectations. The short book remained a headwind, particularly in Biotech and Materials sectors, though other sectors showed encouraging short-side gains. The fund's analytical team extensively examines whether current AI market conditions represent a bubble, drawing parallels to the late 1990s internet boom while acknowledging key unknowns around GPU depreciation, datacenter power demands, and whether promised AI returns will materialize. The team emphasizes their approach of reasoning by analogy to identify both long opportunities that conform to proven business models and short opportunities based on patterns of corporate behavior. Recent team expansion includes two new analysts with backgrounds in investigative journalism and resources/mining, strengthening the fund's research capabilities.
Global long/short fund targeting attractive risk-adjusted returns through diversified positioning that reduces market drawdown risks typical of long-only funds, with a highly diversified short book to substantially reduce risk and enable profits in tough markets.
The fund maintains a cautious and analytical outlook, particularly around elevated valuations in areas such as artificial intelligence, where it is actively assessing potential bubble-like conditions and long-term sustainability of returns.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 16 2026 | 2025 Q4 | AMZN, COST, GOOGL, MSFT, REGN | AI, Bubble, global, Long/Short, risk management, technology, valuation | - | Bronte's global long/short fund posted 0.95% quarterly gains driven by large-cap longs like Regeneron and Alphabet, while shorts in Biotech and Materials created headwinds. The team extensively analyzes AI bubble risks, comparing current conditions to 1990s internet mania, while expanding their analyst team to strengthen research capabilities across both long and short positioning. |
| Nov 16 2025 | 2025 Q3 | AMZN, CSCO, DSM.AS, GIVN.SW, GOOGL, IFF, MSFT, NVDA, ORCL, REGN, SPX.L, UL | AI, ETFs, European Stocks, Long/Short, Meme Stocks, risk management, Specialty Chemicals | - | Amalthea Fund down 7.67% in September due to intense meme stock mania challenging long quality/short junk strategy. Second such event in five years driven by retail and institutional speculation amplified by ETFs and derivatives. Despite hostile environment, opportunity set excellent on both sides with European quality stocks at attractive valuations. Developing hedging solutions for future performance. |
| Jul 22 2025 | 2025 Q2 | GOOGL, HCMLY, MLM | Building Materials, Europe, global, Long/Short, Market Mania, tariffs, valuation |
MLM HCMLY |
Amalthea Fund navigates extreme market frothiness while finding value in unfashionable European companies trading at discounts to American peers. New position in Holcim benefits from improved focus and potential tariff protection for American cement operations. Current market mania exceeds dot-com bubble due to social media coordination and 40 million new trading accounts. |
| Apr 8 2025 | 2025 Q1 | BRK-B, GOOGL, PM, REGN | diversification, global, Long/Short, risk management | - | Bronte Amalthea delivered 4.56% quarterly returns versus MSCI ACWI's -2.21% loss through global long/short positioning. Shorts drove gains while longs detracted, with Phillip Morris and Berkshire leading long contributors and energy storage shorts performing well. The diversified approach targets risk-adjusted returns while reducing permanent capital loss through systematic short positioning. |
| Dec 31 2024 | 2024 Q4 | AVTR, GOOGL, IBKR, QSI, REGN, SAR.DE, SPX.L, VRTX | Biotechnology, global, Long/Short, Quality, risk management, Shorts, value | - | Bronte Capital's global long/short fund struggled in Q4 with -3.33% returns as questionable companies surged while quality names lagged. The fund is addressing trading and analytical mistakes in their short book while building better monitoring systems. Management sees current challenges as temporary, similar to early 2021, with strong recovery expected once market normalizes. |
| Sep 30 2024 | 2024 Q3 | AXP, BAC, BMY, BRK-B, C, COF, DFS, GOOGL, JPM, KRTX, REGN, SMMT, V | Antitrust, Biotechnology, Hedge Fund, Long/Short, payments, Short Selling |
REGN V DFS |
Bronte's long/short fund struggled in Q3 as markets hit new highs, with key longs like Berkshire, Regeneron, and Visa underperforming while short book faced expected headwinds. Major short losses in Summit Therapeutics and Karuna highlighted biotech misjudgments. Fund trimmed positions and added Capital One ahead of Discover merger, maintaining conviction in dominant business model despite near-term challenges. |
| Jun 30 2024 | 2024 Q2 | AMZN, CRDA.L, GOOGL, MRK.DE, REGN | diversification, global, Long/Short, risk management | - | Bronte Amalthea Fund returned 1.20% in June, driven by profitable short positions while European longs declined. The global long/short strategy delivered 19.95% annual returns through diversified positioning designed to reduce permanent capital loss risk and market drawdowns typical of long-only funds. |
| May 23 2024 | 2024 Q1 | FL, GOOGL, HIBB, META, NKE, SPXS.L, UBS | Advertising, global, Long/Short, retail, Shorts, technology |
HIBB GOOGL |
Bronte's long/short fund navigated a challenging squeeze period with flat April performance as shorts finally worked. Alphabet remains their largest position despite exceptional results that exceed all projections, while Hibbett's surprise takeover questions their retail thesis. The fund maintains 700 shorts and continues systematic improvements. |
| Feb 20 2024 | 2023 Q4 | BBBYQ, CVNA, HIBB, KRTX | - | - | |
| Oct 31 2023 | 2023 Q3 | - | - | - | |
| Aug 16 2023 | 2023 Q2 | GNS LN, GOGO, REGN | - | - | |
| Mar 31 2023 | 2023 Q1 | CS, SBNY, SIVBQ | - | - | |
| Feb 24 2023 | 2022 Q4 | GAM SW, HLF | - | - | |
| Oct 10 2022 | 2022 Q3 | REGN | - | - | |
| Jun 30 2022 | 2022 Q2 | META | - | - | |
| Mar 31 2022 | 2022 Q1 | GME, KWS GR | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
ETFsThe fund's strategy focuses on closed-end funds rather than ETFs, but operates in the broader fund ecosystem. They compare performance against closed-end fund indices and utilize various fund structures in their investment approach. |
Closed-End Funds Fund Discounts Fund Selection Alternative Structures | |
Long/Short |
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Meme Stocks |
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Specialty ChemicalsAscent Industries represents a significant position focused on specialty chemical manufacturing. The company is transforming into a 'Chemicals-as-a-Service' model, providing customized solutions for small to mid-size customers neglected by larger players. |
Specialty Chemicals Manufacturing Niche Markets Chemical Services | |
| 2025 Q2 |
Building Materials |
|
Risk AppetiteManager emphasizes disciplined risk management through cycle awareness rather than market timing. Fund maintains cash cushion during high-risk periods and deploys capital countercyclically. Approach focuses on behavioral edge by having cash available when fear creates best entry points and avoiding leverage that leads to forced selling. |
Leverage Cash Volatility Positioning Discipline | |
Trade PolicyRecent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. |
Tariffs International Growth Cooperation Impact | |
| 2024 Q4 |
BiotechnologyHealthcare industry positioned for catch-up growth after several years of below-trend performance. Government spending expected to increase relative to feared cuts, with companies signaling improvement in revenue growth. Focus on 'picks & shovels' businesses serving the industry. |
Life Science Tools Pharmaceuticals CRO & CDMO Healthcare Research |
Risk AppetiteManager emphasizes disciplined risk management through cycle awareness rather than market timing. Fund maintains cash cushion during high-risk periods and deploys capital countercyclically. Approach focuses on behavioral edge by having cash available when fear creates best entry points and avoiding leverage that leads to forced selling. |
Leverage Cash Volatility Positioning Discipline | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
| 2024 Q3 |
BiotechnologyHealthcare industry positioned for catch-up growth after several years of below-trend performance. Government spending expected to increase relative to feared cuts, with companies signaling improvement in revenue growth. Focus on 'picks & shovels' businesses serving the industry. |
Life Science Tools Pharmaceuticals CRO & CDMO Healthcare Research |
Long/Short |
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PaymentsWise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. |
Cross-border Fintech Infrastructure Platform SME | |
| 2024 Q1 |
AdvertisingDigital advertising represents a secularly fast-growing space with Meta as the dominant leader serving over 3.5 billion daily active users. AI-driven content recommendation systems and granular consumer behavior visibility enable highly precise ad targeting, making these platforms essential for businesses. |
Digital Targeting Programmatic Social Search |
Specialty RetailFocus on value-oriented retailers, franchise models, and premium brands including Boot Barn for western wear, Warby Parker for eyewear, and Ollie's Bargain Outlet for closeouts. Consumer behavior shifts toward lower-priced inventory are impacting performance, with mixed results across positions. |
Consumer Behavior Franchise Models Premium Brands Trade Down Retail |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2025 | Fund Letters | Bronte Capital Amalthea Fund | MLM | Martin Marietta Materials | Materials | Construction Materials | Bull | NYSE | aggregates, construction materials, Gravel, Local Monopoly, Logistics Advantage, management incentives, Quarries, regulatory barriers, Roll-up, Stock Options | Login |
| Jun 30, 2025 | Fund Letters | Bronte Capital Amalthea Fund | HCMLY | Holcim Ltd | Materials | Construction Materials | Bull | OTC | Asset Divestiture, capital allocation, Cement, Corporate Turnaround, European Environmental Standards, Latin America, Mexico, spinoff, Tariff Protection, Value trap | Login |
| Sep 1, 2024 | Fund Letters | Bronte Capital Amalthea Fund | REGN | Regeneron Pharmaceuticals Inc | Health Care | Biotechnology | Bull | NASDAQ | Antibodies, biotechnology, drug development, Genetic Research, Inflammatory Diseases, Mouse Models, patent protection, pharmaceuticals, Platform Technology, VEGF Inhibitor | Login |
| Sep 1, 2024 | Fund Letters | Bronte Capital Amalthea Fund | V | Visa Inc | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Antitrust Risk, Contactless Technology, Debit Cards, digital payments, duopoly, market dominance, Monopolization, network effects, Payments Network, regulatory scrutiny | Login |
| Sep 1, 2024 | Fund Letters | Bronte Capital Amalthea Fund | DFS | Discover Financial Services | Financials | Consumer Finance | Bull | NYSE | Cash-Back Rewards, credit cards, Disintermediation, financial services, Lower-Middle Class, Merger Arbitrage, network effects, Payment Network, synergies, Visa Competition | Login |
| Apr 1, 2024 | Fund Letters | Bronte Capital Amalthea Fund | HIBB | Hibbett Inc | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | acquisition target, Athletic Retail, Brand Distribution, Consumer Discretionary, Nike Partnership, Sneakers, Specialty retail, Underserved Communities | Login |
| Apr 1, 2024 | Fund Letters | Bronte Capital Amalthea Fund | GOOGL | Alphabet Inc | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI development, digital advertising, Global GDP Share, growth, Large-cap tech, Online Advertising, search engine, technology | Login |
| TICKER | COMMENTARY |
|---|---|
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| COST | Costco and Amazon are perhaps the clearest examples |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| REGN | Performance was driven by strength in large-cap longs, specifically Regeneron |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
