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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Cable Car Capital operates as a global opportunistic fund with eight custodians facilitating niche strategies across different regions. The fund has evolved into a more trading-oriented approach due to extreme volatility and price-value dislocations in equity markets characterized by broader retail participation. Key activities include active litigation with ten resolved matters involving contract enforcement and shareholder rights, SPAC-related litigation and structured financings, and biotech investments during the current downcycle. The manager served on the board of Arca Biopharma through its merger with Oruka Therapeutics, establishing a model for similar transactions. Currently, the fund is aggressively positioned in crypto Treasury strategies, capitalizing on public companies trading at premiums to net asset value through both PIPE commitments at discounts and synthetic put positions in MSTR via convertible bonds. The fund expects eventual compression of these premiums as new supply overwhelms demand. Cable Car continues expanding its structured finance capabilities and remains involved in multiple ongoing biotech strategic alternatives processes.
Cable Car Capital employs a global, opportunistic strategy focused on arbitrage situations, activist positions in small-cap biotechnology during downturns, SPAC-related litigation and structured financings, and capitalizing on crypto Treasury strategy dislocations through both long and short positions.
The manager expects eventual compression of crypto Treasury premiums to NAV as new supply overwhelms demand, though timing is unpredictable. They remain involved in several ongoing biotech strategic alternatives processes and continue active litigation strategies.
As of Jun 16, 2025
Jacob Ma-Weaver serves as Portfolio Manager and Managing Member of Cable Car Capital LLC, founded in 2013. He holds a BA in Comparative Literature & Society and Economics plus an MA in Statistics from Columbia University and is a CFA charterholder. His professional experience spans investment analysis at Amici Capital, equity research at Dodge & Cox, and corporate finance at McKinsey & Company. Ma-Weaver has served on public company boards including ARCA Biopharma and has evolved from traditional stock picking to sophisticated multi-strategy fund management. He demonstrates expertise in short selling, particularly hard catalyst situations, and has developed specialized capabilities in litigation funding, international IPO arbitrage, and biotech activism.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The manager demonstrates high conviction through aggressive positioning in crypto Treasury strategies, active litigation across ten resolved matters, and direct board involvement in biotech transactions. Clear strategic frameworks and willingness to take concentrated positions indicate strong belief in their approach.
Growth Outlook
The manager acknowledges extreme volatility and price-value dislocations in equity markets but frames these as opportunities for arbitrage strategies. While noting challenges, the overall tone suggests these conditions create favorable trading environments for their strategies.
Risk Appetite
The fund is described as aggressively positioned on both sides of crypto Treasury strategies and actively involved in multiple litigation and structured finance opportunities. The manager expresses optimism about capitalizing in both directions and expanding into new areas like direct business ownership.
Capital Deployment
The fund shows active deployment through PIPE commitments, structured financings, and synthetic positions, but also maintains selective approach. No specific cash level changes mentioned, suggesting balanced deployment activity without aggressive scaling in either direction.
Forward Guidance
The manager expresses optimism about capitalizing on crypto Treasury compression and continuing biotech strategic alternatives processes. However, they acknowledge unpredictable timing and maintain a measured approach to future deployment.
Language Signal
Language includes positive terms like opportunities, beneficial outcomes, gratifying, and optimistic, balanced against acknowledgment of challenges and market complexities. The net balance leans slightly positive with focus on opportunity identification.
Perceived Risk
The manager acknowledges market volatility and unpredictable timing in crypto strategies but frames risks as manageable through positioning on both sides. Limited explicit discussion of systemic risks, suggesting moderate risk perception.
Opportunity Density
The manager identifies opportunities across multiple areas including crypto Treasury strategies, biotech downturns, SPAC litigation, and structured finance. The expansion to eight custodians and diverse strategy set suggests a rich opportunity environment.
Time Horizon
The approach combines medium-term positioning in biotech cycles and crypto Treasury compression with shorter-term arbitrage and litigation strategies. The manager acknowledges unpredictable timing but maintains patience for thesis realization across multiple cycles.
Top Conviction Themes
Key Catalysts
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