| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.5% | -17.8% | -17.8% |
Deep Sail Capital returned -17.8% net in Q1 2026 while averaging 84% net long exposure, underperforming benchmarks due to concentrated drawdowns in late March during Iran war volatility. The manager emphasizes that AI infrastructure capex has become the overwhelming market driver, with hyperscalers projected to spend $660-690 billion annually by 2026, fundamentally rewriting equity market risk-reward profiles. This unprecedented investment cycle transcends normal business cycles and may be the only factor that matters for market direction. The fund's largest position is Kraken Robotics at 14.3% NAV in defense technology. A detailed analysis of new position AmpliTech Group highlights the 5G ORAN opportunity, where higher endpoint density requirements create massive demand for US-manufactured equipment. The company forecasts $50 million revenue in 2026 driven by $118 million in LOIs. Short portfolio contributed positively but below expectations after strong Q4 performance. Fund holds 24 long and 20 short positions with opportunities expected to improve in Q2.
AI infrastructure represents the dominant economic force that may be the only factor driving markets, while the fund maintains concentrated positions in defense technology, 5G equipment, and other growth opportunities with a long/short strategy averaging 84% net long exposure.
The manager expects the AI supercycle to continue dominating market direction for the next few years, with uncertainty about timing of any eventual crash. Short portfolio opportunities expected to improve in Q2 with quantum stocks taking off again and several short squeezes occurring.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 26 2026 | 2026 Q1 | AMPG, AMZN, CRDO, CSU.TO, FSLY, GOOGL, KRKNF, META, MSFT, NET, ONON, ORCL, QBTS, TOI.TO, VRT | 5G, AI, defense, Long/Short, small cap, technology | AMPG | Deep Sail Capital's Q1 drawdown was driven by late-quarter volatility but has since recovered. The manager views AI infrastructure capex as the dominant market force, projecting $660-690 billion annual spending by hyperscalers. Key positions include defense technology leader Kraken Robotics and 5G equipment play AmpliTech Group, which forecasts 100% revenue growth in 2026 from secured contracts. |
| Jan 23 2026 | 2025 Q4 | BYND, CRDO, DXCM, KRKNF, NSLO, SNWV, SYK | defense, growth, healthcare, inflation, Long/Short, Medical Devices, small cap, technology | SNWV | Deep Sail Capital delivered 34.8% net returns in 2025 through disciplined long/short investing in quality small-cap growth companies. The fund benefits from key holdings like Kraken Robotics in defense technology and Sanuwave Health in medical devices, while positioning for a run it hot economic environment that favors growth over inflation control in the near term. |
| Oct 21 2025 | 2025 Q3 | CLPT, HIMS, NURS.V, ONON, PNG.TO, QURE, VST.V, WSTL | Biotechnology, Bubble, defense, Gene Therapy, growth, small caps, Speculation, Telehealth | - | Deep Sail returned 5.8% in Q3 amid what the manager calls a clear speculative bubble. Long portfolio driven by defense technology (Kraken Robotics) and gene therapy (Clearpoint Neuro) winners, plus new telehealth position Hydreight Technologies. Short book struggled but positioned for correction. Manager maintains discipline, protecting capital while waiting for bubble to break. |
| Jul 21 2025 | 2025 Q2 | CAH, DELL, DGX, GH, ILMN, ITMI, LH, MCK, MDT, MELI, NTRA, NXGL, PRPO, QGEN, TMO | AI, Biotechnology, Bubble, growth, healthcare, Long/Short, small caps, technology |
PRPO PRPO |
Deep Sail Capital returned 11.3% in Q2 2025, driven by AI-exposed longs like TSS Inc (+300%). Manager sees speculative re-bubble conditions but believes AI's transformative potential could justify elevated valuations. Focus remains on SMID cap growth with detailed cancer diagnostics position in Precipio. Risk management evolving toward index hedges over individual shorts. |
| Mar 31 2025 | 2025 Q1 | ANET, CLPT, NVDA, SNWV | AI, Hedging, Long/Short, Networking, Recession, technology, Trade Policy | ANET | Deep Sail Capital's long/short strategy outperformed benchmarks in Q1 2025 through superior short selection during market decline. Manager expects US recession due to Trump policies and maintains elevated short exposure while holding selective AI infrastructure plays like Arista Networks. Portfolio positioned to benefit from data center networking growth while hedging against macro headwinds and elevated valuations. |
| Jan 23 2025 | 2024 Q4 | ANET, ELF, IONQ, KRKNF, LCID, META, NVDA, QBTS, QMCO, QUBT, RIVN, RKLB, TSSI, VRT | AI, Bubble, growth, Robotics, Short Selling, small cap, technology |
PNG.TO RKLB TSSI ELF VRT SHEL.F |
Deep Sail Capital delivered 38.1% net returns in 2024, outperforming benchmarks by capitalizing on quality growth names like Kraken Robotics while shorting the quantum AI bubble. The manager expects 2025 market turbulence from government spending cuts and inflation, positioning with increased short exposure to benefit from bubble deflation and high market valuations. |
| Oct 23 2024 | 2024 Q3 | CLBT, CLPT, PNG.TO, TSSI | AI, cybersecurity, growth, Long/Short, Robotics, small caps, technology | CLBT | Deep Sail Capital delivered 13.8% net returns in Q3 2024, driven by microcap winners Clearpoint Neuro and Kraken Robotics. The fund increased concentration while adding AI data center play TSS Inc. Manager expects Fed rate cuts and post-election clarity to drive continued bull market, though warns of potential AI bubble by mid-2025. |
| Jul 26 2024 | 2024 Q2 | ACHR, AFRM, ANET, ARM, BA, BA.L, CAVA, CREX, ESTC, KOG.OL, NVDA, OII, PNG.TO, SAAB-B.ST | defense, Long/Short, Robotics, small caps, technology, value | PNG.TO | Deep Sail Capital returned -4% in Q2 as small caps underperformed, bringing YTD returns to 8.5%. The bifurcated market saw mega-cap tech drive returns while small caps struggled until the July CPI report triggered rotation. New position Kraken Robotics offers unique battery technology for defense AUV programs. Short portfolio contributed positively with 61% of positions generating returns. |
| May 7 2024 | 2024 Q1 | ACHR, ADYEN.AS, AEIS, AFRM, ARM, CREX, RCM, TSLA | AI, Europe, growth, IoT, Long/Short, Microcap, SmallCap, technology | SHEL.L | Deep Sail Capital returned 13.0% in Q1 2024, driven by strong microcap performance and successful shorts. The manager sees markets near a top with systemic risks building, positioning defensively while maintaining conviction in quality growth names like new major holding Shelly Group, a Bulgarian IoT disruptor with significant expansion potential. |
| Jan 31 2024 | 2023 Q4 | ADYEN.AS, AFRM, CREX, ESTC, TOI.TO, VIT-B.ST | AI, Europe, Long/Short, Quality, small caps, Vertical Software | VIT-B.ST | Deep Sail returned 14.3% in Q4 as micro/small caps reversed earlier weakness. Fund focuses on quality SMID cap names, particularly European vertical software companies with strong moats. Short book struggled with liquidity-driven rallies in speculative names like Affirm. Manager sees multiple 2024 scenarios from AI bubble to inflation resurgence, positioning for quality companies that can handle anything. |
| Oct 27 2023 | 2023 Q3 | AAPL, ADYEY, AI, AMZN, ATZ.TO, BLFS, CREX, EH, GOOGL, INMD, META, MITK, MSFT, NVDA, TSLA | AI, Biotechnology, growth, Micro Cap, payments, Recession, small caps | CREX | Deep Sail Capital suffered a challenging Q3 with -23.3% returns as small-cap growth stocks faced broad selling pressure and key holdings like Adyen experienced growth decelerations. The manager views current weakness as temporary, adding to quality names at attractive valuations while positioning for the deflation of AI and EVtol bubbles through selective short positioning. |
| Jul 27 2023 | 2023 Q2 | IDT, NEOF, RCMT, SDIP.L | AI, Banking, energy, healthcare, Long/Short, small caps, technology | RCMT | Deep Sail Capital delivered 21.3% year-to-date returns through cautious long/short strategy targeting quality SMID-cap companies. Fund benefits from AI infrastructure spending cycle and energy transition trends while avoiding debt-heavy businesses. Short portfolio positioned against speculative bubble in low-quality AI stocks and overvalued regional banks amid recession concerns. |
| Aug 5 2023 | 2023 Q1 | CVNA, DUOL, LEAT, MELI, NVDA, RADI, RCM, WE.TO | Banking, E-Commerce, LatAM, Long/Short, Recession, small caps | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM | Deep Sail Capital delivered 17.8% net returns in Q1 2023, outperforming on strength in top holding Mercado Libre and profitable shorts in failed banks. Manager expects fall 2023 recession driven by banking crisis aftermath, maintaining cautious long/short positioning while concentrating in Latin American e-commerce leader and shorting structurally impaired regional banks. |
| Jan 3 2023 | 2022 Q4 | AEP CN, LEAT, RICK | - | - | |
| Dec 31 2022 | 2022 Q3 | AEP CN, RADI | - | - | |
| Jun 30 2022 | 2022 Q2 | THRY | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI infrastructure capex represents the most dominant economic force, with hyperscalers projected to spend $660-690 billion annually by 2026. This unprecedented investment cycle is fundamentally rewriting market dynamics and may be the only factor that matters for market direction. The scale exceeds entire energy sector capex by 4x and requires significant debt financing, making credit market stability dependent on continued AI demand. |
Data Centers Capex Infrastructure Hyperscalers Computing |
5G Equipment5G infrastructure rollout requires dramatically higher endpoint density than 4G, creating massive demand for ORAN equipment. The shift to Open RAN enables cost savings and supply chain diversification. AmpliTech's US-manufactured ORAN products position the company as a beneficiary of this secular transition with significant growth prospects through 2030. |
ORAN Infrastructure Telecom Equipment Rollout | |
DefenseKraken Robotics represents the fund's largest position at 14.3% of NAV in the defense technology segment. The position reflects conviction in defense spending trends and technology applications in the sector. |
Technology Spending Equipment Robotics | |
| 2025 Q4 |
OilOil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, with 20 million barrels per day disrupted. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin. |
Crude Oil Brent WTI Shale OPEC |
Natural GasNatural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. U.S. production growth has concentrated entirely in the Permian Basin, with other shale regions declining. The current 'gas burp' from the Permian is expected to plateau, setting up tighter supply conditions as LNG demand expands. |
Henry Hub LNG Permian Shale Gas | |
CommoditiesThe commodity bull market has barely begun, with most commodities trading 46% below nominal highs and 73% below inflation-adjusted peaks. Commodity cycles are fundamentally capital cycles, and current extreme undervaluation relative to equities suggests the rally is only one-third complete in both duration and magnitude. |
Commodity Cycle Capital Cycle Goldman Sachs Commodity Index | |
SilverSilver surged 51% in Q4 and 140% for the year, staging a dramatic catch-up rally relative to gold. This marks the fifth such episode in 50 years, with previous instances in 1973, 1979, 2011, and 2020 all marking important turning points. The 220% rally since April matches the magnitude of the 1979 peak that ended the great gold bull market. |
Silver Gold Ratio Precious Metals | |
Platinum Group MetalsPGMs continued their powerful advance with platinum and palladium each surging 28% in Q4. Policy reversals in both the U.S. and Europe are unwinding the aggressive push toward electric vehicles, with the Trump administration repealing California's emissions standards and the EU stepping back from a full ICE ban by 2035. |
Platinum Palladium Auto Catalysts ICE Vehicles | |
CopperCopper rose 17% in Q4 and 41% for the year, but modeling suggests the market has moved back into surplus. Exchange inventories have risen to 1.2 million tonnes, levels last seen in 2003 when copper traded below $0.90 per pound. Current inventories represent roughly 17 days of global demand, placing them in the top 20% of observations over 30 years. |
Copper Base Metals Exchange Inventories | |
UraniumSurging uranium demand meets a fragile supply base as nuclear power experiences a renaissance driven by AI data center electricity needs and climate commitments. The uranium fuel cycle faces structural supply constraints while demand accelerates globally. |
Uranium Nuclear Fuel Cycle | |
| 2025 Q3 |
TelehealthHydreight Technologies represents a major position in the telehealth space, operating a vertically integrated mobile health platform combining SaaS technology with healthcare services. The company has experienced exceptional growth from $3 million in 2022 to over $100 million forecast in the next 12 months. VSDHOne platform enables consumer health brands to launch nationwide telehealth offerings in days, capitalizing on the trend following Hims & Hers' success. |
Telehealth Healthcare Software SaaS Mobile Health Digital Health |
DefenseKraken Robotics benefited from defense technology and drone market excitement, receiving a significant boost after Andruil's $1.1B contract with the Australian Navy for Ghost Sharks. Kraken serves as the sole supplier of batteries, sensors, and software for the Ghost Shark program, potentially worth $150-250m in revenue over the next few years. This represents a major step change in business scale and indicates strong demand for XLUAVs globally. |
Defense Drones Defense Electronics Robotics Defense Components | |
Gene TherapyClearpoint Neuro received validation through uniQure's strong phase 2 trial results for AMT-130 in treating Huntington's disease, showing ~75% slowing of disease progression over three years. ClearPoint provides the SmartFlow Cannula system for these treatments and will benefit materially as uniQure becomes likely the first major neurological cell & gene therapy approved. This represents significant milestone revenues and heavy system usage ahead. |
Gene Therapy Medical Devices Biotechnology CNS Rare Diseases | |
GLP1Hydreight is capitalizing on the explosive GLP-1 weight management trend, with the global weight-loss market projected to exceed $400 billion by 2030. The company has moved decisively into this category by launching both injectable and oral GLP-1 therapies, partnering with Dr. Franklin Joseph to introduce a clinically validated weight-loss program for U.S. patients at reduced cost compared to traditional pharmaceutical companies. |
GLP1 Weight Management Diabetes Specialty Pharma Telehealth | |
| 2025 Q2 |
AIAI represents the most significant technological shift in decades, likely to surpass the internet, mobile, and cloud in scale and impact. The AI investment cycle has foundational elements that the 2021 bubble lacked, making it rational to invest in AI-exposed equities even at extreme valuations. AI is driving a capex super cycle with transformative potential. |
Artificial Intelligence Technology Capex Investment Cycle Transformation |
BiotechnologyFocus on specialty cancer diagnostics through Precipio, a microcap company offering molecular assay kits and pathology services for hematologic malignancies. The oncology diagnostics market is valued at $115 billion and growing at 6% CAGR, with Precipio targeting an underserved niche in blood cancer diagnostics. |
Cancer Diagnostics Molecular Assays Pathology Oncology Healthcare | |
Small CapsFund focuses on small and mid-cap opportunities, with detailed analysis of microcap positions like Precipio. The Russell 2000 Index serves as a benchmark, and the fund seeks undervalued companies with strong growth prospects in the SMID cap space. |
Russell 2000 Microcap Growth Undervalued Opportunities | |
| 2025 Q1 |
AIFund discusses AI data center networking extensively, with focus on Ethernet vs InfiniBand architectures for AI training workloads. AI data center market projected to reach $100 billion by 2030 with 30% CAGR. Arista Networks positioned to benefit from AI infrastructure buildout through networking solutions. |
Data Centers Networking Infrastructure Training Workloads |
Data CentersSignificant focus on data center networking architecture and the competition between Ethernet and InfiniBand solutions. Discussion of scalable networking solutions for cloud providers expanding AI capabilities. Ultra Ethernet Consortium developing next-generation architecture for late 2025/early 2026 deployment. |
Networking Cloud Infrastructure Scalability Architecture | |
NetworkingDetailed analysis of networking landscape including Ethernet, InfiniBand, Spectrum X, and Ultra Ethernet architectures. Focus on Arista Networks' competitive positioning in cloud networking sector with emphasis on software-driven solutions and automation for enterprise and hyperscale deployments. |
Infrastructure Software Automation Enterprise Hyperscale | |
Trade PolicyTrump's tariff strategy creating significant uncertainty for global businesses. 90-day tariff pause provides temporary relief but rational decision for many firms is reducing US exposure. Policy whiplash and economic uncertainty driving businesses toward more stable markets in Europe, Asia, and Latin America. |
Tariffs Uncertainty Global Policy Stability | |
| 2024 Q4 |
AIManager discusses the emergence of a speculative AI and quantum computing bubble in late 2024, particularly following Google's Willow quantum chip announcement. The bubble has focused on lower-quality companies rather than established AI leaders like Nvidia, Meta, and Arista Networks, creating attractive short-selling opportunities. |
Quantum Computing Speculation Bubble Short Selling Technology |
RoboticsKraken Robotics was the fund's top contributor for the second consecutive quarter, driven by excitement about their battery and sensor business. The manager also highlights Rocket Labs USA as an exciting founder-led space, rocket, and satellite company with multi-decade growth potential. |
Space Satellites Battery Technology Sensors Growth | |
Data CentersTSS Inc, a strategic partner for Dell, has significant opportunities around data center integration, specifically in liquid-cooled data centers. Vertiv was added as a new position, being a global leader in critical digital infrastructure solutions that will benefit from the Nvidia Blackwell/Grace upgrade cycle. |
Infrastructure Cooling Nvidia Upgrade Cycle Technology | |
AutomationShelly Group represents the fund's investment in smart home automation, expanding from device manufacturing to an integrated platform with software revenue streams. The company is developing an ecosystem for energy optimization, predictive maintenance, and advanced security with recurring subscription-based services. |
Smart Home IoT Software Subscription Energy Management | |
| 2024 Q3 |
AIManager expects continued excitement around AI infrastructure could lead to an outright AI bubble by mid-2025. TSS Inc. was added as a new position focused on AI data center growth, specifically liquid-cooled data centers. |
Infrastructure Bubble Data Centers Liquid Cooling Growth |
CybersecurityCellebrite provides digital forensics and cybersecurity tools to law enforcement, with flagship UFED software for extracting data from mobile devices. The company gained media exposure when used to break into the Trump assassination attempt shooter's phone in 40 minutes. |
Digital Forensics Law Enforcement Mobile Devices Data Extraction Software | |
RoboticsKraken Robotics was the best-performing position in Q3 with a 72% rise in share price. Manager believes Kraken is beginning a long phase of significant growth that will propel the stock to over a billion dollar market cap in the next few years. |
Marine Growth Market Cap Technology Defense | |
| 2024 Q2 |
DefenseKraken Robotics positioned to benefit from autonomous underwater vehicle demand from global navies. Anduril partnership for Dive-LD and Ghost Shark programs represents significant revenue opportunity. XL-AUVs being developed globally by defense contractors to replace submarines. |
AUV Underwater Navy Autonomous Military |
RoboticsFocus on marine robotics and autonomous underwater vehicles. Kraken Robotics develops sensors, batteries, and software for underwater exploration and surveying. Company has unique pressure-tolerant battery technology with no known competitors at 6000m depth. |
Marine Autonomous Sensors Underwater Technology | |
Small CapsFund focuses on small and microcap investments which underperformed in Q2 as market moved away from small caps. Small caps underperformed S&P 500 by over 5% in June alone. Russell 2000 up only 0.4% year to date through July 9th. |
Russell 2000 Microcap Underperformance Value Growth | |
| 2024 Q1 |
AIThe AI revolution kicked off in 2023 with the release of ChatGPT has spurred a sizable uptick in investment and excitement over new products and new industries. This technological shift is contributing to market dynamics and investment opportunities. |
ChatGPT Technology Innovation Investment Products |
IoTShelly Group represents an early disruptor in the IoT space with smart home automation devices. The company has developed their own IoT chip and operating system, creating an open system for running IoT devices while competitors take a closed approach. |
Smart Home Automation Devices Connectivity Hardware | |
| 2023 Q4 |
AIManager discusses AI as a potential bubble scenario for 2024, similar to the Dotcom bubble, with technology and AI stocks reaching insane valuations. Elastic benefited from the rising generative AI trend in Q3 earnings. |
Artificial Intelligence Generative AI Technology Bubble Nvidia Software |
Vertical SoftwareDeep focus on vertical market software serial acquirers, particularly European companies like Vitec Software Group and Topicus. Manager views VMS as potentially the best technology end market with extremely low churn, long-term pricing power, and high switching costs. |
VMS Serial Acquisition SaaS Software Constellation | |
Small CapsFund focuses on micro and small-cap equities, with performance driven by a general reversal in weakness that occurred in Q2 and Q3. Manager sees opportunities in microcap space and opened new positions in this segment. |
Microcap Russell 2000 Small Cap Growth Liquidity Outperformance | |
| 2023 Q3 |
AIManager discusses artificial intelligence as part of a mini-rebubble in long-duration, low-quality stocks that occurred in Q2 and continued into Q3. The AI bubble is viewed as similar to previous bubbles in 3D printing, electric vehicles, and cannabis that the fund has traded before. |
Artificial Intelligence Bubble Long Duration C3.AI |
BiotechnologyThe biotechnology sector experienced significant weakness in Q3 due to reduced biotech funding environment and concerns about the Inflation Reduction Act's implications on long-term drug pricing. Manager believes these are largely near-term impacts and a one-time reset in forward biotechnology progress globally. |
Biotech Funding Inflation Reduction Act Drug Pricing Sector Weakness | |
Small CapsSmall-cap and micro-cap equities saw material weakness in Q3, contributing to the fund's underperformance. The manager notes there has already been significant selling pressure in the small-cap space that may not be noticed by those not paying close attention to individual mid- and small-cap stocks. |
Small Cap Micro Cap Selling Pressure Underperformance | |
PaymentsAdyen, the fund's worst detractor, experienced revenue growth deceleration as customers chose cheaper payment processing options. Despite being best-in-class, Adyen is the most expensive processor, making them susceptible to switching by large, high-volume customers during economic pressure. |
Payment Processing Adyen Cost Cutting Revenue Deceleration | |
| 2023 Q2 |
AIAI has found its first blockbuster application in ChatGPT, surpassing 1 billion users. AI spending will drive technology development and economic growth in OECD countries over the next 15 years, requiring multi-year ramp-up in spending from near-zero base. AI will support corporate optimization and software adoption trends. |
ChatGPT Technology Software Infrastructure |
StaffingRCM Technologies operates diversified talent services across healthcare, engineering, and IT segments. Healthcare segment has doubled revenues since 2020 driven by school system contracts for nurses and therapists. Engineering positioned for energy transition projects including renewable energy and grid upgrades. |
Healthcare Engineering Schools Energy | |
Energy TransitionRCM Technologies Engineering Group positioned to support shift to alternative energy with expertise in solar, biofuels, fuel cells, batteries, substations, and transmission upgrades. Utilities need to upgrade transmission infrastructure as renewable energy and electric vehicles approach. |
Renewable Solar Transmission Infrastructure | |
Regional BanksFirst Republic Bank entered receivership, zeroing out equity value. Banks remain on shaky ground with current interest rate landscape, though banking crisis has likely passed. Fund continues holding short positions in regional banks believed overvalued in new lending and rate environment. |
Interest Rates Credit Lending | |
| 2023 Q1 |
Credit StressManager expects a recession in fall 2023 driven by banking crisis and ZIRP policy consequences. Regional banks face structural issues on both asset and liability sides, leading to reduced lending and consumer demand. |
Banking Recession ZIRP Lending |
E-commerceMercado Libre is the fund's top holding, described as the backbone of Latin American commerce with strong network effects across marketplace, payments, and logistics segments. Off-exchange payment growth of 122% demonstrates expansion beyond core platform. |
Mercado Libre Payments Logistics Network Effects | |
Regional BanksFund added regional bank shorts following Silicon Valley Bank and Signature Bank failures. Manager believes structural issues affecting failed banks persist across other regional institutions, degrading future earnings power even if receivership is avoided. |
SVB Signature Bank Shorts Liquidity |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 26, 2026 | Fund Letters | Deep Sail Capital Partners | AMPG | AmpliTech Group | Communication Equipment | Communications Equipment | Bull | NASDAQ | 5G, Aerospace, Defense, growth, Microwave, ORAN, RF components, telecommunications equipment, turnaround, US Manufacturing | Login |
| Jan 23, 2026 | Fund Letters | Sean Westropp | SNWV | Sanuwave Health, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | growth, Margins, Medtech, Reimbursement, Ultrasound, Woundcare | Login |
| Jul 21, 2025 | Fund Letters | Sean Westropp | PRPO | Precipio, Inc. | Health Care | Health Care Providers & Services | Bull | NASDAQ | cashflow, diagnostics, Margins, Oncology, turnaround, valuation | Login |
| Apr 1, 2025 | Fund Letters | Deep Sail Capital Partners | ANET | Arista Networks | Information Technology | Communications Equipment | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, Ethernet, founder-led, growth, high-performance computing, networking equipment, Share Buybacks, Software-Defined Networking | Login |
| Sep 30, 2024 | Fund Letters | Deep Sail Capital Partners | CLBT | Cellebrite | Software & Services | Application Software | Bull | NASDAQ | AI Analytics, Cloud Evidence Management, cross-selling, digital forensics, government clients, High retention, Law Enforcement Software, SaaS, SPAC, vertical market software | Login |
| Jul 15, 2024 | Fund Letters | Deep Sail Capital Partners | PNG.TO | Kraken Robotics Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | TSX Venture Exchange | Autonomous Underwater Vehicles, Canada, Defense, Equity, growth, Marine Technology, Naval Defense, robotics, Sonar Systems, Subsea Batteries | Login |
| Dec 31, 2023 | Fund Letters | Deep Sail Capital Partners | VIT-B.ST | Vitec Software Group | Software & Services | Application Software | Bull | Stockholm Stock Exchange | Acquisitions, growth, high margins, Low Churn, Mission-Critical Software, Nordic, SaaS, serial acquirer, Sweden, vertical market software | Login |
| Oct 31, 2023 | Fund Letters | Deep Sail Capital Partners | CREX | Creative Realities | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | Channel Partners, Digital Signage, recurring revenue, SaaS, small-cap, Software Transformation, technology hardware, turnaround, Value | Login |
| Jun 30, 2023 | Fund Letters | Deep Sail Capital Partners | RCMT | RCM Technologies | Industrials | Human Resource & Employment Services | Bull | NASDAQ | Behavioral Therapy, capital allocation, Engineering services, Grid Infrastructure, Healthcare Staffing, It consulting, renewable energy, School Systems, Share Buybacks, Talent Services | Login |
| Apr 30, 2023 | Fund Letters | Deep Sail Capital Partners | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM | Mercado Libre | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Brazil, Digital adoption, e-commerce, Fintech, growth, Latin America, Logistics, marketplace, Mexico, network effects, Payments | Login |
| Apr 30, 2023 | Fund Letters | Deep Sail Capital Partners | - | Leatt Corp | Consumer Discretionary | Leisure Products | Bull | OTCQX | COVID impact, Cyclical, Helmets, Motocross, Mountain Biking, Protective Equipment, technology innovation, turnaround | Login |
| - | Fund Letters | Deep Sail Capital Partners | TSSI | TSS Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | data centers, Dell Partnership, infrastructure, IT Solutions, liquid cooling, technology hardware | Login |
| - | Fund Letters | Deep Sail Capital Partners | SHEL.F | Shelly Group AD | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Frankfurt Stock Exchange | Energy Management, European Technology, growth, Home automation, IoT Devices, Smart home, software platform, subscription revenue | Login |
| - | Fund Letters | Deep Sail Capital Partners | ELF | e.l.f. Beauty Inc. | Consumer Staples | Personal Products | Bull | NYSE | Beauty, consumer staples, Cosmetics, digital marketing, direct-to-consumer, High Growth, Mass retail | Login |
| - | Fund Letters | Deep Sail Capital Partners | PRPO | Precipio Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | cancer diagnostics, EBITDA Breakeven, Going Concern, gross margin expansion, Hematologic Malignancies, Medicare Reimbursement, microcap, Molecular Assays, Pathology Services, Proprietary technology, Trade Secrets, turnaround | Login |
| - | Fund Letters | Deep Sail Capital Partners | VRT | Vertiv Holdings Co | Information Technology | Electronic Equipment, Instruments & Components | Bull | NYSE | AI infrastructure, Cooling Systems, critical infrastructure, Data center infrastructure, Nvidia Blackwell, power solutions, technology hardware | Login |
| - | Fund Letters | Deep Sail Capital Partners | SHEL.L | Shelly Group | Information Technology | Technology Hardware, Storage & Peripherals | Bull | London Stock Exchange | asset-light, Bulgaria, DIY, founder-led, Geographic Expansion, growth, Hardware, Home automation, IoT, Open Platform, SaaS, Smart home, Software, subscription model | Login |
| - | Fund Letters | Deep Sail Capital Partners | PNG.TO | Kraken Robotics Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | TSX Venture Exchange | battery technology, Commercial Marine, Defense, Marine Technology, robotics, Sensors, Underwater Vehicles | Login |
| - | Fund Letters | Deep Sail Capital Partners | RKLB | Rocket Lab USA Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | Aerospace, founder-led, growth, Rocket Manufacturing, Satellite Launch, Small Satellites, Space Technology | Login |
| TICKER | COMMENTARY |
|---|---|
| AMPG | AmpliTech Group (AMPG) operates a high-quality, diversified business model centered on designing, developing, and manufacturing advanced RF and microwave signal-processing components and systems. The company serves multiple end markets, which include satellite communications, 5G/6G telecom, quantum computing, defense, aerospace, and space. Fiscal 2025 revenue reached a record $25.2 million, up approximately 165% year-over-year from $9.5 million in 2024. The company is currently forecasting at least $50m in 2026 revenue (100% growth over 2025), which will be driven by two large LOI's that they have secured. The company announced in 2025 they have received an LOI for $78 million in ORAN radio systems with an Asian telco and a $40m LOI for a North American MNO. I believe shares are worth north of $6 (210% upside) once the company can prove out gross margins and scale their 5G ORAN business. |
| AMZN | By 2026, the combined annual capex of the five largest U.S. hyperscalers—Amazon, Microsoft, Alphabet, Meta, and Oracle—is projected to reach between $660 billion and $690 billion. |
| MSFT | By 2026, the combined annual capex of the five largest U.S. hyperscalers—Amazon, Microsoft, Alphabet, Meta, and Oracle—is projected to reach between $660 billion and $690 billion. |
| GOOGL | By 2026, the combined annual capex of the five largest U.S. hyperscalers—Amazon, Microsoft, Alphabet, Meta, and Oracle—is projected to reach between $660 billion and $690 billion. |
| META | By 2026, the combined annual capex of the five largest U.S. hyperscalers—Amazon, Microsoft, Alphabet, Meta, and Oracle—is projected to reach between $660 billion and $690 billion. |
| ORCL | By 2026, the combined annual capex of the five largest U.S. hyperscalers—Amazon, Microsoft, Alphabet, Meta, and Oracle—is projected to reach between $660 billion and $690 billion. |
| KRKNF | Kraken Robotics represents the fund's largest position at 14.3% of NAV in the defense technology segment and was the best performing position in Q1 with a 4.1% contribution. |
| VRT | Vertiv Holdings was among the best performing positions in Q1 with a 2.6% contribution. |
| CRDO | Credo Technologies was down over 50% from its ATH by the end of March on the narrative that 'Cooper is dead' in data centers. That narrative has since changed in Q2 with the market beginning to realize that Credo's ZeroFlap optics platform is a real second leg for the company. Credo went on to make a transformative acquisition of Dust Photonics just last week, which not only makes Credo a viable optics supplier but also creates a vertically integrated platform for connectivity in the data center space. |
| CSU.TO | After several years of watching Constellation Software and following the company, in Q1 we finally had the opportunity to buy shares at a reasonable valuation. We have long owned Topicus Software (which is a spinout from Constellation Software), but only recently did the valuation and forward IRR of Constellation Software land it in a viable range for the fund to purchase shares. I believe the AI narrative around VMS software is largely wrong, and AI will provide a nice tailwind for the industry over the next five years. |
| QBTS | D-Wave Quantum contributed 0.9% as a short position in Q1. The core drivers to the short book in 2025 were quantum-related stocks, which by early 2026 I had either closed or they saw the downside volatility decline significantly. |
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