Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 20.2% | -4% | 29.5% |
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 29.5% | 57.9% | 48.4% | -15.5% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 20.2% | -4% | 29.5% |
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| 29.5% | 57.9% | 48.4% | -15.5% |
Hinde Group's 1578 Partners delivered -4.02% net returns in Q4 2025 but achieved strong full-year performance of 29.49% net, significantly outperforming the S&P 500's 17.88%. The portfolio underperformed in Q4 primarily due to declines in Uber (-16.6%) and Interactive Brokers (-6.5%), while Alphabet (+28.8%) and Becton Dickinson (+3.7%) provided positive contributions. Interactive Brokers remains the portfolio's cornerstone holding, delivering stellar 2025 results with 32% customer account growth and 26% commission revenue growth despite Fed rate cuts creating headwinds. The AI investment boom continues driving economic strength, with Big Tech planning $660 billion in 2026 capex, up 80% from 2025. The manager maintains high conviction in the current eight-position portfolio, which is 97.3% invested in equities with 2.7% cash. Early 2026 saw capital reallocation across existing positions, with the manager aiming to strengthen the portfolio further throughout the year while benefiting from compounding returns in quality businesses.
The portfolio focuses on high-quality compounding businesses like Interactive Brokers, which has delivered a 26.8% compound annual return over more than a decade, benefiting from structural growth in global trading activity and customer account expansion.
The manager feels good about the current positions in the portfolio and aims to make the portfolio even stronger over the course of 2026. Interactive Brokers is expected to deliver high teens or better annualized returns over the coming years through earnings growth and dividend yield, with the company aiming to pay out a dividend equivalent to a 0.5% to 1.0% yield.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 13 2026 | 2025 Q4 | BDX, GOOG, IBKR, NBN, NFLX, UBER | AI, Brokerage, Compounding, growth, technology, value | IBKR | Hinde Group delivered 29.49% net returns in 2025 despite Q4 underperformance from Uber and Interactive Brokers. The AI investment boom drives economic strength with Big Tech spending $660 billion on capex in 2026. Interactive Brokers remains the core holding with exceptional customer growth and trading revenue expansion. The concentrated eight-position portfolio targets high-quality compounding businesses. |
| Nov 11 2025 | 2025 Q3 | AMZN, BDX, GOOG, GOOGL, IBKR, META, MSFT, NFLX, NVDA, UBER, WAT | AI, Buybacks, Capital Allocation, healthcare, Medical Devices, special situations, technology, value | BDX | Hinde Group posted strong Q3 returns of 13.93% driven by Interactive Brokers and Alphabet gains. The manager initiated a new position in Becton Dickinson, a special situation spin-off that should unlock significant value. Despite elevated market risks and unprecedented political uncertainty, the focus remains on recession-resilient, deeply undervalued businesses that can deliver attractive long-term returns. |
| Aug 4 2025 | 2025 Q2 | GOOG, IBKR, NFLX, UBER | growth, inflation, large cap, Streaming, technology, Trade Policy | NFLX | Hinde Group outperformed significantly in Q2 2025 despite tariff-induced market stress, with concentrated positions in IBKR, Uber, Alphabet, and Netflix driving 19.45% net returns. The manager trimmed Netflix after strong recovery but remains confident in the portfolio's resilience despite ongoing trade policy risks and inflation pressures ahead. |
| May 19 2025 | 2025 Q1 | AMZN, GOOG, IBKR, NBN, NFLX, UBER | Economic Policy, financials, Portfolio Management, Resilience, tariffs, technology, Trade Policy |
IBKR UBER NBN GOOG |
Hinde Group's portfolio fell 0.87% in Q1 2025 amid Trump's aggressive tariff rollout that pushed U.S. tariff rates to 22.5%, the highest since 1909. The portfolio is strategically positioned with resilient companies having minimal direct trade war exposure. While economic uncertainty persists, the manager views this disruption as creating lucrative investment opportunities for skilled capital allocation. |
| Feb 12 2025 | 2024 Q4 | AMZN, GOOG, IBKR, NBN, NFLX, UBER | Concentration, financials, growth, technology, value | IBKR | Hinde Group's concentrated portfolio delivered 57.91% returns in 2024, significantly outperforming the S&P 500's 25.02%. Interactive Brokers led performance with 113% gains as pandemic concerns faded and commission growth accelerated. The manager maintains high conviction in seven core positions while acknowledging rich market valuations make new investments challenging but not impossible. |
| Nov 14 2024 | 2024 Q3 | AMZN, GOOG, IBKR, JPM, NBN, NFLX, UBER | Banking, Commercial real estate, interest rates, Regional Banks, SBA Lending | NBN | Hinde Group's concentrated seven-stock portfolio delivered 6.11% net returns in Q3, led by Northeast Bank's 26.7% surge on strong loan purchase activity and accelerating SBA lending growth. Interactive Brokers also contributed with 13.7% gains. Despite Alphabet's decline, the manager maintains high conviction in the portfolio's prospects and continues seeking new opportunities. |
| Aug 3 2024 | 2024 Q2 | AMZN, GOOG, IBKR, NBN, NFLX, UBER | Fed policy, growth, rates, Streaming, technology, value | NFLX | Concentrated seven-position portfolio delivered strong Q2 returns led by Netflix and other quality compounders. Manager sees Fed policy as overly restrictive given economic softening, creating potential catalysts. While cautious on broad market valuations, remains enthusiastic about portfolio prospects and views potential recession as opportunity rather than risk. |
| May 10 2024 | 2024 Q1 | AMZN, GOOG, IBKR, NFLX, UBER | AI, Compounding, growth, large cap, technology | GOOG | Concentrated portfolio of seven quality compounders delivered 19.33% net returns in Q1 2024, outperforming the S&P 500. Alphabet exemplifies the strategy with strong AI positioning and recovery from pandemic hangover, generating 21.1% IRR over seven years. Manager remains enthusiastic about portfolio prospects in favorable economic environment. |
| Feb 12 2024 | 2023 Q4 | 000660.KS, 002790.KS, 004020.KS, 005930.KS, 009540.KS, 028260.KS, 090430.KS, 4527.T, 9301.T, C8H.L, CORD.L, DIE.BR, ENT.L, HVPE.L, J36.SI, LVMH.PA, MC.PA, NWSA, OCI.L, PGHN.SW, REA.AX, VIV.PA | discount, global, Holdings, Korea, NAV, value |
IBKR NWSA |
AVI Global Trust focuses on deep value opportunities in holding companies trading at significant discounts to NAV. Korean exposure at 9.5% of portfolio benefits from governance reforms with 68% of KOSPI below book value. News Corp remains compelling despite recent weakness, with REA stake worth 75% of market cap and stub assets at 4x EBITDA. |
| Nov 8 2023 | 2023 Q3 | ALV.DE, CS.PA, GEN.MI, KER.PA | insurance, private equity, SME, software, Switzerland | AMZN | MPD Partners' SME-focused private equity fund centers on La Centrale de Prévoyance, a Swiss insurance broker facing broker turnover challenges while expanding client base. The fund is developing proprietary lead generation software using machine learning to enhance portfolio company sales outcomes, though resource constraints limit development activities. |
| Jul 31 2023 | 2023 Q2 | BRK-B | AI, Caribbean, diversification, emerging markets, global, technology, value | NFLX | Fortress delivered positive Q3 returns across all funds while maintaining their disciplined value approach. The manager warns that expensive U.S. tech stocks may disappoint despite AI momentum, favoring emerging markets and non-U.S. opportunities with better valuations. Their globally diversified portfolio continues finding attractive opportunities worldwide while Caribbean markets face headwinds from currency constraints and geopolitical pressures. |
| May 11 2023 | 2023 Q1 | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, ORCL, PLTR, SNOW, TSM | AI, China, growth, infrastructure, semiconductors, technology |
IBKR NBN AMD SNOW BABA BIDU |
WestEnd Capital maintains concentrated AI infrastructure exposure through established leaders and new catch-up trades. The firm added AMD, Alibaba, and Baidu while holding Palantir and Snowflake, targeting global AI adoption and Asia's digital transformation. Technology remains the largest allocation, complemented by international diversification into industrials, aerospace, and defense for long-term structural growth. |
| Jan 31 2023 | 2022 Q4 | NBN | Equity Valuations, Financial Stress, Intrinsic Value, Long-Term Opportunity, Monetary Tightening | NBN | |
| Nov 4 2022 | 2022 Q3 | UBER | Inflation Persistence, Platform Economics, Quality Compounders, Recession Risk, Rising Interest Rates | UBER | |
| Aug 1 2022 | 2022 Q2 | CVET | Corporate Governance, Federal Reserve Tightening, Inflation Shock, Intrinsic Value, Market Volatility | - | |
| May 11 2022 | 2022 Q1 | NFLX | Equity Valuation, Inflation Shock, interest rates, Monetary Tightening, Quality Compounders | NFLX |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIThe AI investment boom continues to be an important source of strength for the U.S. economy. Big Tech companies announced plans to spend more than $660 billion on capital expenditures in 2026, mostly for AI chips and data centers, up almost 80% over 2025. The AI investment boom stimulates economic growth through both direct impact and wealth effects from soaring AI-related equity values. |
AI Data Centers Capital Expenditures Big Tech Investment |
Capital MarketsInteractive Brokers delivered stellar operating results with 32% growth in customer accounts, 37% growth in customer equity, and 26% commission revenue growth. Higher market volatility typically drives increased trading activity among IB's customers. The company grew adjusted EPS by 24.4% despite headwinds from Fed rate cuts. |
Interactive Brokers Trading Volatility Commission Revenue Customer Growth | |
| 2025 Q3 |
AIThe generative AI investment boom is keeping the economy afloat and stock market ebullient amid political and economic turmoil. Big tech companies like Google, Microsoft, Amazon and Meta plan to spend over $300 billion on AI data centers in 2025, up $100 billion from 2024. Venture capital firms invested $192.7 billion into AI startups through the first nine months of 2025. |
Data Centers Cloud Semiconductors Venture Capital Infrastructure |
Medical DevicesBecton Dickinson is a global diversified medical technology company with leading market shares in many product lines and stable demand for essential consumable medical supplies. The company has high margins and predictable performance, with 90% of hospital patients encountering at least one of BD's 45 billion medical products annually. |
Healthcare Consumables Market Share Margins Predictable | |
BuybacksBD repurchased $1 billion of stock in fiscal 2026 and plans to allocate at least half of the $4 billion cash from the Waters transaction to share repurchases. Management seems committed to aggressive buybacks while the stock remains undervalued, with free cash flow supporting another $1-2 billion in repurchases. |
Share Repurchases Capital Allocation Undervalued Cash Flow Management | |
| 2025 Q2 |
Trade PolicyTrump's Liberation Day tariffs threatened to raise average US tariff rates to 22.5%, above Smoot-Hawley levels, before partial retreat. The resulting regime will still harm growth, increase unemployment, and boost inflation by nearly two percentage points according to Yale Budget Lab estimates. |
Tariffs Inflation Trade War Economic Impact Policy Risk |
StreamingNetflix exemplifies a marvelous business that encountered a solvable problem. The company has recovered strongly with 16% revenue growth, 45% operating income growth, and 34% operating margins. The manager trimmed the position as valuation became less attractive above $1000. |
Netflix Content Subscription Operating Leverage Valuation | |
| 2025 Q1 |
Trade PolicyTrump's aggressive tariff implementation during Q1 2025 created significant market volatility and economic uncertainty. The manager extensively analyzes the negative economic impacts of tariffs, including reduced living standards, higher prices, and slower growth. Portfolio companies are assessed for their resilience to trade war impacts. |
Tariffs Trade War Economic Policy Protectionism Reciprocal Tariffs |
ResilienceThe portfolio is positioned with companies that demonstrate strong resilience to economic disruption and trade war impacts. Interactive Brokers, Uber, and other holdings are highlighted for their ability to weather adverse conditions through diversified revenue streams and conservative risk management. |
Business Resilience Defensive Positioning Economic Disruption Stress Testing Diversification | |
| 2024 Q4 |
Capital MarketsInteractive Brokers delivered strong operating results with 30.3% customer account growth and 25% commission revenue growth despite subdued market volatility. The company benefited from accelerating commission growth as pandemic-related distortions faded and concerns about Fed rate cuts dissipated. Net interest margin remained stable at 2.35% while margin loan balances grew 45%. |
Brokerage Trading Commission Interest Volatility |
| 2024 Q3 |
Regional BanksNortheast Bank executed significant loan purchases totaling $808 million in Q3, nearly double their entire fiscal 2024 volume. The bank's partnership with Newity for SBA 7(a) loans is gaining meaningful traction, with originations accelerating and now contributing over 10% of combined net interest and non-interest income. |
SBA Lending Commercial Real Estate Banking Credit |
| 2024 Q2 |
StreamingNetflix is highlighted as a compounder investment with strong global membership growth of 8.0 million in Q2 2024. The company has abundant growth opportunities with only 6% market penetration of its $600 billion serviceable addressable market. Netflix continues to generate strong free cash flow and return capital through share repurchases. |
Netflix Membership Content Global Monetization |
RatesThe Fed's current target range of 5.25-5.50% is at least 200 basis points above where it should be given inflation at target and softening growth. Recent economic data suggests the Fed is behind the curve with monetary policy far out of line with economic conditions. |
Federal Reserve Interest Rates Monetary Policy Inflation Employment | |
| 2024 Q1 |
AIGoogle's leadership in AI research and infrastructure positions it well for the next wave of AI innovation. While advances in AI come with some risks to Google's business, those risks are far outweighed by the opportunities and Google's inherent advantages in realizing those opportunities. |
Artificial Intelligence Innovation Research Infrastructure |
| 2023 Q4 |
KoreaBuilding exposure to Korea due to corporate governance reform agenda and deeply undervalued companies. Korean names have contributed +1.1% to NAV with weighted average total return of +25%. 68% of KOSPI index still trading below book value and 61% without sell-side coverage. |
Corporate Governance Value Discount Reform |
ValueFocus on companies trading at discount to estimated underlying net asset value. News Corp trading at significant discount with REA stake accounting for 75% of market cap. Amorepacific Holdings trading on widest ever discount of 52%. |
Discount NAV Undervalued Mispricing | |
| 2023 Q3 |
InsuranceThe fund's main portfolio company La Centrale de Prévoyance is a Swiss insurance broker working in social security and healthcare insurance. The company maintains partnerships with major insurance companies including Groupe Mutuel, Generali, Allianz, and Axa. |
Insurance Brokers Healthcare Switzerland |
SoftwareMSCO is developing proprietary lead generation software using Big Data Analytics and machine learning algorithms to enhance marketing and sales outcomes for portfolio companies. The software is being tested with LCP and will be implemented across other invested companies. |
Lead Generation Machine Learning Analytics | |
| 2023 Q2 |
AIArtificial intelligence remained the dominant theme supporting global stocks this quarter. AI buildout brought excitement and higher valuations in an already expensive part of the equity market. Technology developments have played an enormous role in markets, fuelling momentum in shares of companies linked to AI. |
Technology Semiconductors Growth Momentum Valuations |
Emerging marketsEmerging markets stocks posted the strongest returns this quarter. Constructive trade talks, good valuations and government shift to supporting private enterprise lifted Chinese stocks. The Fund's core allocation to emerging equities via the Fortress Emerging Markets Fund returned between 4% and 15%. |
China Valuations Trade Policy Government Policy | |
ValueThe fund favors investing in shares of high-quality, profitable companies at reasonable valuations. Years of weakness in some parts of the Caribbean have potentially set the stage for good long-term returns among profitable companies that now trade at very attractive valuations. |
Quality Profitability Reasonable Valuations Long-term | |
| 2023 Q1 |
AIWestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds long-term positions in Palantir and Snowflake while adding new positions in AMD, Alibaba, and Baidu to capture different fronts of the AI arms race. These companies are positioned to benefit from enterprise AI adoption and global AI infrastructure buildout. |
Infrastructure Enterprise Data Centers Cloud Semiconductors |
ChinaWestEnd opened positions in Chinese tech giants Alibaba and Baidu as strategic plays on Asia's digital transformation. Alibaba's $50 billion AI investment initiative and cloud growth, combined with Baidu's autonomous vehicle leadership and AI capabilities, provide exposure to China's goal of integrating AI into the majority of its economy by 2030. |
Technology E-commerce Autonomous Cloud Digital | |
SemiconductorsThe firm views AMD as approaching a strategic inflection point, positioned to compete head-to-head with NVIDIA for major AI infrastructure contracts. AMD's partnerships with OpenAI and Oracle represent potential tens of billions in long-term revenue, with the company resembling NVIDIA in early 2024 entering broad market adoption phase. |
Data Centers GPUs Infrastructure AI Hardware |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Feb 13, 2026 | Fund Letters | Marc Werres | IBKR | Interactive Brokers Group, Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Account Growth, Commissions, compounder, net interest income, Volatility | Login |
| Aug 4, 2025 | Fund Letters | Hinde Group | NFLX | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | compounder, Content, contrarian, entertainment, Global, margin expansion, operating leverage, Share Buybacks, Streaming, Subscription | Login |
| Aug 4, 2025 | Fund Letters | Marc Werres | BDX | Becton, Dickinson and Company | Health Care | Medical Instruments & Supplies | Bull | NYSE | Consumables, deleveraging, Margins, Medtech, restructuring | Login |
| May 19, 2025 | Fund Letters | Hinde Group | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, attractive valuation, cash generation, Dominant platform, Global, Search, technology, Trade War Exposed | Login |
| May 19, 2025 | Fund Letters | Hinde Group | IBKR | Interactive Brokers Group, Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Asia, Automated, Brokerage, Crisis-Resilient, defensive, Diversified, Europe, financial services, Global, Trading | Login |
| May 19, 2025 | Fund Letters | Hinde Group | NBN | Northeast Bank | Financials | Regional Banks | Bull | NASDAQ | commercial real estate, Conservative Underwriting, experienced management, Interest Rate Sensitive, Opportunistic, regional bank, Value | Login |
| May 19, 2025 | Fund Letters | Hinde Group | UBER | Uber Technologies, Inc. | Communication Services | Interactive Media & Services | Bull | NYSE | delivery, Global, market leader, mobility, network effects, Recession-Resilient, scale, technology platform, Transportation | Login |
| Feb 12, 2025 | Fund Letters | Hinde Group | IBKR | Interactive Brokers Group, Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Automated, Brokerage, Commission Revenue, Customer growth, Electronic Trading, Global, high-margin business, Interest Margin, international expansion, Multi-Asset | Login |
| Oct 31, 2025 | Fund Letters | Hinde Group | NWSA | News Corp | Communication Services | Publishing | Bull | NASDAQ | Australia, discount to NAV, Dow Jones, Family Trust, holding company, information services, media, Publishing, REA Group, value unlock | Login |
| Oct 22, 2025 | Fund Letters | Hinde Group | AMD | Advanced Micro Devices | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Cloud computing, Cyclical Recovery, data center, GPUs, market share gains, semiconductors, Server CPUs, strategic partnership | Login |
| Oct 22, 2025 | Fund Letters | Hinde Group | SNOW | Snowflake Inc. | Information Technology | Software | Bull | NYSE | AI monetization, Cloud Data Platform, Data Analytics, Enterprise AI, Enterprise software, machine learning, Multi Cloud, SaaS, unstructured data | Login |
| Oct 22, 2025 | Fund Letters | Hinde Group | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI infrastructure, Asia Technology, China AI Strategy, Chinese E-commerce, Cloud computing, Digital transformation, high-performance computing, regional expansion | Login |
| Oct 22, 2025 | Fund Letters | Hinde Group | BIDU | Baidu, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | autonomous vehicles, Chinese AI, cloud services, Domestic AI Solutions, Enterprise AI, Language Models, Mobility Technology, robotaxis, Southeast Asia Expansion | Login |
| Nov 14, 2024 | Fund Letters | Hinde Group | NBN | Northeast Bank | Financials | Regional Banks | Bull | NASDAQ | banking, commercial real estate, Equity, loan origination, Maine, net interest margin, regional banks, SBA Loans | Login |
| Aug 3, 2024 | Fund Letters | Hinde Group | NFLX | Netflix, Inc. | Communication Services | Entertainment | Bull | NASDAQ | cash generation, Content, Cord-cutting, digital media, entertainment, Global, market share, Share Buybacks, Streaming, Subscription | Login |
| May 10, 2024 | Fund Letters | Hinde Group | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, Cloud computing, compounder, Cost Reduction, digital advertising, operating leverage, Revenue Growth, search engine, technology platform | Login |
| Feb 12, 2024 | Fund Letters | Marc Werres | IBKR | Interactive Brokers Group, Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Brokerage, compounding, Customer assets, Interest income, Volatility | Login |
| Nov 8, 2023 | Fund Letters | Marc Werres | AMZN | Amazon.com, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Cloud computing, Cost Restructuring, e-commerce, margin expansion, operating leverage | Login |
| Jul 31, 2023 | Fund Letters | Marc Werres | NFLX | Netflix, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | advertising, cashflow, Margins, monetization, Streaming, Subscriptions | Login |
| Jul 31, 2023 | Fund Letters | Marc Werres | NBN | Northeast Bank | Financials | Regional Banks | Bull | NASDAQ | Accretion, Bookvalue, Crelending, Dislocation, ROE | Login |
| May 11, 2023 | Fund Letters | Marc Werres | IBKR | Interactive Brokers Group, Inc. | Financials | Investment Banking & Brokerage | Bull | NASDAQ | Brokerage, Electronic Trading, founder-led, interest rate risk, Liquidity | Login |
| May 11, 2023 | Fund Letters | Marc Werres | NBN | Northeast Bank | Financials | Regional Banks | Bull | NASDAQ | Balance Sheet Risk, commercial real estate, Deposit Insurance, floating-rate loans, regional banks | Login |
| Nov 4, 2022 | Fund Letters | Marc Werres | UBER | Uber Technologies Inc | Industrials | Road & Rail Transportation | Bull | New York Stock Exchange | cashflow, mobility, platform, profitability, scale | Login |
| May 11, 2022 | Fund Letters | Marc Werres | NFLX | Netflix Inc | Communication Services | Movies & Entertainment | Bull | NASDAQ | Free cashflow, Pricing, scale, Streaming, Subscriptions | Login |
| TICKER | COMMENTARY |
|---|---|
| BDX | Our positions in Alphabet Inc. class C capital stock (NASDAQ: GOOG) and Becton, Dickinson and Company common stock (NYSE: BDX) made notable positive contributions during the quarter. BDX gained 3.7%. During the quarter, we added to our position in Becton, Dickinson and Company common stock (NYSE: BDX). |
| GOOG | From the moment OpenAI hit the scene with ChatGPT 3.5 in the Fall of 2022, Google was a perceived loser and thousands of pontificators warned about the end of search. Fast forward three years and this was Google Search's fastest quarter of revenue growth since Q1 2022, when the reopening and pandemic were still considerable drivers of results. In parallel with the Search re-acceleration, Google has also emerged as a leader in AI itself. This combination has been potent for Google's stock and could not have opened on Search alone, given the terminal value fears. |
| IBKR | Interactive Brokers saw weakness amid interest-rate uncertainty. |
| NFLX | NFLX was the portfolio's largest detractor in 4Q25 following investor concerns around near-term subscriber growth and rising content spending. While revenue grew approximately 10% year-over-year, management guided to slower net subscriber additions in North America and Europe after recent price increases, and margins were pressured by elevated investment in live sports and international content. |
| UBER | UBER was a detractor in the fourth quarter following its third-quarter 2025 earnings report, which delivered strong operating performance but was met with a muted market reaction. Gross Bookings and adjusted EBITDA both came in near the high end of management's guidance, driven by accelerating demand across both Mobility and Delivery. However, investor focus shifted to commentary around reduced margin expansion as the company steps up investment in growth initiatives, including autonomous vehicle partnerships, platform innovation, and commerce expansion. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||