Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 30th June 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 20.4% | 7.89% | 11.57% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 20.4% | 7.89% | 11.57% |
1578 Partners delivered 7.89% net returns in Q2 2026, outperforming the S&P 500's 15.20% quarterly return but bringing year-to-date net returns to 11.57% versus 10.21% for the index. The portfolio benefited from strong performance in Interactive Brokers, Northeast Bank, Amazon, and Alphabet, while Netflix was the only meaningful detractor. The AI investment boom continued to drive markets, with companies positioned at supply bottlenecks experiencing explosive earnings growth—Micron Technology's revenue grew 346% year-over-year and the semiconductor sector gained 87.8% in the quarter. The manager significantly increased the Amazon position in February after a selloff on AI infrastructure concerns, which proved misplaced as AWS revenue growth accelerated to 37% with operating margins expanding to 38.1%. AWS's AI business will remain capacity constrained through 2027 with exceptional demand visible for 2028. The portfolio ended the quarter 90.9% invested with eight long positions and began establishing a new position. The manager remains optimistic about the portfolio's composition and prospects.
The fund maintains a concentrated portfolio of high-quality compounders positioned to benefit from secular growth trends, particularly the AI investment boom and cloud computing expansion, with Amazon Web Services representing a core conviction holding that demonstrates exceptional growth acceleration and margin expansion despite market concerns about AI infrastructure spending.
The manager remains optimistic about the portfolio's prospects in the coming years. The portfolio is off to a strong start in Q3 2026, and the manager feels good about individual positions and overall portfolio composition. The manager continues to seek great new investments to improve the portfolio further, expressing confidence in how the portfolio will perform going forward.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Aug 7 2026 | 2026 Q2 | AMZN, GOOG, IBKR, MU, NBN, NFLX | AI, Cloud, E-Commerce, growth, semiconductors, technology | AMZN | 1578 Partners posted 7.89% net returns in Q2 2026 driven by concentrated positions in Interactive Brokers, Northeast Bank, Amazon, and Alphabet. The manager added aggressively to Amazon after a February selloff, capitalizing on misplaced AI infrastructure concerns as AWS delivered 37% revenue growth and 58% operating income growth. The AI boom is driving unprecedented semiconductor earnings with the sector up 87.8% in the quarter. |
| May 21 2026 | 2026 Q1 | BDX, IBKR, NBN, SNBR, UBER, WAT | AI, Buybacks, geopolitics, Medical Devices, special situations, value | BDX | Hinde Group outperformed during Q1's market volatility driven by AI disruption fears and Middle East conflict. The concentrated portfolio's special situations focus, exemplified by undervalued Becton Dickinson trading at 8.0% earnings yield with $230+ fair value target, positions the fund well for long-term value creation despite near-term macro uncertainties. |
| 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 |
|---|---|---|
| 2026 Q2 |
AIThe AI investment boom continued to drive markets and economic growth during Q2 2026. Planned investment in AI data centers marched steadily higher despite supply bottlenecks and soaring component prices. Companies positioned at these bottlenecks are seeing earnings explode to unprecedented levels, with the semiconductor sector gaining 87.8% in the quarter. |
Data Centers Semiconductors Cloud |
CloudAmazon Web Services demonstrated exceptional performance with revenue growth accelerating to 37% year-over-year, up from 28% in Q1 2026. AWS's AI business will remain capacity constrained through at least 2027 with exceptional demand already visible for 2028. AWS operating income grew 58.2% year-over-year with operating margins expanding to 38.1%, and CEO Andy Jassy believes AWS has potential to reach $1 trillion in revenue over time. |
AWS AI Data Centers | |
Semiconductor CycleThe semiconductor sector experienced explosive growth driven by AI infrastructure demand. Micron Technology's revenue grew 346% year-over-year with operating income growing more than 14-fold during Q2 2026. The Philadelphia Stock Exchange Semiconductor Sector index gained 87.8% in the quarter, reflecting unprecedented earnings growth for companies positioned at supply bottlenecks. |
Memory AI Data Centers | |
| 2026 Q1 |
AIThe SaaS-pocalypse began when Anthropic released Opus 4.5, creating fears about AI agents replacing expensive software vendors with bespoke solutions. This ignited concerns about competitive threats to software-centric business models and pricing pressure on SaaS companies. |
SaaS Software Disruption Automation Competition |
OilOperation Epic Fury military campaign between US/Israel and Iran sparked financial market volatility and oil price surge. Brent Crude surged almost 10% on initial strikes and ended the quarter at $126.69 per barrel, up more than 100% from where it started. |
Geopolitics Energy Volatility Iran Conflict | |
Medical DevicesBecton Dickinson is positioned as an attractive special situation investment following its Reverse Morris Trust transaction. The company offers an 8.0% earnings yield with prospects for mid-single-digit organic revenue growth and margin expansion through productivity initiatives. |
Healthcare Special Situations Valuation Growth Efficiency | |
BuybacksBecton Dickinson used $4 billion of cash from its transaction to repurchase $2 billion of stock and repay $2 billion of debt. The manager emphasizes that BD's highest priority use of free cash flow is buying back stock at value-accretive levels. |
Capital Allocation Value Creation Cash Flow Debt Reduction | |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Aug 7, 2026 | Fund Letters | Hinde Group | AMZN | Amazon.com, Inc. | Other | Internet & Direct Marketing Retail | Bull | - | Artificial Intelligence, AWS, Capacity Constrained, Cloud computing, compounder, custom silicon, data centers, e-commerce, Enterprise AI, growth, margin expansion | Login |
| May 21, 2026 | Fund Letters | Hinde Group | BDX | Becton, Dickinson and Company | Medical Instruments & Supplies | Health Care Equipment | Bull | New York Stock Exchange | Free Cash Flow, Healthcare Equipment, margin expansion, Medical devices, Reverse Morris Trust, Share Buybacks, spin-off, Value | Login |
| 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 | Marc Werres | BDX | Becton, Dickinson and Company | Health Care | Medical Instruments & Supplies | Bull | NYSE | Consumables, deleveraging, Margins, Medtech, restructuring | 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 |
| 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 | 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 |
| 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 | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, attractive valuation, cash generation, Dominant platform, Global, Search, technology, Trade War Exposed | 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 |
|---|---|
| IBKR | Our positions in Interactive Brokers Group, Inc. class A common stock (NASDAQ: IBKR), Northeast Bank voting common stock (NASDAQ: NBN), Amazon.com, Inc. common stock (NASDAQ: AMZN) and Alphabet Inc. class C capital stock (NASDAQ: GOOG) drove the portfolio's gain during the quarter. Those stocks gained between 29.8% (IBKR) and 14.4% (AMZN) during the quarter. |
| NBN | Our positions in Interactive Brokers Group, Inc. class A common stock (NASDAQ: IBKR), Northeast Bank voting common stock (NASDAQ: NBN), Amazon.com, Inc. common stock (NASDAQ: AMZN) and Alphabet Inc. class C capital stock (NASDAQ: GOOG) drove the portfolio's gain during the quarter. Those stocks gained between 29.8% (IBKR) and 14.4% (AMZN) during the quarter. |
| AMZN | Our positions in Interactive Brokers Group, Inc. class A common stock (NASDAQ: IBKR), Northeast Bank voting common stock (NASDAQ: NBN), Amazon.com, Inc. common stock (NASDAQ: AMZN) and Alphabet Inc. class C capital stock (NASDAQ: GOOG) drove the portfolio's gain during the quarter. Those stocks gained between 29.8% (IBKR) and 14.4% (AMZN) during the quarter. It began 2026 as one of our smallest positions at just under 1.0% of the portfolio's value. We significantly increased our position in February at an average price of $203.37 after the shares sold-off sharply due to (misplaced) concerns about the magnitude of — and prospective returns on — Amazon's planned investments in AI infrastructure related to Amazon Web Services. If you are looking for evidence that Amazon is wasting money investing in AWS, you won't find any in the company's results for the second quarter of 2026. AWS revenue growth accelerated to 37% year-over-year, up from 28% in the first quarter of 2026 and 20% in 2025. Both the rate of growth and the pace at which it is accelerating would be jaw-dropping for almost any business. They are especially so when you consider AWS's scale. Its revenue currently sits at a $169 billion annualized run rate, a figure that would put AWS near the top of the Fortune 500 list if it were a stand-alone company. AWS's profits were even more impressive. Excluding the impact of a gain on energy derivative contracts, AWS operating income grew 58.2% year-over-year during the second quarter. On the same basis, AWS's operating margin came in at 38.1%, up 514 basis points year-over-year and up 40 basis points relative to the first quarter. AWS's strong results support a bright outlook for the business over the coming years. AWS's AI business will continue to be capacity constrained through at least 2027, and it is already seeing exceptional demand for 2028. Moreover, utilization of AI services is stimulating incremental demand for many of AWS's core services as well. Keep in mind that we are still in the early days of businesses adopting AI and incorporating it into production applications and workflows. That is bullish not only for the continued growth of AWS's AI business beyond 2028, but also for its eventual margins and returns. The mix of AWS's AI business should improve in a variety of ways as it matures. Customer concentration with Anthropic and OpenAI will decrease; the share of revenue coming from higher margin AI services, such as Bedrock and SageMaker, will increase; and an increasing share of AI workloads should run on Amazon's low-cost custom silicon. On the second quarter earnings call, Andy Jassy, Amazon's CEO, indicated that AWS's AI business is tracking a little bit ahead of where AWS's core business was in terms of margins and returns at a similar stage of its development. Jassy now believes AWS has the potential to reach $1 trillion in revenue over time, nearly six times its current run rate. AMZN ended the second quarter at $237.35. Although the stock had a nice pop in late July after reporting results for the second quarter and currently sits at $274.48, it remains meaningfully undervalued. The shares still offer a prospective annualized return north of 20.0% over a long time horizon. |
| GOOG | Our positions in Interactive Brokers Group, Inc. class A common stock (NASDAQ: IBKR), Northeast Bank voting common stock (NASDAQ: NBN), Amazon.com, Inc. common stock (NASDAQ: AMZN) and Alphabet Inc. class C capital stock (NASDAQ: GOOG) drove the portfolio's gain during the quarter. Those stocks gained between 29.8% (IBKR) and 14.4% (AMZN) during the quarter. |
| NFLX | Our position in Netflix, Inc. common stock (NASDAQ: NFLX) was the only meaningful detractor during the quarter. NFLX fell 25.7%. |
| MU | Take Micron Technology, a leading manufacturer of memory and storage solutions, for example. During the quarter ended June 30, Micron's revenue grew 346% from the prior year and its operating income grew more than 14-fold. Micron's stock soared 241.7% during the second quarter alone. |
| 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 | |||