| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -8.2% | 0% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 9.1% | 7.5% | 6.2% | 3.8% | 9.1% | 13.2% |
LVS Advisory reported mixed 2025 results with the Event-Driven Portfolio gaining 9.1% while the Growth Portfolio gained 6.2%, underperforming the S&P 500's 17.9% return. The manager launched a levered version of the Event-Driven strategy in October 2025, capitalizing on improved M&A conditions driven by surging volumes, declining rates, and laxer regulation. The Growth Portfolio struggled in Q4 with an 8.2% decline, primarily due to Netflix's 21.8% drop following its $83 billion Warner Brothers Discovery acquisition announcement. Despite this setback, the manager maintains conviction in Netflix as the global streaming leader, viewing current 20x forward earnings as attractive given expected 20%+ earnings growth. Other portfolio impacts included software liquidation due to AI competitive concerns, while power infrastructure investments like Talen Energy and Curtiss-Wright performed well. The manager expresses caution about S&P 500 concentration risk and elevated valuations, preferring to diversify away from broad market exposure while maintaining selective positions in tech platforms and fintech companies.
LVS Advisory operates two complementary strategies: an Event-Driven portfolio focused on low-volatility, uncorrelated returns through merger arbitrage, and a Growth portfolio targeting capital appreciation through selective equity investments, with recent expansion into a levered version of the Event-Driven strategy to capitalize on improved M&A conditions.
The manager is energized for 2026 and excited to expand with the Levered Event-Driven strategy. Several promising new investments are in the pipeline for future discussion.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 10 2026 | 2025 Q4 | AMZN, CW, GOOGL, IBKR, META, NFLX, TLN, WBD, WISE | AI, Event-Driven, Fintech, growth, Leverage, Netflix, Power, software, Streaming | - | LVS Advisory's Event-Driven strategy gained 9.1% in 2025 and launched a levered version capitalizing on improved M&A conditions. The Growth Portfolio underperformed due to Netflix's Warner Brothers acquisition impact, but the manager maintains conviction at current 20x forward earnings. Software exposure was liquidated due to AI concerns while power infrastructure investments delivered strong returns. |
| Oct 19 2025 | 2025 Q3 | BP, CW, E, GLNG, LNG, SHEL, TLN, XOM | Argentina, energy, infrastructure, LNG, nuclear, Power Generation | - | LVS Growth gained 15.7% in Q3 2025, driven by concentrated power generation thesis. Electricity demand from AI, EVs, and global growth is outpacing supply, creating 50GW deficit over five years. Portfolio's 20% energy allocation includes Talen Energy, Curtis-Wright, and featured investment Golar LNG, which manager expects to double or triple over four years despite Argentina exposure. |
| Jul 8 2025 | 2025 Q2 | AMD, AMZN, BA, CW, GOOGL, ITOS, LMT, NVDA, RTX | aerospace, Biotech, defense, Event-Driven, growth, Industrial, Liquidations, nuclear |
CW ITOS |
LVS Advisory outperformed benchmarks in Q2 2025 through concentrated bets on Curtiss-Wright's defense and nuclear monopolies plus biotech liquidation arbitrage. Manager doubled down on CW position expecting 5x nuclear earnings growth from data center demand and regulatory tailwinds. Event-driven strategy targets failed biotech companies trading at steep discounts to cash value. |
| Apr 2 2025 | 2025 Q1 | HHH, ICLR, MEDP | activism, Cro, Event Driven, real estate, risk management |
HHH ICLR |
LVS Advisory outperformed in Q1 2025 by focusing on disciplined exits over new investments. The firm sold Howard Hughes after Ackman's unfavorable takeover attempt and Icon after discovering flawed M&A synergies, reinvesting proceeds in superior CRO Medpace. This demonstrates active risk management when theses change or management cannot be trusted. |
| Jan 9 2025 | 2024 Q4 | EVR, JEF, LAZ, MC, MEDP, NVDA, PJT, PWP | Antitrust, Event-Driven, Investment Banks, M&A, Merger Arbitrage, portfolio construction, Trump | - | Event-driven manager expects merger arbitrage renaissance in 2025 as Trump administration reverses Biden's aggressive antitrust stance. M&A activity should surge with investment banks already anticipating recovery through 60%+ returns. Growth portfolio evolved strategic concentration approach, holding 32 positions with top 7 comprising 50%+ of capital, delivering 36.7% returns and 11% S&P 500 outperformance. |
| Oct 15 2024 | 2024 Q3 | MEDP | Biotechnology, Cro, Event-Driven, growth, healthcare | MEDP | LVS Advisory increased its Medpace position after the CRO stock fell 20% on biotech funding headwinds. The manager sees temporary industry weakness as a buying opportunity for a niche leader with 20%+ historical growth, 50%+ ROIC, and limited competition in serving small biotech clients. Long-term pharmaceutical R&D drivers and AI innovation potential remain intact. |
| Jul 23 2024 | 2024 Q2 | CEG, TLN | Bankruptcy, Data centers, energy, Event Driven, nuclear, Power Generation, Restructuring | TLN | Event-driven manager capitalizes on post-bankruptcy Talen Energy, a nuclear power generator trading at discount to peers. Nuclear power offers scarcity value as reliable carbon-free energy while electricity demand accelerates from AI and data centers. Transformational AWS contract provides premium pricing and growth visibility. Clean balance sheet and strong execution create compelling risk-adjusted opportunity. |
| May 3 2024 | 2024 Q1 | BAH, CACI | AI, Consulting, cybersecurity, defense, Government IT, Quality, technology, value | BAH | LVS Advisory's Growth Portfolio outperformed in Q1 2024 while Event-Driven declined on failed deals. The manager showcases Booz Allen Hamilton as a quality government technology contractor with AI leadership and deep competitive moats, chosen over cheaper alternatives. Strong organic growth and mission-critical positioning in defense technology justify premium valuation despite federal budget risks. |
| Feb 2 2024 | 2023 Q4 | CLMT, NFLX | capital preservation, catalysts, Event-Driven, growth, Merger Arbitrage |
CLMT AAPL|MSFT|NFLX|NVDA|UNH |
LVS Advisory's event-driven strategy delivered consistent positive returns through volatile five-year period via merger arbitrage and catalyst-driven investing. Portfolio holds 30 diversified positions including Calumet with multiple near-term catalysts and Netflix as largest growth holding. Manager refined approach by cutting underperformers faster and letting winners run longer, expressing strong confidence in strategy robustness for 2024. |
| Oct 18 2023 | 2023 Q3 | BRK-B | AI, Caribbean, diversification, emerging markets, global, rates, technology, value | - | Fortress delivered strong Q3 returns through global diversification and value investing in quality companies. AI drove tech momentum while emerging markets led gains, particularly China. Fed rate cuts supported markets, but U.S. tech valuations pose risks. Caribbean weakness from FX constraints and oil prices offset by international strength. Portfolio remains globally diversified with attractive long-term prospects. |
| Jul 18 2023 | 2023 Q2 | AMD, ARM, ASML, AVGO, BABA, BIDU, GOOGL, META, MSFT, ORCL, PLTR, SNOW, TSM | AI, China, Cloud, growth, semiconductors, technology |
AMD SNOW BABA BIDU |
WestEnd Capital maintains concentrated technology exposure led by AI infrastructure plays while diversifying globally. The firm holds established leaders Palantir and Snowflake alongside new positions in AMD, Alibaba, and Baidu as catch-up trades. Technology remains the largest allocation reflecting market leadership concentration, with positioning across international markets, industrials, and defense supporting long-term growth driven by AI and infrastructure investment. |
| Apr 13 2023 | 2023 Q1 | ADYEN.AS, BA, GE, HWM, RHM.DE, ROK, RR.L | aerospace, Automation, defense, Europe, industrials, Onshoring, technology, Trade Policy |
AABA HWM DALN|FND|ROKU|WOSG LN 0GEG LN |
WestEnd doubled the S&P 500's Q2 return through concentrated bets on industrials and aerospace recovery. The fund owns Boeing as a turnaround play alongside picks-and-shovels names Howmet, Rockwell, and GE Aerospace. Rising defense spending, onshoring trends, and tariff de-escalation create favorable conditions for domestic manufacturing and aerospace companies positioned at the center of these macro themes. |
| Jan 4 2023 | 2022 Q4 | - | - | - | |
| Nov 10 2022 | 2022 Q3 | - | - | - | |
| Jul 17 2022 | 2022 Q2 | - | - | - | |
| Apr 5 2022 | 2022 Q1 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 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, disrupting 20 million barrels per day. 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. Once the Permian's current gas production surge runs its course, supply growth should plateau and eventually decline, setting the stage for materially higher prices. |
Henry Hub LNG Shale Gas Permian | |
SilverSilver surged 51% in Q4 and over 140% for the year, staging a dramatic catch-up rally relative to gold. This magnitude of silver outperformance has historically marked important turning points, suggesting investors should consider reducing precious metals exposure in the short term despite the strong performance. |
Silver Gold Ratio Precious Metals | |
CopperCopper markets have moved back into surplus with exchange inventories rising to levels last seen in 2003. Despite strong Q4 performance, modeling suggests the market has entered a prolonged period of surplus, with inventories now covering approximately 17 days of global demand. |
Copper Base Metals Exchange Inventories | |
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 regarding electric vehicle mandates are unwinding the bearish narrative around internal combustion engine phase-outs, suggesting demand forecasts for PGMs will need meaningful upward revision. |
Platinum Palladium Auto Catalysts Electric Vehicles | |
UraniumSurging uranium demand is meeting a fragile supply base, creating fundamental tightness in the market. The uranium section discusses how demand growth is outpacing supply additions, though specific details are referenced for future coverage. |
Uranium Nuclear Supply Demand | |
CommoditiesThe commodity bull market has barely begun, with most commodities trading 46% below historical nominal peaks and 73% below real peaks when adjusted for inflation. Commodities are trading near the lowest levels relative to equities observed in more than a century, suggesting the current cycle may only be one-third complete. |
Commodity Cycle Goldman Sachs Index Inflation Adjusted | |
| 2025 Q3 |
Energy TransitionElectricity demand is accelerating due to AI computing surge, electric vehicle adoption, and global middle class growth. Demand for power is growing faster than supply, creating a nearly 50-gigawatt deficit over the next 5 years. This trend is driving higher electricity prices and incentivizing new power plant construction. |
Electricity Power Generation Baseload AI Electric Vehicles |
LNGLNG is a critical transition energy source experiencing growing global demand over the next 50 years. It is cleaner than conventional fuels, faster to develop than nuclear, and more reliable than renewables. Shell's outlook shows LNG demand expected to rise 15% over the next 15 years. |
Natural Gas Liquified Natural Gas FLNG Energy Infrastructure Floating LNG | |
NuclearNuclear power plant capital equipment companies are benefiting from increased need for baseload power generation. Curtis-Wright is positioned to benefit from the construction of new power plants as higher electricity prices incentivize development. |
Nuclear Power Power Plants Capital Equipment Baseload Power | |
| 2025 Q2 |
Defense SpendingRising demand for defense electronics driven by increased military computerization and AI integration. Global defense spending acceleration due to high-threat environment with NATO countries pledging increased spending. Foreign military sales growth including AUKUS submarine partnership and direct relationships with companies like Rheinmetall. |
Defense Electronics Military NATO AUKUS Foreign Sales |
NuclearCommercial nuclear power experiencing renaissance with plant life extensions and greenfield development. Over 80% of North American nuclear plants applied for life extensions. Eastern Europe committed to 10-15 new AP1000 reactors. Tech companies aggressively buying nuclear capacity and committing to Small Modular Reactor projects. |
SMR AP1000 Plant Extensions Greenfield Tech Companies | |
Data CentersNuclear power increasingly attractive for data center power needs due to reliability and zero-carbon profile. Large US tech companies have been aggressively buying nuclear capacity to serve rising power demands from data centers. |
Power Demand Tech Companies Zero Carbon Reliability | |
AerospaceSecular growth in commercial aviation with global airplane fleet expected to double over next 20 years. Record backlogs at Airbus and Boeing supporting growth. Curtiss-Wright has content on virtually all Boeing and Airbus models benefiting from rising tide. |
Commercial Aviation Fleet Growth Airbus Boeing Backlogs | |
| 2025 Q1 |
Commercial Real EstateHoward Hughes Corp owns master planned communities across the United States, which are large-scale residential developments that integrate commercial spaces and recreational facilities. The company's flagship MPC is The Woodlands in Houston, Texas. |
Real Estate Development Communities Commercial Residential |
| 2024 Q4 |
Capital MarketsM&A activity expected to surge in 2025 due to Trump administration's less aggressive antitrust stance. Investment banks outperformed significantly in 2024 anticipating this recovery. The exit of several large merger arbitrage funds creates supply/demand imbalance for wider deal spreads. |
M&A Investment Banks Deal Spreads Antitrust Merger Arbitrage |
| 2024 Q3 |
CRO & CDMOMedpace operates as a contract research organization managing clinical trials for pharmaceutical companies through full-service outsourcing model. The company serves small and mid-sized biotech companies with high-value-add services including technical consulting. Despite temporary biotech funding slowdown affecting industry growth, long-term drivers remain intact with innovation in drug discovery and AI adoption potentially accelerating growth. |
Clinical Trials Biotech Pharmaceutical Outsourcing Drug Development |
BiotechnologyBiotech funding environment has been challenging since 2022 due to high valuations and increased opportunity costs from higher interest rates. This has led to clinical trial rationalizations and approximately 5% drop in ongoing trials. However, pharmaceutical companies must continue R&D investment to replenish drug portfolios facing patent expirations, and funding environment may improve with lower interest rates. |
Funding Venture Capital Clinical Trials Patent Expiration R&D | |
| 2024 Q2 |
NuclearNuclear power is the only source of carbon-free energy reliable enough to be considered base load energy. Nuclear plants are valuable and scarce assets as they are extremely costly and timely to build, with almost all US reactors built between 1967-1990. Politicians on both sides have become more pro-nuclear, leading to plant extensions, restart talks, and new tax incentives. |
Nuclear Base Load Carbon Free Scarce Assets Tax Credits |
Data CentersElectricity demand growth is accelerating as the US builds more data centers. AI applications are more compute intensive and require more electricity, with ChatGPT using 30x more electricity per query than Google search. Boston Consulting Group projects data center energy use will triple from 130 terawatt hours in 2022 to 390 terawatt hours by 2030. |
Data Centers AI Electricity Demand Compute Intensive Energy Growth | |
Energy TransitionThe US has agreed to phase out coal and other dirty power sources over time, with coal dropping from one-third of power generation to roughly 10%. This supply gap has largely been filled by natural gas and crude oil, while nuclear is increasingly viewed as an attractive alternative to fossil fuels. |
Coal Phase Out Clean Energy Supply Gap Alternative Energy | |
| 2024 Q1 |
Government ITBooz Allen Hamilton represents a compelling investment in government technology consulting, leveraging deep relationships and proprietary technology to serve mission-critical programs. The company has cornered the market on skilled labor with government security clearances in AI and cybersecurity. Government contractors benefit from incumbency bias and sustainable competitive advantages through their understanding of legacy IT systems. |
Government Contracting Security Clearances IT Services Defense Technology Federal Contracts |
AIBooz Allen is the number one provider of artificial intelligence to the US Federal Government with nearly 200 government AI contracts spanning defense, national security, and civil missions. The company has invested heavily in AI capabilities and maintains a competitive advantage through proprietary technology and deep government relationships. AI funding within the defense budget is expected to increase even in constrained spending environments. |
Artificial Intelligence Machine Learning Government AI Defense AI Federal Technology | |
CybersecurityBooz Allen is ranked by Frost & Sullivan as the most innovative company in the Global Managed Detection and Response Market. The company has cornered the market on skilled cybersecurity professionals with government clearances. Cybersecurity represents mission-critical programs within the defense budget that are unlikely to face cuts and may see increased funding. |
Cyber Defense Security Services Government Security Threat Detection Cyber Capabilities | |
DefenseThe company serves mission-critical defense programs that are unlikely to face budget cuts even in constrained spending environments. Booz Allen is levered to technology programs within defense rather than physical products being procured for current conflicts. If active wars end, funding could actually increase for the technology programs Booz Allen specializes in. |
Defense Spending Military Technology Defense Contracts National Security Defense Services | |
| 2023 Q4 |
SPACsManager incorporated SPAC arbitrage in 2019, with SPACs accounting for two-thirds of portfolio at one point in 2020 when buying below liquidation value offered compelling risk-adjusted returns. Successfully capitalized by selling at attractive prices in early 2021 as SPACs became hot, then exited the asset class entirely. |
Arbitrage Liquidation Special Purpose |
Energy TransitionCalumet invested $550 million over three years to convert a refining plant into a renewable diesel and sustainable airline fuel producer. The company is positioned to become the leading provider of sustainable airline fuel in North America, representing the only viable way for airlines to decarbonize over coming decades. |
Renewable Diesel Sustainable Aviation Fuel Decarbonization Refining | |
StreamingNetflix successfully executed on cost cutting and revenue growth through ad-supported tier and paid sharing initiatives. The company proved ability to adapt to post-covid challenges and re-accelerate revenue growth, becoming the largest position at 14% portfolio weight after strong performance from $200 to over $550 per share. |
Ad-Supported Paid Sharing Revenue Growth Cost Cutting | |
| 2023 Q3 |
AIArtificial intelligence remained the dominant theme supporting global stocks this quarter, with renewed frenzy in technology shares from the AI buildout bringing excitement and higher valuations. AI fueled momentum in shares of companies linked to artificial intelligence, though valuations have not yet been a concern for investors. |
Technology Valuations Momentum Growth |
Emerging marketsEmerging markets stocks posted the strongest returns this quarter. Constructive trade talks, good valuations and the government's shift to supporting private enterprise lifted Chinese stocks, adding to returns in an already strong year. The Fund's Emerging Markets Fund led the way with returns between 4% and 15%. |
China Trade Valuations Government Policy | |
ValueThe fund favors investing in shares of high-quality, profitable companies at reasonable valuations, as valuations are the launching point for future returns and allow room for error. Years of weakness in some parts of the Caribbean have set the stage for good long-term returns among profitable companies that now trade at very attractive valuations. |
Quality Profitability Reasonable Pricing Long-term | |
| 2023 Q2 |
AIWestEnd maintains concentrated exposure to AI infrastructure through both established leaders and catch-up trades. The firm holds positions in Palantir and Snowflake while adding AMD, Alibaba, and Baidu as companies positioned to gain market share in the AI arms race. |
Infrastructure Data Centers Cloud Semiconductors Enterprise Software |
SemiconductorsAMD is positioned as a strategic inflection point company, competing head-to-head with NVIDIA for major infrastructure contracts through partnerships with OpenAI and Oracle. The company has transformed from a cyclical chip supplier into a strategic partner for cloud and AI firms. |
Data Centers GPUs Foundries Semi Equipment | |
CloudSnowflake represents enterprise AI adoption through its data platform capabilities. The company is converting AI technology into revenue-generating tools for enterprises with products like Snowpark ML and unstructured data capabilities for demand forecasting and customer optimization. |
Enterprise Software Data & Analytics SaaS | |
ChinaAlibaba and Baidu provide exposure to Asian AI development and digital transformation. Alibaba announced a $50 billion AI initiative while Baidu operates fully driverless taxis and develops enterprise AI solutions aligned with China's goal of AI integration by 2030. |
E-commerce Autonomous Vehicles Cloud Infrastructure | |
| 2023 Q1 |
OnshoringThe US government is increasingly focused on bringing manufacturing and production home due to geopolitical uncertainties and trade issues. This is driving major capital investment across aerospace and defense industries with strong earnings growth expected to follow. |
Manufacturing Domestic Supply Chain Reshoring Production |
Defense SpendingGlobal defense spending rose to $2.7 trillion in 2024 (+9.4%) and is expected to keep rising. The US Department of Defense's 2025 budget request totals nearly $850 billion with meaningful allocations for strengthening industrial capabilities in unmanned systems, hypersonics, and solid rocket motors. |
Military Budget Aerospace Defense Government | |
AerospaceThe rebound in global air travel (up nearly 10.6% in 2024) and structural supply shortages are fueling commercial aerospace activity. Aircraft manufacturers and suppliers are racing to meet backlogs while investing heavily in domestic production capacity. |
Aviation Commercial Aircraft Travel Manufacturing | |
Trade PolicyChina and the US agreed to de-escalate and pull tariffs back to more sensible levels (30% on Chinese exports and 10% on US exports) after weekend negotiations in Geneva. Markets have moved past the worst-case tariff scenario, accepting higher but not recession-triggering effective tariff rates. |
Tariffs China Negotiations Trade Policy | |
AutomationCompanies are investing in faster, smarter, and more reliable production systems as the economy grows. Automation technologies including sensors, software, and control systems help make domestic manufacturing more efficient and cost-effective, with AI and predictive technologies reducing aircraft downtime. |
AI Manufacturing Efficiency Technology Industrial |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 1, 2024 | Fund Letters | LVS Advisory - Event Driven | 0GEG LN | GE Aerospace | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace Engines, Commercial Aviation, Defense, Joint venture, Manufacturing Innovation, market leadership, MRO services, Predictive Maintenance, Supply chain resilience | Login |
| Jul 1, 2024 | Fund Letters | LVS Advisory - Event Driven | AABA | Boeing Company | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, China market, Commercial Aviation, Defense, manufacturing, Order Backlog, Quality Improvement, Reshoring, turnaround | Login |
| Jul 1, 2024 | Fund Letters | LVS Advisory - Event Driven | HWM | Howmet Aerospace Inc | Industrials | Aerospace & Defense | Bull | NYSE | advanced materials, aerospace components, Commercial Aviation, Defense Contractor, Manufacturing Technology, Military Aircraft, Precision Engineering, supply chain | Login |
| Jul 1, 2024 | Fund Letters | LVS Advisory - Event Driven | DALN|FND|ROKU|WOSG LN | Rockwell Automation Inc | Industrials | Industrial Machinery | Bull | NYSE | Artificial Intelligence, Control Systems, Defense Manufacturing, Digital Twins, industrial AI, Industrial automation, Manufacturing Technology, Predictive Maintenance, Reshoring | Login |
| Jul 8, 2025 | Fund Letters | LVS Advisory - Event Driven | ITOS | iTeos Therapeutics Inc | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Cash Arbitrage, clinical trial, Equity, Event-driven, Liquidation, strategic alternatives, US | Login |
| Jul 8, 2025 | Fund Letters | LVS Advisory - Event Driven | CW | Curtiss-Wright Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Commercial Aviation, Defense, defense electronics, Equity, growth, industrial conglomerate, Naval Propulsion, Nuclear Power, small modular reactors, SMR, US | Login |
| Apr 2, 2025 | Fund Letters | LVS Advisory - Event Driven | HHH | Howard Hughes Corp | Real Estate | Real Estate Development | Bear | NYSE | activist investor, divestiture, Governance Risk, management control, Master-Planned Communities, net asset value, Real Estate, Value | Login |
| Apr 2, 2025 | Fund Letters | LVS Advisory - Event Driven | ICLR | Icon Plc | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | business model, contract research organization, Cro, debt burden, industry consolidation, Large Pharma, M&A strategy, Operational Disruption | Login |
| Oct 22, 2025 | Fund Letters | LVS Advisory - Event Driven | AMD | Advanced Micro Devices | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Cloud computing, data centers, GPUs, market share gains, semiconductors, Server CPUs, Strategic Partnerships, Technology Transformation | Login |
| Oct 22, 2025 | Fund Letters | LVS Advisory - Event Driven | SNOW | Snowflake Inc. | Information Technology | Software | Bull | NYSE | AI monetization, Cloud Data Platform, Data Analytics, Data Processing, Enterprise AI, Enterprise software, machine learning, Multi Cloud, SaaS | Login |
| Oct 22, 2025 | Fund Letters | LVS Advisory - Event Driven | BABA | Alibaba Group Holding Limited | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | AI investment, Asian Infrastructure, Chinese Technology, Cloud computing, data centers, Digital transformation, e-commerce, regional expansion, semiconductors | Login |
| Oct 22, 2025 | Fund Letters | LVS Advisory - Event Driven | BIDU | Baidu, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | autonomous vehicles, Chinese AI, cloud services, Domestic AI Solutions, Enterprise software, Language Models, Mobility Technology, robotaxis, Southeast Asia Expansion | Login |
| Oct 15, 2024 | Fund Letters | LVS Advisory - Event Driven | MEDP | Medpace Holdings Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Clinical trials, contract research organization, Cro, Full-Service Outsourcing, niche market, organic growth, Pharmaceutical R&D, recurring revenue, vertical integration | Login |
| Jul 23, 2024 | Fund Letters | LVS Advisory - Event Driven | TLN | Talen Energy | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | Artificial Intelligence, AWS Partnership, Bankruptcy Restructuring, Baseload Power, capital allocation, Carbon-free Energy, data centers, EBITDA growth, Electric Vehicles, energy transition, Equity, Nuclear Power, Power Purchase Agreement | Login |
| Apr 18, 2024 | Fund Letters | LVS Advisory - Event Driven | BAH | Booz Allen Hamilton | Commercial & Professional Services | Research & Consulting Services | Bull | NYSE | Artificial Intelligence, Cyber security, Defense, Equity, government contracting, growth, IT services, Moat, Technology Consulting, US | Login |
| Feb 2, 2024 | Fund Letters | LVS Advisory - Event Driven | CLMT | Calumet | Energy | Oil, Gas & Consumable Fuels | Bull | NASDAQ | C-Corp, Catalyst, DOE Financing, Event-driven, MLP Conversion, Moderate Risk High Reward, refining, renewable energy, SAF, specialty chemicals, Sustainable aviation fuel, value unlock | Login |
| Feb 2, 2024 | Fund Letters | LVS Advisory - Event Driven | AAPL|MSFT|NFLX|NVDA|UNH | Netflix | Communication Services | Entertainment | Bull | NASDAQ | Ad-supported tier, cost-cutting, entertainment, growth, high conviction, Largest Position, Let Winners Run, Paid Sharing, Revenue Growth, Streaming | Login |
| TICKER | COMMENTARY |
|---|---|
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| CW | We initiated Curtiss-Wright, consistent with our high-quality growth orientation. We believe Curtiss-Wright is entering a period in which multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| IBKR | Interactive Brokers saw weakness amid interest-rate uncertainty. |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| 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. |
| TLN | Our power basket performed well with Talen Energy doubling. |
| WBD | Warner Bros Discovery (WBD) was the top contributor during the quarter. The U.S.-headquartered media company's stock price surged as multiple parties submitted offers to acquire all or part of the business. Following several rounds of bidding, WBD announced an agreement to sell its Streaming and Studios business to Netflix, while spinning the Global Networks business to shareholders. Paramount Skydance subsequently made a direct $30 per share offer to shareholders for the entire company. We are pleased with the steps the WBD board has taken thus far to unlock shareholder value. We will continue to closely monitor developments as this bidding war unfolds. |
| WISE | Wise is more vulnerable given that cross-border pay is considered a strong use case for crypto and stablecoins. To date, stablecoins do not have much traction in cross-border transfer due to much higher costs than traditional payment rails. Wise has continued to post strong financial performance, which gives us some solace that the risk is still theoretical. I believe Wise still has an opportunity to adopt stablecoin technology and retain its reputation as a disruptor. Wise has an outstanding track record of execution, and I trust management to make the right decisions. |
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