| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | -8.2% | 6.2% |
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| 6.2% | 36.7% | 7.0% | -35.8% | 16.1% | 61.9% |
LVS Growth Portfolio gained 6.2% in 2025 but underperformed the S&P 500's 17.9% return after losing 8.2% in Q4. Netflix remains the largest holding at 18% weight despite declining 21.8% in Q4 due to its $83 billion Warner Brothers Discovery acquisition. The manager maintains conviction in Netflix as the global category killer in scripted entertainment, trading at attractive 20x forward earnings with 20%+ expected growth. The portfolio was hurt by not owning semiconductors, which contributed 8% of the S&P 500's return. Software positions were liquidated due to AI disruption concerns, while tech platforms like Google, Amazon, and Meta performed well. The power basket delivered strong returns with Talen Energy doubling. Interactive Brokers appreciated 48% while fintech holdings face stablecoin disruption risks. The manager launched a levered Event-Driven strategy to capitalize on improved M&A conditions and believes it's time to diversify from concentrated S&P 500 exposure. Several promising new investments are being evaluated for 2026.
Focus on tech platforms with durable competitive advantages while avoiding sectors vulnerable to AI disruption, maintaining conviction in Netflix despite Warner acquisition concerns, and diversifying away from concentrated S&P 500 exposure through event-driven strategies.
The manager is energized to make 2026 a great year and excited to expand with the Levered Event-Driven strategy. Several promising new investments are in the pipeline that will be discussed in future letters.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 10 2026 | 2025 Q4 | AMZN, CW, GOOGL, IBKR, META, NFLX, TLN, WISE | AI, energy, Fintech, growth, software, Streaming, technology | NFLX | LVS Growth underperformed in 2025 despite strong individual positions like Netflix and Interactive Brokers. The manager liquidated software exposure due to AI disruption while maintaining conviction in tech platforms with durable advantages. Missing semiconductor exposure hurt relative performance. A new levered Event-Driven strategy launched to capitalize on improved M&A environment and diversify from concentrated S&P 500 exposure. |
| Oct 19 2025 | 2025 Q3 | BP, CW, E, GLNG, LNG, SHEL, TLN, XOM | Electricity, energy, infrastructure, LNG, Natural Gas, Power Generation | - | LVS Advisory's electricity thesis drives concentrated energy infrastructure bets representing 20% of portfolio. Golar LNG provides floating natural gas infrastructure with 20-year contracts, positioned to benefit from 15% global LNG demand growth. Despite Argentina exposure, dollar-denominated contracts and international law protections support potential stock price doubling over four years. |
| Jul 8 2025 | 2025 Q2 | AMD, AMZN, BA, CW, GOOGL, ITOS, LMT, NVDA, RTX | aerospace, Biotechnology, defense, Event-Driven, growth, Industrial, Liquidations, nuclear |
CW CW ITOS |
LVS Advisory outperformed benchmarks in H1 2025 through concentrated bets on Curtiss-Wright's defense and nuclear power growth catalysts, and event-driven biotech liquidations. Curtiss-Wright offers 5x nuclear earnings potential from SMR adoption and data center power demand, while biotech liquidations provide 40-60% discount opportunities when companies return cash to shareholders after failed trials. |
| Apr 2 2025 | 2025 Q1 | HHH, ICLR, MEDP | activism, Cro, real estate, risk management, value |
HHH ICLR |
LVS Advisory demonstrated disciplined risk management in Q1 2025 by selling Howard Hughes due to unfavorable activist dynamics and Icon after discovering flawed M&A synergies. Both portfolios outperformed the declining S&P 500. The firm emphasizes selling when theses change or management cannot be trusted, redirecting capital to higher-conviction positions like Medpace. |
| Jan 9 2025 | 2024 Q4 | EVR, JEF, LAZ, MC, MEDP, NVDA, PJT, PWP | Antitrust, Concentration, Event-Driven, growth, Investment Banks, M&A, Portfolio Management | - | LVS Advisory expects strong 2025 performance driven by M&A recovery under Trump's reduced antitrust enforcement. Event-driven portfolio positioned for wider deal spreads as competing funds exit. Growth portfolio evolved to hybrid concentration model with 32 positions, top 7 holdings comprising 50% of capital, delivering 36.7% returns in 2024. |
| Oct 15 2024 | 2024 Q3 | MEDP | Biotechnology, Cro, growth, healthcare, small caps, value | MEDP | LVS Growth gained 27.1% year-to-date, adding to Medpace after its stock declined 20% on biotech funding concerns. Medpace is a niche CRO leader with 20%+ revenue growth and 50%+ ROIC, now trading at attractive low-20s multiples. Temporary biotech funding headwinds create buying opportunity while long-term growth drivers including AI innovation remain intact. |
| Jul 23 2024 | 2024 Q2 | AMZN, CEG, NVDA, TLN | Bankruptcy, Data centers, energy, Event Driven, growth, nuclear | TLN | Nuclear power thesis driven by scarcity of existing plants and accelerating electricity demand from AI/data centers. Talen Energy emerged from bankruptcy with clean balance sheet and valuable 2.2GW nuclear asset. AWS 10-year contract provides growth catalyst with potential $255M annual EBITDA uplift. Manager sees significant remaining upside despite stock appreciation. |
| May 3 2024 | 2024 Q1 | BAH, CACI | AI, Consulting, cybersecurity, defense, Government IT, Quality, technology, value | BAH | LVS Growth Portfolio outperformed with 14.7% Q1 gains driven by strategic portfolio changes including Booz Allen Hamilton addition. BAH represents premium government technology contractor with 100+ year government relationships, leading AI capabilities, and sustainable moats through security clearance requirements. Superior quality justifies valuation premium over cheaper competitors like CACI International. |
| Oct 18 2023 | 2023 Q3 | - | AI, Fed policy, Hedged Equity, Market Concentration, technology, volatility | - | Easterly's hedged equity strategy delivered 4.98% in Q3 with 70% market participation and half the volatility of the S&P 500. Fed rate cuts supported markets but leadership remained concentrated in AI and mega-cap tech. Stretched valuations and weak breadth argue for caution despite strong performance, making the fund's systematic volatility management and downside protection increasingly valuable. |
| Jul 18 2023 | 2023 Q2 | - | Behavioral Finance, Due Diligence, Generalist, Investment Philosophy, value | - | Nixon Capital's Q1 letter is purely philosophical, focusing on behavioral finance principles from Kahneman's work to guide their generalist investment approach. They emphasize avoiding cognitive biases through systematic due diligence and independent thinking. No performance data, holdings, or market views provided - this is an investment philosophy primer rather than traditional quarterly commentary. |
| Apr 13 2023 | 2023 Q1 | ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX | AI, growth, healthcare, large cap, semiconductors, software, technology |
ALLY FICO ASML ICLR|LLY|PLTR|SNPS|TGT ISRG BSX |
Edgewood's large cap growth strategy underperformed in Q3 but the firm added to high-conviction positions during market dislocations. With 28% AI infrastructure exposure and encouraging signs of AI broadening to applications, management sees strong positioning for continued secular growth. The investment team's personal capital additions in September underscore their conviction in the current portfolio. |
| 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 |
AIAI infrastructure plays dominated 2025 returns, with 65% of Russell 2000's return coming from AI infrastructure. The manager questions whether this singular bet on five companies' data center CAPEX spending will persist, noting the market's extreme concentration around this theme. |
Infrastructure Data Centers CAPEX |
Small CapsSmall caps underperformed large caps in 2025's narrow market. Returns were dominated by AI infrastructure plays and speculative unprofitable companies, creating extreme bifurcation between quality stocks and unprofitable names. |
Russell 2000 Underperformance Bifurcation | |
QualityQuality businesses trade at historically cheap multiples despite extreme valuation disparities between winners and losers reaching historic extremes. The manager believes quality stocks present opportunities in today's concentrated market. |
Valuation Multiples Cheap | |
ValueValuation disparities between winners and losers have reached historic extremes, with quality businesses trading at historically cheap multiples. The manager sees this as creating opportunities for active management. |
Disparities Cheap Opportunities | |
| 2025 Q3 |
ElectricityElectricity demand is accelerating due to AI computing surge, electric vehicle shift, and rising global middle class. Demand is growing faster than supply, with estimates showing a nearly 50-gigawatt deficit over the next 5 years in the US. This creates a powerful investment thesis for power generation businesses. |
Power Generation AI Electric Vehicles Baseload Demand Growth |
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 Energy Transition Global Demand Floating LNG Infrastructure | |
Energy InfrastructureFocus on companies providing critical energy infrastructure solutions, particularly floating LNG plants and power generation equipment. These businesses benefit from long-term contracts and the global need for reliable energy sources in an environment of growing electricity demand. |
Infrastructure Long-term Contracts Energy Equipment Power Plants Tolling | |
| 2025 Q2 |
DefenseCurtiss-Wright benefits from multiple defense tailwinds including rising demand for defense electronics, increased US naval defense spending with Trump administration proposing 40% increase to naval shipbuilding budget, and rising foreign military sales. The company is deeply embedded in defense electronics across 400 platforms and 3,000 programs with substantial incumbency advantages. |
Defense Electronics Naval Defense Military Hardware Defense Contractors Foreign Military Sales |
NuclearNuclear power represents the crux of the investment thesis with potential for 5x earnings growth over 5-8 years. Curtiss-Wright is positioned to benefit from plant life extensions, greenfield nuclear projects including Gen 3 reactors and small modular reactors, with exclusive supplier agreements across leading SMR designs. The company supplies critical components to nuclear power plants including control systems and reactor core pumps. |
Nuclear Power Small Modular Reactors Nuclear Maintenance Greenfield Nuclear Nuclear Components | |
AerospaceCurtiss-Wright benefits from secular growth in commercial aviation with global airplane fleet expected to double over next 20 years supported by record backlogs at Airbus and Boeing. The company has content on virtually all Boeing and Airbus models and supplies critical components including flight controllers, engine sensors, and thermal spray coatings. |
Commercial Aviation Aerospace Components Aircraft Manufacturing Flight Systems Aviation Growth | |
Data CentersNuclear power business is under-appreciated due to expanded opportunity to serve rising power needs of data centers. Large US tech companies have been aggressively buying nuclear capacity and committing to Small Modular Reactor projects to meet their growing energy demands. |
Data Center Power Tech Energy Demand Nuclear Capacity Power Infrastructure Energy Requirements | |
BiotechnologyEvent-driven strategy focuses on biotech liquidations where early-stage companies liquidate assets due to failed clinical trials. These companies often trade at 40-60% discounts to net cash value as investors expect continued spending. The strategy involves identifying companies with bad assets that choose to return cash to shareholders rather than continue operations. |
Biotech Liquidations Clinical Trials Asset Liquidation Cash Returns Failed Drug Development | |
| 2025 Q1 |
CRO & CDMOManager discusses the contract research organization business model through investments in Icon and Medpace. Icon pursued aggressive M&A strategy to serve large pharma while Medpace focuses on small biotech companies. Research revealed that serving small biotech companies is a better model than working with large pharma as a CRO. |
Contract Research Biotech Pharma Clinical Trials M&A |
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. The manager viewed the MPC portfolio as high-quality real estate assets trading at a discount to net asset value. |
Master Planned Communities Real Estate Development Asset Value | |
| 2024 Q4 |
Capital MarketsM&A activity expected to surge in 2025 under Trump administration with less aggressive antitrust enforcement. Investment banks outperformed significantly in 2024 anticipating this recovery. Event-driven portfolio positioned to benefit from wider deal spreads and improved merger arbitrage environment. |
M&A Merger Arbitrage Investment Banks Antitrust Deal Spreads |
Portfolio ConcentrationGrowth portfolio evolved to embrace both concentration and diversification with 32 positions where top 7 stocks account for over 50% of capital. This hybrid approach optimizes returns while reducing risk, allowing winners to run while maintaining embedded optionality in smaller positions. |
Position Sizing Risk Management Portfolio Construction Diversification Concentration | |
| 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. CROs are experiencing temporary headwinds from reduced biotech funding since 2022, but long-term growth drivers remain intact. |
Clinical Trials Biotech Outsourcing FDA Drug Development |
BiotechnologyBiotech funding environment has been challenging since 2022 peak levels, leading to clinical trial rationalizations and cancellations. The sluggish fundraising environment has impacted biotech R&D spending, causing a 5% drop in ongoing clinical trials. However, innovation in drug discovery including AI adoption could accelerate long-term industry growth. |
Funding Venture Capital R&D Clinical Trials Innovation | |
| 2024 Q2 |
NuclearNuclear power is positioned as the only reliable carbon-free base load energy source. Existing nuclear plants are valuable and scarce assets due to extremely high costs and regulatory barriers to building new facilities. The Vogtle plant took 15 years and $30 billion to complete, making existing plants like Talen's more valuable. |
Nuclear Base Load Carbon Free Scarce Assets Regulatory |
Data CentersElectricity demand is accelerating due to AI applications and data center growth. ChatGPT uses 30x more electricity per query than Google search. Boston Consulting Group projects US data center energy use will triple from 130 terawatt hours in 2022 to 390 terawatt hours by 2030. |
Data Centers AI Electricity Demand ChatGPT Energy Use | |
Energy TransitionThe US is phasing out coal power sources over time, with coal dropping from one-third to roughly 10% of power generation. This supply gap has been filled by natural gas and crude oil. Politicians on both sides have become more pro-nuclear as an attractive alternative to dirty power sources. |
Coal Phase Out Supply Gap Pro Nuclear Clean Energy Politicians | |
| 2024 Q1 |
Government ITManager highlights Booz Allen Hamilton as a technology consulting firm specializing in government contracting with deep moat from incumbency bias and security clearance requirements. The company is the #1 provider of artificial intelligence to the US Federal Government with nearly 200 government AI contracts. Booz Allen has cornered the market on skilled labor with relevant government clearances in AI and cybersecurity niches. |
Government Contracting Security Clearances Federal IT Defense Technology Consulting |
AIBooz Allen Hamilton is positioned as the leading 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 proprietary best-in-class AI technology and proactive R&D capabilities that keep them 1-2 years ahead of competitors. Government funding for AI programs is expected to increase even in budget-constrained environments. |
Federal AI Machine Learning Government Technology Defense AI Innovation | |
DefenseManager views Booz Allen as levered to mission critical programs within the defense budget that won't be cut, including managed IT services, cybersecurity, and artificial intelligence where funding is expected to increase. The company serves defense, national security, and civil missions with deep relationships built over 100+ years of government partnership dating back to helping the US Navy prepare for World War II. |
Defense Spending National Security Military Technology Government Contracts Defense Budget | |
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 labor with relevant government clearances. Cybersecurity represents one of the mission critical programs within the defense budget where funding is expected to increase even in constrained environments. |
Cyber Defense Government Security Threat Detection Security Services Clearance Requirements | |
| 2023 Q3 |
AIArtificial intelligence continues to drive productivity gains and support corporate earnings, with AI-driven names powering the market rally alongside mega-cap technology stocks. The AI theme remains a key driver of market leadership and performance concentration. |
Productivity Technology Mega Cap Leadership |
VolatilityElevated volatility persisted alongside strong index performance, with the CBOE Volatility Index curve remaining steep. The fund's systematic approach allows monetization of volatility opportunities while maintaining protection against potential declines. |
CBOE Monetization Protection Systematic | |
| 2023 Q1 |
AIEdgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer. |
Infrastructure Applications Productivity Computing Data |
SemiconductorsPortfolio includes major semiconductor positions in NVIDIA, ASML, Broadcom, and Synopsys. NVIDIA continues accelerating product releases driving exponential performance improvements. ASML's lithography machines enable AI chip manufacturing advancements. Broadcom leads hyperscale custom chip design while Synopsys benefits from AI-generated silicon design. |
Chips Manufacturing Design Equipment Computing | |
CloudServiceNow targets $1B in AI Now Assist annual contract value by 2026 with consumption-based monetization. The firm sees cloud infrastructure as foundational to AI deployment and believes companies with proprietary data and applications will benefit from AI integration. |
Infrastructure Software Platforms Services Computing | |
BiotechnologyEli Lilly represents a major position focused on diabetes and obesity markets with large global patient populations that remain largely underserved. The company launched TuneLab platform for AI-enabled drug discovery and management has a long-term focus on R&D and serial innovation in therapeutic categories with large unmet needs. |
Pharmaceuticals Drug Discovery Diabetes Obesity Innovation |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Feb 10, 2026 | Fund Letters | Luis V. Sanchez | NFLX | Netflix, Inc. | Communication Services | Movies & Entertainment | Bull | NASDAQ | acquisition, advertising, Content, earnings growth, market share, media, Streaming | Login |
| Jul 8, 2025 | Fund Letters | Luis V. Sanchez | CW | Curtiss-Wright Corporation | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, Data-Center Power, Defense, Nuclear, SMR | Login |
| Jul 8, 2025 | Fund Letters | LVS Advisory - Growth | CW | Curtiss-Wright Corporation | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, Commercial Aviation, data centers, Defense, defense electronics, Equity, industrial conglomerate, Monopoly, Naval Propulsion, Nuclear Power, small modular reactors | Login |
| Jul 8, 2025 | Fund Letters | LVS Advisory - Growth | ITOS | iTeos Therapeutics Inc | Health Care | Biotechnology | Bull | NASDAQ | arbitrage, Biotech, Cash-Return, clinical trial, Equity, Event-driven, Liquidation, strategic alternatives | Login |
| Apr 2, 2025 | Fund Letters | LVS Advisory - Growth | HHH | Howard Hughes Corp | Real Estate | Real Estate Development | Bear | NYSE | Activist Situation, asset value, Governance Risk, Master-Planned Communities, real estate development, risk management, turnaround, Value | Login |
| Apr 2, 2025 | Fund Letters | LVS Advisory - Growth | ICLR | Icon Plc | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Biotech Services, contract research organization, Cro, debt burden, Integration-Risk, life sciences, M&A strategy, Pharmaceutical Services | Login |
| Sep 30, 2025 | Fund Letters | LVS Advisory - Growth | ALLY | Eli Lilly & Co. | Pharmaceuticals, Biotechnology & Life Sciences | Pharmaceuticals | Bull | NYSE | Biotech, Diabetes, GLP-1, growth, Obesity, pharmaceuticals, R&D | Login |
| Sep 30, 2025 | Fund Letters | LVS Advisory - Growth | FICO | Fair Isaac Corp. | Software & Services | Application Software | Bull | NYSE | analytics, credit scoring, financial services, Fintech, Monopoly, recurring revenue, Software | Login |
| Sep 30, 2025 | Fund Letters | LVS Advisory - Growth | ASML | ASML Holding NV | Technology Hardware & Equipment | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Euv, Lithography, Monopoly, Netherlands, semiconductor equipment, technology | Login |
| Sep 30, 2025 | Fund Letters | LVS Advisory - Growth | ICLR|LLY|PLTR|SNPS|TGT | Synopsys Inc. | Software & Services | Application Software | Bull | NASDAQ | AI, Design Automation, Eda, Ip, Semiconductor Software, Software, technology | Login |
| Sep 30, 2025 | Fund Letters | LVS Advisory - Growth | ISRG | Intuitive Surgical Inc. | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | growth, healthcare, Medical devices, recurring revenue, Robotic Surgery, technology | Login |
| Sep 30, 2025 | Fund Letters | LVS Advisory - Growth | BSX | Boston Scientific Corp. | Health Care Equipment & Services | Health Care Equipment | Bull | NYSE | Endoscopy, growth, healthcare, innovation, Interventional Cardiology, Medical devices | Login |
| Oct 15, 2024 | Fund Letters | LVS Advisory - Growth | MEDP | Medpace Holdings Inc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech Services, Clinical trials, contract research, Cro, Full-Service Outsourcing, high-ROIC, Niche Market Leader, organic growth, Pharmaceutical R&D, vertically integrated | Login |
| Jul 23, 2024 | Fund Letters | LVS Advisory - Growth | TLN | Talen Energy | Utilities | Independent Power and Renewable Electricity Producers | Bull | NASDAQ | Artificial Intelligence, asset monetization, AWS Partnership, Bankruptcy Turnaround, Baseload Power, Carbon-free Energy, data centers, EBITDA growth, electricity demand, Event-driven, growth, Inflation Reduction Act, Nuclear Power, tax credits | Login |
| Apr 18, 2024 | Fund Letters | LVS Advisory - Growth | BAH | Booz Allen Hamilton | Software & Services | IT Consulting & Other Services | Bull | NYSE | Artificial Intelligence, cybersecurity, Defense, government contracting, It consulting, Moat, organic growth, Security Clearances, Technology Services | 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. |
| 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. |
| 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 | |||
