Richie Capital Group

Investor Summary

Khadir N. Richie serves as Chief Investment Officer, Founder, and Managing Member of Richie Capital Group, bringing over 20 years of diverse experience in investment banking, equity analysis, management consulting, private equity, engineering, and software programming. He holds a Bachelor of Science in Electrical Engineering from The University of Texas at Austin and an MBA from The Wharton School of the University of Pennsylvania. Richie previously held Series 7, Series 63 (FINRA), and Series 65 (NASAA) licenses and served on the Alumni Executive Board of Directors of The Wharton School from 2007 to 2016. He founded the firm in 2015 and returned to Austin in 2018 with his family to establish the company's operational base. Demonstrating personal conviction in his investment process, Khadir has committed a significant portion of his own assets to the firm's strategies.

Fund Strategy

We seek to identify unique, undiscovered, smaller companies and special situations that are mispriced to form a high-conviction, concentrated portfolio. We form high conviction, concentrated portfolios (typically 15-20 names) with a long-term focus (3-5 years). Wall Street has limited coverage for smaller companies, creating inefficiencies and opportunities for alpha creation. We perform extensive research and analysis in sectors that we know well and leverage our past business experience. Our investments are heavily weighted in sectors where we have a depth of experience and expertise that we believe provide us an edge. We incorporate a qualitative analysis which leverages our decades of industry experience to provide us with insights that are difficult for others to duplicate.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

Richie Capital Group argues that current fears about AI replacing human workers are exaggerated, drawing extensive historical parallels to past technological disruptions. The manager examines multiple historical examples from the Luddite Revolt through the Internet era, showing how each wave of technology initially displaced workers but ultimately created new categories of employment and raised living standards. Key examples include the Industrial Revolution transforming agricultural workers into factory employees, ATMs actually increasing bank teller employment by enabling branch expansion, and the Internet creating entirely new job categories while displacing others. The manager notes that AI has already created 1.3 million new jobs according to LinkedIn data, not including datacenter construction employment. They expect this technological disruption to follow historical patterns where productivity gains boost demand and create jobs, with humans migrating toward higher-value tasks requiring judgment, creativity, and relationship building. The analysis emphasizes American ingenuity and capitalism's ability to adapt and create value through technological progress.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 12 2026	2026 Q1	AMZN	AI, disruption, Employment, innovation, productivity, technology	-	Historical analysis shows technological disruptions create more jobs than they destroy by raising productivity and enabling humans to move up the value chain. AI fears are overdone given precedent from Industrial Revolution through Internet era. Manager expects current AI disruption to follow historical pattern of initial displacement followed by new job creation in previously unimaginable categories.
Jan 11 2026	2025 Q4	LEVI, WFC	AI, Bubble, Gold Rush, infrastructure, Investment Strategy, Speculation, technology	-	The manager sees an AI-driven market bubble but advocates for picks and shovels investing rather than direct AI exposure. Drawing parallels to the Gold Rush, the strategy focuses on durable service providers to the AI ecosystem rather than speculative AI companies themselves. This approach offers more sustainable revenue streams and lower risk if the AI boom falters.
Oct 12 2025	2025 Q3	MSFT, NVDA, XOM	active management, AI, Market Concentration, Migration Effect, small caps, value creation	-	Small-cap outperformance comes from the migration effect - owning the 10% of companies that graduate to larger market caps. Despite AI mega-cap concentration and declining average small company quality, opportunities persist for active managers in an increasingly inefficient market. Richie Capital focuses on 15-20 high-quality businesses, finding opportunities early and holding as they scale.
Jul 13 2025	2025 Q2	MCD, MO, PG	Debt, Fed, Fiscal, inflation, rates, Trade Policy, Treasury	-	Markets hit new highs betting Trump policies prove benign, but structural headwinds are building. Trade uncertainty limits corporate investment while unsustainable debt dynamics threaten the financial system. Net interest is now the third largest budget expense with debt-to-GDP approaching WWII levels. Rising Treasury yields increase borrowing costs economy-wide, pressuring asset values.
Apr 13 2025	2025 Q1	ADM, DE, IBM, KO, X	Economic Outlook, Onshoring, Recession, Resilience, stock picking, tariffs, Trade Policy	-	Trump's tariff policies create significant economic uncertainty with anticipated slower growth, higher prices, and mild recession. Drawing parallels to historical disruptions, Richie Capital identifies resilient companies in essential sectors that survived past crises. Despite challenges, reshoring trends and supply chain restructuring create opportunities for selective stock pickers to identify winners in the new economic environment.
Jan 12 2025	2024 Q4	-	AI, Economy, fundamentals, inflation, interest rates, small caps, Valuations	-	Richie Capital Group maintains positive 2025 outlook despite stretched valuations, focusing on attractive small and mid-cap businesses with strong fundamentals. Expects earnings-driven growth supported by healthy consumer spending, strong employment, and AI-driven corporate investment. Emphasizes high-conviction, long-term approach with disciplined stock selection to navigate anticipated market froth and avoid unproven business models.
Oct 13 2024	2024 Q3	-	active management, concentrated, long-term, Quality, ROIC, small caps	-	Richie Capital Group focuses on investing in high-quality smaller companies through concentrated portfolios and long-term holding periods. They define quality through both quantitative metrics like high ROIC and qualitative factors including management strength and competitive positioning. The firm believes their experience-driven approach to identifying quality businesses early provides significant advantages for generating strong returns.
Jul 7 2024	2024 Q2	CSCO, DAL, EXPE, HPQ, NVDA	AI, Bubble, Hype Cycle, Investment, Nvidia, technology, Telecom	-	Richie Capital Group warns that the current AI boom mirrors the telecom bubble, with excessive investment and unrealistic expectations around Nvidia and AI companies. While acknowledging AI's long-term potential, the manager believes true impact is 10 years away, not immediate, suggesting current market euphoria could lead to a significant correction.
Apr 7 2024	2024 Q1	GOOGL, META, NVDA	Concentration, long-term, Outperformance, small caps, time arbitrage, value	-	Richie Capital Group leverages time arbitrage as their competitive edge, building concentrated portfolios of small-cap value stocks held for 3-5 years minimum. While extreme value opportunities like Buffett's 0.1x P/E Western Insurance deal are extinct, patient capital can still exploit short-term overreactions. Academic research and historical data validate their long-term, concentrated approach for superior returns.
Sep 4 2023	2023 Q1	AMT, ATEN, COIN, FIX, MSCI, PERI	Advertising, Banking, Credit Crisis, Onshoring, small cap, technology	PERI BUFIX ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK ATEN AMT	RCG gained 12% in Q1 despite banking sector turmoil. The collapse of Silicon Valley Bank will permanently damage the innovation economy by reducing venture capital funding. The fund benefits from onshoring trends through Comfort Systems and AI-driven advertising via Perion Network. Rising rates hurt REITs like American Tower, but selective opportunities remain in structural growth themes.
Jan 3 2023	2022 Q4	FICO, PERI, RELL	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 12 2026

2026 Q1

AMZN

AI, disruption, Employment, innovation, productivity, technology

Historical analysis shows technological disruptions create more jobs than they destroy by raising productivity and enabling humans to move up the value chain. AI fears are overdone given precedent from Industrial Revolution through Internet era. Manager expects current AI disruption to follow historical pattern of initial displacement followed by new job creation in previously unimaginable categories.

Jan 11 2026

2025 Q4

LEVI, WFC

AI, Bubble, Gold Rush, infrastructure, Investment Strategy, Speculation, technology

The manager sees an AI-driven market bubble but advocates for picks and shovels investing rather than direct AI exposure. Drawing parallels to the Gold Rush, the strategy focuses on durable service providers to the AI ecosystem rather than speculative AI companies themselves. This approach offers more sustainable revenue streams and lower risk if the AI boom falters.

Oct 12 2025

2025 Q3

MSFT, NVDA, XOM

active management, AI, Market Concentration, Migration Effect, small caps, value creation

Small-cap outperformance comes from the migration effect - owning the 10% of companies that graduate to larger market caps. Despite AI mega-cap concentration and declining average small company quality, opportunities persist for active managers in an increasingly inefficient market. Richie Capital focuses on 15-20 high-quality businesses, finding opportunities early and holding as they scale.

Jul 13 2025

2025 Q2

MCD, MO, PG

Debt, Fed, Fiscal, inflation, rates, Trade Policy, Treasury

Markets hit new highs betting Trump policies prove benign, but structural headwinds are building. Trade uncertainty limits corporate investment while unsustainable debt dynamics threaten the financial system. Net interest is now the third largest budget expense with debt-to-GDP approaching WWII levels. Rising Treasury yields increase borrowing costs economy-wide, pressuring asset values.

Apr 13 2025

2025 Q1

ADM, DE, IBM, KO, X

Economic Outlook, Onshoring, Recession, Resilience, stock picking, tariffs, Trade Policy

Trump's tariff policies create significant economic uncertainty with anticipated slower growth, higher prices, and mild recession. Drawing parallels to historical disruptions, Richie Capital identifies resilient companies in essential sectors that survived past crises. Despite challenges, reshoring trends and supply chain restructuring create opportunities for selective stock pickers to identify winners in the new economic environment.

Jan 12 2025

2024 Q4

AI, Economy, fundamentals, inflation, interest rates, small caps, Valuations

Richie Capital Group maintains positive 2025 outlook despite stretched valuations, focusing on attractive small and mid-cap businesses with strong fundamentals. Expects earnings-driven growth supported by healthy consumer spending, strong employment, and AI-driven corporate investment. Emphasizes high-conviction, long-term approach with disciplined stock selection to navigate anticipated market froth and avoid unproven business models.

Oct 13 2024

2024 Q3

active management, concentrated, long-term, Quality, ROIC, small caps

Richie Capital Group focuses on investing in high-quality smaller companies through concentrated portfolios and long-term holding periods. They define quality through both quantitative metrics like high ROIC and qualitative factors including management strength and competitive positioning. The firm believes their experience-driven approach to identifying quality businesses early provides significant advantages for generating strong returns.

Jul 7 2024

2024 Q2

CSCO, DAL, EXPE, HPQ, NVDA

AI, Bubble, Hype Cycle, Investment, Nvidia, technology, Telecom

Richie Capital Group warns that the current AI boom mirrors the telecom bubble, with excessive investment and unrealistic expectations around Nvidia and AI companies. While acknowledging AI's long-term potential, the manager believes true impact is 10 years away, not immediate, suggesting current market euphoria could lead to a significant correction.

Apr 7 2024

2024 Q1

GOOGL, META, NVDA

Concentration, long-term, Outperformance, small caps, time arbitrage, value

Richie Capital Group leverages time arbitrage as their competitive edge, building concentrated portfolios of small-cap value stocks held for 3-5 years minimum. While extreme value opportunities like Buffett's 0.1x P/E Western Insurance deal are extinct, patient capital can still exploit short-term overreactions. Academic research and historical data validate their long-term, concentrated approach for superior returns.

Sep 4 2023

2023 Q1

AMT, ATEN, COIN, FIX, MSCI, PERI

Advertising, Banking, Credit Crisis, Onshoring, small cap, technology

RCG gained 12% in Q1 despite banking sector turmoil. The collapse of Silicon Valley Bank will permanently damage the innovation economy by reducing venture capital funding. The fund benefits from onshoring trends through Comfort Systems and AI-driven advertising via Perion Network. Rising rates hurt REITs like American Tower, but selective opportunities remain in structural growth themes.

Jan 3 2023

2022 Q4

FICO, PERI, RELL

QUARTER	THEMES	TAGS
2026 Q1	AI Manager argues that fears of AI replacing all human capital are overdone, drawing historical parallels to past technological disruptions. Notes that AI has already created 1.3 million new jobs according to LinkedIn data. Expects this generation of technology disruption to follow historical patterns where humans migrate up the value chain toward tasks requiring judgment, creativity, and relationship building.	Artificial Intelligence Employment Disruption Jobs Automation
	Technology Provides extensive historical analysis of technological disruptions from the Industrial Revolution through the Internet era, showing how each wave initially displaced workers but ultimately created new categories of employment. Emphasizes that technology raises productivity growth which boosts demand and creates jobs, with humans consistently moving to higher-value tasks.	Innovation Disruption Productivity Employment Progress
2025 Q4	AI Massive capex cycle linked to AI representing increasing cash flow from hyperscalers. Signs that AI adoption is flatlining with unclear use cases for profitability. Reliance on Magnificent 7 for equity market performance continues, with credit markets becoming increasingly sensitive to AI companies.	Artificial Intelligence Hyperscalers Capex Technology Valuations
	Gold Exceptionally strong performance with gold returning 65% for 2025 and silver 148%. Trend has continued into 2026 with gold rising 13.3% and silver 18.9% by end of January. Extreme moves following very strong performance last year.	Precious Metals Safe Haven Inflation Hedge Commodities
	Credit Credit spreads remained tight at historic levels with returns mainly generated by carry. Four of the largest credit issuers in 2025 were hyperscalers. Significant refinancing requirements in 2026 and 2027 should enable interesting trades both long and short.	Credit Spreads Corporate Bonds Refinancing High Yield
	Geopolitical Risk President Maduro taken from Venezuela, fracturing of Western alliance as Trump looked to acquire Greenland, protests in Iran violently suppressed. Tensions between countries may make cross-border transactions more difficult as countries favor national champions.	Geopolitics Venezuela Iran Trade Policy National Security
2025 Q3	Small Caps The migration effect shows that roughly 10% of small companies that grow into mid- and large-cap status explains most of small-cap outperformance. Despite concerns about quality decline in the Russell 2000, opportunities persist for active managers willing to do rigorous research in this less efficient market.	Migration Effect Russell 2000 Active Management Market Inefficiency Quality
	AI The market remains expensive and concentrated in a handful of mega-cap companies that all share the AI theme. This concentration creates opportunities for broader exposure that includes high-quality smaller companies outside the AI mega-cap universe.	Concentration Mega Cap Market Expensive Nvidia Microsoft
2025 Q2	Debt U.S. national debt is growing faster than the economy, with net interest becoming the third largest budget expense. The debt-to-GDP ratio will hit record highs not seen since WWII within three years, creating an unsustainable fiscal situation that threatens the financial system.	Debt Deficit Interest Fiscal Treasury
	Trade Policy Uncertainty around tariffs and trade policies is limiting corporate investment and planning. Companies are reluctant to place orders with countries subject to high tariffs, which will impact inventories and eventually lead to empty shelves, shipping delays, and higher prices.	Tariffs Trade Policy Uncertainty Inflation
	Rates The Federal Reserve is more reluctant to cut interest rates due to lingering inflation concerns from unclear trade policy. Rising Treasury yields from increased debt issuance push up rates on mortgages, car loans, and corporate bonds, decreasing asset values.	Rates Fed Treasury Yields Monetary
2025 Q1	Trade Policy The Trump Administration's tariff policies have created significant market uncertainty and economic disruption. The manager views the implementation strategy as flawed despite some worthy end goals, noting that unwinding three decades of globalization cannot be achieved in weeks or months.	Tariffs Protectionism Globalization Trade War Economic Policy
	Resilience Drawing parallels to the asteroid impact that caused mass extinctions 66 million years ago, the manager identifies companies with resilient characteristics that survived the 1929 crash and Great Depression. These include essential goods providers in food, healthcare, utilities, and entertainment sectors.	Survival Essential Goods Crisis Management Defensive Adaptability
	Onshoring Current reshoring trends are expected to continue under increased tariff regimes, potentially benefiting specialized manufacturing in the US. However, this will require expensive supply chain restructuring investments globally.	Manufacturing Supply Chain Reshoring Investment Restructuring
2024 Q4	Small Caps Valuations in small and mid-cap universe remain attractive relative to larger-cap peers. The firm plans to stick to their investment thesis of identifying attractive, under-the-radar businesses with strong fundamentals and robust cash flow generation.	Small Caps Mid Cap Valuations Fundamentals Cash Flow
	Inflation Inflation appears tamed compared to the 9.1% peak in 2022, though still above the Fed's 2% target. The last mile to reach 2% may take longer than expected, potentially keeping interest rates higher for longer.	Inflation Fed Target Interest Rates Monetary Policy
	AI AI and reshoring are driving a surge in corporate and research spending, contributing to accelerating economic growth and supporting the positive outlook for 2025.	AI Corporate Spending Research Economic Growth
2024 Q3	Quality RCG focuses on investing in high-quality businesses as a core pillar of their investment framework. They define quality through both quantitative metrics like high ROIC and consistent free cash flow, and qualitative factors including management strength, corporate culture, and competitive positioning. The firm believes quality investing provides significant advantages for generating strong returns over time.	ROIC Cash Flow Competitive Advantages Management Balance Sheet
	Small Caps The firm focuses on smaller, under-the-radar companies that are either already high-quality or on a trajectory towards becoming so. They note that the quality factor is especially pronounced in smaller market caps where high-quality companies tend to outperform lower-quality peers by wide margins.	Under-the-radar Market Cap Outperformance Early Identification
2024 Q2	AI The letter extensively analyzes the current AI hype cycle, comparing it to the telecom boom and bust of the late 1990s and early 2000s. The manager expresses concern about overinvestment and unrealistic expectations, noting that while AI technologies show promise, the true impact is likely 10 years away rather than immediate.	Artificial Intelligence Hype Cycle Overinvestment Technology Innovation
2024 Q1	Value The letter extensively discusses value investing principles, referencing Warren Buffett's Western Insurance investment that traded at 0.1x P/E ratio. The manager emphasizes finding undervalued companies and exploiting market inefficiencies through patient capital deployment.	Value Undervalued Discount Margin of Safety Cheap
	Small Caps The firm explicitly focuses on smaller companies as a core investment philosophy. They believe smaller companies offer better opportunities for outperformance compared to large-cap stocks that are heavily analyzed.	Small Cap Smaller Companies Concentrated Outperformance
2023 Q1	Credit Stress The collapse of Silicon Valley Bank, Signature Bank, Silvergate Bank, and Credit Suisse created a minor earthquake in the financial sector. The banking crisis will likely slow deal flow among VCs and stifle the innovation economy, with long-term implications for public markets as venture capital serves as the farm team for public equities.	Banking Financial Crisis SVB Credit Suisse Venture Capital
	Onshoring Comfort Systems is benefiting from positive tailwinds from trends in modular construction and American business reshoring. The company believes this is only the beginning of the movement towards reshoring as more businesses develop new facilities in the U.S. to overcome recent global supply chain challenges.	Reshoring Manufacturing Supply Chain Construction
	Crypto As banks collapsed, the crypto economy rose with Bitcoin up 70% through Q1 and Coinbase rising nearly 80%. This implies cryptocurrency investors view crypto as a safer alternative to the banking system, though questions remain about who would bail out the crypto system in case of failure.	Bitcoin Coinbase Banking Alternative Digital Assets
	Advertising Perion Network, an Israeli ad-tech company, is benefiting from anticipation of Bing's new ChatGPT driven search engine. As Bing is Perion's largest customer, the new Bing offers meaningful growth opportunity as more users convert to the platform and drive publisher advertising revenue.	Ad Tech Search Bing ChatGPT Microsoft

QUARTER

THEMES

AI

Manager argues that fears of AI replacing all human capital are overdone, drawing historical parallels to past technological disruptions. Notes that AI has already created 1.3 million new jobs according to LinkedIn data. Expects this generation of technology disruption to follow historical patterns where humans migrate up the value chain toward tasks requiring judgment, creativity, and relationship building.

Artificial Intelligence Employment Disruption Jobs Automation

Technology

Provides extensive historical analysis of technological disruptions from the Industrial Revolution through the Internet era, showing how each wave initially displaced workers but ultimately created new categories of employment. Emphasizes that technology raises productivity growth which boosts demand and creates jobs, with humans consistently moving to higher-value tasks.

Innovation Disruption Productivity Employment Progress

2025 Q4

AI

Massive capex cycle linked to AI representing increasing cash flow from hyperscalers. Signs that AI adoption is flatlining with unclear use cases for profitability. Reliance on Magnificent 7 for equity market performance continues, with credit markets becoming increasingly sensitive to AI companies.

Artificial Intelligence Hyperscalers Capex Technology Valuations

Gold

Exceptionally strong performance with gold returning 65% for 2025 and silver 148%. Trend has continued into 2026 with gold rising 13.3% and silver 18.9% by end of January. Extreme moves following very strong performance last year.

Precious Metals Safe Haven Inflation Hedge Commodities

Credit

Credit spreads remained tight at historic levels with returns mainly generated by carry. Four of the largest credit issuers in 2025 were hyperscalers. Significant refinancing requirements in 2026 and 2027 should enable interesting trades both long and short.

Credit Spreads Corporate Bonds Refinancing High Yield

Geopolitical Risk

President Maduro taken from Venezuela, fracturing of Western alliance as Trump looked to acquire Greenland, protests in Iran violently suppressed. Tensions between countries may make cross-border transactions more difficult as countries favor national champions.

Geopolitics Venezuela Iran Trade Policy National Security

2025 Q3

Small Caps

The migration effect shows that roughly 10% of small companies that grow into mid- and large-cap status explains most of small-cap outperformance. Despite concerns about quality decline in the Russell 2000, opportunities persist for active managers willing to do rigorous research in this less efficient market.

Migration Effect Russell 2000 Active Management Market Inefficiency Quality

AI

The market remains expensive and concentrated in a handful of mega-cap companies that all share the AI theme. This concentration creates opportunities for broader exposure that includes high-quality smaller companies outside the AI mega-cap universe.

Concentration Mega Cap Market Expensive Nvidia Microsoft

2025 Q2

Debt

U.S. national debt is growing faster than the economy, with net interest becoming the third largest budget expense. The debt-to-GDP ratio will hit record highs not seen since WWII within three years, creating an unsustainable fiscal situation that threatens the financial system.

Debt Deficit Interest Fiscal Treasury

Trade Policy

Uncertainty around tariffs and trade policies is limiting corporate investment and planning. Companies are reluctant to place orders with countries subject to high tariffs, which will impact inventories and eventually lead to empty shelves, shipping delays, and higher prices.

Tariffs Trade Policy Uncertainty Inflation

Rates

The Federal Reserve is more reluctant to cut interest rates due to lingering inflation concerns from unclear trade policy. Rising Treasury yields from increased debt issuance push up rates on mortgages, car loans, and corporate bonds, decreasing asset values.

Rates Fed Treasury Yields Monetary

2025 Q1

Trade Policy

The Trump Administration's tariff policies have created significant market uncertainty and economic disruption. The manager views the implementation strategy as flawed despite some worthy end goals, noting that unwinding three decades of globalization cannot be achieved in weeks or months.

Tariffs Protectionism Globalization Trade War Economic Policy

Resilience

Drawing parallels to the asteroid impact that caused mass extinctions 66 million years ago, the manager identifies companies with resilient characteristics that survived the 1929 crash and Great Depression. These include essential goods providers in food, healthcare, utilities, and entertainment sectors.

Survival Essential Goods Crisis Management Defensive Adaptability

Onshoring

Current reshoring trends are expected to continue under increased tariff regimes, potentially benefiting specialized manufacturing in the US. However, this will require expensive supply chain restructuring investments globally.

Manufacturing Supply Chain Reshoring Investment Restructuring

2024 Q4

Small Caps

Valuations in small and mid-cap universe remain attractive relative to larger-cap peers. The firm plans to stick to their investment thesis of identifying attractive, under-the-radar businesses with strong fundamentals and robust cash flow generation.

Small Caps Mid Cap Valuations Fundamentals Cash Flow

Inflation

Inflation appears tamed compared to the 9.1% peak in 2022, though still above the Fed's 2% target. The last mile to reach 2% may take longer than expected, potentially keeping interest rates higher for longer.

Inflation Fed Target Interest Rates Monetary Policy

AI

AI and reshoring are driving a surge in corporate and research spending, contributing to accelerating economic growth and supporting the positive outlook for 2025.

AI Corporate Spending Research Economic Growth

2024 Q3

Quality

RCG focuses on investing in high-quality businesses as a core pillar of their investment framework. They define quality through both quantitative metrics like high ROIC and consistent free cash flow, and qualitative factors including management strength, corporate culture, and competitive positioning. The firm believes quality investing provides significant advantages for generating strong returns over time.

ROIC Cash Flow Competitive Advantages Management Balance Sheet

Small Caps

The firm focuses on smaller, under-the-radar companies that are either already high-quality or on a trajectory towards becoming so. They note that the quality factor is especially pronounced in smaller market caps where high-quality companies tend to outperform lower-quality peers by wide margins.

Under-the-radar Market Cap Outperformance Early Identification

2024 Q2

AI

The letter extensively analyzes the current AI hype cycle, comparing it to the telecom boom and bust of the late 1990s and early 2000s. The manager expresses concern about overinvestment and unrealistic expectations, noting that while AI technologies show promise, the true impact is likely 10 years away rather than immediate.

Artificial Intelligence Hype Cycle Overinvestment Technology Innovation

2024 Q1

Value

The letter extensively discusses value investing principles, referencing Warren Buffett's Western Insurance investment that traded at 0.1x P/E ratio. The manager emphasizes finding undervalued companies and exploiting market inefficiencies through patient capital deployment.

Value Undervalued Discount Margin of Safety Cheap

Small Caps

The firm explicitly focuses on smaller companies as a core investment philosophy. They believe smaller companies offer better opportunities for outperformance compared to large-cap stocks that are heavily analyzed.

Small Cap Smaller Companies Concentrated Outperformance

2023 Q1

Credit Stress

The collapse of Silicon Valley Bank, Signature Bank, Silvergate Bank, and Credit Suisse created a minor earthquake in the financial sector. The banking crisis will likely slow deal flow among VCs and stifle the innovation economy, with long-term implications for public markets as venture capital serves as the farm team for public equities.

Banking Financial Crisis SVB Credit Suisse Venture Capital

Onshoring

Comfort Systems is benefiting from positive tailwinds from trends in modular construction and American business reshoring. The company believes this is only the beginning of the movement towards reshoring as more businesses develop new facilities in the U.S. to overcome recent global supply chain challenges.

Reshoring Manufacturing Supply Chain Construction

Crypto

As banks collapsed, the crypto economy rose with Bitcoin up 70% through Q1 and Coinbase rising nearly 80%. This implies cryptocurrency investors view crypto as a safer alternative to the banking system, though questions remain about who would bail out the crypto system in case of failure.

Bitcoin Coinbase Banking Alternative Digital Assets

Advertising

Perion Network, an Israeli ad-tech company, is benefiting from anticipation of Bing's new ChatGPT driven search engine. As Bing is Perion's largest customer, the new Bing offers meaningful growth opportunity as more users convert to the platform and drive publisher advertising revenue.

Ad Tech Search Bing ChatGPT Microsoft

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 9, 2023	Fund Letters	Richie Capital Group	PERI	Perion Network	Communication Services	Interactive Media & Services	Bull	NASDAQ	Ad Tech, ChatGPT integration, digital advertising, growth, Israeli Technology, Microsoft partnership, SaaS, Search & Advertising	Login
Apr 9, 2023	Fund Letters	Richie Capital Group	BUFIX	Comfort Systems USA	Industrials	Construction & Engineering	Bull	NYSE	Construction services, Electrical Contracting, HVAC services, Industrial, M&A, modular construction, Order Backlog, Reshoring	Login
Apr 9, 2023	Fund Letters	Richie Capital Group	ACGL\|APH\|COO\|CSGP\|DKNG\|GWRE\|IDXX\|IOT\|IT\|LPLA\|MSCI\|MTD\|PCOR\|ROP\|TECH\|VRSK	MSCI Inc	Financials	Financial Exchanges & Data	Bull	NYSE	Climate data, compounder, Data Analytics, ESG Data, financial data, financial services, Index Provider, recurring revenue	Login
Apr 9, 2023	Fund Letters	Richie Capital Group	ATEN	A10 Networks	Information Technology	Communications Equipment	Bull	NYSE	ADC, Application Delivery Controller, cloud infrastructure, cybersecurity, Edge computing, Enterprise Networking, Network Security, Software Transition	Login
Apr 9, 2023	Fund Letters	Richie Capital Group	AMT	American Tower Corporation	Real Estate	Specialized REITs	Bull	NYSE	AFFO growth, Cell Towers, Data demand, long-term contracts, Price escalators, REIT, telecommunications infrastructure, Wireless Infrastructure	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 9, 2023

Fund Letters

Richie Capital Group

PERI

Perion Network

Communication Services

Interactive Media & Services

Bull

NASDAQ

Ad Tech, ChatGPT integration, digital advertising, growth, Israeli Technology, Microsoft partnership, SaaS, Search & Advertising

Apr 9, 2023

Fund Letters

Richie Capital Group

BUFIX

Comfort Systems USA

Industrials

Construction & Engineering

Bull

NYSE

Construction services, Electrical Contracting, HVAC services, Industrial, M&A, modular construction, Order Backlog, Reshoring

Apr 9, 2023

Fund Letters

Richie Capital Group

MSCI Inc

Financials

Financial Exchanges & Data

Bull

NYSE

Climate data, compounder, Data Analytics, ESG Data, financial data, financial services, Index Provider, recurring revenue

Apr 9, 2023

Fund Letters

Richie Capital Group

ATEN

A10 Networks

Information Technology

Communications Equipment

Bull

NYSE

ADC, Application Delivery Controller, cloud infrastructure, cybersecurity, Edge computing, Enterprise Networking, Network Security, Software Transition

Apr 9, 2023

Fund Letters

Richie Capital Group

AMT

American Tower Corporation

Real Estate

Specialized REITs

Bull

NYSE

AFFO growth, Cell Towers, Data demand, long-term contracts, Price escalators, REIT, telecommunications infrastructure, Wireless Infrastructure

TICKER	COMMENTARY
AMZN	Amazon is the poster child for market disruption having displaced the traditional retail market, and yet Amazon employs almost 1.6 million people.

TICKER

COMMENTARY

AMZN

Amazon is the poster child for market disruption having displaced the traditional retail market, and yet Amazon employs almost 1.6 million people.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

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No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

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No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

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No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Technology

AI

Gold

Credit

Geopolitical Risk

Small Caps

AI

Debt

Trade Policy

Rates

Trade Policy

Resilience

Onshoring

Small Caps

Inflation

AI

Quality

Small Caps

AI

Value

Small Caps

Credit Stress

Onshoring

Crypto

Advertising

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Khadir Richie Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Richie Capital Group