| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Rodrigo reflects on a quarter of rebuilding confidence amid divergent market conditions. While indexes ground higher with only a modest November dip, he observed extreme bifurcation between precious metals experiencing bubble-like conditions and AI companies correcting 50% before showing recovery signs. He compares current gold and silver moves to 1970s extremes when the US abandoned the gold standard, suggesting potential Chinese market cornering. The manager closed AI-related shorts after momentum proved unstoppable despite fundamental concerns about high multiples and commoditization risks. Healthcare performed well with TEVA and REGN benefiting from tariff and AI immunity. He added Kits Eyecare during the November dip, attracted to their online optical model with lens finishing capabilities. A key new position is Figure Technologies, operating at the intersection of blockchain and HELOC securitization, providing yield opportunities for stablecoins. The manager maintains selective positioning while avoiding macro timing, focusing on individual company fundamentals despite acknowledging limited edge in macro analysis.
Selective stock picking across healthcare, fintech, and value opportunities while avoiding bubble sectors like precious metals and maintaining discipline around AI momentum plays.
Manager expresses cautious optimism while acknowledging market extremes in precious metals and continued AI volatility. Focused on selective opportunities in healthcare, fintech innovation, and value plays while avoiding macro timing.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 28 2026 | 2025 Q4 | ARKK, CLS, KITS.TO, MSFT, NBIS, ORCL, QQQ, QURE, REGN, SLNO, SPY, STRL, TEVA, TGEN, TSSI, TWST, VRT, XOP | AI, Biotechnology, commodities, Fintech, gold, healthcare, oil |
KITS CN EMO CN |
Manager observes precious metals experiencing massive bubble-like moves with gold and silver going through blow-off tops. Believes there is no fundamental reason for this rally… |
| Oct 2 2025 | 2025 Q3 | - | AI, DataCenters, Factor Rotation, Gold Miners, Short Interest | - | The commentary focuses on running a highly concentrated portfolio built around a small number of high-conviction ideas. Capital is allocated where the manager believes the… |
| Jul 8 2025 | 2025 Q2 | EVO SS, RXST | Cycles, drawdowns, long-term, normalization, Patience |
RXST EVO SS |
The commentary focuses on long-term market and business cycles rather than quarterly outcomes. Management highlights how economic slowdowns, policy shifts, and capital scarcity reset expectations… |
| Apr 3 2025 | 2025 Q1 | NVDA, TKA GR | - | - | - |
| Jan 3 2025 | 2024 Q4 | AMZN, APP, AVDA, CIEN, GOOG, META, MSFT, TMDX, TSLA | - | - | - |
| Oct 7 2024 | 2024 Q3 | APP, EW, LUMN, MEDP, TAVR | - | - | - |
| Apr 22 2024 | 2024 Q2 | CIEN | - | - | - |
| Apr 22 2024 | 2024 Q1 | AM FP, APP | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
BiotechnologyBiotech delivered its best quarter in five years, benefiting from improving interest rates, easing regulation enabling more M&A activity, and excitement around AI's promise in drug discovery. The portfolio nearly doubled its biotech exposure during the quarter as more opportunities presented themselves in this improving environment. |
Drug Discovery M&A Interest Rates Regulation Pharmaceuticals | |
FinTechThe fund continues its growth approach to investing in financial and financial-related companies, including payment businesses, financial exchanges, and data providers that enable financial transactions. The common denominator across all holdings is the use of technology and data to better serve customers and grow at above-average rates. |
Payments Digital Banking Financial Technology Data Analytics Financial Software | |
GoldGold reached record highs above $5,000 per ounce but silver's dramatic rally has triggered a sell signal. Historical pattern suggests both metals may enter 2-3 year correction period. Central bank demand remained strong at 863 tonnes for 2025, though China purchases slowed significantly. |
Precious Central Banks ETFs Debasement | |
OilOil markets disrupted by closure of Straits of Hormuz affecting 20% of global production. Prices surged from $70 to $119.50 before retreating to $90. Market may be tighter than commonly believed despite IEA projections of surplus. Oil represents cheapest major asset class globally, trading at near-record lows relative to gold. |
Crude Brent WTI Hormuz Supply | |
| 2025 Q3 |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending |
Momentum2025 was characterized by extreme momentum dynamics with capital flowing into immediate winners while perceived losers saw unprecedented pressure. Market leadership concentrated in lower-quality, speculative, and cyclically sensitive stocks. The momentum trade has been exceptionally profitable short-term but timing the inevitable reversal remains challenging. |
Cyclical Speculation Leadership Volatility Reversal | |
Shorting |
||
| 2025 Q2 |
Cycles |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 8, 2025 | Fund Letters | Rodrigo Benedetti | RXST | RxSight Inc. | Health Care | Health Care Supplies | Bull | NASDAQ | Cashrich, growth, Healthtech, Medicaldevices, Momentum, Premiumtechnology, turnaround, valuation, Visioncare | Login |
| Jul 8, 2025 | Fund Letters | Rodrigo Benedetti | EVO SS | Evolution AB | Communication Services | Interactive Home Entertainment | Bear | NASDAQ | Compliance, Cyclicals, Earningsquality, entertainment, iGaming, Margins, Regulation, Valuationrisk | Login |
| Jan 28, 2026 | Fund Letters | Rodrigo Benedetti | KITS CN | Kits Eyecare Ltd. | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | ecommerce, eyecare, Founderled, Margins, vertical integration | Login |
| Jan 28, 2026 | Fund Letters | Rodrigo Benedetti | EMO CN | Emerita Resources Corp. | Materials | Precious Metals Exploration | Bear | Toronto Stock Exchange | litigation, Mining, Retail Investors, Short, Speculation | Login |
| TICKER | COMMENTARY |
|---|---|
| CLS | I was short what I think are low quality names that have benefited from a huge Capex run up in datacenters but offer services that will get commoditized and are trading on very high earnings multiples on top of really above historical margins (TSSI STRL CLS ORCL VRT TGEN). |
| KITS.TO | I took advantage of the November dip to buy some shares of an interesting Canadian company, Kits Eyecare, the founder, CEO and big shareholder has executed on the online optical industry. The company basically sells glasses online. The glasses are cheap and they are pushing a subscription model. Their advantage is that they finish their own lenses from blanks, they are not just a marketing operation. The company keeps growing and the valuation is a bet on the margins level at scale/steady state. |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| NBIS | Nebius continues to be viewed more like an AI infrastructure 'off-take' platform than an emerging AI-first cloud platform. The Microsoft agreement signed in September 2025 is a five-year commitment worth ~$17.4B (with options taking total value to ~$19.4B) for internal workloads and is anchored by dedicated capacity delivered from Nebius' new Vineland, New Jersey data center. |
| ORCL | Investor enthusiasm for Oracle's stock in calendar year 2025 was initially driven by several multi-billion-dollar contracts it signed with leading AI companies, including OpenAI and Meta. However, in Q4 sentiment for ORCL's growth prospects shifted to skepticism, as investors began to scrutinize the return profile of the substantial capital investments required to support the approximately $500 billion of contracts signed by Oracle. Given the widening range of potential outcomes associated with Oracle's elevated capital needs, we reduced our position in ORCL during Q4. |
| QQQ | Most investors should be able to capture the big winners by owning QQQ over the long term. Picking winners and losers during such a time of disruption is very difficult. |
| QURE | The FDA walking back on QURE approval after mixed data made me roundtrip the profits of that position. |
| REGN | Performance was driven by strength in large-cap longs, specifically Regeneron |
| SLNO | We closed our position in biopharma developer Soleno Therapeutics, which recorded a -34% decline while held within the portfolio this quarter. Even though the company's Vykat XR stands as the sole approved therapy for hyperphagia in Prader-Willi Syndrome (PWS), investor sentiment remains subdued due to ongoing concerns regarding the growth trajectory. |
| SPY | Over the exact same period, the S&P 500 generated an annualized return of around 10.2%. A dollar invested passively in an S&P 500 ETF became roughly eleven dollars. The SPDR S&P 500 ETF Trust, is the most widely owned and actively traded ETF in the world. Its market capitalization today is roughly USD 700 billion—only about 1% of the total market capitalization of the S&P 500 constituents. Yet SPY's typical daily trading volume is USD 30–40 billion, while the combined daily trading volume of the underlying S&P 500 companies is approximately USD 500–700 billion. |
| STRL | I was short what I think are low quality names that have benefited from a huge Capex run up in datacenters but offer services that will get commoditized and are trading on very high earnings multiples on top of really above historical margins (TSSI STRL CLS ORCL VRT TGEN). |
| TEVA | Teva has historically been known for its large generics business but is increasingly focused on growing its innovative pharmaceutical business, which now represents roughly half of the company's profits. Austedo continues to see strong adoption in a significantly underpenetrated and underdiagnosed tardive dyskinesia market, Ajovy has gained share in chronic migraine, and Uzedy has launched successfully in schizophrenia. |
| TGEN | I was short what I think are low quality names that have benefited from a huge Capex run up in datacenters but offer services that will get commoditized and are trading on very high earnings multiples on top of really above historical margins (TSSI STRL CLS ORCL VRT TGEN). |
| TSSI | I was short what I think are low quality names that have benefited from a huge Capex run up in datacenters but offer services that will get commoditized and are trading on very high earnings multiples on top of really above historical margins (TSSI STRL CLS ORCL VRT TGEN). |
| TWST | At some point I liked SLNO and TWST but then I realized the former is a bet on acquisition and the latter a bet on financial conditions being loose. |
| VRT | I was short what I think are low quality names that have benefited from a huge Capex run up in datacenters but offer services that will get commoditized and are trading on very high earnings multiples on top of really above historical margins (TSSI STRL CLS ORCL VRT TGEN). |
| XOP | Exploration and production companies, as measured by the XOP ETF—which tracks the S&P Oil & Gas Exploration and Production Index—declined roughly 4%. |
| 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 | |||
