| 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 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
BiotechnologyAgronomics provides exposure to cellular agriculture and alternative protein production. BlueNalu focuses on cultured seafood with commercial launch expected in 2026. Liberation Bioindustries opening first commercial factory for alternative protein production. |
Cellular Agriculture Alternative Protein Biotechnology | |
FintechAugmentum Fintech holds UK challenger banks including Iwoca, Zopa, and Tide showing strong revenue and profit growth. These fintech companies are outpacing traditional UK banks despite share price underperformance. |
Challenger Banks Digital Banking Financial Services | |
GoldGold experienced its best annual return since 1979 driven by seemingly insatiable appetite, entering bubble territory. The precious metal drove the Small Resources index to a 45.3% increase in the December half. |
Gold Precious Metals Bubble Resources | |
OilThe oil market has been in three-year consolidation due to subdued growth and large OPEC supply increases. Lower prices damage future supply as producers pull back on new capacity spending. OPEC's spare capacity is limited, and while the world isn't running out of oil, it's running out of oil producible below $60. |
Energy Exploration & Production Oil Services Refiners Geopolitical | |
| 2025 Q3 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
MomentumThe past two years have rewarded momentum investing, with stocks in the top quintile of trailing nine-month returns generating 91% cumulative returns versus 47% for the S&P 500. This momentum period ranks as the second strongest since 1998, only behind the dot-com bubble era of 1998-1999. |
Momentum Growth Concentration Bubble Outperformance | |
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 | OpenAI's well-documented 'circular' funding with its business partners (NVIDIA, Microsoft, among others) is additional cause for concern. |
| NBIS | All eyes are on ORCL, but NBIS was up 40% on a deal with MSFT the day before, then they raised more than $4BN and the stock price has kept going up. |
| 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. |
| QQQ | QQQ (Nasdaq 100 ETF) rising 2.5% in Q4 and finished 2025 up 48.2%. |
| QURE | The FDA walking back on QURE approval after mixed data made me roundtrip the profits of that position. |
| REGN | Healthcare company Regeneron was a detractor in the first half of the year but ended up as a contributor for the quarter and full year. It did not initially feel great, but our phased buy-in has worked well so far. We continue to like the company's strong position in allergic diseases (DUPIXENT) and oncology (LIBTAYO and others). We believe the market focuses too much on EYLEA, a retinal disease medication which is less than 20% of the company's value. |
| 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 | The S&P500 (SPY) rose 17.8% on the year. |
| 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 | XOP is more gassy now with LNG and nat gas companies making a good portion of it. |
| 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 |
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| No industry data available | |||
