| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The fund generated 17.8% net returns in Q2 2026 by successfully navigating sector rotation in a flat market environment. The SOXX rallied nearly 30% before correcting sharply in July, with memory becoming the central segment of the AI trade as bottlenecks drove margin expansion. Retail investors piled into leveraged memory products with such intensity that implied volatility exploded, creating opportunities to short long-term upside volatility through LEAPs and leveraged ETF calls. The manager believes the June semiconductor peak was climactic and will prove lasting, despite the AI revolution continuing. Portfolio positioning shifted toward power electronics, semicap, and select software names like IT services integrators Globant and EPAM, which became too cheap as the market treated cyclical issues as structural. Quality names like Visa and Mastercard recovered to near all-time highs. The Iran crisis created artificial oil price elevation, prompting defensive energy positioning as insurance. A long yen position was established based on extreme positioning in a fundamentally undervalued currency. The manager expects continued high volatility heading into elections despite low VIX readings.
Successfully navigating sector rotation between AI winners and losers has been the key to generating alpha in a flat SPX environment, with opportunities created by extreme positioning in leveraged memory products and the divergence between semiconductor suppliers and hyperscaler capex spenders.
Manager expects continued high volatility despite low VIX readings, with potential for significant market action in the second half of 2026 heading into elections. The manager believes the SOXX June top was climactic and will be a lasting peak for semiconductors, though the broader AI revolution is just beginning. The Iran crisis creates ongoing uncertainty for energy markets. The manager expresses hope to avoid making big mistakes for the remainder of the year in what feels like a very volatile environment beneath the surface.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Aug 1 2026 | 2026 Q2 | 000660 KS, 6723.T, AMD, APP, CSU.TO, EPAM, GLOB, IFX.DE, MA, MRVL, MU, RELX.L, SNDK, SOXX, STMPA.PA, V | AI, Long/Short, Memory, oil, sector rotation, semiconductors, software, volatility | - | Generated 17.8% net by trading sector rotation between AI winners and losers in a flat market. Semiconductors peaked climactically in June after a 30% rally driven by memory bottlenecks. Shorted upside volatility in overleveraged memory products while rotating into cheap IT services and quality names. Built defensive energy positions around Iran crisis. Positioned long yen against extreme carry trade positioning. Expect elevated volatility into elections despite low VIX. |
| May 17 2026 | 2026 Q1 | AMD, ASAN, CRM, CSU.TO, INTC, MA, MNDY, MSFT, PATH, SAP, V | AI, defense, Europe, oil, semiconductors, software, valuation | - | Rodrigo rode European AI semiconductors and oil futures during Iran conflict but sold AI positions as valuations became unsustainable. Now focusing on quality value plays like Visa/Mastercard and European defense spending while avoiding overheated AI names. Sees software under existential threat from AI commoditization. Positioning for returns in either AI continuation or correction scenario. |
| 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 rebuilds confidence through selective stock picking while navigating extreme market bifurcation. Precious metals show bubble conditions reminiscent of 1970s, AI stocks corrected 50% before recovering. Closed unsuccessful AI shorts, added healthcare immunity plays TEVA/REGN, and new fintech position Figure Technologies bridging blockchain and loan securitization. Maintains disciplined approach avoiding macro timing. |
| Oct 2 2025 | 2025 Q3 | ABX, CLS, CONL, IJH, IREN, IWM, JOBY, MSFT, NBIS, NEM, ORCL, PLTR, RXST, SNAP, STRL, TGEN, TSSI, VRT | AI, Fed policy, Gold Miners, Long/Short, Risk Appetite, Shorts, Speculation | - | Rodrigo endured a brutal Q3 2025 as short positions in AI names and gold miners backfired spectacularly amid post-Jackson Hole speculation surge. Oracle's 40% jump on revenue forced capitulation on datacenter shorts. The manager learned painful lessons about US shorting dangers and plans to focus on longs while avoiding unlimited downside exposure. |
| Jul 8 2025 | 2025 Q2 | EVO.ST, IPG, RXST, WPP | AI, gaming, healthcare, Medical Devices, regulation, tariffs, technology, volatility |
RXST EVO SS RXST EVO.ST |
Strong Q2 performance amid extreme volatility, with SPX up 27% from lows. Portfolio focuses on contrarian opportunities: long RxSight's innovative medical device technology and Evolution Gaming's expected regulatory recovery, while shorting traditional advertising companies facing AI disruption. Despite bubble conditions emerging across markets, manager maintains conviction in beaten-down quality names with strong fundamentals. |
| Apr 3 2025 | 2025 Q1 | AMZN, COOP, CUBI, ENR.DE, GOOG, HNRG, HSBK.L, META, NVDA, OZK, PSIX, RDFN, RKT, SRC.L, SWI, TKA.DE | AI, banks, defense, Europe, megacaps, Trade Policy, value | - | European positioning and shorts benefited from Q4 mania reversal as AI/MAG7 declined. Trade war uncertainty threatens recession or slower growth. German defense spending drove profitable ThyssenKrupp trade. Post-correction opportunities emerging in US megacaps and AI energy plays. UK offers clearest value despite constraints. Markets lack broad bullish themes, requiring selective approach. |
| Jan 3 2025 | 2024 Q4 | AAPL, AMZN, APP, CIEN, CUBI, GOOGL, META, MSFT, NVDA, PFBC, PLTR, TMDX, TSLA | AI, banks, Biotech, Europe, semiconductors, technology, value | - | Value investor delivered 41% returns in 2024 despite October setbacks from Digital Value scandal and TMDX disappointment. Finds regional banks attractive post-Trump rally normalization. Extensively analyzes top tech valuations, questioning AI capex sustainability while acknowledging NVDA's growth story. Maintains disciplined approach focused on individual stock selection and improving short-side timing for 2025. |
| Oct 7 2024 | 2024 Q3 | ABT, APP, ARKK, ASTS, COOP, EW, HIFS, KRE, LUMN, MBIN, MDT, MEDP, PFBC, TMDX | Europe, financials, Medical Devices, Shorts, Tankers, trading, volatility | EW | Active trading quarter capitalizing on August volatility with opportunistic longs in Applovin and Transmedics, subsequently sold on bounce. Low net exposure via index shorts. Bullish on tankers due to sanctions enforcement potential, select financials despite KRE run-up, and Edwards Lifesciences as asymmetric medical device play post-guidance cut. |
| Apr 22 2024 | 2024 Q2 | AMC, ASML, AX, CIEN, CLS, COHR, CRH, FCNCA, GME, MBIN, MRX, PFBC, PSTG, QQQ, SPY, TBBK, V | Europe, financials, Long/Short, semiconductors, small caps, value | - | Rodrigo endured a frustrating Q2 with costly short sizing mistakes during the meme stock revival. He repositioned toward value opportunities in beaten-down banks, expecting yield curve normalization to drive margin recovery. The manager added quality compounders like Visa while maintaining undisclosed European small cap positions despite liquidity constraints forcing increased US market focus. |
| Apr 22 2024 | 2024 Q1 | AM.PA, APP, CHG.L, CLS, HO.PA, KNF, MRVI, ONT.L, OXB.L, PFE, PSTG, SMR.AX, TEP.PA, TMDX | Biotech, defense, Europe, growth, small caps, value | AM.PA | Rodrigo posted 19% Q1 returns running 150% net long across US growth and European value plays. Applovin led gains while European defense like Dassault Aviation offers compelling value amid rising EU defense spending. Post-Covid recovery names present opportunities as normal businesses stabilize. Shorts hurt performance, prompting smaller US short positions going forward. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIManager views AI as a transformative revolution just starting, with memory becoming the central bottleneck and margins exploding. Retail investors went all-in on leveraged memory products, creating opportunities to short long-term upside volatility. Manager believes the SOXX June top was climactic and will be a lasting top, though the AI revolution itself continues. |
Memory Semiconductors Volatility Hyperscalers Capex |
Semiconductor CycleThe SOXX rallied almost 30% during Q2 before falling into serious correction in July. Manager describes the move as resembling the November 2020 to March 2021 rally, with lower quality stocks participating with fury. Manager has been buying power electronics, semicap, and AMD, though expects to exit many positions if markets bounce hard due to stretched valuations. |
SOXX Memory Power Electronics Semicap Rotation | |
SoftwareSoftware companies trade inverse of semis, with manager warming up to consensus AI loser stocks during the quarter. IT services/integrators like Globant and EPAM became too cheap, with the market treating cyclical issues as structural. Manager is not interested in holding for years but sees opportunity if companies report revenue reacceleration given cheap multiples. |
IT Services Valuation Cyclical Revenue Growth | |
Energy TransitionManager built positions in power electronics companies (Infineon, Renesas, STMicroelectronics) that have most of the impact from the AI infrastructure ramp still in the future. These positions are viewed as having stretched or uncertain valuations and will likely be exited if markets bounce hard. |
Power Electronics AI Infrastructure Semiconductors | |
OilManager is conflicted about oil positioning due to the Trump Iran crisis creating artificially high prices. Oil is higher than fundamentals justify, with supply artificially constrained by losing/risking 10mmbpd. Manager played the crisis well initially but is now lost, buying generalist names and refiners as cheap insurance despite not expecting to make money. Oil storages are lower and Iran has incentives to press on. |
Iran Geopolitics Refiners Supply Fundamentals | |
PaymentsVisa and Mastercard were flagged in the previous letter and both are almost back to all-time highs, benefiting from the massive rotation out of quality into AI in Q1 and then back out of AI in July. |
Visa Mastercard Quality Rotation | |
YenManager's macro bet for end of quarter was long JPY calls based purely on positioning. Manager has no idea why even the US Treasury is trying to prop up the yen but welcomes the initiative. Manager acknowledges interest differentials make the carry juicy to short the yen, but views this positioning in a fundamentally undervalued currency as an opportunity. |
Currency Positioning Carry Trade Valuation | |
VolatilityManager identifies it as a very volatile market despite VIX being below 20, with potential for action at the index level in the second half of the year, probably into the elections. The level of buying in leveraged memory products was so brutal that implied volatility of calls exploded, creating incredible opportunities to short long-term upside volatility in AI names. |
VIX Options Elections Positioning | |
| 2026 Q1 |
AIManager rode European AI stocks like Suss, Soitec, and Aixtron but sold too soon due to valuation concerns. Describes the historic rally in semiconductors and AI as creating difficult market conditions where everything becomes correlated to AI exposure. Views current AI valuations as discounting best-case scenarios 3 years out. |
Semiconductors Photonics Valuation Europe Rally |
OilManager held net long oil futures position anticipating Iran conflict and Hormuz strait closure. Notes the market has become comfortable with the strait being closed for months, which he finds surreal. Oil positions helped performance in the first week of the quarter. |
Iran Hormuz Geopolitics Futures War | |
DefenseSees significant value in European defense stocks driven by wake-up call from US and trend toward bigger armies with national technologies and local supply chains. Prefers modern defense technologies like radars, drones, missiles and maritime robotics over traditional armored vehicles. |
Europe Technology Supply Chain Modernization | |
EuropeDespite acknowledging Europe's challenges including high taxes, growth-crippling policies, and missing the AI revolution, manager sees value in European companies priced off free cash flow rather than narratives. Notes decent datacenter pipeline and high AI usage penetration in European companies. |
Valuation FCF Datacenters Productivity | |
SemiconductorsParticipated in semiconductor rally through European names but notes the sector now discounts a lot of future growth. Mentions photonics and bottleneck companies seeing revenue increases by 2028 when Rubin configurations pick up. Views big cap AI semiconductor plays as too difficult after the recent run. |
Photonics Bottlenecks Revenue Timing | |
| 2025 Q4 |
AIAI infrastructure plays dominated 2025 returns with 65% of Russell 2000's return coming from AI infrastructure. The manager views this as a concentrated, singular bet on CAPEX spending by five companies building data centers. Questions the sustainability of this theme given its concentration and speculative nature. |
Infrastructure Data Centers CAPEX Concentration |
Small CapsSmall caps underperformed large caps in 2025's narrow market. The Russell 2000's returns were dominated by AI infrastructure and unprofitable companies, creating extreme bifurcation between quality and speculative stocks. Manager sees this as creating opportunities for active management in small caps. |
Russell 2000 Underperformance Quality Active Management | |
QualityQuality businesses trade at historically cheap multiples due to extreme valuation disparities between winners and losers. The manager emphasizes the bifurcation in performance between unprofitable stocks and quality stocks, suggesting quality is undervalued. |
Valuation Multiples Bifurcation Undervalued | |
ValueThe manager believes earnings are the long-term driver of stock prices and that the trade in unprofitable companies will ultimately reverse. This suggests a value-oriented approach will be rewarded as markets normalize from current extremes. |
Earnings Unprofitable Reversal Long-term | |
| 2025 Q3 |
AIManager attempted to short AI-related names believing the theme needed a rest, targeting low quality companies benefiting from datacenter capex but offering commoditizable services at high multiples. However, the market continued financing datacenter capex aggressively, forcing position closures after significant losses. |
Data Centers Capex Cloud Semiconductors Enterprise Software |
Gold MinersManager shorted gold miners on an overbought thesis, noting that miners like Barrick and Newmont trade at around 10x FCF using $4000/oz gold assumptions, suggesting extreme valuations in the sector. |
Gold Mining Commodities Valuation | |
Risk AppetiteStrong rally in most shorted stocks and speculative names after Jackson Hole speech created significant pressure on short positions. The market showed extreme risk-on behavior with profitless companies significantly outperforming profitable ones, as measured by IWM/IJH ratio. |
Short Interest Speculation Momentum Volatility | |
| 2025 Q2 |
AIManager believes AI content creation tools are becoming very good and accessible, creating a threat to traditional advertising companies. AI is disrupting ad creative generation which represents a $100BN profit pool, with companies like IPG and WPP vulnerable to margin compression as AI tools become widespread. |
Content Creation Advertising Disruption Margins Tools |
Medical DevicesFocus on RxSight's Light Adjustable Lens technology for cataract surgery, which offers superior customization and reduced side effects compared to traditional premium IOLs. The LAL system allows post-surgical adjustments using UV light, providing better outcomes than multifocal lenses with less glare and halos. |
Ophthalmology Cataracts Premium IOL Innovation Healthcare | |
GamingEvolution Gaming facing regulatory crackdowns on black market activity which is their most profitable segment. The company reported negative EBITDA growth for the first time in Q1, with margin compression and guidance for poor Q2 performance before expected recovery in the second half. |
Regulation Black Markets Live Casino Margins Recovery | |
Trade PolicyTrump administration's tariff threats created initial market volatility, but markets recovered as the administration backtracked to more moderate 10% general tariffs and 25% on some sectors. The strategy successfully shifted the Overton Window making 10% tariffs seem reasonable compared to initial threats of stopping global trade. |
Tariffs Trump Volatility Global Trade Policy | |
| 2025 Q1 |
AIAI capex and MAG7 stocks were getting entrenched with their fates interlinked. The AI/datacenter trade became radioactive after the correction, though the manager sees potential if capex numbers grow in 2026 and flatten in 2027. Looking at energy plays around AI infrastructure. |
Capex Datacenter Infrastructure Energy MAG7 |
Trade PolicyManager expects either recession from high US tariffs imposed without negotiation or weaker economic growth as trade frictions increase. Uncertainty around whether universal 25% tariffs will be implemented affects economic outlook. |
Tariffs Recession Growth Frictions Universal | |
Defense SpendingGerman defense and infrastructure spending bills drove outperformance in German stocks like ThyssenKrupp. The sexiness of U-boats and fiscal package led to significant rallies, though fundamentals remain weak in near term. |
German Infrastructure Fiscal U-boats Rally | |
ValueUK market presents clear opportunities with FTSE 250 down 5% despite European outperformance. Many cheap companies available, making UK the manager's favorite European hunting ground despite margin limitations on some positions. |
UK FTSE Cheap Opportunities European | |
| 2024 Q4 |
AIManager extensively analyzes AI capex spending by major tech companies, questioning sustainability of current investment levels and whether returns will justify the massive capital deployment. Notes that companies like MSFT and META are spending heavily on AI infrastructure, with some potentially approaching zero free cash flow. |
Capex Data Centers Infrastructure Investment Returns |
SemiconductorsDiscusses NVDA as beneficiary of AI spending boom, noting unprecedented revenue growth of 112% expected. Questions cyclical nature of current buildup and whether it will meet eventual slump, but would consider buying any significant dip given software advantages. |
NVDA Revenue Growth Cyclical Software Margins | |
Regional BanksFinds banks interesting again after KRE gave up most Trump victory gains. Specifically mentions CUBI, PFBC and several OTC banks as providing decent returns in coming months, though notes focus should be on identifying next major investment theme. |
KRE Trump OTC Returns Opportunities | |
ValueManager identifies as value investor and performs detailed valuation analysis of top 7 SPX holdings. Concludes some names like AAPL are expensive while others need AI capex to pay off to justify current valuations. Notes all are more expensive than one year ago. |
Valuation Expensive Multiples Analysis SPX | |
| 2024 Q3 |
TankersManager sees opportunities in tankers due to seasonal weakness ending and Middle East conflict escalation. Expects enforcement of dark fleet sanctions to benefit compliant fleet carrying offsetting output from Saudi Arabia and others, tightening ship availability. However, notes growing orderbook and higher valuations make tankers difficult as long-term holds. |
Oil Tankers Sanctions Iran Dark Fleet Shipping |
FinancialsContinues to see value in financials despite KRE's run-up. Some banks gave back gains, causing frustration with names like MBIN and PFBC. With rate cuts coming, manager plans to focus on banks with higher deposit beta while avoiding banks without deposit franchises. |
Regional Banks Deposit Beta Rate Cuts KRE | |
Medical DevicesFocused on Edwards Lifesciences after Q2 guidance cut created asymmetric opportunity. Company dominates TAVR market with 60-65% share but faces competition from Medtronic and Abbott. TMTT segment growing triple digits with no competition. Sees potential for TAVR market expansion and TMTT becoming meaningful revenue driver. |
TAVR Heart Valves Edwards Lifesciences Medical Technology | |
| 2024 Q2 |
FinancialsManager sees value in financials including traditional banks like MBIN, FCNCA, PFBC and TBBK. There is fear about commercial real estate and credit quality, but the manager believes the Treasury curve cannot get more inverted, which should lead to margin stabilization and improvement for banks. Focus on banks that have suffered from equity raises or bear reports. |
Banks Credit Margins CRE |
Semiconductor CycleManager notes semiconductors have been bid up with good reasons but had only a small position in ASML that was mostly sold during the quarter. The telco cycle appears to be bottoming and CIEN might benefit from AI and datacenter spending, potentially creating upside if the cycle turns. |
Semis Telco Datacenter AI | |
Small CapsManager is long several European small caps but won't disclose for liquidity reasons. IBKR doesn't provide margin on many small European names, limiting exposure in a levered portfolio. The worse liquidity is causing the manager to look more at US markets than before. |
Europe Liquidity Margin | |
| 2024 Q1 |
Defense SpendingEuropean defense companies trade at reasonable multiples with potential tailwinds from awakening EU defense budgets. Dassault Aviation produces the Rafale fighter, the only Fifth Generation aircraft not made by Lockheed Martin or Russians, with growing order book and no competing aircraft expected soon. |
Defense Aerospace European Rafale Military |
Small CapsManager finds significant value in plenty of small companies, particularly European ones, though liquidity constraints are becoming a limiting factor for building positions even in moderately sized portfolios. |
Small Cap European Liquidity Value Positioning |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| Mar 31, 2024 | Fund Letters | Rodrigo Benedetti | AM.PA | Dassault Aviation | Industrials | Aerospace & Defense | Bull | Euronext Paris | Aerospace, Defense, European, FCF multiple, Fighter Aircraft, geopolitical, Share Buybacks | Login |
| - | Fund Letters | Rodrigo Benedetti | EW | Edwards Lifesciences Corporation | Health Care Equipment & Supplies | Health Care Equipment | Bull | NYSE | Asymmetric, healthcare, Heart Disease, market share, Medical devices, Medtech, Structural Heart, TAVR, TMTT, Valve Replacement | Login |
| - | Fund Letters | Rodrigo Benedetti | RXST | RxSight | Health Care | Health Care Equipment | Bull | NASDAQ | cash-rich, Cataract Surgery, Healthcare Equipment, medical technology, Ophthalmology, Premium IOL, turnaround, UV Light Technology, Value | Login |
| - | Fund Letters | Rodrigo Benedetti | EVO.ST | Evolution Gaming | Consumer Discretionary | Casinos & Gaming | Bull | Stockholm Stock Exchange | Europe, Gaming, insider buying, live casino, Online-Gaming, Regulatory risk, turnaround, US market, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| SOXX | When I published my Q1 letter I mentioned the AI melt-up, and yet the SOXX went up almost another 30% until the end of the quarter although it has fallen into a serious correction in July. The magnitude and speed of the move, as well as the participation of lower quality stocks (recall that STRL went up 50% on earnings just to be down 25% since then as of time of writing) resembles the move we saw from November 2020 until March 2021. I personally think the SOXX June top was somewhat climatic and it will be a lasting top. |
| AMD | I have been buying some AI stocks, the ones that have most of the impact from the ramp still in the future, like power electronics (IFX, Renesas and STM), some semicap like Aixtron and those that held up well, like AMD although AMD was basically unhedging the position I have held for months. |
| IFX.DE | I have been buying some AI stocks, the ones that have most of the impact from the ramp still in the future, like power electronics (IFX, Renesas and STM), some semicap like Aixtron and those that held up well, like AMD although AMD was basically unhedging the position I have held for months. |
| 6723.T | I have been buying some AI stocks, the ones that have most of the impact from the ramp still in the future, like power electronics (IFX, Renesas and STM), some semicap like Aixtron and those that held up well, like AMD although AMD was basically unhedging the position I have held for months. |
| STMPA.PA | I have been buying some AI stocks, the ones that have most of the impact from the ramp still in the future, like power electronics (IFX, Renesas and STM), some semicap like Aixtron and those that held up well, like AMD although AMD was basically unhedging the position I have held for months. |
| 000660.KS | I built a position in SK Hynix too. Many of these will go if we bounce hard, since valuation is stretched (or uncertain like in the Hynix case) and I personally think the SOXX June top was somewhat climatic and it will be a lasting top. During the quarter memory became the central segment of the AI trade. Memory was the real bottleneck and margins have exploded, investors are seduced by low P/E ratios for the biggest beneficiaries of the capex spree and retail investors went all in. |
| MU | I think that was an incredible opportunity to short long term upside volatility in AI names. I got a bit late to understanding all the products, but selling LEAPs in SNDK and MU was (probably still is) an amazing trade (I think SNDK has a worse competitive position and I was more aggressive there). |
| SNDK | I think that was an incredible opportunity to short long term upside volatility in AI names. I got a bit late to understanding all the products, but selling LEAPs in SNDK and MU was (probably still is) an amazing trade (I think SNDK has a worse competitive position and I was more aggressive there). |
| APP | Sadly, I was still net short software in general, and my two biggest longs (APP and CSU.TO) didn't work that well. In fact APP is behaving in a way that makes me worry about the bear thesis coming to fruition, depending on the next earnings the position might go, maybe too late. |
| CSU.TO | Sadly, I was still net short software in general, and my two biggest longs (APP and CSU.TO) didn't work that well. |
| GLOB | Companies like the IT services/integrators like Globant, EPAM became too cheap, revenues are decelerating but as it has happened with the staffing services companies, I think there is a bit of cyclical issues that the market is taking as structural. I am quite AI pilled and I think the revolution coming from AI is just starting, so I am not interested in holding for years, but if they report and guide some kind of revenue reacceleration the multiples are just too cheap. |
| EPAM | Companies like the IT services/integrators like Globant, EPAM became too cheap, revenues are decelerating but as it has happened with the staffing services companies, I think there is a bit of cyclical issues that the market is taking as structural. I am quite AI pilled and I think the revolution coming from AI is just starting, so I am not interested in holding for years, but if they report and guide some kind of revenue reacceleration the multiples are just too cheap. |
| RELX.L | Some quality companies that were labeled as AI losers due to data becoming commoditized (IMHO data is moat unless you just curate publicly available data) like RELX just needed an in line trading update to rally. |
| V | The massive rotation out of quality and into AI in Q1 and then later in July out of AI and into AI losers has created a lot of opportunities as the SPX remains flat. For example Visa and Mastercard were flagged in the last letter and both are almost back to ATHs. |
| MA | The massive rotation out of quality and into AI in Q1 and then later in July out of AI and into AI losers has created a lot of opportunities as the SPX remains flat. For example Visa and Mastercard were flagged in the last letter and both are almost back to ATHs. |
| 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 | |||
